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Operating rules and guidelines for the Domestic Markets section of Financial Markets Department

The purpose of the Bank’s liquidity management operations, which comprises the daily Open Market Operation (OMO), FX swaps and Bond repurchase window, is to offset the big day-to-day fluctuations in government spending and revenue. The Reserve Bank moved in July 2006 to fully “cash-up” the banking system. The demand for settlement cash is being monitored closely by the Reserve Bank on an ongoing basis, and will be adjusted to reflect trend demand for cash.

The Bank prepares and maintains forecasts on the influences to settlement cash and uses these to determine how much cash to inject or withdraw on any given day. These forecasts are prepared some months ahead and are then updated on an ongoing basis, as more information comes to hand.

By accessing this part of the Reserve Bank website (containing the Domestic Markets section operating rules and guidelines) you agree to the terms of access listed below.

Please read the following disclaimer, then click Continue (at the bottom of this page) to access the rules and guidelines files.

Operating rules and guidelines disclaimer and terms of access

Information only

  1. The material reproduced on this section of the Reserve Bank website is issued by the Domestic Markets section of the Financial Markets Department, Reserve Bank and is for information purposes only.

Jurisdiction

  1. The content of the material reproduced in this section of the Reserve Bank website has been prepared in accordance with New Zealand law for use by persons resident in New Zealand, and is governed by New Zealand law. New Zealand courts have jurisdiction.

No offer of securities

  1. The material reproduced in this section of the Reserve Bank website does not contain, and is not, an invitation or offer for subscription and/or sale of securities. However, the use of material or information set out in this section of the website may be restricted by law in certain jurisdictions and any person resident in a jurisdiction outside New Zealand is required to inform itself of, and to comply with, all such restrictions. In particular, any such person is required to comply with the restrictions in respect of the distribution of the information set out in this section of the Reserve Bank website, and in particular, the Rules and Guidelines relating to Government Securities Tenders and other information in relation to Government securities.

Compliance with Operating Rules and Guidelines

  1. Without derogating from paragraph 3 above, all applicable laws and regulations must be observed in any jurisdiction in which New Zealand Government Securities may be offered, sold, delivered, advised upon or otherwise dealt in. No person may directly or indirectly offer, sell or resell, re-offer, deliver, advise upon or otherwise deal in Government Securities or hold or distribute any circular, advertisement or other offering document or material in any country or jurisdiction except in accordance with all applicable laws and regulations and in accordance with the restrictions set out in Section 2 of the Operating Rules and Guidelines (Government Securities Tenders) and any such person will procure that each person to whom it sells Government Securities or interests in Government Securities will comply with the restrictions contained in the Operating Rules and Guidelines as if such restrictions were imposed directly upon such person by Reserve Bank.

No warranty as to accuracy

  1. While every effort is made to ensure that information set out in the Domestic Markets section operating rules and guidelines, is accurate and up-to-date, no warranty, express or implied is given, and no liability is accepted, for the accuracy, correctness, completeness or use of any information or material set out in the operating rules and guidelines.
  2. Information contained in the operating rules and guidelines reproduced in this section of the Reserve Bank website are subject to change, completion or amendment without notice.

Cookies/Monitoring

  1. The Reserve Bank systems to which this website connects and related equipment are subject to monitoring. Information regarding users may be obtained and disclosed to authorised personnel, including law enforcement authorities, for official purposes.

Links

  1. For convenience and information purposes only, this website contains links to other sites. The Reserve Bank accepts no responsibility or liability in relation to such third party content and the Reserve Bank neither endorses the information, content, presentation or accuracy of such websites nor makes any warranty, express or implied regarding these external websites.
  2. The sites may contain information that is the copyright of third parties and subject to restrictions on re-use.

Copyright

  1. Information published on this website may be reproduced subject to the restrictions set out above with regard to compliance with the laws of other jurisdictions.

General disclaimer

  1. The Reserve Bank disclaims, to the fullest extent permitted by law, all liability and responsibility to anyone for any direct or indirect loss or damage that may result from the action or failure to act by anyone in reliance on the content of this website.
  2. Each page from this Section of the Reserve Bank website must be read in conjunction with this disclaimer and any other disclaimer that forms part of it.

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