Briefs: MaxCorp goes Kiwi, NZ markets bill
Real estate financier MaxCap said it will open an operation in New Zealand in a joint venture with Bayley Corp and investment advisory firm Forsyth Barr. MaxCap said it has originated and managed A$7.8 billion worth of loans since it was established in Australia 13 years ago. The passing of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Bill last night means New Zealand now complies with reforms to strengthen the operation of international financial markets that were introduced by the G20 and the European Union in the wake of the Global Financial Crisis. "Stronger compliance with international rules makes it less risky and less expensive for financial institutions, like banks, to use instruments such as derivatives to manage risk when raising funds offshore, " said Commerce and Consumer Affairs Minister Kris Faafoi. "While this is largely a technical Bill, it has very clear benefits because it avoids substantial economic risks."