The New Zealand Financial Markets Authority (FMA) published its annual NZX Market Operator Obligations Review, finding NZX met all requirements under its market operator licence during the 1 January to 31 December 2024 review period. The report made no adverse findings and included two recommendations focused on operational resilience and recovery. The review concluded NZX’s governance arrangements remained appropriate and supportive of compliance, and that NZX and NZ RegCo operated well-developed frameworks and processes, including continued demonstration of NZ RegCo’s operational independence alongside an effective working relationship with NZX. It also noted maturity and ongoing investment in technology and risk management resources, and progress in projects intended to grow NZX’s markets, improve investment choices and drive liquidity. The recommendations encourage NZX to further explore and test participant resiliency and dependencies, including business continuity plans and reliance on critical service providers where practicable, and to continue assessing system recovery arrangements to test whether refinements are needed for more extreme but plausible events, building on enhancements to its crisis management framework and completion of a crisis simulation event.

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