The industry association says share-transfer and pre-delivery rules are preventing long-only managers from using the trading link. It expects regulators to tackle the latter issue early in 2015.

Nov. 10 (Bloomberg) -- Mark Austen, chief executive officer of the Asia Securities Industry & Financial Markets Association, talks about the plan to connect the exchanges in Hong Kong and Shanghai. The link will debut in a week, giving foreign investors unprecedented access to China's $4.2 trillion equity market.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

Global Trade Organization Aims to Facilitate Global Regulatory and Industry Coordination on Cybersecurity

Comprehensive new report provides industry insights on how India can shape its equity markets to help support and accelerate economic growth

Banks fear three popular Asian foreign exchange rates will fall foul of new benchmark rules, meaning new derivatives products will be unable to reference them after 2020.

What started as a business disagreement between two Asian exchanges has become a source of growing concern for international investors.

Asia Securities Industry & Financial Markets Association CEO Mark Austen weighs in on the inclusion of China A-Shares in the MSCI index. He speaks on "Bloomberg Daybreak: Asia." (Source: Bloomberg)

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

Asian markets were broadly lower Tuesday. Tech stocks struggled throughout the region, with tech-heavy indexes in South Korea and Taiwan dropping by 0.6% and 0.5%, respectively.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

New regulatory framework aims to allow European firms to continue using local benchmarks.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

Revised list of recommendations addresses key developments now needed to continue to develop and open up China’s capital markets.

Firms explain how they're ensuring the masses of data created by Mifid II remains compliant with the EU's new data protection regulation when it becomes effective in May. Solutions are available but with just a few months to go, the industry is still far from consensus, which breeds inefficiencies and increases the possibility of a breach. But with potentially astronomical fines available, banks' senior management teams are taking the GDPR seriously. Meanwhile Asian firms have found a creative way around the conflicts between Mifid and their own local data privacy laws.

Comprehensive new report provides industry insights on how India can shape its equity markets to help support and accelerate economic growth

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

The comprehensive new report provides best practices developed by ASIFMA, its membership and market participants.

Government to cut threshold from 25% to 5%, ASIFMA says reduction will challenge securities firms, produce no tax revenue.

Significant change poses extremely challenging operational hurdles for securities companies and for the overall Korean market infrastructure with little or no additional tax revenue.

Global Trade Organization Aims to Facilitate Global Regulatory and Industry Coordination on Cybersecurity.

Significant change poses extremely challenging operational hurdles for securities companies and for the overall Korean market infrastructure with little or no additional tax revenue.

Joint-industry group publishes directory of global and regional green finance policy initiatives.

Regulation threatens the future of Asia’s financial benchmarks in Europe says new ASIFMA report.

New Esma guidance could still allow EU firms to trade Singapore stocks.

China should streamline its various bond investment channels - ASIFMA

New Esma guidance could still allow EU firms to trade Singapore stocks

Firms may cut back investment in Asia, according to Asifma

Hong Kong, Australia and South Africa are on track to get European Union equivalence for share trading under the second Markets in Financial Instruments Directive (Mifid II) by the year-end, according to a senior official at the European Commission.

SINGAPORE, Nov. 15 (Xinhua) -- Singapore's record in environmental protection and connections to the region makes it well-positioned to move forward with green finance, according to a report released here on Wednesday.

TOTAL debt issuance in Asia (ex-Japan, Australia and New Zealand) for the third-quarter stood at US$67.8 billion as at Sept 30, 2017, up 18.2 per cent year on year, according to Asia Securities Industry and Financial Markets Association's (ASIFMA) Asia Credit Report 2017.

New ASIFMA template agreement to aid corporate governance and transparency

Market participants in Hong Kong have welcomed plans by regulators to install a new investor identification mechanism...

ASIFMA Publishes Template Cornerstone Investment Agreement for Hong Kong IPOs.

(Bloomberg Gadfly) -- Manipulating Chinese stocks from Hong Kong is about to get harder. That's the good news, for investors interested in fair and transparent markets. The bad news is that it raises the specter of increased Chinese surveillance of investors in the city.

Results of the Pilot Survey of Repo Markets in Asia-Pacific Are Published.

The Asia Securities Industry & Financial Markets Association (ASIFMA) was advised by global law firm Norton Rose Fulbright in its response to Singapore’s Personal Data Protection Commission Public Consultation on “Approaches to Managing Personal Data in the Digital Economy”.

Regulatory equivalence and technological advancements are factors influencing Asian FX market growth, finds GFMA and KPMG joint report.

Derivatives began trading in Vietnam this month as authorities work to boost investment in the local capital markets.

Hong Kong Exchanges & Clearing Ltd. is having trouble winning over money managers to its plans for dual-class shares in the world’s fourth-largest stock market.

ASIFMA CONFIRMS THAT LYNDON CHAO WILL JOIN AS HEAD OF EQUITIES. Banking Veteran of 30 Years Will Lead Association’s Equities and Post-Trade Initiatives in the Region

ASIFMA Launches New Report on India’s Debt Markets. Detailed report provides industry insights on how to address the impediments facing the development of India’s debt markets.

MUMBAI: Investors should take the long view and invest on fundamentals because when the cycle turns, those with a short-term view end up stampeding to the exits, said Mark Austen, chief executive officer at Asia Securities Industry and Financial Markets Association (ASIFMA).

3 July 2017, Hong Kong ASIFMA welcomes the launch of Bond Connect, another key step in the opening up of the China Interbank Bond Market (“CIBM”), the world’s third largest bond market, to foreign investors. With foreign participation in the CIBM standing at only 2.4%, well below international average for large bond markets, and a bond market which is expected to grow further in size, there is significant demand for more efficient access channels.

21 June 2017, Hong Kong ASIFMA welcomes MSCI Inc’s decision for inclusion of Chinese stocks in the MSCI EM and MSCI China indices as we believe it is an important step in further internationalizing China’s markets and enhancing its investment environment. We commend the CSRC and other Chinese authorities for the substantive improvements they have brought about in Chinese financial markets over the past two years and MSCI for its thoughtful restructuring of its inclusion framework, both of which made today’s decision possible. We look forward to working with the Chinese authorities to continue to enhance the attractiveness of China’s equity markets to international investors, as described in our recent report “China’s Capital Markets: Navigating the Road Ahead”.

GFMA Announces New Executive Director.

Asia’s competitiveness in fintech is being undermined by the rivalry among the region’s financial centers that has created regulatory complexity and uncertainty, a financial lobby group has warned.

ASIFMA Releases Guide for Regulators to Promote Effective Development of Fintech in the Region.

GFMA and ASIFMA Urge Asian Market Participants to Obtain Legal Entity Identifiers (LEIs): Slow Adoption in the Region and Impending Deadline. Threaten to Disrupt Markets Unless Firms Comply with New Regulatory Requirements.

ASIFMA WELCOMES FSDC RECOMMENDATIONS ON WARRANTS.

China is intensifying efforts to open up its $9 trillion bond market to global investors.

Mark Austen, CEO of ASIFMA, says markets in China have developed at an "unparalleled pace" but there's more to be done to attract capital onshore.

亞洲證券業與金融市場協會周三發布報告稱，中國政府應引入更多舉措，深化內地股市和債券市場並且增加這兩個市場的流動性，增強對海外投資者的吸引力。

ASIFMA Launches First-of-its-Kind Report on China’s Capital Markets.

China will allow investors to buy mainland bonds in Hong Kong this year, Premier Li Keqiang said at a briefing Wednesday, adding to recent moves to ease access to the nation’s debt market.

China's "One Belt, One Road" intiative challenges existing project-financing banks for new Asian development.

China's "One Belt, One Road" intiative challenges existing project-financing banks for new Asian development.

China's financial markets have undergone a huge transformation over the past few years.

Depending on their activities, MiFID II's regulatory requirements could still impact firms in Asia.

With the Vodafone debacle still resonating, the government is targeting investment managers.

China’s second stock exchange link with Hong Kong is accelerating a change in how overseas investors access the world’s second-largest equity market.

Hong Kong, 16 December 2016 – ASIFMA, the financial industry’s leading regional trade association, has the following statement in response to the Hong Kong Securities & Futures Commission (SFC) circular on its new Manager in Charge regime.

WASHINGTON, D.C., 28 November 2016 – The Global Financial Markets Association (GFMA), which represents the common interests of the world’s leading financial and capital market participants, today announced its new leadership team. The appointments were approved by the GFMA Board of Directors.

Donald Trump's election win has brought a lot of uncertainty, says Mark Austen from the Asia Securities Industry & Financial Markets Association (ASIFMA).

Foreign firms are worried.

HONG KONG (Reuters) - The chief of one of Asia’s most prominent financial trade bodies on Tuesday said new cyber security rules in China could make it harder for foreign companies operating in the country to manage risk as cyber threats become increasingly cross-border.

Inaugural batch of CDS contracts worth 300 mln yuan executed.

Appetite to invest in Chinese bonds remains strong as 83 per cent of international respondents to new survey say they plan to increase or maintain exposure.

HONG KONG, Nov 9 (Reuters) - Ease of moving funds, clear ownership rules, and clarity around tax laws are investors’ top concerns when it comes to China’s onshore bond markets, a survey showed on Wednesday.

