FMA's BKBM guidance hailed as 'pragmatic, practical and sensible' guidance that 'stands out globally'. NZ banks pleased FMA has 'confirmed there are no systemic conduct issues'

Wednesday 18 Oct 17 3:45pm
Interest: Guidance the Financial Markets Authority (FMA) has provided on New Zealand's wholesale interest rates market is being hailed as an approach other jurisdictions would do well to follow.

The FMA yesterday published a guidance note for market participants on the Bank Bill Benchmark Rate (BKBM) and closing rates, plus a resource sheetexplaining how BKBM and closing rates operate and are regulated in NZ. The guidance note comes a month after FMA CEO Rob Everett disclosed it was coming, saying the FMA had been asked by the industry to look at the wholesale interest rate market with "anxiety within the banking sector" about the BKBM. MORE>.

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