Overview

ICMA’s rapidly growing Asia-Pacific membership includes around 80 institutions from various jurisdictions, including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Macau, Malaysia, New Zealand, the Philippines, Singapore, and Taiwan. ICMA has served members in the region since the 1970s and established its representative office in Hong Kong in 2013.

In Asia-Pacific, ICMA is regarded as the market-leading association in debt capital market and sustainable finance, a key partner to policymakers and banks, and an authority on understanding of international regulation development. ICMA works closely with its members and also central banks, regulators, trade bodies and government authorities to support robust development of capital markets in the region.


                                                                                                                                                                                    
Supporting members & markets


Activities are focused on ICMA’s global experience and expertise in the core areas of primary markets; secondary markets; repo and collateral markets; green, social and sustainability bonds; as well as benchmark reform and transition to risk-free rates and FinTech and market electronification.

 
Primary markets


ICMA facilitates two formal debt primary market committees specifically for the region, the ICMA Asia Pacific Bond Syndicate Forum (ABSF) and the ICMA Asia Pacific Legal & Documentation Forum (ALDF), which shape cross-border primary market practices in Asia and provide Asian perspectives on international regulation and practice.

Consultation responses
 
23 September 2022: ICMA response to NDRC Consultation on the Administrative Measures for the Review and Registration of Medium- and Long-Term Foreign Debt of Enterprises (in Chinese)

15 February 2022: ICMA response to Monetary Authority of Singapore Consultation Paper P020-2021 - Introduction of Due Diligence Requirements for Corporate Finance Advisers

7 May 2021: ICMA response to HK SFC consultation paper on the proposed code of conduct on bookbuilding and placing activities in the equity capital market and debt capital market
Following publication of the consultation conclusions in October 2021 we look forward to reviewing the amended Code in detail, and will convene our member firms to determine next steps in implementation for DCM.

7 February 2020: ICMA response to HKEX consultation: Review of Chapter 37 - Debt issues to professional investors only

Publications:

The Asian International Bond Markets: Developments and Trends (second edition) - ICMA supported by Hong Kong Monetary Authority (HKMA), March 2022. Summarised data on international bond issuances in Asia used in the report is available here.

Panda Bonds: Raising Finance in China's Bond Market - ICMA and NAFMII, September 2021
English version | Chinese version

International practices of bond trustee arrangements - ICMA-NAFMII Working Group, 9th UK-China Economic and Finance Dialogue, December 2018

The panda bond market and perspectives of foreign issuers – ICMA-NAFMII Working Group, 8th UK-China Economic and Financial Dialogue, October 2017
English version | Chinese version

Practices and procedures in the Chinese and international primary debt capital markets – ICMA-NAFMII Working Group, 6th UK-China Economic and Financial Dialogue, September 2015
English version | Bilingual version


Secondary markets

ICMA’s work in secondary market focuses on research and facilitating internationalisation of domestic markets. ICMA publishes research reports, sends regular market updates to secondary market contacts, and advises central banks and securities regulators on bond market development, infrastructure, and liquidity.

Regulatory responses:

16 December 2021: ICMA-ASIFMA joint response to SEBI Consultation Paper for Market Making in Corporate Bonds

Publications:

The Asian International Bond Markets: Developments and Trends (second edition)
- ICMA, March 2022

Investing in China's InterBank Bond Market: A Handbook, ICMA and NAFMII, September 2021

The Internationalization of the China Corporate Bond Market - ICMA, January 2021. A podcast summarising the key takeaways from this research is available here.

The Asia-Pacific Cross-Border Corporate Bond Secondary Market - A report on the state and evolution of the market – ICMA, August 2018


Repo and collateral markets


In the repo and collateral market, ICMA publishes 13 GMRA legal opinions for Asia-Pacific markets and has undertaken strategic cooperation with other associations and stakeholders on research and advocacy. ICMA is advising regulators and members on repo market, including close-out netting and triparty repo.

Publications:

ICMA Guide to Asia Repo Markets: China - October 2022 (ICMA members only access)

ICMA Guide to Asia Repo Markets: Indonesia - August 2022 (ICMA members only access)

ICMA Guide to Asia Repo Markets: Philippines - July 2022 (ICMA members only access)

ICMA Guide to Asia Repo Markets: Vietnam - May 2022 (ICMA members only access)

ICMA Guide to Asia Repo Markets: Japan - February 2022 (ICMA members only access)
View Japanese version

3rd Asia-Pacific repo market survey, conducted June 2021 - ICMA and ASIFMA, December 2021

ICMA SFTR checklist for non-European firms - November 2020

2nd Asia-Pacific repo market survey, conducted June 2020 - ICMA and ASIFMA, November 2020

