ICMA in Asia Pacific
 
Download the ICMA in Asia Pacific brochure

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 ICMA Asia Bond Syndicate Forum and the ICMA Asia Legal & Documentation Forum, which allow participants to shape cross-border primary market practices in Asia and provide Asian perspectives on European regulation and practice.
  • ICMA has co-published guides to Infrastructure Financing in Asia and to Repo in Asia.
  • In China, ICMA advises the People’s Bank of China (PBOC) on green finance regulations and works with the National Association of Financial Market Institutional Investors (NAFMII) on developing the Chinese onshore and cross-border bond markets.
  • 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 as well as the development of green bond markets and guidelines.
  • Across the region, ICMA holds frequent workshops on the Global Master Repurchase Agreement (GMRA) and international repo best practice.

ICMA works together with a number of associations in Asia:
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).


Useful links:
I. Pan Asia-Pacific

i) Repo
ii) Other

II. China

i) Green bond market

The practice and prospects for green bond market development at home and abroad - published by the NAFMII-ICMA Working Group, 8th UK-China Economic and Financial Dialogue (2017).
China's Green Bond Market, 11 January 2017

English versions of the Green financial bond rules of the People’s Bank of China (PBOC):
These translations have been coordinated and made available by ICMA for information only. In case of any discrepancy between these translations and the original Chinese version, please refer to the Chinese version as the official document.


ii) The Panda Bond Market and Perspectives of Foreign Issuers - published by the ICMA-NAFMII Working Group: 8th UK-China Economic and Financial Dialogue - October 2017

iii) Practices and procedures in the Chinese and international primary debt capital markets - published by the ICMA-NAFMII Working Group, 6th UK-China Economic and Financial Dialogue - September 2015

iv)
IMF’s latest Financial System Stability Assessment of the People’s Republic of China - published 2017

v) Other



See also
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:-
  • 4 day Primary Market Certificate course for a leading bank in the Philippines
  • 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
  • 10 day Operations course for a Clearing House in China

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, thousands of 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 EVENTS

Briefing call for ICMA Asia-Pacific members on the Asia-Pacific Cross-Border Corporate Bond Secondary Market

Date: 16 October 2018
Time:
15.00 Hong Kong/Singapore time

ICMA members in the Asia-Pacific region are invited to join us for a briefing call on our recent report on the state and evolution of the Asia-Pacific cross border corporate bond secondary market.

The call will take place at 3 p.m. Hong Kong/Singapore time on Tuesday, 16 October and will last for around 30 minutes, including time for questions. The discussion will be led by ICMA’s Andy Hill, Senior Director, Market Practice and Regulatory Policy and Mushtaq Kapasi, Chief Representative, Asia-Pacific.

The report is based on interviews with market participants, including buy-side users, as well as extensive data and quantitative analysis. It sets out to map the state of the market, including trends in market size and structure, primary and secondary market liquidity conditions, the impacts of post-crisis financial and market regulatory reforms, developments in e-trading and new market technologies, and potential risks and opportunities. The recent initiative to study the Asia-Pacific market is part of ICMA’s broader work in the international fixed income secondary markets and follows earlier studies focused on the European corporate bond, credit repo, and single-name credit default swap markets.

View details and register (ICMA members only)



Annual ICMA and JSDA Joint Conference: Developments in the green and social bond markets – the Asian perspective

Tokyo, 11 December 2018

Time: 08:45-17:05
Venue: Hotel New Otani, Tokyo

The International Capital Market Association (ICMA) and the Japan Securities Dealers Association (JSDA) will hold their second joint conference on Developments in Green and Social Bond Markets on 11 December 2018 in Tokyo.

Global issuance of green bonds, which raise finance for projects with environmental benefits, continues to grow rapidly. Global issuance grew by 21% in H1 2018 to US$85bn (source: SEB). Issuance from corporates and financials grew especially well (+40% and more than double, respectively). Cumulative green bond issuance is approaching $500bn. The social and sustainability bond segment has also been buoyant, with amounts outstanding growing to $44bn by end H1.

