Reserve Bank to retain NZClear
The Reserve Bank has decided to retain the NZClear business. After a strategic review in 2014, the Bank sought interest from potential operators of securities settlement services. It has now concluded the search without attracting suitable bids that met service requirements and commercial terms.
NZClear is a real-time settlement system and depository, owned by the Reserve Bank, which provides financial markets with clearing and settlement services for high-value debt securities and equities.
The Bank is now planning to invest in a new platform to provide these services. The new platform will be separate from the Exchange Settlement Account System, which the Bank is also replacing.
Reserve Bank Deputy Governor Geoff Bascand said that procurement of a new system for NZClear would ensure ongoing provision of reliable securities settlement and depository services while also enabling future innovation. He said that as progress is made in replacing NZClear’s system, users would be kept informed and consulted through the NZClear User Advisory Group.
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