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Securities Commission gives NZX pass in review

Thursday 28th April 2011

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The Securities Commission has carried out its fifth and final review of equity and debt market operator NZX and has deemed it to be satisfying its obligations.

Future reviews will be by the new Financial Markets Authority. NZX welcomed the report card.

NZX is the only registered exchange in New Zealand.

In 2006, NZX moved from annual inspections of all market participants to a risk-based approach to participant supervision, the report by the commission said.

The commission said that, with the exception of three targeted spot onsite inspections and one oversight action undertaken by NZX, no scheduled onsite inspections were carried out by NZX from September 1, 2009, to October 3, 2010.

NZX considered that the potential risk arising from this hiatus in inspections was managed by implementation of the capital and prudential inspections and assessments for accreditation for the clearing and settlement system. No market participants failed during the review period.

The commission said that onsite inspections were essential and the cessation of inspections during the period increased the risk of non-compliance.



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