Regulatory Alerts2025-09-11
Standards for designated financial market infrastructures (FMI)
The New Zealand regulator has issued FMI standards and accompanying guidance to establish obligations for designated financial market infrastructures. These requirements are adapted from the international Principles for Financial Market Infrastructures to align with New Zealand legal norms and operating environments. The framework includes specific provisions for overseas FMIs deemed equivalent, which rely on home jurisdiction supervision and are subject to fewer local standards.
Browser issue
It looks like the browser you're using doesn’t work well with our website. For a better experience, please update to the latest version of Chrome , Edge , Firefox or Safari .
Oversight of financial market infrastructures (FMI)
Information about the requirements that designated financial market infrastructures must meet in New Zealand.
Published:
About the standards
The regulator has issued the FMI standards along with guidance on those standards, and a Guidance Note for overseas FMI.
About the regulator
The standards and guidance set out obligations that designated FMI must comply with. Some standards only apply to certain classes of FMI. The standards and guidance are based on the relevant international standards — the Principles for Financial Market Infrastructures (PFMI). They have been adapted to align with New Zealand legal norms and the New Zealand operating environment for designated FMIs.
FMI that are designated in New Zealand but based in and regulated in another jurisdiction may be classed as an equivalent overseas FMI. This means that we rely on the home jurisdiction regulation and supervision and fewer standards apply. The overseas guidance note contains the overseas equivalence framework.
FMI standards
PDF | 4MB
Guidance for FMI standards
PDF | 924KB
Guidance Note: Overseas FMI
PDF | 169KB
See the full list of standards and guidance by FMI class
Classes of FMI
Standard
Payment system
Centralised securities depository
Securities settlement system
Central counterparty
Equivalent overseas FMI
Standard 1: Legal basis (PDF, 197KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 2: Governance (PDF, 162KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 3: Framework for the comprehensive management of risks (PDF, 168KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 4: Credit risk (PDF, 180KB)
Guidance (PDF, 925KB)
✓
✓
✓
Standard 5: Collateral (PDF, 159KB)
Guidance (PDF, 925KB)
✓
✓
✓
Standard 6: Margin (PDF, 167KB)
Guidance (PDF, 925KB)
✓
Standard 7: Liquidity risk (PDF, 175KB)
Guidance (PDF, 925KB)
✓
✓
✓
Standard 8: Settlement finality (PDF, 116KB)
Guidance (PDF, 925KB)
✓
✓
✓
Standard 9: Money settlements (PDF, 168KB)
Guidance (PDF, 925KB)
✓
✓
✓
Standard 10: Physical deliveries (PDF, 161KB)
Guidance (PDF, 925KB)
✓
✓
✓
Standard 11: Central securities depositories (PDF, 165KB)
Guidance (PDF, 925KB)
✓
Standard 12: Exchange-of-value settlement systems (PDF, 116KB)
Guidance (PDF, 925KB)
✓
✓
✓
Standard 13: Participant-default rules and procedures (PDF, 165KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 14: Segregation and portability (PDF, 167KB)
Guidance (PDF, 925KB)
✓
Standard 15: General business risk (PDF, 174KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 16: Custody and investment risks (PDF, 166KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 17: Operational risk (PDF, 179KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 17A: Contingency plans (PDF, 165KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 17B: Critical service providers (PDF, 167KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 17C: Cyber resilience (PDF, 179KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 18: Access and participation requirements (PDF, 172KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 19: Tiered participation arrangements (PDF, 166KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 20: FMI links (PDF, 150KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 21: Efficiency and effectiveness (PDF, 163KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 22: Communication procedures and standards (PDF, 115KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 23: Disclosure of rules, key procedures, and market data (PDF, 162KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 23A: Disclosing compliance with the FMI Standards (PDF, 190KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
Standard 23B: Notifying the regulator (PDF, 173KB)
Guidance (PDF, 925KB)
✓
✓
✓
✓
✓