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Market Passport

New Zealand

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Market information

Supporting you

Key market information

  • Local currency

    New Zealand
    Dollar (NZD)

  • 2017 GDP

    USD
    201bn

  • Time zone

    GMT
    +12 hours

  • Numbering
    system

    ISIN and
    local codes

  • Main stock
    exchange index

    NZX 50

Key market figures

Market capitalisation USD 95bn
Number of listed companies 178
2017 value of share trading USD 31bn
Number of ETFs listed 23
2017 value of bonds trading USD 1.35bn
Number of bonds listed 113
Number of futures contracts traded in 2017 n/a
Number of options contracts traded in 2017 n/a

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)

SECURITIES
Settlement cycles
Equities T+2
Bonds T+2
Cash T+2 if DVP
Cut-off times
Equities 4.45pm
Bonds 4.45pm
Cash 4.45pm
Omnibus account/securities Yes
Omnibus account/cash Yes
Pre-matching Yes
Irrevocable pre-matching No
Short selling No
Cash settlement/DVP Yes
Securities lending Yes
Foreign ownership limits Yes
Derivatives
Settlement 9.30am
Trading cut-off 10.00pm
Clearing cut-off 10.30pm
Tradable currencies USD and NZD
Account structure members Direct account at CCP
Account structure non-members n/a
Give-up n/a
Give-up cut-off 10.30pm
Adjustable ITM (In The Money minimum) n/a
Intra-day margin call Yes
Risk algorithm SPAN
Tolerance limits

There are no tolerance limits applicable to the New Zealand Market.

Examples of market penalties

In New Zealand there are no specific market penalties for failed settlements although there is a requirement to close out any positions accordingly.

Buy-in practice

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.

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

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