ICMA in Asia Pacific
ICMA has established an Asia-Pacific representative office in Hong Kong and has launched the Asia-Pacific Regional Committee to effectively address the needs of its members in the region and promote regulatory and market practice initiatives related to ICMA’s areas of international expertise.

Among the association’s activities in Asia Pacific:
  • ICMA facilitates two debt primary market committees in the region, the Asian Bond Syndicate Forum and the Asian Legal, Documentation, and Transaction Management Committee, which allow participants to shape cross-border primary market practices in Asia and provide Asian perspectives on European regulation and practice.
  • In China, ICMA advises PBOC on green finance regulations and works with the National Association of Financial Market Institutional Investors (NAFMII) on developing the Chinese onshore bond markets. ICMA and NAFMII recently published a comparative analysis between Chinese and international primary market practices.
  • In Southeast Asia, ICMA advises a number of countries on international standards to assist in the development of their repo market structure, oversight, and documentation; ICMA also holds frequent workshops on the Global Master Repurchase Agreement (GMRA).
To download the brochure, click here.

For a full list of ICMA members firms and principal delegates, click here.

To access the ICMA Members Register, click here (members and subscribers only).

ICMA Asia Pacific Region Members
Company Name Country
Ali Budiardjo, Nugroho, Reksodiputro (ABNR) Indonesia
ASB Bank Limited New Zealand
Australian Financial Markets Association (AFMA) Australia
Australian Securitisation Forum Australia
Axis Bank Limited India
Bank of China (Hong Kong) Limited
Bank of China Limited
Bank of Singapore Limited Singapore
China Central Depository & Clearing Co., Ltd.
China Foreign Exchange Trade System (CFETS) China
CIMB Bank Berhad Malaysia
Citigroup Global Markets Australia Pty Limited Australia
Commerzbank AG Hong Kong Branch China
Commonwealth Bank of Australia Australia
Crédit Agricole Securities Asia B.V., Tokyo Branch Japan
Dagong Global Credit Rating (Hong Kong) Co., Ltd. China
DBS Bank Ltd. Singapore
Deutsche Bank (China) Co., Ltd. China
Ernst & Young Hua Ming LLP
HSBC Bank (China) Company Limited China
Indonesia Stock Exchange Indonesia
Japan Post Bank Co., Ltd. Japan
King & Wood Mallesons Australia
Malayan Banking Berhad (trading as Maybank) Malaysia
Merrill Lynch (Asia Pacific) Limited China
Morgan Stanley Asia Limited China
MUFG Securities Asia Limited, Hong Kong China
Nomura Fixed Income Securities Private Limited India
Oversea-Chinese Banking Corporation Limited Singapore
Philippines Bureau of Treasury Philippines
PT Kliring Penjaminan Efek Indonesia (KPEI)
Reserve Bank of Australia Australia
Reserve Bank of New Zealand New Zealand
RHB Bank Berhad
Shanghai Clearing House China
Shanghai Stock Exchange China
Standard Chartered Bank (Hong Kong) Limited China
State Bank of India India
State Street Global Advisors Singapore Limited Singapore
Suncorp-Metway Limited Australia
The Bank of Tokyo-Mitsubishi UFJ, Ltd. Japan
United Overseas Bank Limited Singapore
Asia Pacific Region affiliated ICMA Members
Company Name Country
Australia and New Zealand Banking Group Limited United Kingdom
Bank of China Limited, London Branch
United Kingdom
China Construction Bank (London) Limited United Kingdom
Commonwealth Bank of Australia London Branch United Kingdom
Daiwa Capital Markets Europe Limited United Kingdom
Mitsubishi UFJ Trust International Limited United Kingdom
Mizuho International plc United Kingdom
MUFG Securities Americas Inc. United States
MUFG Securities EMEA plc United Kingdom
National Australia Bank Limited United Kingdom
Nomura International plc United Kingdom
Shinkin International Ltd. United Kingdom
SMBC Nikko Capital Markets Limited United Kingdom
The Norinchukin Bank London Branch United Kingdom

ICMA is pleased to announce the launch of its 2nd study into the current state and ongoing evolution of the European investment grade corporate bond secondary market. An ICMA Asian corporate bond secondary market study will be conducted in parallel, led by Mushtaq Kapasi, Chief Representative, ICMA Asia Pacific. For more information on the study and how to participate, click here.