Hong Kong, 9 November 2016 - ASIFMA, the financial industry’s leading regional trade association, today released the results of a global survey on investor interest in China’s onshore bond market. The survey is the largest of its kind to date, with responses from over 100 investors representing total estimated global assets under management (AUM) of over USD 21 trillion. In September and October of 2016, ASIFMA jointly conducted this survey with AFME[1], AIMA[2], ALFI[3], Irish Funds[4], KOFIA[5] and SIFMA AMG[6] to ask investors and potential investors globally for their views on accessing China’s onshore bond markets, their primary concerns and what they would like to see changed and developed from a policy perspective.

Inaugural batch of CDS contracts worth 300 mln yuan executed.

19 October 2016, Hong Kong – The Asia Securities Industry & Financial Markets Association (ASIFMA) today published a set of guidelines designed to establish a more balanced approach in the use of powers of attorney (POA) in the context of large syndicates on Hong Kong initial public offerings (IPOs).

GFMA Global FX Division reinforces its global footprint with new member, Scotiabank, and key appointments.

The British pound fell more than 6% against the U.S. dollar early in Asian trading Friday, although it later recovered much of that ground.

NEW DELHI: With India re-working taxation treaty with Singapore, an influential grouping of overseas investors has said capital gains tax exemption should be retained in the pact for FPIs in listed securities as that would "greatly ease" concerns of foreign investors.

The quota system under the RMB qualified foreign institutional investor (RQFII) scheme has undergone a total revamp, the Chinese regulators announced on September 5.

31 August 2016, Hong Kong - ASIFMA and ICMA today released the “Guide to Infrastructure Financing in Asia”, which is the first comprehensive guide of its kind that outlines how infrastructure projects can be financed in Asia including through the capital markets. It is intended to help public authorities, project sponsors, project promoters and issuers interested in raising debt for infrastructure projects in Asia. ASIFMA and ICMA, which represent a variety of capital market participants, are committed to supporting the expansion of capital markets financing for all types of infrastructure projects.

Singapore’s private banks are coming under scrutiny for earning bonuses by selling risky debt, as the city sees an unprecedented wave of defaults. The central bank says an industry group is reviewing the practice.

HONG KONG - An investment channel linking the stock exchanges in Shenzhen and Hong Kong is slated to open in the coming months, nearly two years after the launch of a similar link between Shanghai and Hong Kong.

Washington, 10 August 2016 – The Global Financial Markets Association (GFMA) today released a new report commissioned from Oliver Wyman on the interaction, coherence, and overall calibration of post crisis regulatory reform measures agreed upon, or under active consideration, by the Basel Committee on Banking Supervision (BCBS)1. The primary objective of the report is to consolidate and interpret for ease of use the large and growing base of research on these topics, in order to assist the Basel Committee, and other policymakers and analysts, in their consideration of how to optimize the global regulations. GFMA also made recommendations for regulatory action developed from the report findings.

The future of capitalism’s Asian citadel is far from certain as Shanghai and Shenzhen exchanges gain ground.

Panda Bond market on the cusp, a few challenges yet to be resolved, says new report. (Simplified Chinese Version).

Panda Bond market on the cusp, a few challenges yet to be resolved, says new report.

Electronic trading aims to fill gap that traditional market makers have left.

HONG KONG (Reuters) - Hong Kong’s markets regulator has taken the first step to introduce rules that would force stock brokers to disclose the individual identities of investors making equities trades in the city, three sources familiar with the matter said.

WASHINGTON, 9 May 2016 – The European Banking Federation (EBF), the Global Financial Markets Association (GFMA, comprised of ASIFMA, AFME and SIFMA) and the International Swaps and Derivatives Association (ISDA) today announced they are seeking to encourage effective global policy measures on cybersecurity, data and technology through a new set of common principles.

EBF, GFMA and ISDA Agree Common Principles to Promote Effective Global Policy on Cybersecurity, Data and Technology.

ASIFIMA's Mark Austen and "The Coming Collapse of China" author Gordon Chang discuss if China's capital outflows are a cause for concern.

India wants foreign investors to fund infrastructure projects via so-called masala bonds but have key ingredients missing.

CHINA Xi stresses cybersecurity, positive internet environment President Xi Jinping has called for the comprehensive detection of internet risks to ensure online security. In his speech, Xi stressed the "correct outlook on cybersecurity" and called for the establishment of a system to protect information infrastructure in industries including finance, energy, telecommunications and transportation. He urged authorities to establish unified and effective mechanisms to report risks and share information. (Xinhua)

European banking authorities have diluted ‘currency mismatch’ haircut rules in forthcoming non-cleared derivatives legislation – but the bigger issue remains that traders still don’t know if they will have to post collateral on their uncleared FX derivative trades.

ASIFMA appoints Wayne Arnold as Head of Policy and Regulatory Affairs.

CHINA No limit for investment by foreign banks, institutions in Chinese interbank market China will not limit investments by foreign central banks and similar institutions in the Chinese interbank foreign exchange (FX) and bond markets, officials said. But foreign banks and institutions must abide by Chinese laws and regulations and register their investments in the interbank FX market with the China Foreign Exchange Trade System and register their bond investments with the People's Bank of China (PBOC), the central bank said on its official website. (Xinhua)

China revises risk management rules on securities firms China's securities regulator is seeking to revise its risk management rules on securities firms to adapt to new changes in the industry. The China Securities Regulatory Commission (CSRC) released its draft plan to change the way it calculates net capital and risk capital requirement of securities firms. It also plans to adjust the indicators for leverage and liquidity regulation of the industry. The revised calculation will see the industry's net capital increase by around 20 percent and that of risk reserve capital rise two times, which will make the risk coverage indicator more "reasonable," according to the CSRC. (Xinhua)

CHINA. No circuit breaker in the next several years: China securities regulator China will not relaunch the circuit breaker mechanism in its stock market in the next several years, Liu Shiyu, head of the securities regulator, said. In January, the circuit breaker mechanism, which halts trading when stock prices rise or fall by a certain percentage with intention of reducing volatility, was withdrawn abruptly after it panicked investors instead. (Xinhua)

China sets deadline for VAT reform Chinese finance minister said that business tax in all industries will be replaced by value-added tax (VAT) before May this year, a concrete step in deepening fiscal and taxation reform. "The progress in the VAT reform last year was slower than having planned, efforts would be made to meet the May 1 deadline," Lou Jiwei, minister of Finance, said at a press conference on the sidelines of the National People's Congress annual session. Starting from May 1, the replacement of business tax with VAT will be extended to construction, real estate, finance and consumer services, to ensure that the tax burdens on all industries be reduced, Premier Li Keqiang said in a government work report to the national legislature. (Xinhua)

February 29: Anupriya Nair is in a panel discussion with Geoff Lewis of Manulife, Mark Austen of ASIFMA and Bob Parket of Credit Suisse to get a sense of as to what FIIs want from FM Arun Jaitley.

G20 Finance Ministers and Central Bank Governors Meeting Communique At the meeting, the Ministers and Governors discussed key global economic challenges, the policy agenda for the Hangzhou Summit and identified vulnerabilities to global economic prospects including, among other things, volatile capital flows, reduced commodity prices, geopolitical tensions and a potential UK exit from the EU.

ASIFMA Launches Offshore Renminbi Annex to Global Master Repurchase Agreement - Supplemental Terms and Conditions for Transactions with Payments Denominated in Offshore Renminbi.

PBC Promulgates Regulatory Measures for Counter Business in China's Interbank Bond Market The People's Bank of China (PBC) promulgated Administrative Measures for Counter Business in China's Interbank Bond Market on February 14, specifying all types of bonds and transactions in which qualified investors can invest through counter business. This measure is to promote the development of bond market and expand the proportion of direct financing, the PBC says. (NAFMII Newsletter)

HKEx - New Scheme Promotes HKEX's Currency, Stock and Metals Futures on Mainland Hong Kong Exchanges and Clearing Limited (HKEX) has launched its Mainland Market Data Distribution Partnership Programme with information vendors (IVs) to further enhance market data distribution and marketing for its RMB Currency Futures, or USD-CNH Futures, stock futures and London Metal Mini Futures contracts (selected futures contracts). HKEX's new programme promotes wider availability of real-time data for the selected futures contracts, which are all likely to appeal to Mainland investors.

Market-stabilizing policies right call, says Premier Li Policies used to tide over last year's unusual volatility in the stock and exchange market were a right call, said Premier Li Keqiang in his first appearance after the Spring Festival holiday. Those market-stabilizing measures, consisting with international practice, defused some "bombs" over a period of time and warded off systematic financial risk, said Premier Li at an executive meeting of the State Council, according to Xinhua. However, authorities in charge should also draw lessons from the experience, address internal management issues and implement initiatives and take both timely and effective approach, added the Premier. (China Daily)

Job opening at ASIFMA - Manager, Office of the CEO. ASIFMA now seeks a Manager to provide coordination, research and analytical support for the office of the CEO. This person will play a central role in coordinating daily work and projects across ASIFMA and will support the CEO directly in his external role, including providing high quality briefing and speaking notes. This person will also contribute to our corporate governance by supporting our senior management and board processes. Application deadline: 22 January 2016.

