Prime Willow-JeanWILLOW-JEAN PRIME (Labour): Thank you Madam Speaker. I had contemplated giving this speech in Te Reo. However it's that difficult to understand the technical language in te reo Pākehā trying to find the language to explain it in Te Reo Māori I think would've stretched my Te Reo capabilities tonight. So I will be delivering this speech in te reo Pākehā but it remains a challenge for me to actually be able to explain it in Te Reo Māori because that would show that I truly have a good grasp of what in fact these things are that we call derivatives.It's a pleasure to take a short call on the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Bill in this second reading. I am a member of the Finance and Expenditure Committee and there was kind of a little bit of joking that went on every time it came up on the agenda but I was quite surprised when the Hon Ruth Dyson who is not a permanent member of our committee actually opted to come on to this committee and participate in this part of the select committee process.Kieran McAnulty: Hard-working member.WILLOW-JEAN PRIME: A hard-working member—somebody who is truly passionate about the issue. So I want to thank Ruth for her contributions. As we heard earlier in the speeches there actually was an important point that was picked up by having her on the committee and between the two members that was ironed out.We received 13 submissions. You heard from the member Deborah Russell that one of them was very short—one of the submissions was very short. But we did receive 13 submissions and most of those submissions were really technical in nature—many of them coming from the law firms who specialise in these areas of derivatives. We heard four oral submissions and—a little bit unique to our committee because this doesn't always happen—we reported the bill back unanimously to the House. So it was a cross-party collaborative effort to try and make this legislation the best that we could make it to perform the task that it needs to for New Zealand and for our economy.This is an omnibus bill so it will amend a number of Acts as a result of this bill going through. There are two primary objectives in the bill. One is to ensure that New Zealand's financial market participants can continue to participate in international financial markets particularly by using derivatives to hedge risk. The key point there is can continue" and I think that's not necessarily well understood by everybody because we are currently very used to the system and there are no issues. However we were told that come September if this has not passed we would start to feel the impact of our law not being aligned with international changes and reforms that are happening and then we would start to feel the impact of that—and everyday New Zealanders not just the tax experts and the specialists and legal specialists in derivatives.The second part is to bring New Zealand law in line with recent financial market reforms in the European Union and G20 States—which we are not part of but we trade with them. Actually I heard the figures being bandied around earlier and they are figures that really stretch the brain and the mind. I've got a quote here that our exposure is estimated to total $1.1 trillion either directly or through their clients to derivatives contracts affected by the recent international reforms. That's just our contracts with the European Union and those are only our four large banks in New Zealand—$1.1 trillion.I do just want to briefly and on a light note mention that the Hon Judith Collins made a comment that this was so dry so boring and so not sexy that it was unlikely to get any media coverage and that if it did she would bake for us. Well guess what? We can thank the New Zealand Herald Nikki Mandow for in fact writing a really good piece on this legislation. As a result of that Judith made the most outstanding Louise cake for our select committee and I thank her. Tēnā koe."