Pip Dunphy has been named chairwoman of New Zealand Clearing and Depository Corp Ltd (NZCC), a wholly-owned subsidiary of NZX Ltd.Ms Dunphy has extensive experience in capital markets. She has held senior positions at Goldman Sachs JBWere and Bank of New
Pip Dunphy has been named chairwoman of New Zealand Clearing and Depository Corp Ltd (NZCC), a wholly-owned subsidiary of NZX Ltd.
Ms Dunphy has extensive experience in capital markets. She has held senior positions at Goldman Sachs JBWere and Bank of New Zealand.
She is a Reserve Bank of New Zealand monetary policy adviser, a member of the Securities Commission's code committee and an adviser to the Retirement Commission on the current review of retirement policy.
She is chairwoman of Mint Asset Management, and a director of the Accident Compensation Corporation, New Zealand Post and the Crown Health Financing Agency.
The clearing house operated by NZCC will provide clearing and settlement services for securities and derivatives transactions.
Clearing is the process by which, following trading, the obligations of the buyers and sellers are established. Once a transaction has been cleared, settlement is the transfer of ownership. Settlement is normally centralised in a market and undertaken by an institution often referred to as a central securities depository.
Two settlement systems operate in New Zealand -- the Reserve Bank of New Zealand runs Austraclear, which is mainly used by banks. NZX runs the Faster system, which is being replaced by NZCC.
Peter Lockery, a former chief information officer of the ANZ National Bank Ltd is also joining the board of NZCC. NZX's representative on the board is Robyn Dey, a solicitor and a member of the NZX market supervision team.
"Having people of the calibre and experience of Pip, Peter and Robyn on the NZCC board will send a clear message that New Zealand's clearing house governance is robust and a force to be reckoned with in international markets," NZX chief executive Mark Weldon said.
