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Reform of the Law relating to Futures Exchanges and Clearing and Settlement Systems to support emissions trading

Cabinet has agreed to reforms in the regulatory framework for futures exchanges and clearing and settlement systems so as to facilitate a more robust legislative framework that meets the expectations of potential international participants and that supports the introduction of emissions trading markets.

The Emissions Units, Settlement Systems and Futures Bill is expected to be introduced in 2008. The government values the views and perspectives that all industry players can bring, given the complex nature of policy in this area. Public consultation on the draft bill will be undertaken in the first half of 2008.

• CAB (07) 632 Designated Settlement Systems And The Primacy Of Clearing Houses' Interest In Collateral
  A report back by officials to Cabinet on the policy tradeoffs resulting from providing clearing houses, which are to be part of a designated settlement system, with certainty of their interest in collateral.
• Consultation on Draft Emissions Units, Settlement Systems and Futures Bill
  Public consultation is sought on the Draft Emissions Units, Settlement Systems and Futures Bill.
• Submissions
  Submissions on the Consultation on Draft Emissions Units, Settlement Systems and Futures Bill.
• POL (07) 382 Reform of the Law Relating to Futures Exchanges and Clearing and Settlement Systems
  The proposals in this paper reform law regulating futures exchanges and clearing and settlement systems so as to facilitate a more robust legislative framework that meets the expectations of potential international participants.
• Settlement Systems, Futures, And Emissions Units Bill: Approval For Introduction And Parallel Policy Process
  This Cabinet paper seeks approval to introduce the Settlement Systems, Futures, and Emissions Units Bill to Parliament and Cabinet's direction to provide a future report on broader clearing and settlement issues that fall outside the scope of the Bill.