The Reserve Bank has welcomed today's announcement by the New Zealand Financial Markets Association (NZFMA) that it has taken on the role of managing New Zealand's standardised over-the-counter derivatives documentation. This role was previously undertaken by the New Zealand Bankers' Association.

Deputy Governor Grant Spencer said: "Standardised documentation is an important component of managing legal risks in financial market transactions. Having the NZFMA's broader membership base involved with the development and use of this documentation is a positive step."