WELLINGTON, 22 January 2010 - A significant step-up in the number and range of foreign currency reference rates is proving a valuable tool for banks, corporates, investment institutions and government agencies.

The New Zealand Financial Markets Association (NZFMA) and its Foreign Exchange Committee developed the new reference rates in response to a growing demand.

These new reference rates are published daily at 2:00pm NZ time with the rates calculated using an internationally accepted calculation method used globally by asset managers, corporate and other market professionals.

The rates are: NZD/AUD; NZD/CAD; NZD/CHF; NZD/EUR; NZD/GBP; NZD/HKD; NZD/JPY and NZD/SGD.

These additional cross rates, available since late 2009, follow the release of the New Zealand dollar versus the United States dollar (NZD/USD) reference rate in July 2008. The addition of these cross-currency reference rates is the result of ongoing co-operation between the NZFMA and WM/Reuters.

Association Chief Executive Paul Atmore says the additional rates "reflect the sector's drive for greater market transparency with an enhanced range of official wholesale market settlement and reference rates."

The addition of these rates will improve the ability of banks, corporates, investment institutions and government agencies such as the Reserve Bank and Treasury to reference various foreign exchange related transactions to a rate set in the NZ time zone.

Mr Atmore says "it is our objective that greater market transparency will provide increased confidence to those looking to participate in the foreign exchange market."

The new rates (including the NZD/USD Fix) are available at: Thomson Reuters - page NZFMADATD Bloomberg - page NZFM9 NZFMA website - http://www.nzfma.org/system/nzd_fix/default.aspx

About WM/Reuters: Established in 1994, WM/Reuters is a joint venture of The World Markets Company plc, a wholly owned subsidiary of State Street Corporation and Thomson Reuters. It is universally accepted as a leading provider of independent foreign exchange valuation rates.