ICMA publications:

Recordings of briefing calls for ICMA Asia Pacific members:

Regional affiliations:

ICMA has established collaboration, either through  reciprocal membership or MoU with the following organisations:

ICMA also has observer status on ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF)'s Documentation Recommendation Board (ADRB), which provides recommendations on best market practice and standard documentation for professional bond markets for the ASEAN + 3 region (refers to the 10 members of the Association of Southeast Asian Nations (ASEAN) plus the People’s Republic of China, Japan, and the Republic of Korea).

ICMA Executive Education has held a number of public courses in Asia. These include:-
  • Securities Operations Foundation Qualification (SOFQ) in Malaysia
  • Derivatives Operations in Malaysia
  • ICMA Fixed Income Certificate (FIC) Programme in Hong Kong and South Korea

We have also recently held the following in-house courses:-
  • 3 day Repo course for a leading bank in India
  • 3 day Collateral Management course for three banks in Singapore
  • 1 day SLB, Repo and OTC Derivatives course for a bank in Singapore

Online courses

We also welcome many delegates on our online programmes from the Asia Pacific region. These courses allow participants to study the material in their own time and at their own pace. The courses are:-

In-house courses

ICMA Executive Education can deliver any of its advertised public courses as in-house programmes. Courses can be delivered in their current format or modifications can be made where necessary to accommodate a client’s specific training needs. This allows for subjects specific to the organisation to be addressed, which might otherwise not be raised in a public forum. Click here for further information.

To see our full course listing, click here.

NDRCTC (Training Center of the China National Development and Reform Commission)

ICMA works in co-operation with the Training Center of the NDRC in accrediting the Corporate Finance Consultant Certificate (CFC) Programme, an international professional qualification in the specialised field of corporate finance. It is based not only on research on how to help enterprise financing, investment and risk management issues by experts both in China and abroad, but also on the financial needs of Chinese based enterprises, especially SMEs. To date, almost 3,000 delegates have successfully achieved the CFC qualification.

Click here for more information on the CFC.
Click here to see lists of the CFC certificate holders.

ICMA & Clifford Chance seminar: an in-depth review of the Global Master Repurchase Agreement (GMRA)


Date: 29 November 2016
Time: 12.30-14.30

Clifford Chance Pte Ltd
Marina Bay Financial Centre
25th Floor, Tower 3
12 Marina Boulevard
Singapore 018982

Organiser: ICMA & Clifford Chance

ICMA & Clifford Chance seminar: an in-depth review of the Global Master Repurchase Agreement (GMRA), Hong Kong


13 December 2016
Time: 12.30-14.00

Clifford Chance
27th Floor Jardine House
One Connaught Place
Hong Kong

Organiser: ICMA & Clifford Chance

Belt and Road Summit – Financing Through the Silk Road Bond, Hong Kong, 8 September 2016

ICMA and Dagong Global Credit Ratings co-organized the “Belt and Road Summit – Financing Through the Silk Road Bond”, in Hong Kong focusing on “Belt and Road” economic growth, financing needs and how to bridge the gap in the current system. It was agreed that the opportunities offered by the “Belt and Road” markets are immense and that the ability of the countries involved, especially for those with less developed financial markets, to raise foreign funds to finance their infrastructure projects is vital to the success of “Belt and Road” economic growth. The summit explored the potential of the Silk Road Bond for financing this initiative.

