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Capital markets review urges platform collaboration

Capital markets review urges platform collaboration

Shared services platforms should be considered to lower costs and drive innovation

New report urges capital market participants to collaborate and share  technology.

New report urges capital market participants to collaborate and share technology.

Credit: Photo 60837568 © Rafael Ben Ari - Dreamstime.com

A review of New Zealand's under-performing capital markets is urging, among other measures, that market participants collaborate on technology development.

The vision includes developing a technology environment which addresses New Zealand’s lack of scale by using efficient technology platforms across the operation of capital markets.

The Capital Markets 2029 report, released today, urges participants such as the stock exchange, regulator the Financial Markets Authority and the Ministry of Business Innovation and Employment (MBIE) to develop a collaborative ICT plan.

"Market participants need to collaborate and work with government (acknowledging the intention to appoint a chief technology officer role or similar) on a coordinated review of the technological environment and how it should be deployed to improve the New Zealand capital markets ecosystem," the reports authors wrote. 

"We consider such a review important to ensure New Zealand’s capital markets continue to evolve in the context of local and international technology developments."

The report encourages MBIE, FMA, NZX and other participants to collaborate to pursue strategic outcomes, consistent with principles introduced by the government’s ICT strategy.

These include creating seamless, integrated and trusted customer experiences and the use of information-driven insights to reshape services and policies and to add public and private value.

Adoption of information and technology innovations should be accelerated to solve complex problems and create and value.

"We encourage further research into the practical application of the world’s emerging technology trends: cloud technology, digitisation, robotic process automation (RPA), artificial intelligence (AI), blockchain, quantum computing, data analytics, smart contracts, 5G networks and mobile-based applications," the authors wrote.

The report lists 42 recommendations to unlock stronger capital markets of which 18 recommendations have been prioritised.

The recommendations canvas topics such as KiwiSaver, regulation, public sector assets and infrastructure, promotion of public markets, tax, new products and the impact of technology.

"Technology should ultimately be viewed as an enabler to support the achievement of vision and ambitions for capital markets in 2029 but so too should the question of how participants collaborate and consider shared services platforms such that solutions are economic for everyone and lower costs for end users," the report said.



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