Basic Principles on Establishing a Regional Settlement Intermediary and Next Steps Forward
Basic Principles on Establishing a Regional Settlement Intermediary and Next Steps Forward

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2014-05-01

Total Pages: 47

ISBN-13: 9292545094

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This report summarizes the results of discussions among ASEAN+3 central bank and central securities depository officers who voluntarily participated in the Cross-border Settlement Infrastructure Forum (CSIF). ASEAN+3 finance ministers and central bank governors endorsed the establishment of the CSIF under the Asian Bond Markets Initiative in May 2013 to facilitate discussions on the improvement of cross-border bond and cash settlement infrastructures in the region, including the possibility of establishing a regional settlement intermediary. This report shows the three regional settlement intermediary models analyzed by the CSIF members and suggests next steps moving forward.

Progress Report on Establishing a Regional Settlement Intermediary and Next Steps
Progress Report on Establishing a Regional Settlement Intermediary and Next Steps

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2015-05-01

Total Pages: 67

ISBN-13: 9292549324

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This progress report developed by the Cross-Border Settlement Infrastructure Forum (CSIF), composed of the central banks and central securities depositories in the Association of Southeast Asian Nations (ASEAN) and the People's Republic of China, Japan, and the Republic of Korea---collectively known as ASEAN+3, is an important step for the establishment of Central Securities Depository-Real-Time Gross Settlement (CSD-RTGS) Linkages as a regional settlement intermediary in the region. The report shows the desktop study results between the Bank of Japan and the Hong Kong Monetary Authority aiming to create a common model for the linkages. The report also sets out the implementation road map for establishment of CSD-RTGS Linkages. As secretariat of the CSIF, the Asian Development Bank supports this initiative.

Next Steps for ASEAN+3 Central Securities Depository and Real-Time Gross Settlement Linkages
Next Steps for ASEAN+3 Central Securities Depository and Real-Time Gross Settlement Linkages

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2020-07-01

Total Pages: 118

ISBN-13: 9292622730

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This report from the Cross-Border Settlement Infrastructure Forum (CSIF) provides an update on progress toward the establishment of a regional settlement intermediary (RSI) to support investment and more integrated bond markets among ASEAN+3 economies. The proposed RSI is to be based on bilateral links between national central securities depositories and central banks' real-time gross settlement systems. This model can realize cross-border delivery versus payment settlement to enable safe and efficient cross-border financial transactions. The report also highlights emerging trends and challenges in cross-border financial transactions and sets out next steps in establishing an RSI.

Harmonization and Standardization of Bond Market Infrastructures in ASEAN+3
Harmonization and Standardization of Bond Market Infrastructures in ASEAN+3

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2015-09-01

Total Pages: 194

ISBN-13: 929257082X

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This report is an outcome of Phase 3 discussions under the ASEAN+3 Bond Market Forum Sub-Forum 2, which have focused on making bond market infrastructures in the region more inter-operable through the harmonization of transaction flows, standardization of messaging items, and implementation of international standards. Most markets in the region will have commenced these harmonization and standardization efforts by 2020, thus taking a significant step toward the integration of ASEAN+3 bond markets.

Good Practices for Developing a Local Currency Bond Market
Good Practices for Developing a Local Currency Bond Market

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2019-05-01

Total Pages: 350

ISBN-13: 9292616110

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Local currency bond markets in ASEAN+3 play an important role in diversifying financial intermediary channels and mitigating the impacts of financial crises. They also have the potential to help mobilize developing Asia's significant savings to meet the region's enormous infrastructure investment needs. Drawing extensively on knowledge generated by the ASEAN+3 Bond Market Forum, the publication looks at the essential building blocks and the enabling environment for these markets, as well as the roles of government, relevant authorities, and market participants.

