The New Zealand Financial Markets Association is the professional body for wholesale (institutional) banking in New Zealand. The Association represents the interests of its members in ensuring the sound management of the over-the-counter financial markets. This is achieved by promoting effective self-regulatory initiatives, advocating for the industry, providing relevant education, and developing and implementing high professional standards to be used by members when dealing in these markets.

NZFMA also maintains and oversees the NZdata Service which calculates and publishes official reference rates and pricing services that can be taken into back office systems or viewed on vendors’ screens.

NZFMA membership is institutionally based, with members providing a wide range of financial services such as corporate banking, trading in financial instruments and trade finance.

NZFMA Financial Markets Charity Ball 2015

This year's Financial Markets Charity Ball will be held on Saturday 27th June at the Hilton Hotel in Auckland.  The Neonatal Trust is the recipient charity, and we look forward to being able to provide them with a sizeable donation after the event.  For tickets and more information, please contact Maria at the NZFMA office.

Change to NZ Bank Bill Capture & Calculation Methodology

As a result of recent reductions in the number of banks willing to contribute to out Bank Bill Reference Rate (BKBM) and in the interest of reducing ongoing compliance obligations for contributing panel banks, the Board of the NZFMA has approved changes to the way in which transaction based tenor mid rates are set for this benchmark. Instead of relying on contributions from panel banks that are reflective of the traded market, the revised methodology automatically extracts actual trades supplemented with best bid and offers from the broker electronic trading platforms.  These rates are used to set actual tenor benchmarks and to provide a basis for interpolation of the less liquid tenors.  CLICK HERE for a detailed explanation of this new process.

Benchmark Oversight Committee

NZFMA has established the Benchmark Oversight Committee to oversee the capture, calculation and publishing methodology of the New Zealand reference rate and indicative closing rates calculated and published via the NZdata Service by the NZFMA.  This committee will review and provide challenge on all aspects of the benchmark determination process appropriate to the benchmark in question, and provide effective oversight for the Benchmark Administrator (NZFMA).  This includes consideration of the features and intended, expected or known usage of the benchmarks and the materiality of existing or potential conflicts of interest identified.

The committee includes representation from benchmark submitters, benchmark users, independent industry experts and the regulators.


NZFMA News and Events

As a result of recent reductions in the number of banks willing to contribute to out Bank Bill Reference Rate (BKBM) and in the interest of reducing ongoing compliance obligations for contributing panel banks, the Board of the NZFMA has approved changes to the way in which transaction based tenor mid rates are set for this benchmark.  Instead of relying on contributions from panel banks that are reflective of the traded market, the revised methodology automatically extracts actual trades supplemented with best bid and offers from the broker electronic trading platforms.  These rates are used to set actual tenor benchmarks and to provide a basis for interpolation of the less liquid tenors.  CLICK HERE for a detailed explanation of this new process.

2014 was the 26th anniversary of this event, and it continues to go from strength to strength.  Although the weather was a little inclement to begin with, some excellent golf was played and the day was thoroughly enjoyed by all.  Saturday night's black tie dinner and prizegiving was MC'd by Brendhan Lovegrove who provided plenty of laughs, and the event managed to raise a record $55,400 for Camp Quality.  A fantastic result, and we thank all the member organisations and individuals who continue to support this event.  The 2015 golf tournament will be held a little later in the year - 6-8 November.  Read more and view photos/results.


New Zealand's fourth ACI Dealing Course was held in Masterton from 7-10 July.  Along with plenty of learning outcomes came a lot of fun for the attendees who all agreed that this was a very worthwhile course.  Read more/view photos and results.

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Data Summary

RATES as at 6/07/2015
BKBM*
Mid Rate
3 Month
3.22000
6 Month
3.16000
SWAPS*
Mid Rate
1 Year
2.9825
3 Year
3.0550
2pm NZDFIX
0.6680
TWI
70.4

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