Proposed change to spot settlement day payment process [Closing date: 2009/02/20 17:00:00 GMT+13]

Posted 16 January 2009

A market participant has suggested that the Clearing Manager should make payments to payees in the form of same day cleared funds.

The Clearing Manager has developed a proposal designed to achieve this request and is seeking comments from Payers and Payees.

• Proposal pdf [30 KB]

Submissions on the Clearing Manager's proposal should be forwarded directly to the Clearing Manager at CManger@m-co.co.nz by 5pm 20 February 2009.

It is then intended that the Clearing Manager will forward submissions to the Commission and that these will be made available to the general public on the Commission’s website. Therefore, submitters should clearly indicate any information that is provided to the Clearing Manager on a confidential basis. All submission information provided to the Commission is subject to the Official Information Act 1982.