Settlement system gets go-ahead from RBNZ
The Reserve Bank of New Zealand (RBNZ) on Friday backed a third settlement system in the country.
The central bank and the country's Securities Commission jointly declared their support for the New Zealand Clearing and Depository Corporation Settlement System. Toby Fiennes, the central bank's head of prudential supervision, and Jane Diplock, the chair of the Securities Commission, on Friday said their decision to designate the system gave it "statutory backing".
The central bank has explained
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