Europe recognises NZ financial benchmarks framework affecting BKBM

The European Commission's decision marks the end of a multi-year effort to have New Zealand’s benchmark recognised in the EU. (Image: Getty)

Andy Macdonald

Wed, 03 Dec 2025

The European Commission has recognised New Zealand’s legal and supervisory framework for financial benchmarks as equivalent to the European Union’s.It means more than 50 million euros ($101m) of financial instruments in use in the EU that referenced the New Zealand Bank Bill Rate (BKBM) benchmark could continue to be used without disruption from Jan 1, 2026, Financial Markets Authority (FMA) general counsel Liam Mason said.“This is a significant outcome for New Zealand, and for all financial institutions and businesses th...

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