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NZFOX Share Options Declared as Futures Contracts

16 June 2005

NZFOX Share Options Declared as Futures Contracts

The Securities Commission has declared that share options listed and traded as NZFOX share options are futures contracts under the Securities Markets Act 1988. These share options will be traded on the Sydney Futures Exchange.

“This declaration will give the market certainty about how these new products will be regulated”, says General Counsel Liam Mason.

New Zealand Exchange Limited (NZX) applied for the declaration so it can launch NZFOX share options on or around 28 June 2005.

Dealers in these share options will have to be designated by the NZX under its Futures and Options Rules, or alternatively seek authorisation from the Securities Commission.

This declaration was gazetted in the Futures Contracts (NZFOX Share Options) Notice 2005 on 16 June 2005.

The notice is available from Bennetts Government Bookshop or can be viewed at www.legislation.govt.nz .

ENDS

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