NZClear

NZClear provides the financial markets with clearing and settlement services for high-value debt securities and equities.

NZClear is a real-time settlement system which members access from their premises. This system was formerly known as Austraclear.

Each member has a security account(s) on the system which records the securities "lodged with New Zealand Central Securities Depository Limited" (NZCSD), a custodian, fully owned by the RBNZ. NZCSD becomes the legal owner of the securities on the relevant register and holds securities on behalf of the member, the beneficial owner. The inventory of securities held in the depository currently stands at around NZD198 billion.

Each member also has a system cash account. This account is provided by a financial institution, generally a registered New Zealand bank. The bank providing a system cash account has real-time access to set daylight limits (debit caps) on that account.

This site provides access to a range of business documents which both overview and give further insight to:

  1. the functionality of NZClear
  2. the activities and operations of the New Zealand Central Securities depository

For persons not familiar with NZClear we recommend first reading the Overview document with particular attention to Appendix I, which gives a pictorial description of the system structure, and Appendix II which describes and illustrates a typical trade on the NZClear System.

NZClear New Zealand Securities

The NZClear Securities page provides members with a database of all securities (Debt and Equity) within the NZClear system. Members have the ability within the webpage to either search the securities database and view the results, or download a comma-delimited CSV file that contains the information.

Contacts and NZClear mailing list

General queries (including ESAS/CLS), RTGSHelpDesk@rbnz.govt.nz
NZClear services, NZClear@rbnz.govt.nz
Corporate Actions & Payments Services, ca@rbnz.govt.nz
Subscribe or unsubscribe to the NZClear mailing list, limited to NZClear members and institutions as authorised by NZClear.

Background/Explanatory Material

Payment and Settlement Systems Replacement

Overview of NZClear (also available in PDF 231KB)
NZClear System Rules (PDF 323KB) − Effective 01 March 2012
Notice of amended NZClear Rules (PDF 130KB) − Effective 01 March 2012
NZClear Operating Guidelines (PDF 1.2MB) − Effective 20 June 2016
Reserve Bank of New Zealand (Designated Settlement System − NZClear) Order 2012
NZClear NZ STP Options (PDF 180KB)
NZClear Electronic Registries Interface
Memorandum of Understanding (PDF 1.5MB) 11 October 2010
Assesment of Observance of Principles for Financial Market Infrastructures (PDF 560KB) - 14 July 2014

Operational Information

Independent Auditors' Report for NZClear – March 2017 (PDF 138KB)
Report on controls over the NZClear systems for the year ended 30 June 2016 (PDF 1.4MB)
Annual Report for NZClear – 2016 (PDF 294KB)
NZClear Fee Schedule (PDF 255KB) as at 1 August 2014
NZClear New Zealand members
Scheduled outages for ESAS & NZClear

Archived documents

Industry Reports/RTGS Bulletin

The RTGS Bulletin provides our customers with a series of brief notes about current matters of interest to both ESAS Account Holders and NZClear members. Each item usually includes a reference to the person or section to whom further enquiries should be directed. However, please also feel free to contact Nathan Lewer (00 644) 471 3961, email nathan.lewer@rbnz.govt.nz, on any NZClear issue.

December 2016 Industry Update (PDF 1.27 MB)
ESAS/NZClear Help Desk Survey Results (PDF 545KB) June 2016

Archived Industry Reports and RTGS Bulletins

NZClear User Group Meeting

User Advisory Committee Meeting Minutes, March 2017 (PDF 255KB)

Archived User Group minutes and presentations