GENERAL: NZX: Countdown begins as NZ Clearing Corp Board appointed

11 Jun 2010 10:19 am

NZX 11/06/2010 GENERAL

REL: 1019 HRS NZX Limited

GENERAL: NZX: Countdown begins as NZ Clearing Corp Board appointed

11 June 2010 - NZ Clearing and Depository Corporation Limited (NZCC), a wholly-owned subsidiary of NZX Limited, is proud to announce the appointment of Pip Dunphy as Independent Chair of the NZCC Board.

A previous Executive Director, Investment Banking and Head of Debt Capital Markets for Goldman Sachs JBWere and Head of Capital and Risk Management, Wholesale Financial Services with the Bank of New Zealand, Pip has extensive experience in capital markets, banking, finance, risk management and investment management. She has worked with a large number of New Zealand and offshore companies in the area of capital raising, interest rate and currency risk management.

Pip is a Reserve Bank of New Zealand Monetary Policy Advisor, and a member of the Securities Commission's Code Committee set up under the Investment Advisers Act. She is Chair of Mint Asset Management, and a director of the Accident Compensation Corporation, New Zealand Post and the Crown Health Financing Agency. She is also a trustee of the New Zealand Post Super Scheme and Motu, the Economic and Public Policy Research Unit. In addition, Pip is a member of the AUT Council and an advisor to the Retirement Commission on the current review of retirement policy.

"NZCC represents a significant step up for the New Zealand financial markets. It will provide a world class clearing and settlement platform, delivering the necessary infrastructure for increased depth in terms of participation and product. I look forward to being involved in the delivery of such a vital step for the New Zealand markets," said Pip Dunphy.

Joining Pip on the Board of NZCC is Peter Lockery. Now an independent business consultant, Peter was until 2006 the Chief Information Officer of the ANZ National Bank Limited. Previous to that he held a number of general management roles, including Managed Funds, Human Resources and Technology. He was heavily involved in the integration of Rural Bank and Countrywide Bank following their acquisition by the National Bank, and was a director of a number of the bank's subsidiary companies.

NZX's representative on the Board is Robyn Dey. Robyn is a solicitor and a member of the NZX Market Supervision team. She has worked extensively on the pre-operational phase of the Clearing House, including rules drafting and liaising with Securities Commission and RBNZ on the application for designation under the Reserve Bank Act. Robyn has extensive experience as a commercial lawyer, primarily in the areas of capital raising, company and securities law.

NZX CEO Mark Weldon said, "Having people of the calibre and experience of Pip, Peter and Robyn on the NZCC Board will send a clear message that New Zealand's Clearing House governance is robust and a force to be reckoned with in international markets. "They have a fantastic set of complementary skills, with Pip's strong background in risk, credit, banking, structured products and markets, and Peter's extensive technology, operations, and processes background. Robyn's experience must make her the leading New Zealand expert in the legal, legislative and regulatory context for the Clearing House, so together they make a formidable team," said Weldon.

The Clearing House operated by NZCC will provide world class clearing and settlement services for securities and derivatives transactions. It will provide vital risk management capability to New Zealand's markets across all traded products, enabling broader, international participation in our markets.

NZCC will hold its inaugural board meeting on 18 June 2010.

ENDS

For further information please contact: Rowan Macrae Phone: 04 4962874 Mobile: 0274727599 End CA:00195984 For:NZX Type:GENERAL Time:2010-06-11:10:19:23

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