Commercial market making services contract awarded

The Electricity Authority Te Mana Hiko has awarded a contract to provide commercial market making services to Vivienne Court Trading Pty Ltd.

VivCourt Trading will commence the two-year contract on 1 July 2024 to act as the new commercial market maker to provide 20% of the total volume of market-making contracts.

VivCourt Trading was founded in 2011 and has its headquarters in Sydney. It trades a diverse range of asset classes using its proprietary technologies.

The Authority undertook a two-stage procurement process to select a provider.

“It is heartening that there were a number of highly capable providers interested in the contract and we look forward to a strong working relationship with VivCourt,” says General Manager of Corporate and Market Services Mark Herring.

“The presence of market makers is imperative for maintaining and improving trust and confidence in the futures market which offers risk management tools to participants to insulate them from volatility in the wholesale market.

“The Authority would also like to thank Bold Market Making NZ Ltd for its contribution as the inaugural service provider,” said Herring.

Bold was selected by the Authority in July 2022, following a procurement process. Bold entered the market on 1 September 2022 and its contract expires on 30 June 2024.

The NZ electricity futures market is hosted on the Australian Securities Exchange (ASX). This market is also supported by market making services provided by New Zealand’s four largest electricity generator-retailers: Contact Energy Limited, Genesis Energy Limited, Mercury NZ Limited and Meridian Energy Limited.

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