Archived. This report presents the results of the ESAS NZClear Help Desk Survey, conducted in January/ February 2012.

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1 System Operator - Reserve Bank of New Zealand Custodian Trustee: New Zealand Central Securities Depository Ltd (NZCSD) ESAS NZClear Help Desk Survey Results February 2012 This report presents the results of the ESAS NZClear Help Desk Survey, conducted in January/ February The survey was broken down into the following five categories: Help Desk Support General Communication Processing System Development Overall Performance Customers were also invited to give additional suggestions or comments, and finally to rate the overall service of the ESAS NZClear Help Desk. This survey was sent to all ESAS NZClear members, staff and management with valid addresses. 40 responses were received, with a completion rate of 92.5%, compared to 48 responses for the February 2011 survey. Thank you to our members who participated in the survey. We received some very positive results with very constructive feedback. RBNZ will use the survey as a baseline going forward and we will make changes where members have made suggestions. All comments made in the survey have been downloaded into the results. Going forward if you have any issues or feedback regarding our services please feel free to contact Adrienne Barlow on or adrienne.barlow@rbnz.govt.nz

2 2 Help Desk Support 40 respondents answered each of the 4 questions for Help Desk Support. There is a high level of satisfaction with the services provided by the help desk with 92.5% rating the services as excellent or very good. To assist members with queries, we will increasing the content of our On-Line Help Guide (TRANSACT/ESASENQ >Help Toolbar > Overview) to include Admin, Depository and Corporate Action activity & Reporting and include a FAQ section. Members can phone us on or us at NZClear@rbnz.govt.nz (NZClear) or RTGSHelpDesk@rbnz.govt.nz (ESAS/CLS/General queries), the phone numbers and addresses are the same for both our Wellington and Auckland operations How do you rate our staff for being polite, approachable and friendly? 1. We usually have either Belinda or Katie helping us, and both they and anyone else who answer the phone are extremely approachable. 2. Always most helpful when ever we have questions and always willing to go the extra mile. 3. The staff behave more like an operations team than, say, a customer service team. However this is not necessarily a bad thing. 4. People are always friendly and willing to assist. 5. Fleur Lane and Kirsty Wood in Corporate Actions are exceptionally polite and approachable in all circumstances. 6. It is always a pleasure dealing with the Help Desk staff (please

3 3 7. Always friendly and helpful How do you rate our staff for providing accurate and timely responses to queries (eg. on first contact)? 1. Again, replies are always received in a timely manner and when something can't be completed straight away we are always advised and given the chance to agree to a new time frame. 2. Only on occasion do they need to refer to someone else. 3. Generally very timely. I can't actually think of an example where I've been kept waiting for a response. 4. Where there can be an issue is where if I ask a question, that exact question gets answered and not an iota more - even if the query has a logical extension (for example I may ask about how to get certain information and be told that a certain report can provide it, but not how to find the report or how to generate it). 5. Often the Corporate Actions team seem to lack the appropriate knowledge to answer questions on first contact, this never seemed to be the case when Corporate Actions was based in Wellington. When responses are received they are almost always accurate. (please

4 4 How do you rate our staff for having appropriate system knowledge? Very good at the day-to-day, struggles a little with less common issues (please How do you rate our staff for having appropriate business knowledge? (please 1. They know the market and the limitations / requirements of custodians vs brokers.

5 5 Communication An average of 91% of respondents answered each of the 4 questions for Communication. We are very responsive to feedback on communications with our members. We are looking at the possibility of holding webinars for members who are unable to attend on-site training. We will also increase the presentation papers and information that are available to members via our website We welcome members ideas that would better enhance their business operations and requirements, please feel free to contact us either directly or via your NZClear Advisory Committee Representative. We distribute all our communications to members who are subscribed to our subscription list, please make sure that you have subscribed. Information relating to Payments & Settlement Services, plus communication content is available on our web site How would you rate the content of the FMOA/NZClear Semi-Annual User Group Conferences? 1. To be honest slightly boring but that may just be the topic :) Do not attend (please Suggestions (please

6 6 Would you be interested in attending ESAS/NZClear User Training sessions at the RBNZ Yes - In Wellington 1. Maybe (In Wellington) Yes - In Auckland 2. not for me but for others at my work place 3. Yes if we were in Wellington or Auckland at the time the sessions were being held. Unfortunately coming from Invercargill isn't necessarily justifiable on our current usage volumes. 4. Webinair sessions would be useful for off-shore participants whenever there are any major changes or new initiatives to NZClear system 5. I'm Australian based. Are we able to dial in? No

7 7 If Yes, what frequency would you like to see these traning sessions held? % 35.0% % 15.0% 1 5.0% % 35.0% % 15.0% 1 5.0% Quarterly Semi Annual Annual How do you rate the timeliness and relevance of information provided in the ESAS NZClear Bulletin? specify) I'll subscribe - ( ovt.nz/payment/nz clear/subscribenzcl ear.html) (please 1. Good but don't think we've been receiving since May will go and subscribe.

