"Our primary objective in developing the new Participant Rules was to create a more efficient and relevant model for all the different types of players in New Zealand's securities markets," said Elaine Campbell, Head of Regulatory and Public Policy. "We also wanted a structure that would allow new types of participants to play a role, such as banks and market makers. This is critical if we are to grow our markets and provide greater liquidity for investors and traders alike."
The final NZX Participant Rules provide a simpler, more flexible framework that better reflects the wide and varied roles participants play in New Zealand's capital markets.
"We would like to take this opportunity to thank all those participants that contributed to the development of these new Rules," said Campbell. "We are truly appreciative of the enormous amount of work and energy put in by groups such as the Broker Advisory Panel, and in particular the Compliance Working Group."
The new NZX Participant Rules will replace the NZX Business Rules, NZX Regulations and Code of Practice and will come into force on 3 May 2004.
The new NZX Participant Rules can be downloaded from the NZX website at www.nzx.com/regulation.
