Participant and Derivatives Guidance

This page includes links to guidance notes, regulatory notices and practice notes relating to the NZX Participant Rules and NZX Derivatives Market Rules.

Guidance Notes

The following guidance notes have been developed by NZX to assist participants in complying with their NZX Participant Rules and NZX Derivatives Market Rules obligations.

• Prescribed Person Trading (July 2023)
• Capital Adequacy - Appendix 1 - GVBL Example
• Capital Adequacy - Appendix 2 - Template
• Capital Adequacy (December 2020)
• Client Assets (December 2020)
• Client Assets - Appendix 4 - CFA Overdraft Reporting
• Client Communication Recording (December 2020)
• Conflict Management (December 2020)
• Management Arrangements (December 2020)
• NZX Adviser Designation (April 2021)
• Stands in the Market (December 2020)
• Trading Conduct (March 2024)
• Direct Market Access (November 2021)

Previous Guidance Notes have been archived.

Where relevant, NZX will issue updated Guidance Notes, which will be published here.

Regulatory Notices

NZ RegCo issues Regulatory Notices to provide direction to Market Participants in respect of particular Rules. These Regulatory Notices are set out below.

• Regulatory Notice - Hidden Orders (December 2020)

Previous Regulatory Notices have been archived.

Please note that any future Regulatory Notices will be posted here on the website.

Class Rulings and Waivers

The following class Rulings and Waivers have been issued by NZ RegCo

Class Waiver - Yield traded quoted Debt Securities

Ruling on Participant Capital Adequacy requirement regarding NZ IFRS 16

Ruling on Participant Rule 10.7.2 - Dealer ID

Class Ruling - Changes to Settlement Operational timetable - RBNZ PSR Go-Live 24 Feb 20

Class Waiver - Broker Offices

Class rulings for Queen Elizabeth II Memorial Day

Class Ruling on NZX Participant Rule 18.2.1(b)

Practice Notes

Practice Note - Self-Match Prevention

Practice Note - Waivers and Rulings

Previous Practice Notes have been archived.

Approval for Designation as a Bank

NZ RegCo has designated banks registered with a full banking licence issued by the regulatory body in the following jurisdictions as "Banks" for the purposes of the NZX Participant Rules, excluding Section 19:

Please note that evidence that the financial institution holds a full banking licence issued by the relevant authority in the approved jurisdiction is required when submitting a letter for a new Client Funds Account under Rule 18.3.1.

*Approval applies to entities satisfying each of the following criteria (i) incorporated outside Singapore, (ii) registered with a full Wholesale Bank (Branch) banking licence issued by Monetary Authority of Singapore, and (iii) subject to regulation by the relevant regulatory authority in their home jurisdiction, as a bank having recognition comparable to that of a registered bank under the Reserve Bank of New Zealand Act 1989 under the laws of Australia, the United States of America, Japan, Europe or the United Kingdom.

The above designations are in addition to Banks comprising (i) registered banks in terms of the Reserve Bank of New Zealand Act 1989, and (ii) banks having recognition comparable to that of a registered bank under the laws of the United States of America, Japan, Europe or the United Kingdom.