NZX Clearing has a new website, which will be replacing this website.
You can access the new NZX Clearing website here.
The SPAN© parameter file prepared at the end of each business day can now be accessed here.
Current and historical margin rate circulars can be accessed here.
This website will be decommissioned in due course.

About Us

The Clearing House operates under a central counter-party model. It offers clearing and risk management services for NZX's Markets, covering cash equity and debt products as well as derivatives. The Clearing House is an essential piece of capital market infrastructure.

The Central Securities Depository ("Depository") provides securities safe keeping services, stock lending and borrowing, and settlement of transactions between participants. In addition, trades executed on NZX Markets are settled in settlement accounts held in the Depository.

Legal Structure

New Zealand Clearing and Depository Corporation Limited ("NZCDC") is a wholly owned subsidiary of NZX Limited. It operates through New Zealand Clearing Limited ("NZCL"), which operates the Clearing House and through the New Zealand Depository Limited ("NZDL") which operates the Depository.

A nominee company, New Zealand Depository Nominee Limited ("Nominee"), a wholly owned subsidiary of NZDL, acts solely as a bare trustee and holds legal title to securities and cash held in the Depository.

Legal Structure


The NZCDC Board governs the overall operations of the clearing house and the depository.

The NZX Board is responsible for the overall governance of the NZCDC Group. The NZX Board is assisted by the NZX Clearing Committee in fulfilling its governance responsibilities to ensure NZX Clearing continues to have adequate resources, to meet its obligations as the central counterparty.

Board and Committee Members

The NZCDC Board is appointed by the NZX Board, and comprises members of NZX's Management team. The members of NZCDC Board are Mark Peterson, Bevan Miller and Benjamin Phillips.

The Clearing Committee is appointed by the NZX Board, and comprises directors and an independent non-director member (Nigel Babbage). The members of the Clearing Committee are Richard Bodman (Chair), Patrick Strange and Nigel Babbage.