Non-Material Changes to Closing Rate Benchmarks

NZFBF Market Notice

Market Notice No: 202401
Date: 19 January 2024

Non-Material Changes to Closing Rate Benchmarks

New Zealand Financial Benchmark Facility Limited (NZFBF) recently undertook the 2023 annual review of the Closing Rate Benchmarks, in consultation with the NZFBF Credit Market Committee and Closing Rate Working Group. This review encompassed the day-to-day operation and administration of Closing Rates, the Closing Rate Operating Guidelines and Principles, as well as the individual Closing Rate methodologies.

The outcome of this review was that the Closing Rate benchmarks continue to operate effectively and remain representative of the benchmarks they intend to represent. There was one non-material change that resulted from the review.

These non-material changes are as follows:

  • The inclusion of a credit market criteria for securities to be added to the NZNG Closing Rate market. These criteria can be found in Appendix 2 of the updated Operating Guidelines and Principles.

This change, along with updates to the Closing Rate documentation, will be enacted from Friday 02 February 2024.

For further details on these changes please refer to the updated Closing Rate Operating Guidelines and Principles which can be found on the NZFBF website.

If you have any questions on this matter, please email or phone the NZFBF team (+64 4 333 1377).