Adoption of the ISSB Standards in Asia: ASIFMA Asset Management Group Position Paper
2018 marks the 40th anniversary of Deng Xiaoping’s reform and opening-up. Over the last 40 years, China has witnessed progressive liberalisation of its capital markets and its contribution to the world economy, with China now being the world’s second largest economy.
China’s capital markets have developed at a pace that has few parallels in history. In some sectors of the financial industry, such as digital payments, China today sets an example for the rest of the world.
China maintains a “closed” capital account, which means investors can move money into and out of China only subject to strict rules. Over the past 15 years or so Chinese authorities have been gradually opening its capital markets, via tightly controlled programs, to allow some foreign participation in China’s capital markets.
In September 2016, AFME, AIMA, ALFI, ASIFMA, Irish Funds, KOFIA and SIFMA AMG conducted a global survey on investors’ interest in Mainland China’s onshore bond market, which is the largest of its kind to date.
Ever since China embarked on its series of economic reforms in the 1970s, the country’s rapid progress that has placed it among the leading economies of the world has been unparalleled.
On 1 December 2015, the IMF announced that RMB will be included in the basket of currencies comprising IMF’s Special Drawing Rights. This represents the recognition of RMB at the highest level of global finance and an acknowledgement of the efforts of the PRC authorities in the past decade to broaden the onshore and offshore access to the PRC capital markets.
A combination of factors has driven the emergence of China as a global player on the world economic stage and the time is finally ripe for the Chinese currency, the renminbi (RMB), to take its place among the leading currencies of the world.
China’s economy is at a pivotal crossroads. With its strategic emphasis on export-oriented growth, China has transformed itself into the world’s second largest economy within the last two decades, powered by a labor-intensive manufacturing sector and extensive domestic investment.
This new paper highlights the evolving regulations around the world which may impact many aspects of a company’s operations and provides key recommendations. Read it here.
ASIFMA publishes benchmark review of volatility control mechanisms (VCMs) across Asia Pacific exchanges. Members recommend minimum VCM standards to promote robust and stable markets.
The Global Financial Markets Association (GFMA) and the International Capital Market Association (ICMA) have today published a report, The GFMA and ICMA Repo Market Study: Post-Crisis Reforms and the Evolution of the Repo and Broader SFT Markets, which assesses the impact of post-crisis regulation on the functioning of the global repo and securities financing transactions (SFT) markets.
ASIFMA is an independent, regional trade association with over 100 member firms comprising a diverse range of leading financial institutions from both the buy and sell side, including banks, asset managers, law firms and market infrastructure service providers.
GFMA published Principles for Achieving Consistent Regulatory Regimes and Supervisory Practices.
GFMA published Guiding Principles for Market Transparency.
This Framework is designed to create an agreed upon approach for regulators and financial services firms to conduct effective testing to satisfy both supervisory and firm originated requirements.
Asia Pacific is comprised of diverse currency markets that are shaped by various and, at times, competing forces, from global regulation to local capital controls.
Response to the FSB’s Consultation on Proposed Framework for Post-Implementation Evaluation of the Effects of the G20 Financial Regulatory Reforms
GFMA and IIF Submit Comments to IOSCO Regarding Examination of Liquidity of the Secondary Corporate Bond Markets
This initiative started in October 2015. ASIFMA put together a working group to discuss with its members what could be done in Asia to help facilitate private sector funding of infrastructure projects via capital markets and through project bonds or other adequate instruments. Infrastructure has emerged as a distinct, fast growing asset class over the past years.
On behalf of ASIFMA and ICMA, we are delighted to introduce this Guide to Infrastructure Financing in Asia. This Guide is addressed to public authorities, project sponsors, project promoters and issuers seeking to raise finance for Asia Pacific infrastructure projects.
Massive changes have occurred in global financial regulation since the financial crisis, much of it led by the Basel Committee on Banking Supervision, in particular the sharp increase in banks’ required capital and liquidity levels.