Brokers revolt over NZX clearing system

Firms balk at expense of integration

The NZX is looking at a number of compromise solutions to progress its proposed new clearing and settlement system following serious reservations from some broking firms.

Some firms are balking at the investment required to integrate their back office systems with the proposed system and are critical of how NZX has run the project so far.

A letter sent to NZX chief executive Mark Weldon in early December from the Securities Industry Association, recently made public on a blog, outlines the firms' concerns.

Read more on BusinessDay.co.nz

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