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9. The New Zealand Exchange Limited (NZX) is seeking to upgrade its existing clearing and settlement system and expand its exchange traded products to include futures and emissions units (through its subsidiary TZ1). NZX asserts that it requires several amendments to existing financial market legislation to support these services. In 2007, NZX requested that the government provide legislation relating to designated settlement systems, registered securities and authorised futures exchanges, and the legal treatment of emissions units.