An Insurance Business Magazine article.
The Reserve Bank of New Zealand (RBNZ) and the Financial Markets Authority (FMA) have finalised a framework for assessing the systemic importance of financial market infrastructures (FMIs).
The framework was released following a consultation with industry members and stakeholders.
FMIs are a set of critical systems that facilitate electronic payments and financial market transactions, the regulatory agencies said. Under the Financial Market Infrastructure Act, RBNZ and FMA have joint responsibility to oversee FMIs, which are sometimes referred to as the plumbing of the financial system.