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The Reserve Bank of New Zealand has been appointed chair of an international central bank working group for the next two years.
In its virtual meeting on Wednesday, the Executives’ Meeting of East Asia-Pacific Central Banks (EMEAP) announced that the Reserve Bank has been appointed chair of the EMEAP Working Group on Payments and Market Infrastructures (WGPMI).
EMEAP is a cooperative organisation of central banks and monetary authorities from Australia, China, Hong Kong, Indonesia, Japan, South Korea, Malaysia, New Zealand, the Philippines, Singapore and Thailand.
Reserve Bank Deputy Governor Geoff Bascand said the appointment is very much aligned with the Reserve Bank’s expanding regulatory and operational focus on financial market infrastructures (FMIs). FMIs provide channels through which payments, securities, derivatives or other financial transactions are cleared, settled or recorded. Well-functioning and efficient FMIs play a critical role in promoting financial stability and economic growth.
“Our work on establishing a new and enhanced regulatory regime for FMIs operating in New Zealand is well advanced now. As the working group’s chair, we look forward to engaging with our EMEAP colleagues and the international community in discussing how to better manage the risks and opportunities for FMIs in an increasingly interconnected and digitally enabled world,” Mr Bascand said.
EMEAP’s Working Group on Payments and Market Infrastructures studies the development and regulatory, supervisory, and oversight issues in domestic and cross-border payments and market infrastructures. It also provides opportunities for members to communicate regional perspectives and cooperate with other multilateral institutions and international forums on payments and market infrastructures matters. The Reserve Bank of New Zealand has been an active participant since the formation of the EMEAP working groups in 1996.