NZX boss Mark Weldon has revealed his ambition to consolidate New Zealand's securities registries, but not quite as he wanted.
In an embarrassing slip-up, Weldon spelled out his plan in an email destined for the NZX board, which he mistakenly sent to the wider market.
The slip-up follows a similar"fat finger" error at Japan's Mizhou Securities this month, when a trader lost his employer at least 27 billion yen ($325 million), by accidentally selling shares well below market price.
The email, sent to NZX members on Tuesday, also contained less-than-diplomatic criticism of the Reserve Bank.
Conveying the tenor of his conversation with incoming ANZ National Bank chief executive Graham Hodges over the proposal - Weldon detailed a climate of distrust.
He wrote: "ANZ concerned about the lack of trust coming out of the RBNZ ... Do not like RBNZ approach to Austraclear [the Reserve Bank's settlement system] and see it [as] symptomatic of a lack of customer concern across the whole bank, including at the top levels."
Weldon said the ANZ National was ready "to deal" its debt register to the NZX's registry joint venture Link Market Services and wanted to complete the transaction by March.
Observers were largely amused by the slip-up, but added NZX arguably should have made a wider release after the mistake.
The registry, which tracks ownership of securities, was probably worth under a million. But its value was still significant relative to NZX's 2004 $3.7 million net profit. The disclosure was also an important illustration of strategy.
In another email - to the Herald - Weldon said yesterday: "I'm happy to take egg on the face for an email sent in error. [The deal] would not represent a significant or material transaction for NZX ... but we believe it is well aligned with Link's and NZX's core business."