Trauma To Triumph: Rising From The Ashes Of The Asian Financial Crisis
Trauma To Triumph: Rising From The Ashes Of The Asian Financial Crisis

Author: Hoe Ee Khor

Publisher: World Scientific

Published: 2022-05-12

Total Pages: 950

ISBN-13: 9811253579

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This book takes stock of and analyzes the events during the Asian financial crisis (AFC) and subsequent developments, including the global financial crisis (GFC), that led to the development of the ASEAN+3 regional financial cooperation framework and the establishment of the ASEAN+3 Macroeconomic Research Office. The book is the first of its kind to compile comprehensive recollections of the major players during the AFC and the GFC, including country-level narratives on the causes and developments of the crises, and measures to overcome them. The book not only presents an analytical and deeper examination of country experiences during both crises, but also assesses the two crises and covers the lessons learnt from the crises, particularly with a focus on the development of regional financial cooperation. The book concludes with regional financial cooperation in retrospect, aiming to catalyze further discussions on the direction of the region's financial cooperation.

Common Understanding on International Standards and Gateways for Central Securities Depository and Real-Time Gross Settlement (CSD–RTGS) Linkages
Common Understanding on International Standards and Gateways for Central Securities Depository and Real-Time Gross Settlement (CSD–RTGS) Linkages

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2019-05-01

Total Pages: 59

ISBN-13: 9292616137

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This publication was prepared for the Cross-Border Settlement Infrastructure Forum (CSIF) to support its efforts to establish central securities depository and real-time gross settlement linkages. It aims to build a common understanding among CSIF members about international standards and gateways for these linkages, including user requirements and technical specifications. The publication reflects the collaborative efforts currently underway to further harmonize and integrate bond markets among the ASEAN+3 economies.

How to Organize Central Securities Depositories in Developing Markets
How to Organize Central Securities Depositories in Developing Markets

Author: Ms.Froukelien Wendt

Publisher: International Monetary Fund

Published: 2019-02-04

Total Pages: 27

ISBN-13: 1484397436

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The key objective of this note is to support authorities in their decision making about the optimal organization of central securities depositories (CSDs) in their country. For the purpose of this note, a CSD is defined as an entity that provides securities accounts, a securities settlement system, and central safekeeping services to market participants, which can be banks and other financial institutions. Authorities in developing markets, in particular central banks, may grapple with two questions: (1) whether to pursue a single CSD to increase market efficiencies and benefit from economies of scale and scope and (2) whether to partake in the governance of the CSD as owner or operator. This note presents seven considerations for authorities to take into account when answering these questions and determining the best model for their country.

Collective Investment Scheme Transactions in ASEAN+3
Collective Investment Scheme Transactions in ASEAN+3

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2022-09-01

Total Pages: 156

ISBN-13: 9292697315

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This report explores how the central securities depository and real-time gross settlement (CSD-RTGS) linkage model could be applied to collective investment scheme (CIS) passporting frameworks in Asia to enhance the post-trade efficiency of the region’s bond markets. In Asia, there are a number of multilateral CIS passporting frameworks, but little attention has been given to how delivery versus payment settlements can be facilitated under such frameworks. The report finds that the CSD-RTGS linkage model has considerable potential to be applied in Asia as a settlement engine for the cross-border transactions of bonds (as well as for other financial instruments). It outlines how this can be achieved by interlinking the region’s CIS central platforms and delivery versus payment settlements infrastructure under the CSD-RTGS model.

Asian Economic Integration Report 2017
Asian Economic Integration Report 2017

Author: Asian Development Bank

Publisher: Asian Development Bank

Published: 2017-10-01

Total Pages: 285

ISBN-13: 9292579789

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The Asian Economic Integration Report 2017 is the annual report on Asia's progress in regional cooperation and integration (RCI) of the Asian Development Bank (ADB). It covers ADB's 48 regional members and analyzes regional and global economic linkages. This year's special theme chapter, "The Era of Financial Interconnectedness: How Can Asia Strengthen Financial Resilience?" examines the region's ability to absorb financial shocks and avoid instability. The report introduces an RCI composite index to help monitor and evaluate RCI progress in the region. The Asia-Pacific Regional Cooperation and Integration Index combines six RCI components: trade and investment, money and finance, regional value chains, infrastructure connectivity, movement of people, and institutional and social integration.