Participant and Derivatives Guidance
This page includes links to guidance notes, regulatory notices and practice notes relating to the NZX Participant Rules, NZX Derivatives Market Rules, and New Zealand Clearing Limited Clearing & Settlement Rules.
Guidance Notes
The following guidance notes have been developed by NZX to assist participants in complying with their NZX Participant Rules and NZX Derivatives Market Rules obligations.
- Prescribed Person Trading (October 2025) PDF277.87 KB
- Capital Adequacy - Appendix 1 - GVBL Example Unknown229.04 KB
- Capital Adequacy - Appendix 2 - Template Unknown160.44 KB
- Capital Adequacy (March 2025) PDF520.31 KB
- Client Assets (December 2020) PDF1012.64 KB
- Client Assets - Appendix 4 - CFA Overdraft Reporting Unknown35.71 KB
- Client Communication Recording (December 2020) PDF709.05 KB
- Conflict Management (December 2020) PDF587.65 KB
- Management Arrangements (December 2020) PDF526.14 KB
- NZX Adviser Designation (May 2026) PDF386.62 KB
- Stands in the Market (December 2020) PDF475.81 KB
- Trading Conduct (April 2026) PDF752.49 KB
- Direct Market Access (November 2021) PDF1.75 MB
- Business Continuity and Disaster Recovery (November 2025) PDF283.52 KB
Previous Guidance Notes have been archived.
Where relevant, NZX will issue updated Guidance Notes, which will be published here.
Practice Notes
Practice Note - C&S Agreements (Third-Party Clearing) PDF244.76 KB
Practice Note - Self-Match Prevention PDF179.33 KB
BPOT Approved Client Request Form DOCX28.30 KB
Practice Note - Waivers and Rulings PDF170.59 KB
Previous Practice Notes have been archived.
Regulatory Notices
NZ RegCo issues Regulatory Notices to provide direction to Market Participants in respect of particular Rules. These Regulatory Notices are set out below.
- Regulatory Notice - Hidden Orders (December 2020) PDF148.09 KB
Previous Regulatory Notices have been archived.
Please note that any future Regulatory Notices will be posted here on the website.
Designated Notice for Index-tracking Funds – Prescribed Person Trading Rules
NZX has designated certain funds as Index-Tracking Funds for the purposes of Participants’ Prescribed Person Trading obligations in NZX Participant Rule 10.5 and NZX Derivatives Market Rules 4.18 and 4.19.
The Designation Notice containing all designated Index-tracking Funds is available below:
Designation Notice – Index-Tracking Funds - Prescribed Person Trading PDF125.04 KB
Class Rulings and Waivers
The following class Rulings and Waivers have been issued by NZ RegCo
Class Ruling – Definition of “FSM Share” – NZX Participant Rules PDF138.60 KB
Class Waiver - Yield traded quoted Debt Securities PDF546.12 KB
Ruling on Participant Capital Adequacy requirement regarding NZ IFRS 16 PDF357.60 KB
Ruling on Participant Rule 10.7.2 - Dealer ID PDF374.06 KB
Class Ruling - Changes to Settlement Operational timetable - RBNZ PSR Go-Live 24 Feb 20 PDF423.18 KB
Class Waiver - Broker Offices PDF498.61 KB
Class rulings for Queen Elizabeth II Memorial Day PDF108.52 KB
Class Ruling on NZX Participant Rule 18.2.1(b) PDF182.78 KB
Approval for Designation as a Bank
NZ RegCo has designated banks registered with a full banking licence issued by the regulatory body in the following jurisdictions as "Banks" for the purposes of the NZX Participant Rules, excluding Section 19:
| Jurisdiction | Regulatory Body | Licence Type |
|---|---|---|
Singapore | Monetary Authority of Singapore | Full Bank Local Bank Wholesale Bank (Branch)* |
Hong Kong | Hong Kong Monetary Authority | Licensed Bank |
Please note that evidence that the financial institution holds a full banking licence issued by the relevant authority in the approved jurisdiction is required when submitting a letter for a new Client Funds Account under Rule 18.3.1.
*Approval applies to entities satisfying each of the following criteria (i) incorporated outside Singapore, (ii) registered with a full Wholesale Bank (Branch) banking licence issued by Monetary Authority of Singapore, and (iii) subject to regulation by the relevant regulatory authority in their home jurisdiction, as a bank having recognition comparable to that of a registered bank under the Reserve Bank of New Zealand Act 1989 under the laws of Australia, the United States of America, Japan, Europe or the United Kingdom.
The above designations are in addition to Banks comprising (i) registered banks in terms of the Reserve Bank of New Zealand Act 1989, and (ii) banks having recognition comparable to that of a registered bank under the laws of the United States of America, Japan, Europe or the United Kingdom.