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Bouquets for NZX and private rule enforcement

  • August 17th, 2009

Great to see the NZX investing some of its entrepreneurial gains in an area of core competence – building a platform for a global dairy futures market.

All power to them, though they should not risk its potential by sticking to an Agrifax index if the Fonterra auction process is in fact a better price indicator.

The proposal is building pressure on the MED, considering requests for government action to strengthen NZ settlement systems. The Reserve Bank system is robust – but can they develop it commercially? Can we sustain two competing systems?

Without being privy to the complexities, I hope someone is considering the most simple measure to uphold honesty and strengthen our repuation for regulatory integrity.  Just abolish Contract Law’s hostility to private organisations having the power to enforce penalties under rules voluntarily assumed.

Systems in many areas would then be more flexible. Enforcement would be more reliable. When complainants, including the governors of industry bodies as diverse as clubs and horticultural export quality agencies, have to get a government body to place enforcement of industry codes and  rules above more politically sexy offenses, industry rules will nearly  always lose.

I should also have praised previously the NZX decision to drop its indefensible 20 minute delay in passing on listed company announcements.

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  • John Milne
  • August 17th, 2009
  • 11:27 pm

Agree on the 20 minute delay. At long last.

The Securities Commission should have intervened to remove this years ago if they were seriously concerned about market integrity (reflecting ASIC’s objective), by removal of that insider trading opportunity.

  • peterquixote
  • August 19th, 2009
  • 9:19 pm

good post dude,

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