NZX Equity Derivatives confirm BNP Paribas Securities Services' intention to become General Clearing Member
NZX today announced that BNP Paribas Securities Services, Singapore (BNP Paribas) has confirmed its intention to become a General Clearing Participant for the NZX Equity Derivatives Market.
NZX Head of Business Strategy & Sales, Sam Stanley, commented: "We are delighted that BNP Paribas, a leading global clearer, has committed to clear equity derivatives in NZX's new market.
"We see this as a huge endorsement of New Zealand's capital markets and further reinforcement of the valuable partnership between BNP Paribas and NZX."
Bruno Campenon, Head of Clearing, Custody and Settlement Product Management in Asia Pacific at BNP Paribas Securities Services SCA, commented: "We are looking forward to expanding our clearing membership in Asia Pacific with NZX as this will help reinforce our position as a leading clearer in the region. This further demonstrates our commitment to supporting the international development of Asia Pacific markets as a key component of our regional strategy."
Expected launch date
Both Financial Markets Authority and Reserve Bank of New Zealand approval is required and will be sought for the launch of the market. Subject to receiving these regulatory approvals, NZX is on track to target a launch date of Q3 2013 for its Equity Derivatives Market.
NZX intends to launch a futures contract on the NZX 20 Index along with ETO (Exchange Traded Options) contracts over an initial three NZX stocks.
NZX continues to work closely with market participants in all aspects of the development of these derivative contracts and we expect to be in a position to announce a Trading Participant in the near future.