RMB rate to depend more on basket of currencies: PBOC economist. The Chinese yuan's exchange rate will be determined with more reference to a basket of currencies, as it faces persistent depreciation pressure against the U.S. dollar, according to a senior economist with the central bank. "Giving more consideration to a basket of currencies means the RMB's value will be kept basically stable against the whole basket," said Ma Jun, chief economist of the People's Bank of China's research bureau. (Xinhua)

ASIFMA wishes all subscribers a warm Season's Greetings and a Happy New Year! The newsletter will take a break for the holidays and will return in January 2016.

China central government solicits online advice on Five-year Plan. The official website of China's central government, gov.cn began to accept suggestions and opinions from the general public on the 13th Five-Year Plan (2016-2020), the national economic and social development roadmap for the next five years. Major portals including xinhuanet.com and sina.com are collaborating with the government to collect viewpoints. Submissions will be accepted until Jan. 15, 2016. (Xinhua)

IMF's Executive Board Completes Review of SDR Basket, Includes Chinese Renminbi The Executive Board of the International Monetary Fund (IMF) completed the regular five-yearly review of the basket of currencies that make up the Special Drawing Right (SDR). A key focus of the Board review was whether the Chinese renminbi (RMB) met the existing criteria to be included in the basket. The Board decided that the RMB met all existing criteria and, effective October 1, 2016 the RMB is determined to be a freely usable currency and will be included in the SDR basket as a fifth currency.

ASIFMA Annual Conference 2015 to be held on 2-3 December 2015 in Hong Kong As an industry-wide event, ASIFMA's flagship Annual Conference provides a unique opportunity for global and regional policy makers, high-level regulators and industry representatives from both sell-side and buy-side firms to meet and discuss important issues affecting the development of Asia's capital markets. Register now, seats are limited!

G20 Leaders publish communique following summit G20 Leaders have issues a communique following the G20 Leaders Summit in Antalya on 15-16 November 2015. The communique highlights areas where critical work remains to enhance the stability of the financial system, including: further work on central counterparty (CCP) resilience, recovery planning and resolvability, on which the Financial Stability Board (FSB) has been asked to report back at the G20 Leaders' next meeting; measures to further strengthen oversight and regulation of the shadow banking sector; further progress in assessing and addressing, as appropriate, the decline in correspondent banking services; and implementation of OTC derivatives reforms.

ASIFMA Annual Conference 2015 to be held on 2-3 December 2015 in Hong Kong As an industry-wide event, ASIFMA's flagship Annul Conference provides a unique opportunity for global and regional policy makers, high-level regulators and industry representatives from both sell-side and buy-side firms to meet and discuss important issues affecting the development of Asia's capital markets. Register now given seats are limited!

China unveils proposals for formulating nation's five-year plan. Chinese President Xi Jinping said Tuesday that the country's annual growth rate should be no less than 6.5 percent in the next five years to realize the goal to double 2010 GDP and per capita income by 2020. Under financial reform, China will continue to support RMB's bid for inclusion in the IMF Special Drawing Right(SDR) basket and push ahead with capital account liberalization and the internationalization of RMB, according to the document. China will accelerate reforms in its financial system to establish a transparent and healthy capital market. (China Daily)

China's Record Capital Outflows Put Tobin Tax Back on the Agenda. China has for the second time this month raised the possibility of taxing foreign-exchange transactions as record capital outflows from the world's second-largest economy put pressure on the yuan. "We are currently studying measures including Tobin Tax, unremunerated reserve requirement and handling fees for foreign-exchange trading to suppress any abnormal and significant flows of short-term funds that seek arbitrage," Wang Xiaoyi, deputy administrator of the State Administration of Foreign Exchange, said Thursday at a press conference in Beijing. Central bank Deputy Governor Yi Gang called for such punitive measures to be introduced to deter currency speculators in China Finance magazine, a People's Bank of China publication. (Bloomberg)

Sinosteel postponed its interest payment on a 2 billion yuan bond.

China is facing calls to bring back an instrument to fight bad loans it had deemed too dangerous after the global financial crisis: debt tied to failed assets.

Job Opening at ASIFMA: Executive Director, Head of Policy and Regulatory Affairs ASIFMA is now seeking an Executive Director, Head of Policy and Regulatory Affairs. Further details can be found here. Applications are due by October 23.

Hong Kong, 8 October 2015 – The Board of Directors of ASIFMA, the financial industry’s leading regional trade association, has elected Gene K. Kim as its new Chairman. Mr. Kim is Managing Director and Regional Head, Financial Markets, Greater China & North Asia, Standard Chartered Bank. He takes over from David Ratliff, Managing Director and Head of Banking and Markets for the Asia Pacific Public Sector Group, Citi, who just completed his three-year term and will remain on the Board as Chairman Ex- Officio.

Hong Kong, 8 October 2015 – The Board of Directors of ASIFMA, the financial industry’s leading regional trade association, has elected Gene K. Kim as its new Chairman. Mr. Kim is Managing Director and Regional Head, Financial Markets, Greater China & North Asia, Standard Chartered Bank. He takes over from David Ratliff, Managing Director and Head of Banking and Markets for the Asia Pacific Public Sector Group, Citi, who just completed his three-year term and will remain on the Board as Chairman Ex- Officio.

The Asia Securities Industry & financial Markets Association (ASIFMA) has picked Gene Kim as its new chairman of the board of directors.

PBOC's Yi Proposes Punitive Tobin Tax to Deter Yuan Speculators China should implement punitive measures such as a so-called Tobin tax to deter currency speculators, according to central bank Deputy Governor Yi Gang. The steps could include a punitive levy on foreign-exchange trades and the imposition of "handling" fees to counter short-term capital flows that aim for arbitrage, Yi wrote in an article in China Finance magazine, a People's Bank of China publication. He is revisiting the Tobin tax idea after mentioning it more than a year ago. (Bloomberg)

Job Opening at ASIFMA: Manager - Database Management To apply, please submit your CV and cover letter to [email protected]. The closing date for application is 30 September 2015.

UK-China stocks link plan unveiled. Chancellor George Osborne has said the UK and China are exploring how to link their stock markets. He announced a "landmark feasibility study" into the idea, which would enable Chinese and British shares to be traded in both countries. He said the UK and China would "stick together", despite stock market turmoil and faltering economic growth in the world's second-largest economy. Mr Osborne made the pledge in a speech at the Shanghai Stock Exchange. He described the exchange as the "epicentre" of the recent volatility in global markets. (BBC)

23 September, 2015, Hong Kong – Today ASIFMA released the following statement regarding the use of powers of attorney for Hong Kong IPOs:

The development of Asian markets for repos would help deepen the region's capital markets and benefit its real economy. Repos, or repurchase agreements, are essentially loans secured by collateral such as high-quality sovereign bonds. The repo seller gets an immediate infusion of cash while committing to repurchase the asset at a higher price in the future, with the difference representing implied interest.

Chinese companies are responsible for fully half of emerging Asia's junk bond issuances.

Joint Associations Submit Comments to the CBRC on Regulations Affecting Technology Purchases. Associations provided comments to the China Banking Regulatory Commission (CBRC) on technology regulations affecting banks operating in China. The organizations support China's desire to create a secure operating environment for banks. Incidents that disrupt the integrity of banking infrastructure not only impact individual bank operations, but also undermine the confidence of consumers and investors, and threaten the stability of global financial systems. ASIFMA has co-signed this letter.

Hong Kong, 7 September 2015 - ASIFMA, the financial industry’s leading regional trade association, has made two new appointments: John Ball as Managing Director, AsiaPac of GFMA’s Global FX Division (ASIFMA is a member of GFMA, the Global Financial Markets Association) and Ashley Lee as Manager for Policy and Regulatory Affairs.

Job Opening at ASIFMA: Equity Analyst. To apply, please submit your CV and cover letter to [email protected]. The closing date for application is 30 September 2015.

Job Opening at ASIFMA: Manager - Database Management. To apply, please submit your CV and cover letter to [email protected]. The closing date for application is 4 September 2015.

ASIFMA Structured Finance Conference to be held on 15 October 2015 in Hong Kong ASIFMA's signature conference provides an industry-wide and timely platform for policy-makers, central banks and leading market practitioners including sell side and buy side to discuss the development of the structured finance markets as a key aspect of Asian Securitization and Covered Bonds in the region and globally. Register now given seats are limited!

Yuan falls sharply as China improves exchange rate formation system China's currency fell sharply in value on Tuesday following the central bank's decision to improve its "central parity system" to better reflect market development in the exchange rate between the Chinese yuan against the U.S. dollar. Effective beginning Tuesday, daily central parity quotes reported to the China Foreign Exchange Trade System before the market opens should be based on the closing rate of the inter-bank foreign exchange rate market on the previous day, supply and demand in the market, and price movement of major currencies, the People's Bank of China (PBOC) said. (Xinhua)

PBC Official Answered Press Questions about Notice on Issues Concerning Investment of Foreign Central Banks, International Financial Institutions and Sovereign Wealth Funds with RMB Funds in the Inter-bank Market.