Following the Summit, ICMA intends to work with key stake holders including major Chinese and international banks, law firms, audit firms and credit rating agencies, to assess the feasibility of developing Silk Road Bonds. The main areas of focus are expected to be:
  • Engagement with the stakeholders whose support is critical to the success of the initiative including, the Chinese authorities, authorities of other belt and road countries, multilateral development banks and investors.
  • Agreement of a set of principles for the issuance of Silk Road Bonds
  • Assessment of the risk appetite amongst investors for this asset class.
For more information about the Summit click here.

China’s Integration in the International Capital Markets, Shanghai, 6 September 2016

Following the G20 Summit in Hangzhou ICMA and China (Shanghai) Pilot Free Trade Zone Lujiazui Administration Bureau hosted a roundtable on China’s Integration in the International Capital Markets, at which CEOs of major Chinese financial institutions, officials and the Lord Mayor of the City of London discussed the outlook for the future participation of China in global financial markets.


Launch of the remodelled ICMA Primary Market Handbook, Singapore, 13 November 2015

In November 2015, delegates joined us for the launch of the remodelled ICMA Primary Market Handbook, where they heard what has changed, what has stayed the same, and how the new Handbook is structured. The event also involved a panel discussion and Q&A session with senior market participants.

For more information, click here.

ICMA AGM and Conference, Amsterdam, 3-5 June 2015

The 2015 conference featured a major section on ‘Developments in China’s onshore RMB market’ with speakers including Jianhong Liu, Deputy Secretary General, NAFMII; Mingyou Bao, Chief Representative, People’s Bank of China Representative Office for Europe; and Zhen Xu, Chairman, Shanghai Clearing House.

For more information and to view the speeches, click here.

ICMA Asia Primary Market Forum, Hong Kong, 12 March 2015

In March 2015, ICMA held its inaugural Asia Primary Market Forum in Hong Kong, which brought together delegates from syndicate desks, legal and operations teams, infrastructure providers, law firms, and regulators across the region. Panel discussions on the regional markets focused on bond syndicate practices and legal and documentation questions; they covered topics including pricing guidance, the art and science of distribution to investors, secondary market liquidity, reducing reputational risk, enhancing due diligence and disclosure for new and infrequent issuers, managing information flows during the marketing process, and documenting credit support structures common to Asia.

At the same event ICMA held an introductory workshop on the ICMA Primary Market Handbook, which is used as a key reference for standard market practices in debt capital market transactions in the region. The handbook covers internationally syndicated primary debt capital markets offerings, generally excluding high-yield and equity-linked transactions. Also, many of the long-standing principles and standard clauses of the handbook have been borrowed and adapted to local Asian capital markets.

For more information and to access the presentation slides, click here.

ICMA & Clifford Chance seminars: in-depth reviews of the Global Master Repurchase Agreement (GMRA)

In April and June 2015, ICMA held in depth reviews of the GMRA, jointly with Clifford Chance in Singapore.

ICMA Repo Workshops

ICMA has held several in-house repo workshops in recent years in Manila, Kuala Lumpar, Jakarta and Hanoi. If your firm is interested in hosting an in-house repo workshop, please email Allan Malvar.
ICMA Legal & Regulatory Helpdesk in Hong Kong

(Members only)

+852 2531 6590

For legal enquiries: legalhelpdesk@icmagroup.org

For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org

ICMA representative office in Hong Kong

Phone: +852 2531 6592

Hong Kong Representative Office
Unit 3603, Tower 2, Lippo Centre
89 Queensway Admiralty
Hong Kong

Google map

Mushtaq Kapasi
Chief Representative, ICMA Asia Pacific

Direct line: +852 2531 6590


Ricco Zhang

Director, ICMA Asia Pacific

Direct line: +852 2531 6591


Christina Siu

Assistant, ICMA Asia Pacific

Direct line: +852 2531 6592



AGM 2017

ICMA Executive Education