In Asia, the Asia-ex-China region has grown most rapidly in the past 12 months, with issuance growing almost 300% to $14bn (to end 8/18, source: SEB) including the issuance by Japanese issuers at $2.8bn (source: MoE, Japan). China remains the largest market in Asia, with close to $30bn issued in the last 12 months.

These markets are supported by widely accepted voluntary guidelines on transparency and accountability for issuers, the Green and Social Bond Principles and Sustainability Bond Guidelines, governed by an Executive Committee of elected market participants and hosted by ICMA. The Executive Committee, supported by ICMA, published a wide range of new guidance and research in 2018, including mapping to the UN SDGs, Guidance for External Reviewers, new Impact Reporting Guidance for Social Bonds, and an Investor Survey.

The Tokyo conference will bring together issuers, underwriters, investors, policymakers, market infrastructure and service providers, NGOs and other stakeholders in the global and in particular Asian green, social and sustainability bond markets.

View details and register


SUPPORTED EVENTS

FT-AIIB Summit 2018

Date: 23 October 2018
Venue: Four Seasons, 8 Finance Street, Central, Hong Kong

The second annual FT-AIIB Summit will connect leading investors, developers, policy makers and financiers who will gather to discuss infrastructure investment priorities for 2019.

Highlights from this year's agenda include:
  • Debate on the practical steps to be taken to bridge the project bankability gap
  • Updates on the progress on developing effective Public Private Partnership frameworks
  • Insights on the investment opportunities available in Asia's renewable energy markets
  • Infrastructure expansion case studies from Bangladesh, Viet Nam, India and more
To view more information, please visit the event website: live.ft.com/AIIB.

Admission: ICMA members are entitled to a 20% off the tickets, using the discount code ICMA20.



ASIFMA Annual Conference 2018: Developing Asia's Capital Markets

Date: 1-2 November
Venue: Marina Mandarin Ballroom – Lobby Level, Marina Mandarin Singapore, 6 Raffles Boulevard, Marina Square, Singapore 039594

This flagship event provides a unique opportunity for over 400 global and regional policy makers, senior regulators and industry representatives to meet annually and discuss important issues impacting the development of Asia’s capital markets.
For more details please visit the event website.

Admission: ICMA Members are entitled to a discounted fee at USD850 per person (original USD1000). Please enter the Promo Code: AC2018GOE when registering online to enjoy the discount. Regulators, Institutional Investors, Issuers, Corporate Treasurers may be offered complimentary registration to the conference. Please email Gigi Ma of ASIFMA at gma@asifma.org for application.

Kindly note registration for the ASIFMA Annual Conference does not include the EU-Asia Financial Services Dinner Reception on 1 November evening.



FT Climate Finance Asia Summit 2018

Date: 21 November 2018
Venue: Four Seasons, 8 Finance Street, Central, Hong Kong

This one-day summit brings together leading Asia companies, investors and financiers to explore the developing trends and emerging opportunities in Asia’s low-carbon transition - from the rise of sustainable investment in Asia to challenges of translating Nationally Determined Commitments (NDCs ) into projects and the growth of green bonds as an important new source of finance for companies across the region.

Key discussions include:
  • China and the Global Climate Economy
  • Opportunities and Risk in Asia’s Energy Transition
  • A Revolution in Sustainable Transport - Asia in the Vanguard?
  • Case studies on Sustainable Cities and Resilient Infrastructure, and Resilient Buildings
  • Investing for the Future in Asia: Climate-Related Risk Disclosure, Harnessing Low-Carbon Opportunities
To view more information, please visit the event website: live.ft.com/ClimateFinanceAsia.

Admission:
ICMA members are entitled to a 20% off the tickets, using the discount code ICMA20.


PAST EVENTS

Briefing call for ICMA Asia-Pacific members on CSDR Mandatory Buy-in, 13 September 2018

ICMA members in the Asia-Pacific region joined us for our a briefing call to discuss the potential market consequences of the “mandatory buy-in” provisions of the EU Central Securities Depositories Regulation (CSDR).

