Pursuant to section 38 of the Securities Markets Act 1988, the Securities Commission gives the following notice.
N o t i c e
1. Title, commencement and expiry-(1) This notice is the Authorised Futures Dealers (NZCDC Settlement System and NZX Derivatives Market) Notice 2010.
(2) This notice comes into force on the day after the date of its notification in the New Zealand Gazette.
(3) This notice expires on the close of 30 September 2015.
2. Interpretation-(1) In this notice, unless the context otherwise requires:
Act means the Securities Markets Act 1988.
clearing house means the central counterparty clearing house operated by NZ Clearing as part of the NZCDC settlement system.
clearing participant means a participant in the NZCDC settlement system who participates in the clearing house, but does not include NZ Clearing.
depository means the central product depository operated by NZ Depository as part of the NZCDC settlement system.
depository participant means a participant in the NZCDC settlement system who participates in
the depository, but does not include NZ Depository.
Nominee means New Zealand Depository Nominee Limited, a wholly owned subsidiary of NZ Depository, which holds securities lodged in the depository as the custodian trustee.
NZ Clearing means New Zealand Clearing Limited, which is a wholly owned subsidiary of NZCDC and the specified operator of, and a participant in, the NZCDC settlement system.
NZ Depository means New Zealand Depository Limited, which is a wholly owned subsidiary of NZCDC and the specified operator of, and a participant in, the NZCDC settlement system.
NZCDC means New Zealand Clearing and Depository Corporation Limited, a wholly owned subsidiary of NZX Limited.
NZCDC settlement system means the settlement system owned by, and operated and managed by or on behalf of, NZCDC that is declared to be a designated settlement system pursuant to section 156N of the Reserve Bank of New Zealand Act 1989.
(2) Any term or expression that is defined in the Act and used, but not defined, in this notice has the same meaning given to it by the Act.
3. Authorisation-(1) NZ Clearing, NZ Depository and Nominee are authorised to carry on the business of dealing in futures contracts generally for the purpose of or in connection with the operation of the NZCDC settlement system.
(2) Every person who is both a clearing participant and depository participant is authorised to carry on the business of dealing in futures contracts generally for the purpose of the clearing and settlement of futures contracts on the NZCDC settlement system.
Dated at Wellington this 6th day of September 2010.
The Common Seal of the Securities Commission was affixed in the presence of:
[L.S.]
DAVID MAYHEW, Member.