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Designated settlement systems

The following settlement systems have been declared designated settlement systems.

  1. The Exchange Settlement Account System (ESAS) owned and operated by the Reserve Bank.

    More information on ESAS can be found on the Payment and Settlement Section of our website.

    Contact person:

    Chief Financial Officer
    Financial Services Group
    Reserve Bank of New Zealand
    PO Box 2498
    WELLINGTON
    Telephone (04) 472-2029
    Email: rtgshelpdesk@rbnz.govt.nz

  1. The Continuous Linked Settlement (CLS) System owned and operated by CLS Bank International

    More information on the CLS System can be found on the CLS website (www.cls-group.com)

    Contact person:

    General Counsel of CLS Bank International
    CLS Bank International
    32 Old Slip, 23rd Floor
    New York, NY 10005
    UNITED STATES OF AMERICA
    Telephone: 001-212-943-2290
    Email: GeneralCounsel@cls-bank.com

  1. The NZCDC Settlement System owned and operated by New Zealand Clearing and Depository Corporation Limited.

    Contact person:

    Simon Smith
    Chief Operating Officer and Head of Risk
    New Zealand Clearing and Depository Corporation Limited
    Level 2, NZX Centre
    11 Cable Street
    PO Box 2959
    WELLINGTON
    Telephone: +64 4 496 2859
    Email: simon.smith@nzx.com

ESAS and the CLS System were declared designated payment systems by the Reserve Bank of New Zealand (Designation of Payment Systems) Order 2004.  Amendments to the Reserve Bank of New Act 1989 in 2009 extended the scope of the systems that can be designated to systems that clear and settle products (notably securities) as well as payments. The legislation also stated that the existing designations of ESAS and the CLS System were not affected by the amendments to Part 5C.

ESAS and the CLS System are pure payment systems.  A pure payment system is a designated settlement system that provides solely for the transfer of funds.  The Reserve Bank is the sole regulator of pure payment systems.

The NZCDC Settlement System was declared a designated settlement system by the Reserve Bank of New Zealand (Designated Settlement System – NZCDC) Order 2010.