SpeechBRETT HUDSON (National): Thank you Mr Speaker. It is indeed a delight. I'm full of excitement to be standing and talking on the third reading of the Financial Markets (Derivatives Margin and Benchmarking) Reform Amendment Bill. It is indeed a bill that should excite all of New Zealand for what it achieves not necessarily for its contents. I am one of the people who in an earlier contribution noted that this bill and its provisions were as arid as the Sahara and that I hold to be true. In fact it's not often—but we did have in this case—that submitters apologise for the fact that they feel their submissions are going to bore the committee; they certainly didn't and I'd like to acknowledge my colleague Andrew Bayly who if I might say at an intellectual level was like a pig in muck over this bill and he did a fantastic job of helping us all with it on both sides of the table although I also acknowledge Dr Russell. She too enjoyed and contributed as the bill went through the Finance and Expenditure Committee.Now while the bill will pass—and it appears it will; I think it still has the support of the entire House—and while it is all about ensuring New Zealand financial market participants can still participate in international markets particularly in the area of derivatives in actual fact what's more important—because those things are large trading banks the Superannuation Fund ACC dealing in what normal people the average hard-working Kiwi would see as astronomical numbers far too big really to comprehend. But at a real level at the heart of what this bill actually does are not those large scale transactions because at the end of the chain of what those transactions enable is a business small or large being able to borrow money to buy more plant to increase their factory or facilities to employ more people. So this bill is about employing more New Zealanders. It's about unlocking potential for people to get meaningful work—work that will pay well and work that will help them to meet their aspirations and to achieve what they want in their lives for them and their families.Equally the outcome at the end of the chain of these large transactions is moneys that individuals and families can borrow for houses or for other needs in their lifestyles to help them deliver for their families to have a safe place to raise those families and to have the things that help them lead the lives that they wish to. That is what this bill is truly about because large-scale transactions while being fundamental to being able to deliver what is at the end it is what actually comes at the end that is most important. That's why I say the provisions in this aren't quite as exciting as the outcome but they are extremely important because there is no way our large financial institutions would be able to deliver upon that if they weren't themselves able to secure the funding they need for what leads on to that further lending down the track. I particularly see Dr Webb shaking his head a bit. I'm obviously referring to banks more than ACC or the Superannuation Fund but they will actually be the largest users of this anyway. They need to be sure that they can access those capital markets and those funds around the world. This is what the bill is all about in the sense at least of its technical provisions.We have supported the bill all the way through. I believe that every other party in the House has. It was actually a pleasure despite the technical nature of the provisions to sit on the select committee. We continue to support it as I hope all parties still do and I commend this bill to the House.