CSRC to continue to stabilize stock market. China Securities Finance Corporation, Ltd. (CSF) will continue to buy stocks to stabilize the market, the securities watchdog said. Zhang Xiaojun, spokesperson with the China Securities Regulatory Commission (CSRC), made the remark after the benchmark Shanghai Composite Index experienced the sharpest daily drop since Feb. 27, 2007, dispelling rumors that the national margin trading service provider has backed off from stabilizing the stock market. (Xinhua)

PBOC announces notice on Issues Concerning Investment of Foreign Central Banks, International Financial Institutions and Sovereign Wealth Funds with RMB Funds in the Inter-bank Market

China - The National People's Congress - China seeks public views on new cyber security law. The top legislature released a draft cyber security law and began soliciting public opinion this week. The National People's Congress (NPC) said the full text has been available on its website since Monday, and the public can express their views or submit proposals until 5 August 2015. The 68-article draft law suggests mechanisms to guarantee the safety, operation, and information of Internet products, services and network data. Key information-related infrastructure will be put under protection, according to the draft. The draft also stresses the protection of personal information from theft, leakage or illegal use. State Council departments related with cyber security will establish monitoring, warning and reporting systems. An emergency response mechanism will also be set up, according to the draft.

China's Mutual Recognition Scheme Draws Applicants Eleven international asset managers have applied to take part in China's mutual recognition of fund scheme as regulations restricting the flow of money between Hong Kong and the mainland are loosened. Some fourteen Chinese funds have applied to sell their wares in Hong Kong, bringing the total number of applicants to 25, Ashley Alder, the Securities and Futures Commission's chief executive officer, said. (Bloombeg)

The Chinese mainland will launch a mutual fund recognition with Hong Kong on July 1, a move that facilitates cross border investment and opens up capital markets. CCTV‘s Cathy Yang filed this report from Hong Kong.

MAS - Consultation Paper on Proposed Enhancements to Resolution Regime for Financial Institutions in Singapore MAS proposes to enhance its resolution regime for financial institutions in Singapore by strengthening MAS' powers to resolve distressed financial institutions while maintaining continuity of their critical economic functions. These proposed enhancements take into account global developments, including the Key Attributes of Effective Resolution Regimes for Financial Institutions adopted by the Financial Stability Board. Deadline: 22 July 2015.

Job opening at ASIFMA: Manager, Policy and Regulatory Affairs To apply, please submit your CV and cover letter to [email protected]. The closing date for application is 3 July 2015.

Mark Austen, CEO of the Asia Securities Industry & Financial Markets Association (ASIFMA), says Asia faces the biggest danger from declining liquidity, which could impact bank lending.

After a lengthy debate, Hong Kong stockbrokers have finally accepted the stock exchange proposal to relaunch an auction system to determine stock closing price.

People's Bank of China publishes RMB Internationalisation Report 2015 | (Chinese Only) The People's Bank of China (PBOC) has published the RMB Internationalisation Report 2015. Although the report itself has no legal effect, it serves as an important blueprint for the next steps and priorities of financial reforms in China to promote RMB internationalisation. According to the report, reforms for capital account convertibility will be further promoted in 2015.

G7 leaders set out priorities for 2015. The G7 heads of state and government have issued a joint declaration following the G7 Summit in Germany on 7-8 June 2015.

G7 welcomes Chinese renminbi to join IMF's SDR basket German Finance Minister Wolfgang Schaeuble said that finance ministers and central bank chiefs from the G7 countries welcomed the inclusion of the Chinese currency renminbi in International Monetary Fund's Special Drawing Rights (SDR) currency basket. "There was an agreement that we would welcome such an addition in principle as long as it is in line with the existing criteria. There are no divergent views on this," said Schaeuble at a press conference. (Xinhua)

The China Securities Regulatory Commission (CSRC) and Securities and Futures Commission (SFC) have reached an agreement on Mainland – Hong Kong mutual recognition of funds.

Majority of businesses in Asia are reliant on bank loan funding.

SFC and CSRC sign agreement on Mainland-Hong Kong Mutual Recognition of Funds The Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) have signed a Memorandum of Regulatory Cooperation on Mainland-Hong Kong Mutual Recognition of Funds, which will allow eligible Mainland and Hong Kong funds to be distributed in each other's market through a streamlined vetting process. The scheme will be implemented on 1 July 2015.

Job Title: Coordinator – Events and Conferences (permanent role) Start Date: July 2015, Full-time (5-day work) Salary Range: HKD13K – 16K per month (subject to relevant experience)

China sets economic reform priorities for 2015 China's State Council, the cabinet, unveiled this year's priorities for economic reforms. In the financial sector, China will speed up the development of private banks and small financial institutions, and issue a guideline to ensure healthy development of Internet finance. The country will also open up its financial sector and build a financial mechanism that better benefits the real economy, according to the statement. The state council said the government will further liberalize interest rates, make the yuan more flexible against other currencies and promote the use of renminbi in cross-border settlement. (Xinhua)

Regulator under pressure to update market closing mechanism, extend trading hours and ease listing rules to draw more institutional investors.

Meet the Market North America: Seminar on the Global LEI System Update - 10 June, NYC. Join GFMA, DTCC, SWIFT and the Global Legal Entity Identifier Foundation (GLEIF) for an in-person opportunity to learn more about the development and marketplace adoption of the global LEI system. This complimentary event will provide attendees with important information on the global LEI system, including the latest GLEIF developments, regulatory compliance by firms and further integration opportunities by the industry. Register here to reserve your seat.

A lack of clarity over Indonesia's new hedging rules and issuance restrictions for high yield bonds could stall the country's market according to the region's market participants.

MUMBAI: The Bombay High Court on Tuesday stayed a tax notice on Luxembourg-domiciled foreign portfolio investor (FPI) Aberdeen, even as overseas investors in India's capital markets lashed out at what they described as the uncertainty plaguing India's tax administration.

ESMA recognises third-country CCPs The European Securities and Markets Authority (ESMA) has recognised ten third-country CCPs established in Australia, Hong Kong, Japan and Singapore. The recognition by ESMA allows third country CCPs to provide clearing services to clearing members or trading venues established in the EU. Those CCPs are established in jurisdictions which have been assessed as equivalent by the European Commission with regard to their legal and supervisory arrangements for CCPs.

The Sony hacking episode prompted corporate executives and banks to review cybersecurity.

International Investor's only access point to China's domestic bond markets until now has been through the RQFII programme.

Hong Kong, 28 April 2015 - ASIFMA, the financial industry’s leading regional trade association, is today holding its 5th Annual Offshore RMB Markets Conference, one of its signature events.

Hong Kong, 28 April 2015 - ASIFMA, the financial industry’s leading regional trade association, is today holding its 5th Annual Offshore RMB Markets Conference, one of its signature events.

The Asia Securities Industry and Financial Markets Association (ASIFMA), is releasing standard documentation for equity capital markets deals to increase market efficiencies.

The Asia Securities Industry and Financial Markets Association (ASIFMA), is releasing standard documentation for equity capital markets deals to increase market efficiencies.

The Asia Securities Industry and Financial Markets Association (ASIFMA), is releasing standard documentation for equity capital markets deals to increase market efficiencies.

South Korea Financial Services Commision outlines Policy Direction for Capital Market Reform. The Financial Services Commission outlined its policy direction and key tasks to push forward capital market reform in order to enhance the vitality of capital markets and strengthen its support for real economic activities.

The FSB's consultation on total loss-absorbing capacity is the last significant piece of post-crisis reform.

China mulls draft law to ease regulation on securities. Administrative examinations and approvals in stock issuance may be abolished, according to a draft amendment read by the top legislature. The draft amendment outlined a stock issuance registration system that would replace the current examination and approval system. This would mean the stock issuance examination committee under the Securities Regulatory Commission will dissolved. (Xinhua)

Stock reform allows investors up to 20 accounts. Investors will no longer be restricted to only one stock account in China's A-share market and each can have up to 20 accounts, the managing institution for stock accounts said. The China Securities Depositary and Clearing Co., (CSDC) will introduce more such reforms to encourage investment, said CSDC chairman Zhou Ming. The reform means investors no longer face complicated procedures if they want to transfer their accounts to other brokerage firms. All they need to do is to open new accounts with other firms and the information will be transferred under a new system launched by the CSDC in October. (Xinhua)

HONG KONG, April 2 (Reuters) - U.S. and European investor groups have called for the Indian government to urgently clarify its tax regime for foreigners, following surprise attempts by tax inspectors to claw back money they say is owed on years of previously untaxed gains.

Foreign bond investors face up to $8 billion in new retroactive taxes; potentially reversing Modi's efforts to attract investment in fixed income markets.

China issues rules on bank deposit insurance scheme. Beijing took a key step towards drastic reform of the mainland's banking sector as the cabinet published rules governing the deposit insurance system, part of Premier Li Keqiang's efforts to introduce more competition in the finance industry. The State Council said the rules, which take effect on May 1, stipulated depositors could receive up to 500,000 yuan each in compensation if a bank went under. (SCMP)

ASIFMA adds ECM Documents on Resources Page. ASIFMA has started posting documents aimed at streamlining documentation processes for ECM professionals. Documents posted include Secondary Block Trade Agreements for Hong Kong, Taiwan, Singapore, Indonesia, and Philippines, a standardized Cornerstone Confidentiality Agreement, and Top up and Placing Independence Guidelines. Comments and feedback are welcome, please contact Nick Ronalds or Martina Wan.

