Memo
To: Clearing Participants
From: New Zealand Clearing Limited
Date: 30 October 2017
Subject: Amendment to Clearing and Settlement Procedures
As NZX announced to market today, NZX proposes to launch a new dairy derivative contract, being NZX Derivatives Market Contract No. 10 Options on Global Skim Milk Powder (SMP) Futures (SMP Options) for trading from 4 December 2017. The underlying contract for a SMP Option will be one NZX Derivatives Market Contract No. 3 Global Skim Milk Powder (SMP) Future (SMP Future).
To facilitate the clearing and settlement of the contracts, amendments to the New Zealand Clearing Limited Clearing and Settlement Procedures (Procedures) are required.
New Zealand Clearing Limited hereby notifies the market that, effective from market open on 4 December 2017, Procedure 6.2.1 will be amended to designate the NZX Derivatives Market Contract No. 10 Milk Price (SMP) Futures as Approved Product.
A marked copy of the amended Procedures showing changes from the existing procedures, can be found at the following link: https://www.nzx.com/regulation/clearingdepository-rules
The full Procedures as amended will be available at www.nzx.com and i-Search from 4 December 2017
For further information, please email info@nzx.com