A pilot survey of the Asia-Pacific repo market – ICMA and ASIFMA, September 2017


FinTech and market electronification


ICMA tracks important FinTech regulatory developments and new applications globally, including those in Asia Pacific, publishes
various FinTech directories, and provides a monthly newsletter to FinTech contacts of member firms. Sign up to the mailing list by ticking the FinTech box (ICMA members only) or contact us.                                                                                                                                                                                      


Sustainable finance


ICMA continues to engage with and advise many regulators, authorities and infrastructures in the region, including those in China, Japan, Indonesia, Malaysia and Thailand. Apart from the bilateral relationship and engagement, ICMA also participates in committees and forums at regional and jurisdiction levels. ICMA co-chairs the Green Bonds and Product Innovation Working Group of the Hong Kong Green Finance Association. ICMA has been appointed as a member of the ASEAN ACMF-WCCMD Industry Advisory Panel, providing industry feedback on the development and application of the ASEAN Taxonomy. ICMA has also become a member of the Sustainable Finance Development Network Steering Committee under the Asia-Pacific Financial Forum for 2022.

Asia-Pacific based members are represented on ICMA’s international committees, working groups and task forces, for example the Green Bond Principles Membership and Advisory Council, to ensure that global developments reflect the concerns of increasingly important Asian markets.

ICMA’s publications and database of sustainable bonds also fully consider the market developments in Asia Pacific.

The principles and guidelines for green, social, sustainability and sustainability-linked bonds have been translated into several Asian languages.


Regulatory responses:

19 August 2022: ICMA response to SEBI Consultation Paper on Green and Blue Bonds as a mode of Sustainable Finance

23 June 2022: ICMA response to the second Singapore Green Finance Industry Taskforce (GFIT) taxonomy consultation

4 January 2022: ICMA response to the IPSF Common Ground Taxonomy Consultation

16 November 2021: ICMA response to the SEBI consultation paper on introducing disclosure norms for ESG Mutual Fund schemes

27 September 2021: ICMA response to SGX Consultation Paper on Climate and Diversity

11 March 2021: ICMA response to Singapore Green Finance Industry Taskforce (GFIT) taxonomy consultation

15 January 2021: ICMA's response to the SFC Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers 
  
Publications:

Overview and Recommendations for Sustainable Finance Taxonomies - May 2021

Closing the SDG Financing Gap in ASEAN - A Sustainable Finance Guide for Corporates, By UN Global Compact Network Singapore (GCNS) and Ernst and Young (EY), in contribution with ICMA, Arabesque and DBS - November 2020

Chinese translation of ICMA publication: Sustainable Finance: High-level definitions - May 2020

Sustainable finance: Compendium of international policy initiatives & best market practice - ICMA, February 2020

The practice and prospects for green bond market development at home and abroad - ICMA-NAFMII Working Group, 8th UK-China Economic and Financial Dialogue, March 2017
English version* | Chinese version*

*These documents are locked to ICMA members only. Members of NAFMII and members and observers of the Principles may access the documents on request.

                 
Benchmark reform and transition to risk-free rates


ICMA maintains a dedicated webpage for benchmark-related resources in selected Asia-Pacific markets and has published a Guide to Tough Legacy Bonds in Asia-Pacific jointly with Bloomberg in May 2021 and an IBOR Transition Guide for Asia with APLMA, ASIFMA and ISDA in July 2020.


Partnerships and collaborations

Across the region, ICMA has established partnerships or collaborates with over 10 trade associations to share technical and regulatory expertise on national and international markets and cooperate on market development initiatives. Please refer to the list of international affiliations.


Education

ICMA offers high quality professional development training courses* in support of its capacity building activities in markets across the region. ICMA is particularly active in repo and collateral market training in the Asia Pacific region, often in partnership with regional development banks and central banks.

*ICMA is recognised by the Securities and Futures Commission (“SFC”) as an approved Continuous Professional Training (“CPT”) course provider.


In addition to executive education online training courses, ICMA also:

  • organises overseas study and meeting trips for ICMA member firms to facilitate international cooperation and information exchange; and
  • partners with the National Development and Reform Commission in China to develop syllabus materials and professional standards for the Corporate Finance Consultant certificate (in Mandarin Chinese). The Corporate Finance Consultant Certificate (CFC) Programme, an international professional qualification in the specialised field of corporate finance, 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 4,000 delegates have earned the CFC qualification.


Contacts

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
Email: apac@icmagroup.org

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

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Mushtaq Kapasi
Managing Director and Chief Representative for Asia-Pacific
Direct line: +852 2531 6590
Ricco Zhang
Senior Director, ICMA Asia Pacific
Direct line: +852 2531 6591
Yanqing Jia
Associate, ICMA Asia Pacific
Direct line: +852 2531 6593
Christhoper Matthew
Associate
Direct line: +852 2531 6594
 
Wing Wong
Assistant, ICMA Asia Pacific
Direct line: +852 2531 6592
ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Brussels

T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
 
info@icmagroup.org (general enquiries)
education@icmagroup.org (education enquiries)
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