The Reserve Bank and NZX run New Zealand's two principal securities settlement systems: NZClear and New Zealand Clearing Limited, respectively. The Reserve Bank and NZX have announced that, following an extensive review of alternative options, the Bank and NZX have agreed to maintain separate competing systems but with full interoperability between them. The agreement is formalised in a Memorandum of Understanding, which sets out joint objectives for the Bank and NZX with regard to the clearing and settlements infrastructure.

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