Work Stream 4:
Financial Market Infrastructures &
Cross-Border Market Practices
The Asia Pacific Financial Forum
(APFF)
Seattle Symposium, 7 July 2014
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APEC can
significantly increase
contribution through
an informal,
inclusive and
advisory public
private platform
It’s about creating
more choices for the
financial services
needs of individuals
and corporations
More needs to be
done to align
interests and issues
of public and private
stakeholders
Challenge to
transition to a
regionally focused
economic growth
model
There is a critical
role for global
finance
Why did
we need
an APFF?
Regional
coordination will
strengthen
foundations and
reinforce
cohesiveness
2
Financial markets
require sound
foundations for
sustainability
Economies of scale,
greater depth and
liquidity are enablers
for competitiveness,
stability and
innovation
Experts from
the private
sector
International
financial
Institutions
Regulatory
bodies
Government
Bodies
Standards
setting bodies
Participants
3
Multilateral
and
international
organisations
The Five APFF Work Streams
Insurance and
retirement income
Trade finance
Lending infrastructure
Financial market
infrastructure & crossborder practices
Linkages & Structural Issues group
Work Stream 4
4
Capital markets
Key dates 2013 – 2014
July 2014: Updates
to Third ABAC
Symposium, Seattle
Washington USA
February 10-14 2014:
Updates to First ABAC
Meeting, Auckland
Q4 2013: Work Stream
kick off meetings,
participant invitations
May 2014: Updates
to Second ABAC
Meeting, Santiago
5
September 2014:
ABAC Report to
Finance Ministers,
Beijing
Work Stream 4
Two focus areas for recommendations to
Finance Ministers
• Cross-border investment market practices,
access and repatriation
• Technical substructure mapping for
financial market infrastructure
6
China
Japan
Philippines
Hong Kong
Geographic
Focus
Thailand
Malaysia
Singapore
Indonesia
Australia
7
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Cross-border investment, market access
& repatriation
• promoting cross-border investment flows
• emphasis on risk management, standards and
platforms that can selectively harmonize market
access
• repatriation practices, enhancing interoperability,
liquidity and connectivity of domestic and crossborder financial markets, and reduce systemic risks
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Promotion of
liquidity
Communication
Standards
Security and
Resilience
Technology
Standards
Enhanced capital
mobility
Ability to recognize
spillover effect
between asset
markets
TECHNICAL
SUBSTRUCTURE
Ensuring solvency
Oversight, supervision
POLICY AND PRACTICE
Computing and Protocols
Rules, norms and conventions
INSTITUTIONAL
INFRASTRUCTURE
Regionally focused
Institutional infrastructure
Supervision
Prudential
oversight
Financial Market
Architecture
Resolution
Insurance
Work Stream 4: Next steps?
•
Identifying ways to improve or define cross-border market practices,
including KYC and AML and working with stakeholders on adoption of
agreed market practices;
•
Promoting a deeper understanding within the Asia-Pacific industry of the
issues around a shortening of the settlement cycles and developing
consensus on best practice;
•
Identifying standards that can selectively enable harmonized market
practices and cross-border connectivity across FMIs; and
•
Facilitating better understanding of other key enablers required in the
securities investment ecosystem that are being driven by current initiatives
like Asia Region Funds Passport (ARFP), including domestic technical
standardization, data availability, confidentiality and privacy
rules/regulations, risk identification and management and the need for
dispute, recovery and resolution mechanisms.
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Contact
Company
Email
Beth Smits
SWIFT
Beth.SMITS@swift.com
Usama DeLorenzo
SWIFT
Usama.delorenzo@swift.com
Rebecca Terner
Lentchner
ASIFMA
rternerlentchner@asifma.org
Boon-Hiong Chan
Deutsche Bank
Boon-hiong.chan@db.com
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