The NZCSD flyer
No 86 - March 2002
Introduction
The NZCSD Flyer provides our customers with a series of brief notes about current matters of interest to both Registry customers and Austraclear members. This was formerly called the "Registry Flyer". The name change reflects the Reserve Bank's outsourcing of registry processing with our primary focus being on the operation of the New Zealand depository system.
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 Peter Katz (00 644) 471 3711, email katzp@rbnz.govt.nz, on any Austraclear issue or Barry Norton (00 644) 471 3682, email nortonb@rbnz.govt.nz on Registry business.
Rights Issues
(This topic relates only to those members who use the Equities module.)
When a rights issue is on offer, the action is set-up in the Austraclear system to allocate the underlying securities. Members are reminded that they are required to indicate their take up requirement electronically.
If a member fails to electronically elect their requirement before the 7.00pm cut-off time on the business day prior to the application day, then the manual adjustments we are required to make introduce operational risk to our processes that can affect other members.
Effective 01 March 2002, if a member fails to input their rights take-up before the 7.00pm electronic close time, a late processing fee of $150 will be imposed. Please note that processing of an applications/election received after the system cut-off time will occur on a reasonable endeavours basis.
On the following page is a summary of the Rights Issue Process.
Rights Issue process -
1. NZCSD receive notification of a rights issue.
2. NZCSD set the action up on the system.
3. NZCSD receive confirmation of allocation from registrar.
4. NZCSD confirms the allocation in the system.
5. If the rights are renounceable members now have the ability to trade the rights until application day.
6. Once the allocation is confirmed to members they are able to input their take-up requests ((EQRIGHTS) this must be equal to or less than the holding in their portfolio).
7. DAY PRIOR to Application Day - members must complete their take-up request (system cut-off 7pm).
8. Application day - system debits the members cash account for the value of take-up and indicates in their portfolio the value of the new shares.
9. Working day following application day NZCSD receives confirmation of take-up from registrar.
10. NZCSD confirms allocation of take-up to members.
11. New shares are now active in members portfolios.
Foreign Exchange Transaction
Until recently the deal date for a FX trade entered into the Austraclear system, using FXENTRY was a mandatory matching field. On 22 February 2002 software was introduced to the system whereby the deal date in the FXENTRY function is no longer a mandatory-matching field. This change allows the system to accommodate FX confirmations entered after deal date1. The change was discussed and supported at the May 2001 User Group meeting.
If you have any further queries relating to the FX Module please contact Peter Katz (04) 471 3711 or Adrienne Barlow (04) 471 3629.
Austraclear User Group Meeting - 17 May 2002
The next Austraclear User Group meeting is to be held in conjunction with the New Zealand Financial Markets Operations Association's [FMOA] meeting on Friday 17 May 2001. These meetings will be held on level 3, BNZ Tower, 125 Queen Street, Auckland. The Reserve Bank and the FMOA have agreed to hold both meetings in the afternoon. The User Group meeting will start at 1.00pm and end at 2.45pm. Following a short break for afternoon tea, the FMOA meeting will start at 3.00pm and finish around 5.00pm.
Both users of the Austraclear system and members of the NZFMOA are invited to drinks at the same venue from 5.30pm to 7.30pm.
An agenda for the User Group meeting will be sent to settlement managers in due course. We look forward to seeing those of you who can attend the meeting and/or the evening drinks. If there are any particular issues you would like to see on the agenda please contact Peter Katz on (00 644) 471 3711 or email katzp@rbnz.govt.nz.
Customer Survey
We have sought member feedback on our customer service through a Customer Survey. Our objective is to seek feedback from members to ensure we are giving efficient, timely, professional, helpful, polite, approachable and friendly service to our customers. The survey responses will be collated and analysed independently with an external consultant. We plan to report the survey results back to the members at the May User Group meeting. Thank-you to all those Austraclear members who contributed to completing the survey. As we wish to receive as much feedback as possible, late response to the survey will be appreciated and analysed.
If you wish to discuss any customer service issues with us directly please contact Peter Katz (04) 471 3711 or Mike Wolyncewicz (04) 471 3826.
Austraclear Support Update
On 21 February we sent out an update on the progress being made for the appointment of a new software support provider. A copy of the update is available on the RBNZ's website under Austraclear. A meeting was held on 27 February in Wellington and members were given an opportunity to ask questions and provide input to the process. The project is on schedule with an appointment expected to be made by 31 March 2002.
Austraclear New Zealand Member List
A copy of the latest member list has been posted on our web page www.rbnz.govt.nz. If you are unable to access our website please fax Gillian Gardner 471 3834 with a request to have a hard copy mailed to you quarterly.
Changes in Membership
New members/Members branches
Welcome to the new Austraclear members.
|
Mnemonic |
Name |
Membership |
|
FONT40 |
Fonterra Co-Operative Group Limited |
Assc |
Index of Austraclear and NZCSD Information and Documents available on the Internet
The following documents can be downloaded from our internet page http://www.rbnz.govt.nz/payment/Austraclear/index.html
Overview of Austraclear (also available in PDF 120KB)
Austraclear/ESAS support project industry update 28 February 2002 (PDF 109KB)
Austraclear New Zealand members
Austraclear User Group Meeting presentation 6 December 2001 (PDF 197KB)
Summary of points and issues raised at User Group Meeting 6 December 2001
Austraclear New Zealand operating guidelines 4 September 2001 (PDF 402KB)
Testing connectivity to the New Austraclear (NZ) processors 21 August 2001 (PDF 28KB)
Austraclear New Zealand system rules 9 October 2000 (PDF 115KB)
Austraclear New Zealand system membership application pack (PDF 242KB)
Austraclear functions: quick reference guide - Screen Refresh and Toggle
Austraclear New Zealand charges 1 August 2000
Austraclear New Zealand charges Effective from 2 July 2001
Austraclear New Zealand network information (PDF 89KB)
Austraclear : Host-To-Host Lite (HTH*Lite) guide and application pack April 2000 (PDF 149KB)
News release : New Zealand's inter-bank settlement system to remain in New Zealand for the time being 18 April 2001
Copies of the previous Flyers are also available from this site.
If you have any suggestions for additional information we could add to this site please email katzp@rbnz.govt.nz.
Austraclear Statistics
1 Value date / settlement date remains a matching field.
