Regulatory Alerts2023-07-31
FMI Standard 21: Efficiency and Effectiveness
The Reserve Bank of New Zealand and the Financial Markets Authority jointly issued FMI Standard 21 to require designated financial market infrastructure operators to ensure their systems are operated efficiently and effectively. The standard mandates that operators design their clearing and settlement arrangements to meet participant needs while establishing clearly defined, measurable goals for service levels and risk management. This regulation applies to pure payment systems, securities settlement systems, central securities depositories, and central counterparties, coming into force on 1 March 2024.
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