Export-Import Bank of India (India Exim) priced a landmark transaction this week, raising $500m from the country's first dollar-denominated green bond.

ASIFMA expresses sincere condolences on the passing of Singapore's first Prime Minister Mr Lee Kuan Yew. Mr Lee Kuan Yew, Singapore's founding father, died on March 23 at the age of 91. He was Prime Minister from 1959 to 1990 and instrumental in transforming the country from a colonial trading post to an independent, thriving city state. (The Strait Times)

PBOC Pledges to Press on With Rate Liberalization Amid Slowdown. China's central bank is pushing ahead with plans to liberalize interest rates even as the economy slows, a reform that would effectively end a dual-track rate system that has seen savers subsidize decades of investment-fueled growth. Removal of a cap on what banks can pay depositors over the benchmark rate is "very close," People's Bank of China Governor Zhou Xiaochuan said at a press conference in Beijing at the National People's Congress. (Bloomberg)

Facilitating Cross-Border Capital Raising in ASEAN. The Monetary Authority of Singapore (MAS) and the Singapore Exchange (SGX) jointly signed a Memorandum of Understanding (MOU) with the Securities Commission Malaysia and the Securities and Exchange Commission, Thailand to establish a Streamlined Review Framework for the ASEAN Common Prospectus. The Framework, which is an initiative under the ASEAN Capital Market Forum (ACMF) Implementation Plan endorsed by the ASEAN Finance Ministers, will facilitate cross-border offerings of Equity Securities and Plain Debt Securities in ASEAN.

Industry officials say short selling rules make it impossible to bet against stocks.

The global regulatory community has recognised the need for consistent regulation but it will still be some time before there is enhanced cooperation at a global level on financial reform, officials said.

GFMA Submits Comments to IOSCO and CPMI on Global Cybersecurity Harmonisation. GFMA provides comments to the International Organization of Securities Commissions (IOSCO), the BIS Committee on Payments and Market Infrastructures (CPMI), and others commending their proactive role in addressing cybersecurity, and encouraging them to work jointly with industry to defend against cyber attacks and cyber crime and increase the protection of financial markets and financial market participants.

Hong Kong’s stock exchange says its new platform for bearish bets through the city’s bourse link with Shanghai is running smoothly. There’s just one thing missing: short sellers.

Hong Kong's financial services industry paid a respectful tribute to the former deputy CEO.

Local corporates need new financing options.

Warren Lee, Standard Chartered Executive, involved in tragic accident. We are deeply saddened by the loss of Warren Lee, Managing Director, Global Head of Capital Markets Solutions and an ASIFMA Committee member. Warren was a recognised leader in the Asian securitization market, and an esteemed member of our community. Our deepest and sincere condolences go out to his family, friends and colleagues. (Bloomberg)

ASEAN Exchanges meet with the honourable Prime Minister Najib in support of the integration of ASEAN capital market The ASEAN Exchanges CEOs met with the Prime Minister of Malaysia, Najib Razak, for a dialogue on how to further harmonise and integrate ASEAN capital markets in order to better support the growth of all ASEAN economies. Malaysia took over the Chairmanship of ASEAN in January 2015 and the meeting showed the support for the ASEAN Economic Community agenda.

Haitong adds to trend with BESI deal; further opportunistic moves on way.

The Hong Kong SFC welcomes appointment of Executive Director. The Securities and Futures Commission (SFC) welcomes the appointment by the Financial Secretary of Ms Julia Leung as Executive Director of the Investment Products Division for a three-year term effective from 2 March 2015. Ms Leung will succeed Mrs Alexa Lam who will be retiring at the end of the month.

Hong Kong-Shenzhen stock through train on track. Hong Kong's top finance official and regulator said preparations were under way to complete a direct stock exchange link-up between Hong Kong and Shenzhen. Although they gave no detailed timetable, both said the preparatory work to proceed with a Shenzhen-Hong Kong stock connect scheme might not have to wait for the completion of a six-month review of the Hong Kong-Shanghai link-up. Secretary for Financial Services and Treasury Chan Ka-keung told lawmakers that more market linkages between Hong Kong and the mainland are being studied. (SCMP)

SHANGHAI/HONGKONG, Jan 20 (Reuters) - Foreign investors eager to tap into the next generation of Chinese firms should soon be able to directly trade stocks in Shenzhen, but the high valuations and extreme volatility of the country’s second-largest exchange may limit early inflows.

Relationships were a hot topic at the Asian Financial Forum on Tuesday when the two month old Hong Kong-Shanghai Share scheme came up for discussion.

It’s been the week of deflation—looming deflation in Europe, as well as continuously deflating oil prices.

CSRC - New IPO system aims to create healthy capital market. Chairman of the China Securities Regulatory Commission (CSRC), Xiao Gang said the execution of the new system would be one of the top tasks of China's capital market reform this year. "The new system will allow the market to play a deciding role and establish a boundary for regulatory power, as well as protect investors' interests," Xiao said. Under the current arduous approval-based IPO system, newly listed candidates often complain of grappling with complications, such as multiple rounds of reviews and the approval process spanning years. In comparison, the registration-based IPO system will focus on companies' compliance audits and be market-oriented and more transparent. (Xinhua)

Industry associations are concerned that the European Securities Markets Authority's (Esma) far-reaching market infrastructure reforms could have unintended consequences for Asia's capital markets.

National People's Congress Standing Committee announces new free trade zones in China | (Chinese Only). The Standing Committee of the National People's Congress has issued the 'Decision on Authorising the State Council to Temporarily Adjust the Administrative Approvals under Relevant Laws in the China (Guangdong), China (Tianjing), China (Fujian) Free Trade Zones and the Expanded Areas of the Shanghai FTZ'. Under the Decision, three new free trade zones have been established in Guangdong, Tianjing and Fujian and the current geographic scope of the Shanghai FTZ has been enlarged to include the Lujiazui financial district, the Jinqiao Development Zone and the Zhangjiang High-tech Zone. The decision will be implemented as of 1 March 2015, with an initial term of three years. The more flexible administration of foreign-invested companies which is currently available in the Shanghai FTZ will be applicable in the new free trade zones and other favourable policies will also gradually be implemented in the new free trade zones.

Stock link bid for HK, Shenzhen. China is considering a stock trading link program to allow Hong Kong and Shenzhen investors to buy and sell shares on each city's bourse. The move is part of efforts to integrate Guangdong province, the mainland's reform front-runner, with the country's two special administrative regions. Premier Li Keqiang made the announcement on Jan 5 during a visit to Nansha New Area, one of the three areas in the Guangdong FTZ.

ASIFMA wishes all subscribers a Warm Season's Greetings and a Happy New Year! The newsletter will take a break for the holidays and will return on 6 January 2015.

HONG KONG (Reuters) - A month after China opened up its equity markets in a landmark trading link with Hong Kong, demand has been subdued and the bulk of activity has come from short-term speculative investors.

ASIFMA & Thomson Reuters White Paper: The Through Train - Stock Connect's Impact and Future The paper examines the implications of, and outlook for, Stock Connect by focusing on three core areas of the landmark pilot program: its significance in context, the key remaining issues to tackle and the possible next steps in its development.

In the three weeks since the Stock Connect opened, there has been significant scrutiny on the lack of trading volume.

Stock Connect, dark liquidity, Japan's reflationary bid and Beijing's policy direction dominated the Asian equity landscape in 2014 and set the stage for 2015.

Institutional investors are shying away from the Shanghai-Hong Kong stock link due to uncertainty about ownership rights and complicated trading procedures, according to an industry body.

Hong Kong shares in dual-listed mainland firms are trading at deep discounts to their onshore versions, despite the recent launch of the Hong Kong-Shanghai stock connect scheme that channels cross-border stock investment between the two markets.

Despite a stuttering start to the Shanghai-Hong Kong Stock Connect, Asia Securities Industry & Financial Markets Association (ASIFMA) is confident that the pilot scheme will gather momentum once its remaining teething problems are fixed.

The industry association says share-transfer and pre-delivery rules are preventing long-only managers from using the trading link. It expects regulators to tackle the latter issue early in 2015.

China to introduce deposit insurance. China is to adopt a deposit insurance scheme to better protect savers and free up interest rates. The Legislative Affairs Office of China's State Council published a set of draft regulations containing 23 articles on its website to solicit public opinion until December 30, 2014. Financial institutions will be required to pay insurance premiums to a special fund and an agency will be set up to manage the money. Domestic banks' overseas branches and foreign banks' China branches are exempt. The fund will pay maximum compensation of 500,000 yuan (81,500 U.S. dollars) per depositor if a bank suffers insolvency or bankruptcy. (Xinhua)

HONG KONG, 2 December 2014 - ASIFMA and Thomson Reuters today launched their new white paper examining the implications of, and outlook for, the recently launched Shanghai-Hong Kong Stock Connect initiative. The report focuses on three core areas of the landmark pilot program: its significance in context, the key remaining issues to tackle and the possible next steps in its development.

