The Hugo Group

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Financial Market Infrastructures Bill

Introduced on Dec 17. The bill establishes a new regulatory regime for financial market infrastructures (FMI) including payment systems, securities settlement systems, central securities depositories, central counterparties, and trade repositories. The Reserve Bank and Financial Markets Authority as regulators for designated FMI will monitor performance standards and ensure crisis management systems are in place. First reading on Feb 12 with all parties in support. National expressed some concerns about a lack of detail on the costs and benefits. Sent to the Finance and Expenditure Committee.  Financial Market Infrastructures Bill