The record volumes were driven by increased volatility in the cash market following the Reserve Bank of New Zealand Official Cash Rate statement where the target cash rate was left unchanged at 7.25%.
Maurice Farhart, Senior Manager, Interest Rate Business Development said, “Favourable market conditions and the doubling of the contract size have led to a more diverse base of participants in the New Zealand Bank Bill futures markets. This in turn has led to increased trading opportunities for new market entrants thereby creating significant momentum in this benchmark New Zealand contract”.
Total volumes in New Zealand Bank Bill Futures are up 66% from the comparable period last year.