Sharechat Logo

Amendment to Clearing & Settlement Rules & Depository Rules

Thursday 31st August 2023

Text too small?

Introduction of Recovery Tools

Amendments to Clearing and Settlement Rules and Procedures and Depository Rules


New Zealand Clearing and Depository Corporation Limited (NZCDC), a subsidiary of New Zealand Exchange (NZX), has been consulting with the market to introduce financial recovery tools into the rules that govern the operation of the NZCDC settlement system. Financial recovery tools provide different avenues to manage a default of a large participant in what is considered extreme scenarios.


Such financial recovery tools are a required by the Standards under the Financial Market Infrastructures Act 2021, which NZCDC will transition to in 2024. In order to give effect to the financial recovery tools, New Zealand Clearing Limited and New Zealand Depository Limited wish to provide notice of amendments to the Clearing and Settlement Rules and Procedures, and Depository Operating Rules.


New Zealand Clearing Limited therefore provides notice for the purposes of rule 8.5 of amendments to the Clearing and Settlement Rules and Procedures. New Zealand Depository Limited also provides notice for the purposes of rule 9.6 of amendments to the Depository Operating Rules. These changes have not been disallowed by the Financial Markets Authority and Reserve Bank of New Zealand under the Banking (Prudential Supervision) Act 1989. The amendments will take effect from 1 December 2023.


A marked-up copy of the amendments to the Rules and Procedures described above is available on the Upcoming Rule Changes page on

Amendment to Clearing and Settlement Rules and Procedures and Depository Rules

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Me Today - Notice of Annual Shareholder Meeting
FSF - Director Scott St John to retire from Fonterra Board
Greenfern announces change in Chief Financial Officer
AIA Provision of Financial Assistance - Employee Share Plan
CBD - Recording and Presentation of Investor Call
CRP - Korella North Mining Lease Lodgement Approved
Genesis Energy launches new strategy
November 30th Morning Report
IFT270 - Interest Rate Reset