The Reserve Bank and Financial Markets Authority have welcomed the release of a new code to promote good practice in the international foreign exchange market.
The new Global Code of Conduct for the Foreign Exchange Market was released in London by the Bank for International Settlements last night. It was developed by central banks and foreign exchange market participants from 16 international jurisdictions.
“The code of conduct applies to both those buying and selling foreign exchange and is a principles-based code rather than a rules-based code,” said Reserve Bank Deputy Governor Grant Spencer.
“It aims to create greater confidence in the foreign exchange market and ensure it is functioning in the interests of all market participants.
“To comply with the code, firms will have to take practical steps such as training their staff and putting in place enhanced policies and procedures. Certainly the Reserve Bank would be following the code of conduct in its foreign exchange dealings,” concluded Mr Spencer.
Garth Stanish, FMA Director of Capital Markets, encouraged industry participants to adopt the code.
“The code is relevant to all parts of the wholesale FX industry that fall within the FMA’s conduct regulation. We support its objectives, which include the promotion of a robust, fair, liquid, open, and appropriately transparent foreign exchange market.”
More information:Read the Global Code of Conduct for the Foreign Exchange Market
| A RBNZ release || may 26, 2017 |||
Synlait Milk (NZX: SML; ASX: SM1) has welcomed Antony Moess to the Senior Leadership Team as General Manager, Manufacturing.
With more than 20 years’ international experience in the dairy industry, Mr Moess has worked in a number of countries including New Zealand, South East Asia and the Middle East.
"Antony has held a number of senior roles throughout his career and we are looking look forward to utilising that experience in our Senior Leadership Team," says John Penno, Managing Director and CEO.
Most recently Mr Moess was based in Singapore as Fonterra Brand’s General Manager Operations and Supply Chain for Asia, Middle East and Africa.
He was responsible for the strategy and performance of manufacturing and supply chains across nine operating companies and in this role he implemented best practice manufacturing systems and processes across the region.
Prior to this he spent several years overseeing the manufacturing network strategy and operations excellence programs for 29 sites, nine of which were third party manufacturers.
"Antony has a real passion for leading manufacturing operations. His vast experience will add to our existing capability and his ability to focus on both his team and operational demands will be well received," said Dr Penno.
Mr Moess holds a Bachelor of Food Technology and a Post Graduate Diploma of Business and Administration from Massey University.
He will begin at Synlait in mid-July.
| A Synlait release || May 26, 2017 |||
On 25 May, Finance Minister Steven Joyce delivered the National-led Government’s ninth Budget.
This Budget delivers for New Zealanders because it comes from a Government that cares about people and knows how to get things done.
It shares the benefits of growth by improving public services and investing in the infrastructure needed for a growing country, reducing debt and lifting incomes.
New Zealand’s economy is performing solidly and annual growth is expected to average around 3 per cent over the next five years. We’re also on track for growing surpluses and falling debt.
That translates to more jobs and higher incomes and gives us a once-in-a-generation opportunity to raise living standards for all New Zealanders.
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Palace of the Alhambra, Spain
By: Charles Nathaniel Worsley (1862-1923)
From the collection of Sir Heaton Rhodes
Oil on canvas - 118cm x 162cm
Valued $12,000 - $18,000
Offers invited over $9,000
Contact: Henry Newrick – (+64 ) 27 471 2242
Mount Egmont with Lake
By: John Philemon Backhouse (1845-1908)
Oil on Sea Shell - 13cm x 14cm
Valued $2,000-$3,000
Offers invited over $1,500
Contact: Henry Newrick – (+64 ) 27 471 2242