New Zealand Exchange Says BNP Unit to Become Clearing Participant
August 03 2020 - 6:19PM
Dow Jones News
WELLINGTON, New Zealand--New Zealand's securities exchange said
a BNP Paribas S.A. unit will be accredited as a general clearing
participant next year in a possible boost to overseas investment in
locally listed shares.
BNP Paribas Securities Services will use its third-party
clearing model in New Zealand after an approval process that is
expected to be completed in the first half of 2021, the exchange
operator, NZX Ltd., said Tuesday.
NZX said the arrangement with BNP Paribas Securities Services is
a "new initiative focused on boosting offshore capital flows into
NZX to further develop the New Zealand capital market."
A general clearing participant can clear and settle trades on
behalf of other market participants and itself. BNP Paribas
Securities Services is already the sole general clearing
participant for equity and dairy derivatives on the NZX.
The stock market based in the capital, Wellington, has a
capitalization of about 166 billion New Zealand dollars ($110
billion).
Write to Stephen Wright at stephen.wright@wsj.com
(END) Dow Jones Newswires
August 03, 2020 19:04 ET (23:04 GMT)
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