FpML Issues Tracker

1376: Request to add a new code value to the businessCenterScheme to correspond to the proposed ISDA defined term for “New Zealand Business Day” being introduced in the 2021 ISDA Interest Rate Derivatives Definitions

February 26, 2025

new

Feature

N/A

Coding Scheme

XAPWG

ggurden2008

None

Summary

On December 7, 2023, the New Zealand Financial Markets Association (NZFMA) launched a consultation (see https://www.nzfma.org/Site/consultations/business_day_conventions.aspx) on changes to NZFMA’s Business Day Definition and adoption of a single financial centre calendar for New Zealand's wholesale financial markets.

The NZFMA is now moving towards an implementation phase for this change, and ISDA, through consultation with the NZFMA, has begun circulating to its Working Group members draft updates to certain elements of the 2021 ISDA Interest Rate Derivatives Definitions documentation to help facilitate this change.

The proposed changes include the introduction of a new “New Zealand Business Day” defined term that can be referenced in transactions that incorporate the 2021 ISDA Definitions once published.

We request that FpML add a new code value to the businessCenterScheme to correspond to the “New Zealand Business Day” definition to facilitate incorporation of the new calendar in FpML-based transactions.

Regards

Guy Gurden

OSTTRA - Interest Rate Derivatives

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