Salesa Jenny; O'Connor GregFINANCIAL MARKET INFRASTRUCTURES BILLThird ReadingDebate resumed from 4 May.ASSISTANT SPEAKER (Hon Jenny Salesa): Last time the debate was interrupted on the third reading of this bill Greg O'Connor had the call. He has eight minutes and 12 seconds left if he wishes to take it. GREG O'CONNOR (Labour—Ōhāriu): Thank you Madam Speaker and I felt that I was just reaching the crescendo of my speech at the time when the night came to an end and when one is speaking on something as really intrinsically interesting as the Financial Market Infrastructures Bill it deserves to be given licence. Often when trying to explain what this is it's sometimes easier to go into things that it's not. There will be some around the House who remember when workers were mostly paid in cash—not the type of cashie's backhander that we talked about perhaps today that also help to lubricate our working system but actually a right to be paid with a payslip. Those were relatively simple days because you would take that money take it home distribute it and pay many of your bills and life was done in cash. However those days are something of the past. As we've become more sophisticated in the way we remunerate each other so we have built this infrastructure around it that we really need to have an intrinsic trust in and this bill is about that. It's about ensuring that the plumbing of the whole financial system is robust and is trustworthy and it won't fall over. I suppose again a better way to look at it would be—again people will be aware of blockchain and bitcoin and the advent of that. Well again that's a new system of payment that doesn't have any of these safeguards in it and the world is watching—I mean I see tentatively many of the managed funds are now starting to dip their toes in the water and buy them. But this is a system that everyone's very wary of because it doesn't have the sort of safeguards that this Financial Market Infrastructures Bill has and the financial market infrastructures themselves exist to give that trust in the system. Every so often we see the price of bitcoin heading up around that NZ$100000 per bitcoin. It will get there very shortly those speculating—although every so often it drops away and no one really knows why. In fact I was just reading an article recently that nobody actually really knows who started this thing. So we don't really know. But when and if it does—and there's a possibility it may become the currency of the future. Who knows? But if it does to have the trust that countries will be able to have confidence in to start moving the money around the globe there will need to be a financial market infrastructures bill like this because what this bill is doing is actually putting us in line with other international markets so that when we go off to our EFTPOS machine or when we settle a mortgage tomorrow or on the Friday which is the traditional settlement day for mortgages—many will be settling this Friday. It's a matter that the lawyers have got to have confidence in and the agents the vendors and the buyers have all got to have confidence that when they sign that bit of paper all this money that's going to shoot around the globe—it may be international. It could be someone in Scotland buying a house in Wadestown and competing with me and I hope the British pound weakens so he doesn't have the ability to do so. But this is what I'd tell anyone who's wondering why anyone can get excited about this because when you look at it you can see that it's so important a part of our lives. So I have no hesitation in commending this bill to the House. It's in its final reading. I've been privileged enough to be working my way through the system through from first reading right through to where we are today and through the select committee system as well. So through that I've been able to develop a little bit of understanding of this. If I can understand it probably most people can if they take the time. So again I have no hesitation in commending this bill to the House.