China's central bank cuts interest rates. The PBOC cut the benchmark rate for one-year deposits by 25 basis points and the one-year lending rate by 40 basis points. This is the first adjustment to the benchmark rates since July 2012. After the cut, one-year deposit rate will stand at 2.75 percent, while one-year lending will be at 5.6 percent. The intention is to lower market interest rates and private financing costs to help alleviate problems facing many enterprises, the central bank said in a separate statement after the interest rate announcement. (Xinhua)

China launches landmark Shanghai-Hong Kong stock link program. At the launch ceremony in Shanghai, China Securities Regulatory Commission (CSRC) chairman Xiao Gang hailed the trading link program as a "major institutional innovation" in capital markets. The link heralds a new model - whereby operation is convenient and risks controllable - for cross border securities investment," Xiao said. (Xinhua)

SHANGHAI/HONG KONG, Nov 14 (Reuters) - China will temporarily exempt taxes on profits made from a landmark scheme linking the Shanghai and Hong Kong stock exchanges, the finance ministry said on Friday, removing a potential stumbling block for global investors eager to directly buy Chinese stocks for the first time.

Global rupee bonds, offshore settlements and rising international interest have all added some welcome energy to India’s domestic debt markets. However, there is far more to be done.

Regulators approve launch of Shanghai-Hong Kong Stock Connect. The Securities and Futures Commission (SFC) and the China Securities Regulatory Commission (CSRC) have approved the launch of the Shanghai-Hong Kong Stock Connect pilot scheme following the finalization of all necessary regulatory approvals and relevant regulatory operational arrangements required for its commencement. Under the joint announcement issued by the SFC and the CSRC today, trading through the Shanghai-Hong Kong Stock Connect will commence on 17 November 2014.

Nov. 10 (Bloomberg) – Reorient Financial Markets Chief Strategist and Managing Director Uwe Parpart and Asia Securities Industry & Financial Markets Association CEO Mark Austen discuss the Hong Kong-Shanghai Connect that begins on November 17 with Bloomberg’s Yvonne Man, Shery Ahn and Rishaad Salamat on “Asia Edge.”

China Orienwise's default provides lesson for foreign investors buying into mainland bond issues.

Ahead of Next Week’s Launch, Key Details of Hong Kong-Shanghai Program Yet to Be Resolved.

Nov. 10 (Bloomberg) -- Mark Austen, chief executive officer of the Asia Securities Industry & Financial Markets Association, talks about the plan to connect the exchanges in Hong Kong and Shanghai. The link will debut in a week, giving foreign investors unprecedented access to China's $4.2 trillion equity market.

Large-Scale Industry Event Brings Together 500 Global and Regional Policy Makers, Regulators and Industry Representatives to Focus on the Development of the Region's Capital Markets.

ASIFMA Annual Conference 2014 themed "Developing Asia's Capital Markets" to be held on 5-6 November 2014 in Singapore. The two-day flagship conference of ASIFMA is an industry-wide event, providing a unique opportunity for global and regional policy makers, high-level regulators and industry representatives from both sell side and buy side to meet and discuss important issues affecting the development of Asia's capital markets.

Hong Kong exchange increases futures trading hours by 45 minutes in bid to head off regional rivals in the race for bigger share of turnover.

Under the MoU, the SFC and the CSRC have agreed to: provide for the sharing of information and data of risks and alerts about potential or suspected wrongdoing in either the Hong Kong or Shanghai stock markets under Stock Connect; establish a commitment and a process for joint investigations; ensure complementary enforcement action can be taken where there is wrongdoing in both jurisdictions; and make sure enforcement actions in both jurisdictions operate to protect the investing public of both the Mainland and Hong Kong, including actions that may be necessary to provide financial redress or compensation to affected investors.

FSB welcomes industry initiative to remove cross-border close-out risk The Financial Stability Board (FSB) welcomes the announcement today by the International Swaps and Derivatives Association (ISDA) of the agreement of a protocol to the ISDA Master Agreement as an important step to improve the effectiveness of cross-border resolution actions. Under this protocol, counterparties agree to the cross-border enforceability of temporary stays on early termination and cross-default rights in over-the-counter (OTC) bilateral derivatives contracts.

Asia-Pacific firms unprepared for European T+2 settlement migration Asia Pacific firms are not prepared for a shorter settlement cycle in Europe which will change from trade date plus three days (T+3) to trade date plus two days (T+2) in October, according to a new study by Celent. (FTSE)

People's Bank of China Welcomes Direct Trading between RMB and Euro Launched by the China Foreign Exchange Trade System. With the authorization of the People's Bank of China, the China Foreign Exchange Trade System (CFETS) has announced on 29 September, 2014 to launch direct trading between RMB and Euro on the inter-bank foreign exchange market. This is an important step in strengthening bilateral economic and trade connections between China and Eurozone member states. And China and the Eurozone member states will make further efforts to mutually promote the direct trading between the two currencies based on market principle.

G20 Finance Ministers and Central Bank Governors Meeting. G20 Finance Ministers and Central Bank Governors in Cairns today have delivered strategies that will achieve 1.8 per cent of additional growth across the global economy. Ministers further agreed that we can and will do more. This result means we are 90 per cent of the way to meeting the 2 per cent growth ambition we set at our Sydney meeting. We are all committed to step up, and deliver that growth target to the Brisbane Leaders' Summit in November.

September 17, 2014, Singapore – ASIFMA, the financial industry’s leading regional trade association, is today holding its inaugural Structured Finance Conference, a specialized event that brings together the structured finance community from Asia and the world to meet with regulators, network with issuers and investors, and participate in key policy discussions on ways to develop Asia’s securitization/covered bonds market.

Premier says China can hit major economic targets. Premier Li Keqiang said China can meet the major economic goals this year and policymakers will not be distracted by short-term fluctuations of individual indicators. (Xinhua)

HONG KONG (Reuters) - Asia is proving new and fertile ground for Western lobbyists and public affairs consultancies who are helping shape post-crisis financial reforms in a region where regulators traditionally operate behind closed doors.

Establishment of Shanghai-Hong Kong Stock Connect Further to the announcements dated 10 April and 29 April 2014, SEHK and HKSCC, wholly-owned subsidiaries of HKEx, have entered into an agreement with SSE and ChinaClear to establish Shanghai-Hong Kong Stock Connect, comprising the Trading Links and the Clearing Links.

Shanghai-Hong Kong Stock Connect - Draft amendments on the Rules and Operational Procedures. To facilitate CCASS Participants' ("CPs") readiness to participate in the Shanghai-Hong Kong Stock Connect, CPs may refer to the related draft amendments on the CCASS Rules and Operational Procedures posted under section "Draft Rule Amendments" of the Shanghai-Hong Kong Stock Connect web-corner. Please note that these draft amendments are not the complete set and may be further amended.

ASEAN capital market regulators launch framework for the cross-border offering of CIS. The ASEAN Capital Markets Forum (ACMF) announced today that the ASEAN Framework for cross-border offering of collective investment schemes (CIS) is now operational in Malaysia, Singapore and Thailand (member jurisdictions). This Framework allows fund managers operating in a member jurisdiction to offer CIS, such as unit trust funds, constituted and authorised in that jurisdiction to retail investors in other member jurisdictions under a streamlined authorisation process.

Nick RonaldsChina is about to throw open the door to its equity market to the world. Just as investors today in Tokyo or Toronto, say, can invest in each other’s stock markets, soon they and other like-minded investors will be able to add to their portfolios shares of Aolus Tyre, Zijin Mining and any of the other 566 eligible companies of the Shanghai Stock Exchange (SSE).

China's global LEI registration system into operation. China's central bank announced on Monday that an online system for the registration of Legal Entity Identifiers (LEI) has been established and put into operation, joining a global effort to strengthen financial stability. (Xinhua)

Bloomberg's special financial regulation report on Asia Q & A featuring Mark Austen, CEO ASIFMA on page 4.

ASIFMA Structured Finance Conference 2014 themed "Asian Securitization and Covered Bonds" to be held on 17 September 2014 in Singapore. The objective of this one day event is to bring together the structured finance community from across Asia to meet with the regulatory community, network with clients and participate in key policy discussions on ways to develop Asia's securitization/covered bonds market, and explore other current issues concerning the state of the securitization/covered bonds market and the financial sector as a whole.

ASIFMA Launches Chinese Version of RMB Roadmap. ASIFMA, together with sponsoring firms Standard Chartered and Thomson Reuters, have launched the Chinese version of the RMB Roadmap.

First Annual Symposium on EU-Asia Relations in Financial Services Promoting Convergence and Investments in EU-Asian Financial Markets, co-organised by ASIFMA & CEPS on 18 - 20 June 2014.

Sixth Meeting of the U.S.-China Strategic and Economic Dialogue U.S. Fact Sheet - Economic Track. Secretary Jacob J. Lew led a U.S. delegation of senior economic officials to Beijing on July 9-10, for the sixth round of the U.S.-China Strategic and Economic Dialogue (S&ED), which included meetings with President Xi Jinping, Premier Li Keqiang, Vice Premier Wang Yang, and other senior economic officials from key Chinese economic ministries.

