Harmonization and Standardization of Bond Market Infrastructures in ASEAN+3: ASEAN+3 Bond Market Forum Sub-Forum 2 Phase 3 Report

HARMONIZATION AND STANDARDIZATION OF BOND MARKET INFRASTRUCTURES IN ASEAN+3

ASEAN+3 BOND MARKET FORUM SUB-FORUM 2 PHASE 3 REPORT

Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO)

© 2015 Asian Development Bank

6 ADB Avenue, Mandaluyong City, 1550 Metro Manila, Philippines

Tel +63 2 632 4444; Fax +63 2 636 2444

www.adb.org; openaccess.adb.org

Some rights reserved. Published in 2015.

Printed in the Philippines.

ISBN 978-92-9257-081-1 (Print), 978-92-9257-082-8 (e-ISBN)

Publication Stock No. RPT157593-2

Cataloging-In-Publication Data

Asian Development Bank.

Harmonization and standardization of bond market infrastructures in ASEAN+3: ASEAN+3 Bond Market Forum sub-forum 2 phase 3 report

Mandaluyong City, Philippines: Asian Development Bank, 2015.

1. Regional cooperation. 2. Regional integration. 3. ASEAN+3. 4. Bond market I. Asian Development Bank.

The views expressed in this publication are those of the authors and do not necessarily reflect the views and policies of the Asian Development Bank (ADB) or its Board of Governors or the governments they represent.

ADB does not guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use. The mention of specific companies or products of manufacturers does not imply that they are endorsed or recommended by ADB in preference to others of a similar nature that are not mentioned.

By making any designation of or reference to a particular territory or geographic area, or by using the term country in this document, ADB does not intend to make any judgments as to the legal or other status of any territory or area.

This work is available under the Creative Commons Attribution 3.0 IGO license (CC BY 3.0 IGO) https://creativecommons.org/licenses/by/3.0/igo/. By using the content of this publication, you agree to be bound by the terms of said license as well as the Terms of Use of the ADB Open Access Repository at openaccess.adb.org/termsofuse

This CC license does not apply to non-ADB copyright materials in this publication. If the material is attributed to another source, please contact the copyright owner or publisher of that source for permission to reproduce it. ADB cannot be held liable for any claims that arise as a result of your use of the material.

Attribution—In acknowledging ADB as the source, please be sure to include all of the following information:

Author. Year of publication. Title of the material. © Asian Development Bank [and/or Publisher]. https://openaccess.adb.org. Available under a CC BY 3.0 IGO license.

Translations—Any translations you create should carry the following disclaimer:

Originally published by the Asian Development Bank in English under the title [title] © [Year of publication] Asian Development Bank. All rights reserved. The quality of this translation and its coherence with the original text is the sole responsibility of the [translator]. The English original of this work is the only official version.

Adaptations—Any adaptations you create should carry the following disclaimer:

This is an adaptation of an original Work © Asian Development Bank [Year]. The views expressed here are those of the authors and do not necessarily reflect the views and policies of ADB or its Board of Governors or the governments they represent. ADB does not endorse this work or guarantee the accuracy of the data included in this publication and accepts no responsibility for any consequence of their use.

Please contact [email protected] or [email protected] if you have questions or comments with respect to content, or if you wish to obtain copyright permission for your intended use that does not fall within these terms, or for permission to use the ADB logo.

Note: In this publication, $ refers to US dollars.

ADB recognizes China as the People’s Republic of China; Hong Kong as Hong Kong, China; Korea as the Republic of Korea; and Vietnam as Viet Nam.

Contents

Tables and Figures

TABLES

FIGURES

Foreword

The Asian Development Bank (ADB) is working closely with the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China (PRC), Japan, and the Republic of Korea—collectively known as ASEAN+3—to develop local currency bond markets and facilitate regional bond market integration under the Asian Bond Markets Initiative in order to strengthen the resilience of the region’s financial systems.

ADB is providing support to the ASEAN+3 Bond Market Forum (ABMF) by acting as the Secretariat. ABMF was established in 2010 with the endorsement of ASEAN+3 finance ministers and comprises more than 100 members and experts drawn from financial institutions, central banks,