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What is FASTER?

Wednesday 23rd January 2002

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Q: What is FASTER? Who maintains it? Who uses it? How are transactions recorded and cash settled as a result of FASTER?

A: FASTER is an acronym. It stands for Fully Automated Screen Trading & Electronic Registration - F A S T E R. It is run and maintained by the NZSE. Brokers use it to enter client orders and trade shares. The ASX has a similar system called SEATS - Stock Exchange Automated Trading System.

The NZSE ensures that shares traded through FASTER are paid for using BBA (Broker to Broker Accounting). This means that every trading day the NZSE tallies up what each member broker owes/is owed for their transactions and ensures this money is paid to or received from participants. The NZSE and member firms keep records of all transactions that take place in FASTER.

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