8 8 What suggestions do you have for improving the quality and effectiveness of communications with ESAS NZClear members? 1. current process satisfactory 2. This is actually pretty good - s are sent when an issue is identified and members are kept updated. 3. I think communication is great. keep up the good work 4. I think the flow of communication is adequate 5. N/A 6. a) Any system issues needs to be proactively informed by NZclear to all its members Response please ensure you have subscribed to our list. b) NZX and NZclear should coordinate and have a workaround in place to improve, enable quicker and efficient settlement of trade and cash transaction. Response The NZX and NZClear Team communicate directly regarding any disruptions and decide on a case by case of what action will be taken until the issue is resolved, this information is communicated back to the members by both the NZX and NZClear team. The automated interface that is used to facilitate the transfer of securities between each CSD is via the SWIFT network. In most situations is preferable that we wait for these issues to be resolved prior to reverting to a manual process, however if you have a settlement on the back of a lodge or uplift then we suggest you contact NZClear via with the details and we will work with the NZX and Registry to process this manually. 7. Continue to ask what members requirements are and look and enhancing systems when required. Response we welcome member s feedback at any time.

9 9 Processing An average of 79% of respondents answered each of the 3 questions for Processing. We are reviewing our static data module to capture a wider range of instruments and their workings. Also, we will look at our reporting module in particular the content and method of output. When an issue notice is received from the Registry we aim to have the security set up within the hour. The lodgement process may take a little longer as we won t release the lodge until the Registry has been advised to proceed with registration into NZCSD. Members are reminded to load their trades and have them at matched status in preparation for the lodge release. Please contact us if you are experiencing a delay and we will advise you of the status How do you rate our ability to provide Corporate Action information and processing in a timely and accurate manner? 1. We only have interest payments 2. I don't use this function (please

10 % 35.0% % 15.0% 1 5.0% How do you rate our ability to complete processing of New Issues in a timely and accurate manner? (i.e, to create series of new fixed interest securities) 1. Could be improved but I gather this is more due to other parties not having the information available for NZClear to load - maybe these parties could be encouraged to provide a better service to NZClear. 2. generally very good but every now there can be a delay with the series id being set up or lodges being confirm and we get calls from the other trading party wondering what is happening at our end. 3. Limited use but have had no issues and staff very helpful as we have been learning the process and who does what. 4. I can not praise highly enough of the quick turn around when actioning new series set up for New Issues. I find the team to be very efficient and considerate. What suggestions do you have for us to improve our processing corporate actions and new issues? (please 1. limited use as a user so unable to comment 2. Don't change, its working well 3. n.a

11 11 System Development % 35.0% % 15.0% 1 5.0% How do you rate our overall ability to deliver worthwhile system developments that improve users' experience? 1. To date any upgrades appear to have been communicated thoroughly to all users and how to deal with any issues has been spelt out. Where issues have occurred these have been quickly rectified with full communication as what is happening and timing for any fixes. 2. In some ways the interface is still a little behind the times; the pairing of BICs to mnemonics is too restrictive to facilitate members on more global infratstructure. You also may want to consider adopting the Australian method of only matching the 4- letter mnemonic rather than the numbers on the end. For example, a BIC can only be linked to ASBK90 or ASBK91 on your system, so if we have settlements with both on the same day we have to manually amend some of our instructions.this could be fixed if only ASBK was the matching criteria. Same with HKBN90 and HKBN45, which is a constant bane in the market. Response - The NSI wouldn t be able to differentiate if the Mnemonic was for i.e. ASBK90 or ASBK91 if we adopted the 4 letter Mnemonic i.e. ASBK. The 4 letter Mnemonic would have to be unique to each Mnemonic i.e. ASBK90 (ASBK), ASBK91 (ASBA). This method would not comply with our requirements. (please 3. Recent system developments have significantly deteriorated NZClear s performance, in that the system is much slower than it use to be. The Bank and Datacom are currently analyzing the performance of ESAS/NZClear with top priority. (Further information is available in our April 2012 Industry Update).

