Monday 21st December 2020
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NZX recognises the need for further technology investment in 2021, particularly in the markets businesses, in order to enhance the stability and resilience of its technology framework.
This includes enhancing the Securities IT team and cybersecurity counter-measures, with related pricing to market participants to be considered. NZX is well advanced, in conjunction with market ecosystem participants, for a major upgrade to its core trading system around the end of March 2021.
NZX confirms that there is no impact on the FY2020 earnings guidance update communicated at the NZX Investor Day and released to the market on 2 December.
The NZX Board acted decisively post these events in commissioning the reviews from independent service providers. The findings were publicly accepted by NZX and the Chief Executive, Mark Peterson, said NZX has already delivered on a number of these actions with others underway.
Recommendations included formalising the Technology Sub Committee of the NZX Board, enhancing its working relationship and communications with the ecosystem, a range of technical hygiene improvements which includes extending crisis management planning and bolstering NZX's IT organisational structure with some specific specialist skill sets.
Mr Peterson said NZX initiated its technology infrastructure modernisation programme in 2017, with $12 million invested over the four-year period to 2020, in projects that focused on clearing, infrastructure and trading system improvements, modernisation, and capacity improvements.
Since the technology disruptions in March and April, NZX has made additional changes to increase the resilience and stability of its systems. NZX has also strengthened its Distributed Denial of Service (DDoS) defences following the cyber-attacks.
NZX has shared its reports from independent service providers with the Financial Markets Authority (FMA), as part of the FMA's review of NZX’s compliance with market operator obligations and we expect the FMA to publish its report and findings later in January. NZX expects that it will need to agree a formal action plan with the FMA in response to its findings once finalised.
NZX will provide FY2021 Earnings Guidance with its FY2020 result and Annual Report on 17 February 2021.
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