New Zealand and Global Standards Body Sign Agreement to Uphold Financial Market Integrity
The New Zealand Financial Markets Authority (FMA) has signed a Consultation Agreement with the Financial Markets Standards Board (FMSB) to promote fair and effective global wholesale financial markets.
Cooperation and Collaboration
The agreement formalizes cooperation between the two bodies, enabling them to work together on developing guidance and standards for the wholesale fixed income, currency, and commodities (FICC) markets. The FMA supports the primary objectives of FMSB, which include:
- Promoting fair and effective global wholesale financial markets
- Producing clear guidance on business conduct
- Promulgating such guidance globally
Objectives and Benefits
The agreement will facilitate consultation between FMSB and FMA in the development of draft guidance and other publications. The key objectives are to maintain and improve the operation of wholesale FICC markets, with a focus on:
- Strengthening engagement with the wholesale industry and market
- Driving robust operational practices among market intermediaries
FMA Chief Executive Samantha Barrass welcomed the agreement, stating that it will help strengthen engagement with the wholesale industry and market, while driving robust operational practices among market intermediaries.
Response from FMSB
FMSB Chair Jonathan Moulds expressed delight at signing the Consultation Agreement, noting that it underscores growing cooperation between the two bodies to strengthen fairness, effectiveness, and transparency in wholesale markets. FMSB CEO Myles McGuinness added that the agreement demonstrates a key relationship with FMA and looks forward to establishing similar arrangements with regulatory authorities in other jurisdictions.
Availability of the Agreement
The Consultation Agreement is available for viewing on the FMSB website.
About the Parties
- The Financial Markets Authority (FMA) regulates New Zealand’s financial markets.
- The Financial Markets Standards Board (FMSB) is a leading global standards body promoting fair and effective wholesale financial markets.