The discussion will be led by ICMA’s Andy Hill, Senior Director, Market Practice and Regulatory Policy.

As part of ICMA’s ongoing work to ensure industry awareness and preparedness in the international cross-border fixed income markets, ICMA has published an information brochure on CSD Regulation mandatory buy-ins, outlining the scope and regulatory requirements. The CSDR buy-in provisions are expected to come into force in September 2020 and will also apply to non-EU/EEA domiciled trading entities.

View event information



2018 Green and Social Bond Principles Annual General Meeting & Conference, Hong Kong, 14 June 2018

Co-organised by the International Capital Market Association (ICMA) and the Hong Kong Monetary Authority (HKMA)
Supported by the Hong Kong Financial Services Development Council (FSDC)


The 2018 Green and Social Bond Principles Annual General Meeting and Conference, co-organised by the International Capital Market Association (ICMA) and the Hong Kong Monetary Authority (HKMA) and supported by the Hong Kong Financial Services Development Council (FSDC) will be held in Hong Kong on 14 June 2018.

The GBP and SBP AGM and Conference has become one of the most high profile gatherings for leaders in the green bond market and increasingly for the flourishing social and sustainable bond markets and other asset classes in sustainable finance. The most recent conference attracted around 700 senior professionals from around the world, including investors, issuers, intermediaries; external reviewers including rating agencies; the official sector including policy makers and market supervisors; stock exchanges; law firms; and other professional services firms.

This was the first time that this event was held in Asia, signifying the growing influence of Asia in the development of green bonds in particular, and sustainable finance more widely, as well as recognising Hong Kong’s status and importance as an international financial centre.


Introduction to Green Bonds Training Course, Hong Kong, 12 June 2018


This one day course was held in advance of the 2018 GBP and SBP AGM & Conference
Supported by BNP Paribas


The course gave a thorough introduction to the essentials of green bonds, including:
  • essential definitions of what constitutes a green bond issue and a detailed review of how the Green Bond Principles work.
  • introduction to social and sustainable bonds
  • review of market participants
  • the preparation and execution of issuance – extensive case studies and involvement of guest speakers for hands-on guidance,
  • the central role of external reviews and reporting, from use of proceeds reports to impact reporting
  • opportunities and challenges for the market
This was the first iteration of the course in Asia, following the launch of a similar course in Europe this year.

View event information



Briefing call for ICMA Asia-Pacific members Q2 2018, 11 May 2018


ICMA members in the Asia-Pacific region joined us for our quarterly briefing call which was focused on international benchmark reform. The briefing was provided by Charlotte Bellamy of ICMA’s market practice and regulatory policy team. A summary of ICMA’s involvement in work on the transition from IBORs (eg LIBOR) to near risk-free rates (RFRs) may be found in our latest Quarterly Report, for the Second Quarter of 2018, dated 12 April 2018.

View event information



ICMA lunchtime briefing - MiFID II/R implications for Asian fixed income, Hong Kong, 23 March 2018

MiFID II/R came into force on 3 January 2018. The scope of this regulation is exceptionally broad and has presented enormous implementation challenges for fixed income markets, affecting participants both within the European Union and without. Its impact is felt also in Asian markets and elsewhere.

MiFID II/R is already altering the fixed income landscape in Europe, driving change in the way trading is conducted, influencing not only how firms work their orders and execute their trades, but also where they will choose to trade and with whom. The picture is further complicated by the scope for the various jurisdictions to use their individual discretion in how they interpret and apply the rules.

This lunchtime briefing from ICMA’s Andy Hill, Senior Director of secondary markets provided an overview of the main changes that MiFID II/R will bring to European fixed income market structure and operation and highlight the opportunities that are being created for new market entrants and new ways of doing business. An open discussion on the impacts and challenges for Asian fixed income issuers, investors and banks followed the session.

