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Class Authorisations For Futures & Options Dealers

Class Authorisations For Futures And Options Dealers

New class authorisations for futures and options dealers in New Zealand come into effect today.

The two new class authorisations cover futures and options participants under the New Zealand Stock Exchange (NZX) Futures and Options Rules and participants in the Sydney Futures Exchange (SFE). The authorisation of NZX’s futures and options participants follows the approval by the Commission of the NZX Futures and Options Rules.

Under these rules NZX will be the frontline regulator of NZX futures and options participants. The Securities Commission will continue to monitor the operation of the rules and their administration by NZX.

The new class authorisations, Authorised Futures Dealers Notice (No 2) 2004, which relates to SFE, and Authorised Futures Dealers Notice (No 3) 2004, which relates to NZX, were published in New Zealand Gazette on 29 April 2004.

As the statutory regulator of futures dealers, the Securities Commission will continue to authorise dealers on an individual basis who do not come into the categories covered by these class authorisations. Existing authorisations for electricity futures dealers and for some funds managers who deal in futures only as part of their funds management business are not affected by the new class authorisations.

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