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Exchange Settlement Account System (ESAS) access review

We are reviewing our current ESAS (Exchange Settlement Account System) access policy and criteria.

About the ESAS access review

This consultation is the first of 2 consultations on our revised ESAS access policy and criteria. 

Consultation 1

Submissions for this consultation closed on 27 July 2023.

An important part of how we apply the access policy is assessing risks that may be introduced into the system by the ESAS applicant. We would use the RAF to evaluate the risks that an ESAS applicant may pose to the system if they were accepted to become an account holder. The draft framework considers CPMI-IOSCO's Principles for Financial Market Infrastructure (PFMI) in capturing the risks relevant for a systemically important payment system such as ESAS.

Read the consultation paper (PDF, 890 KB)

Consultation 2 

This consultation is open now.

We are now consulting on our revised access policy and whether it is easy to follow. The consultation will close on 18 November 2024.

We're also asking for feedback on what clarity and guidance would be useful to help navigate the application process. After the consultation, we will consider feedback and finalise the access policy.

Because ESAS comes under the Financial Market Infrastructures Act (2021), we need to consult with and seek approval from RBNZ’s Board.

While we are considering opening access, we need to ensure access can be broadened safely. No decisions about access have been made yet.

You can find out more on the CitizenSpace website.

View the consultation online

Publication of submissions on our risk assessment framework consultation

We recently consulted on a new risk assessment framework proposed to evaluate applications to open an ESAS account with us.  

The consultation is part of an access review of our Exchange Settlement Account System (ESAS) to consider eligibility changes. 

Feedback was largely positive, with 2 significant issues raised around:

  • requests for ESAS accounts for non-settlement purposes, and
  • clarification on how the policy would balance objectives around innovation and competition relating to requirements for integrity and reliability.

We advised that the feedback warranted more research. This has led to a revised approach which aims to balance our initial risk-based approach with considering the benefits ESAS access brings, particularly around innovation and competition.

Submissions

Read the submissions (PDF, 8.8 MB)

Read the summary of submissions and our response (PDF, 464 KB)

Update

It is important we get the policy right as ESAS is at the heart of our financial system and keeps our economy moving so we are taking a robust and risk-averse approach.

We intend to open Consultation 2 on the access policy and revised risk assessment framework in quarter 4 this year. While we are considering opening access, we are still working through how this can be done safely. No decisions about access for non-bank entities have been made yet. Because ESAS is governed by the Financial Market Infrastructures Act (2021) we must ensure compliance with the FMI Standards. This requires seeking approval from the RBNZ's Board and demonstrating compliance to the Regulator.

We will update you soon on project timelines including when we open Consultation 2.

Read our privacy statement

All information in submissions will be made public unless you indicate you would like all or part of your submission to remain confidential. Respondents who would like part of their submission to remain confidential should provide both a confidential and public version of their submission. Apart from redactions of the information to be withheld (blacking out of text) the two versions should be identical. Respondents should ensure that redacted information is not able to be recovered electronically from the document (the redacted version may be published as received).

Respondents who request that all or part of their submission be treated as confidential should provide reasons why this information should be withheld if a request is made for it under the Official Information Act 1982 (OIA). These reasons should refer to the grounds for withholding information under the OIA. If an OIA request for redacted information is made the Reserve Bank will make its own assessment of what must be released taking into account the respondent’s views.

The Reserve Bank may also publish an anonymised summary of the submissions received in respect of this consultation.