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Market Passport for Banks and Brokers
Market information
Supporting you
Key market information
-
Local currencyNew Zealand
Dollar (NZD) -
2017 GDPUSD
201bn -
Time zoneGMT
+12 hours -
Numbering
systemISIN and
local codes -
Main stock
exchange indexNZX 50
Key market figures
Local market infrastructures
| Equities | Corporate bonds | Government bonds | Derivatives | |
|---|---|---|---|---|
| Trading | NZX | NZX/NZClear | NZClear | NZX |
| Clearing | NZX | N/A | N/A | CHO |
| Settlement and custody | NZX/NZClear | NZX/NZClear | NZX/NZClear | NZX |
| Cash leg | NZX/NZClear | NZX/NZClear | NZX/NZClear | NZX |
Local market authorities and regulators
- Financial Markets Authority (FMA)
- Reserve Bank of New Zealand (RBNZ)
- New Zealand Stock Exchange (NZX)
Market practices (ALL TIMES ARE LOCAL)
There are no tolerance limits applicable to the New Zealand Market.
In New Zealand there are no specific market penalties for failed settlements although there is a requirement to close out any positions accordingly.
The New Zealand market does not have a buy-in practice but the clearing and settlement rules provide a number of remedies in the event of a failure to deliver securities for settlement. These include carrying forward the unsettled position to the next settlement day, buying in the securities to enable settlement of the position, and cancelling the unsettled position. The common practice in this situation is to carry forward the unsettled position for 4 days from settlement date (SD), then conduct a buy-in on SD+5. If the buy-in is unsuccessful then the position is cancelled on SD+6.
Something interesting to know before you visit us in New Zealand
Baldwin Street in Dunedin, New Zealand, is the world’s steepest, rising 1m for 2.86m of horizontal travel. A race, to the top and back down, takes place annually.
BNP Paribas customers benefit from free access to more detailed market information on our NeoLink webportal. Click here to access the Market Profiles or contact your relationship manager.
Supporting you
BNP Paribas Securities Services in New Zealand
We are one of the few custodians in the New Zealand market to have full service capabilities for financial intermediaries.
Our main services
Core
We offer local custody to domestic and foreign institutions. Our core services include settlement, safekeeping, corporate actions, proxy and tax services, cash and collateral management.
Market-specific
- Listed derivatives offered via BNP Paribas Derivatives Execution and Clearing
- Fund administration services
- Portfolio Investment Entity (PIE) tax support
What makes us different
- One of very few custodians offering both local custody and clearing services
- Access to NZClear and opening access to additional market CSD NZX (NZX go-live due in 2019)
- Proactive involvement with the Reserve Bank of New Zealand on the replacement of the NZClear settlement infrastructure
- Ability to connect buy and sell-side clients
Selected market recognition
- Global Investor Investment Excellence Awards (2018): Sub-Custody Survey Winner Multi-market APAC for New Zealand – unweighted
- The Asset Triple A Asset Servicing Awards (2018): Best Sub-Custodian Broker-Dealer – APAC
A sound partner
BNP Paribas Securities Services offers services into New Zealand via our Australian branch. We also have local presence in both Wellington and Auckland as part of our full service offering.
Contact
For more information, please contact your relationship manager or
Doug Cameron, Head of Location
doug.cameron@au.bnpparibas.com
Something interesting to know before you visit us in New Zealand
Baldwin Street in Dunedin, New Zealand, is the world’s steepest, rising 1m for 2.86m of horizontal travel. A race, to the top and back down, takes place annually.