12 12 What suggestions do you have for improving the system and our ability to successfully deliver system changes? 1. Improve the user interface for reporting and allow more customised reporting options. Response - NZClear currently offers two modules for reporting, SPRINT (Archive - ARSPRINT) & ARCHPRINT. We are currently reviewing our reporting modules to give members greater flexibility around ad-hoc and customised reports including output types and automation. Members are welcome to contact us with their reporting requirements as we may be able to provide a solution in the interim. 2. Improve the speed of the system, especially nearing the end of the day. Response - The Bank and Datacom are currently analyzing the performance of ESAS/NZClear with top priority. (Further information is available in our April 2012 Industry Update). 3. You have entered a number of trade entries and made a correction on one. When another user go to do a bulk authorisation on those entries the correction is not included. I am not sure why this happens but it would be helpful if it didn't. Response - We agree, this has been noted and we schedule a fix for later on in the year. -. sorting at different level on the TRANSACT screen much like Excel. Would help the users viewing experience. Response - Each column has an ascending/descending option and column and filter management can also be applied. You can also cut & paste data from TRANSACT into an Excel spreadsheet for sorting and filtering. Further information is available via our on-line help guide, or feel free to contact us for assistance. -. comments on cash transfers do not appear for the other member. Handy if cash transfer is on behalf of a 3rd party. Response - We agree, this has been noted and we schedule a fix for later on in the year.. 4. Continue with the communication - we all appreciate being advised rather than not knowing. 5. no suggestions 6. A reoccurring frustration is getting locked in a session when it times out or freezes and having to contact the helpdesk to get booted out. Response If the server fails to receive notification from the client ( ping ) or sees no activity (mouse or keyboard) for approximately 10 minutes, then the server will terminate the client session and log the user out. Once disconnected by the server, any attempt by the client to reuse the previous session will be rejected by the server and an error message displayed on the client PC ( session terminated ). Similarly, if a user does a forced disconnect i.e. PC reboot, or the application is terminated via Task Manager on the client PC, then tries to establish a new session within the 10 minute timeout their logon will rejected as the system will still recognise the user as being logged in. This can be overcome by either waiting 10 minutes or getting NZClear Help Desk staff to do a forced logout.

13 13 Ability to boot ourselves out would be handy or auto kick out if it crashes would be even better. Response- unfortunately this is not an option as it is done at the server level. Whilst not always ideal due to time limitations the system will clean up the session after 10 minutes which will allow you to log back in without our intervention. Also a kind of online message system in TRANSACT between members would be handy. rather than a comment on a trade you could have message from another member pop up. Response great idea, something we will consider for future development. 7. If there were a function in the Administration of user access where we could do a Bulk Upload of the Mnemonics to users opposed to us having to provision each user Func Type per Mnemonic. Response we may have a solution, please contact us and we will discuss your requirements and feasibility of setting this up. 8. As per question 13 mostly. The only other thing is your MT54X messaging - some form of MT548 when a trade is matched pending authorisation would be a good step for the future though there are associated considerations, such as what happens if one party then cancels their side. Response Currently there is no facility in the NSI to generate a MT548 at a matched authorised pending status. There is the option to generate a MT548 at matched status, so once both sides of the transaction have been authorised. If a trade is manually cancelled via EQTRDCOR, EQCORDEL, FITRDCOR or FICORDEL no MT548 response message will be sent advising acceptance of the cancellation. If a trade is cancelled via NSI, a MT548 will only be sent to the party/parties that requested the cancellation (Refer Section 3.5. MT54X Cancellation Processing of the NSI User guide) for further information. 9. no change, its great 10. System slowness and responsiveness needs to be corrected urgently. Response Please refer # I have one suggestion regarding the print outs from Transact. If we do a DVP trade I would like the print I do to include the consideration on the completed trade. This being easier for internal audits. Response - Please change the printer set up in NZClear to landscape to include the consideration. 12. a) NZclear should allow multiple login facility once the company login is signed on. i.e. 2 or more users should be able to login NZClear at the same time Response A Company Login is used to determine and track the Oracle licenses. The rule that only one user can be logged it at any one time with a Company Login is enforced by Oracle. b) Report can be timed in NZclear and sent to mail box on a timely basis so that it can reduce effort on manually extracting the report Response The ability to time reports has been taken into consideration for reporting redevelopment.

14 14 c) Multiple modules should be access in one window i.e. for example. TRANSACT, CASHQ & CASHENTQ should be available in the same window as next to next module instead of accessing one by one. Response TRANSACT (and ESASENQ for ESAS Users) can be open in the background and you can continue to use other forms such as CASHQ at the same time. Please also note that CASHQ is available in TRANSACT > Toolbar >Form>Cash Balance and is updated Real-Time. 13. Continue to ask what members requirements are and are you meeting the clients expectations.

15 15 General 37 respondents voted on how our customer services rates as a financial service provider. 9 rated us well above, 22 above, 7 as meeting expectations. The two Other responses are listed below. How do you rate our overall customer service? Well above 1. my expectations are high 2. staff always polite and helpful Do you have any other suggestions or comments that you would like to add? 1. We very much appreciate the high service level given to us from the staff who deal directly with us - when required continue to employ like minded staff and keep the existing ones challenged and happy so that want to stay. 2. none at present Above Meets expectations 3. Fantastic staff always good to deal with. 4. It would be beneficial if the NZClear help desk was available until COB AEST (5:30pm) to provide Administration Support IF and When required. Response - Our system is run on NZT not AEST and all settlements with a cash component for the current value day must be completed at 4.45pm NZT otherwise they are cancelled. The helpdesk is available for half an hour after this close. The system is available in an unsupported mode for members to run reports, check status, enter future dated transactions or settle a current value day transaction without a cash component after this time. It would be expected that members ensure they have successfully logged in prior to the Help Desk closing, and have their own password administrator available. Below Well Below