Voluntary Code of Conduct for over-the-counter market participants
A voluntary Code of Conduct has been created for those participating in the over-the-counter (OTC) market.
The Code has been developed by an industry-led OTC market working group to support an efficient and competitive OTC market that serves the long-term interests of New Zealand electricity consumers.
By signing up to the voluntary Code, signatories commit to a number of underlying principles and behaviours when participating in the OTC market.
The signatories to date are: Meridian, Mercury, Genesis, Contact, Manawa, Prime, Electric Kiwi, Haast Energy Trading, 2degrees, NZ Steel, Octopus and Flick Electric.
All participants in the OTC market are encouraged to sign up to the voluntary Code.
The Electricity Authority is working with the group’s members to develop appropriate monitoring arrangements which give all parties confidence that signatories are keeping the commitments made to one another.
The establishment of the OTC market working group was facilitated by the Electricity Authority but the group is not run or led by the Authority.
The working group was established as the Authority identified a growing reliance on the OTC market for supplying risk management products that are essential to market efficiency and competition.
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