Among the topics covered were:
  • Market structure – what are regulated markets, MTFs, OTFs and Systematic Internalisers under MIFID II/R?
  • Transparency and reporting – what are the new requirements, how do they apply to liquid/illiquid instruments, what are the rules for post trade deferrals?
  • Research unbundling
  • Best execution reporting
  • Potential market impacts and challenges
  • Implications for firms in Asia-Pacific
View event information



ICMA lunchtime briefing - MiFID II/R implications for Asian fixed income, Singapore, 19 March 2018

MiFID II/R came into force on 3 January 2018. The scope of this regulation is exceptionally broad and has presented enormous implementation challenges for fixed income markets, affecting participants both within the European Union and without. Its impact is felt also in Asian markets and elsewhere.

MiFID II/R is already altering the fixed income landscape in Europe, driving change in the way trading is conducted, influencing not only how firms work their orders and execute their trades, but also where they will choose to trade and with whom. The picture is further complicated by the scope for the various jurisdictions to use their individual discretion in how they interpret and apply the rules.

This lunchtime briefing from ICMA’s Andy Hill, Senior Director of secondary markets provided an overview of the main changes that MiFID II/R will bring to European fixed income market structure and operation and highlighted the opportunities that are being created for new market entrants and new ways of doing business. An open discussion on the impacts and challenges for Asian fixed income issuers, investors and banks followed the session, featuring Paul Landless, partner at Clifford Chance.

Among the topics covered were:
  • Market structure – what are regulated markets, MTFs, OTFs and Systematic Internalisers under MIFID II/R?
  • Transparency and reporting – what are the new requirements, how do they apply to liquid/illiquid instruments, what are the rules for post trade deferrals?
  • Research unbundling
  • Best execution reporting
  • Potential market impacts and challenges
  • Implications for firms in Asia-Pacific
View event information



ICMA and Clifford Chance seminar: an in-depth review of the Global Master Repurchase Agreement (GMRA), Sydney, 7 December 2017
 
This seminar provided attendees with an in-depth review of the fundamental provisions of the GMRA 2000 and the differences with the GMRA 2011 version with a paragraph by paragraph analysis. The sessions covered the GMRA 2011 Protocol, recent case law relating to repo and the key documentation impacts of bank resolution and shadow banking regulation now being implemented.

View event information



Developments in Green and Social Bond Markets – the Asian perspective, Tokyo, 2 November 2017

This event “Developments in the Green and Social Bond Markets – the Asian Perspective” took place in Tokyo on 2 November with the support of the Japan Securities Dealers Association (JSDA).

The conference built on the sharp growth in Asian green bond activity, the recent launch of guidelines by the Japanese Ministry of Environment, pioneering social bond issuance, and increased regional investment in such products.

It brought together issuers, underwriters, investors, policymakers, market infrastructure and service providers and other green bond and social bond market stakeholders to discuss recent developments in Asia. With a focus on the application of the market standards represented by the Green Bond Principles, the Social Bond Principles and the Sustainability Bond Guidelines, as well as official sector guidelines, expert speakers explored requirements for the further development of the green bond market in the region, as well as the increasingly active social and sustainability bond markets.

View event information
View press release

Supporting Organisations:
The Investment Trust Association of Japan
Japan Investment Advisors Association
JPX


Media Partner:
Environmental Finance.



The internationalisation of the Chinese capital market: Opportunities and challenges, Shanghai, 31 October 2017

Jointly organised by the International Capital Market Association, Shanghai Lujiazui Financial City Development Authority, and Zhong Lun Law Firm


This half day conference looked at the latest developments in Chinese capital markets and the opportunities that they present for international issuers and investors.

Reflecting the changes currently underway, keynote speakers and panels of local and international experts discussed: Bond Connect, green bonds, panda bonds and the opening of China’s domestic bond market and One Belt One Road - infrastructure financing through the capital market.

View event information



Briefing call for ICMA Asia-Pacific members on MiFID II and research unbundling, 12 October 2017

With the MiFID II implementation date fast approaching, investors and market participants are actively trying to figure out the best way of adapting to the new EU research unbundling rules, their implementation in Europe, and their effect on market practices globally.

