Minutes of the Austraclear User Group Meeting 23 May 2008

Mike Wolyncewicz (MW) opened the meeting and reported on progress that had been made in the inaugural year of the Austraclear User Advisory Committee. Scott Sinclair the Chair of the Committee also spoke indicating he was happy with the progress made and the quality of discussion at the meetings.

MW then updated the meeting on progress against the current year plan, indicating this would be formalised in the 2007/08 Annual Report for the System. Overall progress was very good, although some other initiatives that had been planned were re-prioritised and deferred (ie, application for designation of the Austraclear System and automation of Corporate Actions.

An overview was given of key performance metrics (including system uptime) and comparative information of system volumes and costs.

Donna McDiarmid and Kevin Jamieson gave a presentation on proposed system enhancements, most notably the new TRANSACT screen which will consolidate about 40 separate functions, the automated lodge and uplift process and the proposed inter-operability with the proposed NZX settlement system.

Dr Ian Nield of the Reserve Bank’s Financial Markets Department, was guest speaker and gave an overview of recent changes to liquidity arrangements in New Zealand’s ESAS system.