WELLINGTON, March 24 -- The deputy governor and head of financial stability development of New Zealand's central bank is to chair a committee overseeing financial markets for the Organization for Economic Co-operation and Development (OECD) group of developed nations.

The Reserve Bank of New Zealand announced Tuesday that Deputy Governor Grant Spencer would head up the OECD's Committee on Financial Markets (CMF), which includes representatives of the OECD's 34 member states and the OECD secretariat.

The CMF's role was to guide and manage the work program of the OECD's Financial and Enterprise Affairs Directorate, focusing on structural issues and developments in financial markets and the financial sector.

"The appointment is a reflection of the high regard with which Grant is held in international financial markets," Reserve Bank governor Graeme Wheeler said in a statement.

"Grant also chairs the EMEAP (Executives Meeting of East Asia Pacific Central Banks) working group on financial markets, a cooperative organization of 11 East Asia and Pacific central banks. "

The OECD's work on financial markets sought to promote efficient, open, stable and sound market-oriented financial systems, based on high levels of transparency, confidence and integrity, said the statement.

Spencer was appointed deputy governor and head of financial stability at the Reserve Bank in 2007, and his previous positions include special advisor and alternate executive director at the International Monetary Fund.