The European Securities and Markets Authority (ESMA) is set to announce its decisions on jurisdictional equivalence for five Asian jurisdictions on July 1, 2014, an industry body said in a recent statement.

Appointment of China Construction Bank as sole yuan clearing bank in London was a surprise, but will be lucrative for lender.

ASIFMA on TV: Countdown To Budget - What FIIs Want. As India awaits the Budget, Bloomberg TV India tells you what are the FIIs expecting. Bloomberg TV India discusses the same with Mark Austen, CEO, ASIFMA. (BTVin)

ASIFMA-EuroCham Breakfast with Tilman Lieder. ASIFMA and the European Chamber of Commerce are pleased to co-host a breakfast discussion on the occasion of the visit to Hong Kong of Tilman Lueder, Head of Asset Management at the European Commission. Mr. Lueder will highlight the latest regulatory developments in Europe regarding UCITS and the recent announcement of the HK-PRC mutual recognition scheme from an EU viewpoint. We hope you will consider joining us for this interesting and timely discussion on funds passporting from the European and Asian perspectives.

ASIFMA-EuroCham Breakfast with Tilman Lieder. ASIFMA and the European Chamber of Commerce are pleased to co-host a breakfast discussion on the occasion of the visit to Hong Kong of Tilman Lueder, Head of Asset Management at the European Commission. Mr. Lueder will highlight the latest regulatory developments in Europe regarding UCITS and the recent announcement of the HK-PRC mutual recognition scheme from an EU viewpoint. We hope you will consider joining us for this interesting and timely discussion on funds passporting from the European and Asian perspectives.

Reuters TV - ASIFMA RMB Roadmap. The global rise of China's yuan currency is 'inevitable' but will have to be accompanied by serious reforms, according to ASIFMA CEO Mark Austen's 'road map' for yuan internationalization.

ASIFMA Launches RMB Roadmap ASIFMA, together with Standard Chartered and Thomson Reuters, today launched the "RMB Roadmap", a new white paper which advocates and anticipates more open capital markets and increased global usage of renminbi as part of the currency's rise to greater prominence.

ASIFMA Launches RMB Roadmap. ASIFMA, together with Standard Chartered and Thomson Reuters, today launched the "RMB Roadmap", a new white paper which advocates and anticipates more open capital markets and increased global usage of renminbi as part of the currency's rise to greater prominence.

Despite wide-ranging reforms, trade body Asifma foresees China maintaining a range of inflow and outflow restrictions in 2020, especially for large direct investment deals.

A call for more open capital markets and increased global use of the renminbi was raised by regional trade association ASIFMA, together with Standard Chartered and Thomson Reuters, in a white paper called the RMB Roadmap.

Hong Kong, 8 May 2014 - ASIFMA, together with Standard Chartered and Thomson Reuters, today launched the “RMB Roadmap”, a new white paper which advocates and anticipates more open capital markets and increased global usage of renminbi as part of the currency’s rise to greater prominence.

PBoC: China to keep monetary policy continuous, stable The People's Bank of China (PBoC), the central bank, vowed to maintain continuity and stability of its monetary policy in a report released on Tuesday. PBoC will continue to adopt prudent monetary policy and fine tune it in light of changes so that the policy can stabilize growth, boost reforms, adjust structures, enhance people's welfare and prevent risks, said the report. (Xinhua)

Hong Kong, 8 May 2014 - ASIFMA, together with Standard Chartered and Thomson Reuters, today launched the “RMB Roadmap”, a new white paper which advocates and anticipates more open capital markets and increased global usage of renminbi as part of the currency’s rise to greater prominence.

Brokers prepare for trading windfall "This is obviously a big deal, and I might even say a big-big deal. It cements Hong Kong's position as a stable gateway to China, and, also brokers and exchanges in both cities, in theory, will be getting more volumes. Certain key details about how the scheme will be implemented have not been disclosed yet, such as how quotas will be applied and how currencies will be converted." said Nick Ronalds at ASIFMA. (IFR Asia)

CNBC Video: Mark Austen - What was behind China's bond auction failure? Mark Austen, CEO, Asia Securities Industry & Financial Markets Association, discusses reasons why Beijing failed to sell all of its bonds at an auction. (CNBC)

While the programme comes as good news for brokers, fund houses may see sales decline in the near term before reaping benefits in the long run.

Joint Announcement of China Securities Regulatory Commission and Securities and Futures Commission. The China Securities Regulatory Commission and the Securities and Futures Commission have approved, in principle, the development of a pilot programme (Shanghai-Hong Kong Stock Connect) for establishing mutual stock market access between Mainland China and Hong Kong. When launched, the pilot programme will operate between the Shanghai Stock Exchange (SSE), the Stock Exchange of Hong Kong Limited (SEHK), China Securities Depository and Clearing Corporation Limited (ChinaClear) and Hong Kong Securities Clearing Company Limited (HKSCC).

China regulator to run stress tests on banks. The China Banking Regulatory Commission (CBRC) has said it will conduct regional and national stress tests after banks saw a spike in bad loans last year, the Shanghai Securities News reported on Friday, reflecting growing creditworthiness concerns. (Reuters)

Asian watchdogs battle to keep pace with western regulations. Mark Austen, chief executive of ASIFMA in Hong Kong, said: "A lot of it doesn't make sense. Regulators here are increasingly saying to the US and EU: 'You're going to kill our markets before they've even developed. We don't have big markets or systemic risk.'" (Financial News)

China securities regulator says to improve rules for QFII scheme China will further improve management and tax policies for the Qualified Foreign Institutional Investor (QFII) programme to attract more foreign investment into the country's capital markets, the securities regulator said on Friday. (Reuters)

Industry-wide event brings together full spectrum of financial market participants.

MAS: Singapore's Perspectives on RMB Internationalisation. Welcome Address by Mr Leong Sing Chiong, Assistant Managing Director, Monetary Authority of Singapore, at the ASIFMA 4th Offshore Renminbi Markets Conference on 13 March 2014

China Expects Full Interest-Rate Liberalization Within 2 Years China's central bank chief, Zhou Xiaochuan, said he expects to see full liberalization of domestic interest rates, a key step in the nation's ambitious financial reforms, in a year or two. The governor of the People's Bank of China also said there was no timetable for making the yuan an international currency and that much work still remains to be done. (WSJ)

Brokers voice worries on Hong Kong dark pool plans. Investors could be disadvantaged under proposed rules for governing pools (ALPs) in Hong Kong that, among other things, would give agency flows priority over proprietary ordered, brokers say. (AsianInvestors)

Trade Body to Launch Asset Management Group Trade association ASIFMA is to announce the launch of an asset management group to provide a regional voice for fund firms at a regional and global level, AsianInvestor can confirm. Eugenie Shen has been appointed to head the new group, entitled ASIFMAs Asset Management Group (AAMG), which has signed up to 15 members including some of the regions leading asset mangers. (AsianInvestor)

Hong Kong, 18 February 2014 - ASIFMA, the financial industry’s leading regional trade association, has today announced the launch of its new asset management group to advocate the views and interests of Asia asset managers at local, regional and global levels. ASIFMA’s Asset Management Group (AAMG) is being headed by industry veteran Eugenie Shen and, at launch, has 15 members comprising many of the region’s leading asset managers.

ASIFMA Asia Credit Report, Fourth Quarter 2013. The ASIFMA Asia Credit Report is a quarterly report on the trends and statistics of the Asian bond market. Additional statistics on the G3 and CNH fixed income markets are also included.

China reveals 2014 financial reform priorities China's four major financial authorities have announced their priorities for 2014. The People's Bank of China (PBOC), the central bank, will continue to expand the cross-border use of the Chinese currency, the Renminbi, this year. At the same time, it will stick to prudent monetary policy and maintain steady credit growth, improve the multi-tier capital market, and engage further in international financial regulation policy-making. (Xinhua)

HK Exchange mulls circuit breakers There have been a number of glitches at various exchanges and I think market participants have been saying look, right now the burden is all on us, we have to have a system that protects ourselves and our clients,' said Nick Ronalds, head of equities at the Asia Securities Industry & Financial Markets Association, a trade association for banks and brokers. 'And efficiency suggests that it would be a good idea for the exchange to have safeguards because they would apply universally. (FT)

China to set up fully private banks in 2014: CBRC. China will set up three to five fully private banks on a trial basis this year in a bid to further open up the banking sector to domestic and foreign capital, China's banking regulator said Monday. Private capital will be introduced to restructure current banking institutions or set up new ones bearing their own risks, the China Banking Regulatory Commission (CBRC) said in a work meeting. (Xinhau)

Mark Austen Comment -- EU derivatives measures worry Asian policy makers Asian financial market policy makers are becoming increasingly concerned with extraterritorial measures emanating not from the US, but from Europe. While swaps dealer registration, swap execution facilities and the Volcker rule have grabbed the attention, there are a number of developments in Europe that are causing as much consternation – if not more – in Asia. (FT)

13 - 19 NOV 2013 | ISSUE 180 Spotlight ASIFMA Annual Conference 2013: Developing Asia's Capital Markets -- 20 & 21 November ASIFMA, GFMA's Asian affiliate, is proud to present the Annual Conference in Hong Kong, with the theme for this first-of-a-kind, two-day event as "Developing Asia's Capital Markets". The conference is an industry wide occasion, providing a unique opportunity for global and regional policymakers, high-level regulators and industry representatives from sell-side and buy-side firms to meet and discuss important issues affecting the development of Asian capital markets.

