Tabuteau FletcherFLETCHER TABUTEAU (NZ First): Thanks Madam Speaker. It's a pleasure to speak on behalf of New Zealand First to this bill and just to address some of the concerns that were I think fairly addressed from the Opposition speakers. Firstly in response to the Hon Judith Collins yeah a very constructive contribution and I do love the terminology of working as a team in the select committee. Sometimes it can be very contentious as you well know Madam Speaker but in this I think both the Opposition speakers' contributions have hit the nail on the head in that this is a fairly non-contentious piece of legislation that is technical in nature and I think we can get on with working towards a select committee recommendation to the House quite effectively.Having said that and to put that in perspective as both previous speakers in the Opposition noted this bill comes to us over the length of several years. In fact it was the IMA—the international monetary authority?Dr Deborah Russell: IMF.FLETCHER TABUTEAU: IMF—fund sorry—who came to New Zealand in 2016 and had a conversation about the operations of these systems the mechanics—the plumbing" as it has been colloquially called in the House this afternoon. It was a fair observation from the IMF that there is a high degree of risk which the previous speaker has touched on. Actually in New Zealand the operations of the systems have been quite sound and we haven't had the worry that other nations around the world have unfortunately been exposed to but that does not preclude the fact that we are operating under that risk.So I'll just touch on what it is we're technically talking about and what the bill sets out to achieve in the first reading. So the infrastructure legislation here the financial market infrastructures (FMIs) refer to multilateral systems that provide trading clearing settlement and reporting services in relation to payments securities derivatives and other financial transactions. So that pretty much runs the whole gambit of financial interactions in markets in New Zealand. As also the previous speaker noted—although I think that she implied that it was this year—in 2016 in the retail and wholesale markets of those financial transaction markets there is $35 billion of payments moving through those wholesale and retail markets every single day. That was a 2016 figure but it puts it in perspective. From memory you're talking four times New Zealand's GDP in total over a year—it's quite a significant sum of money. It gives you an indication of just that financial system mechanism's importance to the New Zealand economy and our sound operation.However in New Zealand the regulation of FMIs is limited. I think that's why we agree we've come to the House today. So what I think members will support is fundamentally this bill is about implementing new and more complete oversight regimes. Fundamentally this is about accountability. So this has been a continuation of a long conversation which is why I think the select committee process will be a productive one.I just want to end on what it is we're trying to achieve in terms of—we've heard about designated and non-designated FMIs. Actually no I'll just touch on the bill in terms of general monitoring of FMIs by giving regulators certain powers and I just want to touch on those powers: the power to require operators or participants to provide information the power to require an operator to obtain a report from an independent export on aspects of the FMI's business or operations the power to appoint an investigator to examine the financial position or operation of the FMI and the power to seek a warrant to enter premises to obtain evidence relevant to an investigation. So those powers are about accountability as I said.So I too look forward to the conversations and actually the submissions because this was well notified to the public in a draft form several years ago. There has been a lot of public consultation on this and contribution to the drafting of this legislation that we see before us now. So I think what we will see going forward is about refinement and I'm all for that. So I look forward to that. Thank you Madam Speaker."