Overview

ICMA’s rapidly growing Asia-Pacific membership includes around 70 institutions from Australia, China, Hong Kong, India, Indonesia, Japan, Korea, 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.


Regional representation

In line with ICMA’s structure which encourages market representation at regional level through committees of members, the Asia Pacific Regional Committee guides the association’s work in the region to meet the needs of its members.


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.  


Publications and resources


Primary markets

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

Publications:

International practices of bond trustee arrangements – ICMA-NAFMII Working Group, 9th UK-China Economic and Financial 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 facilitate internationalisation of domestic markets. ICMA published a report on Asia-Pacific cross-border corporate bond markets in 2018, sends regular market updates to secondary market contacts, and advises central banks and securities regulators on bond market development, infrastructure, and liquidity.

ICMA is now publishing market data on the size of the APAC bond markets based on ICMA analysis of Bloomberg data.

Publications:

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

ICMA Secondary Markets Update for Asia-Pacific:

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 has published jointly with ASIFMA a pilot survey of the Asia-Pacific repo market and a guide on repo in Asia, and is advising regulators and members on repo market, including close-out netting and triparty repo.

Publications:

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

ASIFMA–ICMA Guide on Repo in Asia – August 2015


 Sustainable finance

In the other core market areas 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 green, social and sustainability bonds also fully consider the market developments in Asia Pacific. Our compendium of international sustainable finance policy initiatives & best market practice, intended to provide stakeholders with an easy reference point to the numerous national and international developments in the field, includes international, regional and national policy initiatives and standards from Asia Pacific.

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

Green Bond Principles Social Bond Principles
Bahasa Malay / Bahasa Melayu Baku (2018 edition)
Chinese / 中文 (2018 edition)
Hindi (India) / हिन्दी (2018 edition)
Japanese / 日本語 (2018 edition)
Thai / ภาษาไทย (2018 edition)
Bahasa Malay / Bahasa Melayu Baku (2018 edition)
Chinese / 中文 (2018 edition)
Hindi (India) / हिन्दी (2018 edition)
Japanese / 日本語 (2018 edition)
Sustainability Bond Guidelines Guidelines for External Reviewers
Bahasa Malay / Bahasa Melayu Baku (2018 edition)
Chinese / 中文 (2017 edition)
Hindi (India) / हिन्दी (2017 edition)
Japanese / 日本語 (2018 edition)
Bahasa Malay / Bahasa Melayu Baku (2018 edition)
Chinese / 中文 (2018 edition)
Hindi (India) / हिन्दी (2018 edition)
Japanese / 日本語 (2018 edition)
  
Publications:

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

Japanese translation of the 2018 edition of Mapping to the Sustainable Development Goals

The practice and prospects for green bond market development at home and abroad - NAFMII-ICMA 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 jointly published in July 2020 an IBOR transition guide for Asia.

Publication:

IBOR Transition Guide for Asia - jointly published by ICMA, APLMA, ASIFMA, and ISDA, July 2020


Other publications

Guidebook for foreign institutions to invest in China’s interbank bond market – ICMA-NAFMII Working Group, 2020 (forthcoming)

Guide to infrastructure financing in Asia – ICMA and ASIFMA, August 2016


Partnerships and collaborations

Across the region, ICMA has established partnerships or collaborates with the following trade associations to share technical and regulatory expertise on national and international markets and cooperate on market development initiatives:

Australia:
Australian Financial Markets Association (AFMA)

China:
National Association of Financial Market Institutional Investors (NAFMII)
Shanghai Lujiazui Financial City

Hong Kong:
Treasury Markets Association (TMA)

India:
The Fixed Income Money Market and Derivatives Association of India (FIMMDA)

Indonesia:
Indonesia Securities Companies Association (APEI)

Japan:
Japan Securities Dealers Association (JSDA)

Malaysia:
Malaysian Investment Banking Association (MIBA)

Thailand:
The Thai Bond Market Association (TBMA)
Association of Thai Securities Companies (ASCO)

Regional:
ASEAN Capital Market Forum
Asia Securities Forum
Asia-Pacific Financial Forum
Asia Pacific Economic Cooperation
ASIFMA


Events

ICMA’s global event schedule includes conferences in the financial centres of the Asia-Pacific region, with strong representation from the region at its flagship Annual General Meeting and at the AGM of the Green Bond Principles and Social Bond Principles.

Frequent events and workshops across the region cover topics in primary markets, secondary and repo markets, and sustainable finance. Most recently, ICMA has held several virtual events and webinars for market participants, with recordings available:

ICMA and IHS Markit joint virtual event: The Asia Pacific credit markets in the wake of the COVID-19 crisis, June 2020

Social bonds – gaining traction, May 2020

FinTech webinar on the developments in the debt capital markets and potential implications for Asia Pacific, April 2020


Education

ICMA offers high quality professional education 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’s market leading foundation courses are now available in self-study format on our new digital platform, suitable for professionals in front, middle or back office functions. We also offer a full suite of capital markets training courses including ICMA qualifications in virtual classroom format, led by market experts.

In addition to the suite of public executive education online training courses offered in Asia Pacific, ICMA also:
  • delivers bespoke training courses for ICMA members across the region, tailored with characteristics of the regional markets;
  • 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 (Mandarin language). 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 successfully achieved the CFC qualification.

ICMA Podcast

ICMA has an active podcast channel on iTunes, Spotify and the Chinese platform Ximalaya, where ICMA regularly publishes insightful interviews with experts in the industry on current topics in the global capital markets.


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

Google map



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


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 Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
 
Copyright © 2020 International Capital Market Association.