ASIFMA Annual Conference 2013: Developing Asia's Capital Markets -- 20 and 21 November in Hong Kong ASIFMA, GFMA's Asian affiliate, is proud to present the Annual Conference 2013 on 20 and 21 November in Hong Kong, with the theme for this first-of-a-kind, two-day event as "Developing Asia's Capital Markets". The conference is an industry wide occasion, providing a unique opportunity for global and regional policymakers, high-level regulators and industry representatives from sell- and buy-side firms to meet and discuss important issues affecting the development of Asian capital markets.

Fitch Ratings' latest research includes: Korea Covered Bonds Act; India Structured Finance delinquencies; Suncorp-Metway Covered Bonds; China Baidu; China Money Market Funds; China broad credit; China Aoyuan; the upgrade of SinoPac Financial Holdings; Australian banks' earning pressure and Japan banks' pressure from electronics exposure.

ASIFMA: Asia’s 2014 regulatory Outlook The Asia Securities Industry and Financial Markets Association (Asifma) has grown rapidly over the past 12 months. CEO Mark Austen speaks with IFLR about the Association's plans for 2014, how global regulatory initiatives will affect Asia, and why regulators must start trusting one another. (IFLR)

ASIFMA: Asia’s 2014 regulatory Outlook The Asia Securities Industry and Financial Markets Association (Asifma) has grown rapidly over the past 12 months. CEO Mark Austen speaks with IFLR about the Association's plans for 2014, how global regulatory initiatives will affect Asia, and why regulators must start trusting one another. (IFLR)

ASIFMA says India must overhaul bond markets. India needs to revamp bond markets to maintain interest from foreign investors and make sure local firms have access to funding, ASIFMA says. (FT)

Singapore Announces Direct Currency Trading Plan With China Singapore and China will introduce direct trading between their currencies, helping the city-state cement its status as Southeast Asia’s yuan hub. The two nations also agreed on a 50 billion yuan ($8.2 billion) quota for financial institutions in Singapore to invest in China’s domestic securities under the Renminbi Qualified Foreign Institutional Investor, the Monetary Authority of Singapore said in a statement today. (Bloomberg)

Hong Kong Exchange Takes Action Against Potential U.S. Default Hong Kong's stock exchange is asking investors who post some U.S. Treasury bills as collateral to pony up more of the securities, in one of the first actions by a regulator bracing against a possible U.S. default. Mark Austen, Chief Executive of ASIFMA, said the biggest threat to the region's financial system would come if the U.S. defaulted while Asian markets were open, without giving participants time to prepare for its impact. (WSJ)

ASIFMA CEO discusses regulation in Asia. Asian markets largely were under regulated before the global financial crisis, ASIFMA CEO Mark Austen says, but the pendulum has swung toward excessive regulation. (BBC)

Webinar: Progress & Developments in Establishing the Global LEI System GFMA and our nine global trade association partners will discuss the progress and developments in establishing a global system for legal-entity identifiers. The LEI Regulatory Oversight Committee has set forth key requirements for local operating units to participate in the global LEI system. In addition, other milestones have been reached, including steps toward the establishment of the Global LEI Foundation and calling for applicants for the board of directors. As regulators finalise reporting requirements worldwide requiring use of LEIs and as LOUs comply with rules, financial-market participants will be interested to hear about these important developments.

Hong Kong regulator widens net. Brokers and fund managers from Australia to the US could be ensnared by new electronic trading rules due to come into effect in Hong Kong next year. (Financial News)

China eyes private funds to tackle bad-debt build up, and avoid bailout Faced with a chorus of warnings that China risks choking on bad debts, Beijing is pushing banks to raise private capital in an effort to head off the need for a second government bailout in as many decades. (Reuters)

ASIFMA Exclusive - Will exchange alliances work? To complete with bigger international rivals, Asia's exchanges are working together through partnerships and networks. But some diconnects must be fixed before they reach their potential. (IFLR)

China urges caution in Fed policy tapering ahead of G20. The U.S. Federal Reserve must consider when and how fast it unwinds its economic stimulus to avoid harming emerging market economies, senior Chinese officials said on Tuesday. (Reuters)

China to resume treasury futures trading after 18-year halt. China will resume trade of treasury bond futures from September 6. Trading was suspended in 1995 following a series of irregularities. The Securities Regulatory Commission said on Friday that it had approved trading of new futures contracts on 5-year treasury bonds at the financial futures exchange. (Xinhuanet)

ASIFMA CEO, Mark Austen highlights Hong Kong’s key role in China’s financial reforms. As the Chinese mainland’s Renminbi moves toward becoming a global currency, CEO Mark Austen explains why Hong Kong, with the largest Renminbi liquidity pool outside the mainland, plays a key role in the mainland’s financial reforms. (Hong Kong Trader)

China to tighten requirements for foreign investment in banking. China is set to revise rules on the setting up of new banks in the country, aiming to tighten requirements for foreign firms while easing regulations for local entities, a draft of revised rules published by the banking regulator showed on Friday. (Reuters)

CBRC Chairman Shang Fulin diagnoses the banking system. China's banking sector suffered a credit squeeze, late June, borrowing costs surged to record highs. Both banks and borrowers showed serious concerns about the stability of the system. CCTV talks with Shang Fulin, Chairman of the China Banking Regulatory Commission, about those concerns. (China Daily)

China injects funds into money markets, quelling fears. China’s central bank has injected money into the financial system for the first time in nearly half a year, seeking to stave off a repeat of the cash crunch that blighted the economy in June. (FT)

Peoples's Bank of China annouce decision to further promote Market-based Interest Rate Reform With the approval of the State Council and for the purpose of furthering market-based interest rate reform, the PBC has decided to remove the control over interest rates on loans offered by financial institutions to their clients effective 20 July 2013. (PBOC Press Release)

CRSC announces rise to total investment quota of QFII regime and further expansion of RQFII pilot regime to Singapore and London | (Chinese Only) | (English Article) The China Securities Regulatory Commission (CSRC), the People’s Bank of China and the State Administration of Foreign Exchange have jointly decided to further raise the total investment quota of the qualified foreign institutional investors (QFII) programme and expand the renminbi qualified foreign institutional investors (RQFII) pilot regime to Singapore and London. (CSRC Press Release)

ASIFMA supports continued bond market reform in China. ASIFMA, a sell-side trade association, believes that in numerous respects, China's bond markets fall short of international norms, and as such, are failing to realise their potential. It is a timely reminder for a market that has come under particular pressure this week, as short term interest rates have shot up.

Chinese banking system stable, says regulator. China's banking system is stable, despite ongoing fears of a "credit crunch" spooking financial markets, according to the country's top regulator. "The issue with tight liquidity in the interbank market has started to ease," said the head of the China Banking Regulatory Commission, Shang Fulin.

Liquidity at 'Reasonable Level,' PBOC Says | (Chinese) | (English News Release). The central bank has urged banks to control risks from credit expansion amid a growing liquidity crunch. The People's Bank of China said in a notice to several commercial banks dated June 17 and published on its website June 24 that the overall liquidity in the banking system is at a reasonable level.

Commission extends deadline for ESMA’s equivalence work under EMIR. The European Commission today, in a letter sent to ESMA, extended the deadlines for ESMA’s advice on the equivalence of third-countries under EMIR. The new deadlines for ESMA’s advice on the US and Japanese regimes are now due on 1 September 2013, for other third-countries on 1 October 2013.

GFMA have released three papers on their views of extraterritoriality: GFMA Paper Detailing Extraterritoriality Issues in US and EU. GFMA Views on the Impact of EU Extraterritorial Legislation on the Asian Markets. GFMA Views on the Impact of US Extraterritorial Legislation on the Asian Markets.

Korea to implement Basel III capital regulations from December 2013. The Financial Supervisory Service (FSS) has announced that Korea has finalised its version of the Basel III banking capital rules and they are scheduled to take effect from 1 December 2013. Initially, the implementation of Basel III standards will be limited to bank capital requirements. Leverage and liquidity standards will be adopted from 2015.

BoJ board members raise Kuroda policy ‘contradictions’. Bank of Japan board members have pointed to “contradictions” in the central bank’s aggressive easing policy, according to minutes of an April meeting.

SIFMA Announces Former Senator Judd A. Gregg as New CEO and Appoints Kenneth E. Bentsen, Jr. as President The Securities Industry and Financial Markets Association (SIFMA) today announced the appointment of former three-term U.S. Senator Judd A. Gregg as Chief Executive Officer of the Association and the appointment of former U.S. Representative and SIFMA Acting President & CEO Kenneth E. Bentsen, Jr. as President of the Association.

Derivatives: Struggling into the new era.

Asia should tap local currency bond market to maintain growth momentum, says ADB.

Consultation Paper on Automatic Exchange of Financial Account Information in Tax Matters in Hong Kong.