This presentation by Patrik Karlsson, Director, Market Practice and Regulatory Policy, ICMA covered research unbundling; how it is being implemented, particularly by the buy-side, what the landscape might look like in 2018 and beyond and how this impacts non-EU firms.

View event information



ICMA and Clifford Chance seminar: an in-depth review of the Global Master Repurchase Agreement (GMRA), Singapore, 29 September 2017

This seminar provided attendees with an in-depth review of the fundamental provisions of the GMRA 2000 and the differences with the GMRA 2011 version with a paragraph by paragraph analysis. The session also covered the GMRA 2011 Protocol, recent case law relating to repo and the key documentation impacts of bank resolution and shadow banking regulation now being implemented.

View event information



ICMA lunchtime briefing - MiFID II/R implications for Asian fixed income, Hong Kong, 28 August 2017 and Singapore, 31 August 2017

This lunchtime briefing from ICMA’s Andy Hill, Senior Director of secondary markets provided an overview of the main changes that MiFID II/R will bring to European fixed income market structure and operation and highlight the opportunities that are being created for new market entrants and new ways of doing business. An open discussion on the likely impacts for Asian fixed income issuers, investors and banks will follow the session.

Among the topics covered were:
  • Market structure – what are regulated markets, MTFs, OTFs and Systematic Internalisers under MIFID II/R?
  • Transparency and reporting – what are the new requirements, how do they apply to liquid/illiquid instruments, what are the rules for post trade deferrals?
  • Research unbundling
  • Best execution reporting
  • Potential market impacts and challenges
  • Implications for firms in Asia-Pacific
View Hong Kong event information
View Singapore event information



Japan Securities Summit 2017, London, 8 March 2017

The Japan Securities Dealers Association (JSDA) and the International Capital Market Association (ICMA) co-hosted the Japan Securities Summit on 8 March at the Mansion House in London.
 
The summit, featuring contributions from a high-level delegation from the Japanese market, government and central bank, helped European investors and financial market professionals to understand challenges and the potential of Japanese economy and securities market.

The seminar was open to all ICMA members and interested financial market participants.



Briefing on “The International Capital Market Association Primary Market Handbook”, 28 February 2017

This half-day briefing helped market participants to gain a better understanding of the International Capital Market Association (ICMA) Primary Market Handbook and its practical application to transactions in the international capital markets.

The ICMA Primary Market Handbook, which sets out recommendations, guidance and standard wording and documentation for syndicated cross-border securities issuance, is widely used by ICMA members when lead managing such issues.

Since its launch in 1985, the Handbook has grown from a few short pages covering the issuance of straight Eurobonds to a comprehensive document covering a broad range of international securities. It is very much a ‘live document’, continuously responding to market developments when guidance or standardisation is required. Recent revisions include changes to the form of debt selling restrictions and an explanatory note on the operation of pre-sounding, bookbuilding and allocation processes.

Key areas covered:
  • History, nuts and bolts of the ICMA Primary Market Handbook;
  • Scope and practical application of the ICMA Primary Market Handbook; and
  • Recent revisions and topical issues (e.g. Market Abuse Regulation, allocation procedures and stabilisation).


ICMA & Clifford Chance seminar: an in-depth review of the Global Master Repurchase Agreement (GMRA), Hong Kong, 13 December 2016



ICMA & Clifford Chance seminar: an in-depth review of the Global Master Repurchase Agreement (GMRA), Singapore, 29 November 2016



ICMA Repo Workshops

ICMA has held several in-house repo workshops in recent years in Manila, Kuala Lumpur, 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

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

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Mushtaq Kapasi

Chief Representative, ICMA Asia Pacific

Direct line: +852 2531 6590

EMAIL
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Ricco Zhang


Director, ICMA Asia Pacific

Direct line: +852 2531 6591

EMAIL
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Wing Wong


Assistant, ICMA Asia Pacific

Direct line: +852 2531 6592

EMAIL | DOWNLOAD BUSINESS CARD


 

ICMA Executive Education