Developing Bond Markets in APEC - Toward Greater Public-Private Sector Regional Partnership
Agenda

Registration

Session 1: Opening Session
Session Chair: Peter McCawley, Dean, Asian Development Bank Institute

Welcome Remarks on behalf of the Japanese Hosting Committee by Yasuo Kanzaki, Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited

Opening Address by Jeffrey L.S. Koo, Co-Chair, ABAC Finance Working Group and Chairman, Chinatrust Financial Holding Co., Ltd.

Keynote Address Kiyoto Ido, Director-General, International Bureau, Ministry of Finance, Japan

Open Forum

Session 2: Introductory Session – Expert and Private Sector Perspectives on Bond Market Development in the Region
Session Chair: Jeffrey L.S. Koo, Co-Chair, ABAC Finance Working Group and Chairman, Chinatrust Financial Holding Co., Ltd.

Introduction by the Session Chair

Perspectives from the PECC Finance Forum by Soogil Young, Coordinator Pacific Economic Cooperation Council (PECC) Finance Forum and Chairman, Korea National Strategy Forum

• Presentation: Perspectives from the PECC Finance Forum [PDF 93KB | 11 pages]

Perspectives from APEC Business Advisory Council (ABAC) by Mark Johnson, Chair, ABAC Finance Working Group and Vice Chairman, Macquarie Bank

• Paper: Perspectives from APEC Business Advisory Council (ABAC) [PDF 55KB | 1 page]

Perspectives from the Asian Banking Sector by Dong-Soo Choi, Chairman, Asian Bankers’ Association (ABA) and President and CEO, Chohung Bank

• Presentation: Perspectives from the Asian Banking Sector [PDF 129KB | 3 pages]

Promoting Private Sector Participation in Domestic and Regional Bond Market Development: Results of an ABAC/PECC Private Sector Survey by Julius Caesar Parreñas, Senior Advisor to the Chairman, Chinatrust Financial Holding Co., Ltd.

• Paper [PDF 316KB | 27 pages]
• Presentation [PDF 266KB | 43 pages]

Commentary 1: Ka Luk Stanley Tai, SVP and Chief Investment Officer, New York Life International LLC

Commentary 2: Yosuke Kawakami, Principal Administrator, Outreach Unit for Financial Sector Reform, Directorate for Financial, Fiscal and Enterprise Affairs, OECD

Commentary 3: Kenneth Waller, Group Economic Adviser, Commonwealth Bank of Australia

Open Forum

Closing Remarks by Session Chair

Venue: Kasumigaseki Tokyo Kaikan
Address: Kasumigaseki Building 35F, 3-2-5, Kasumigaseki, Chiyoda-ku
Phone: 81-(0)3-3581-9161

Introduction of Keynote Speaker by Yasuo Kanzaki, Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited

Lunch Keynote Address by Mr. Takumi Shibata, President and Chief Executive Officer, Nomura Asset Management Co., Ltd.

Session 3: Facing Challenges to Bond Market Development: Key Lessons from the Experience of Advanced Markets (First Panel Discussion)
Session Chair: Toyoo Gyohten, President, Institute for International Monetary Affairs, Japan

Introduction by Session Chair

Keynote Speech* by Roel Campos, Commissioner, Securities and Exchange Commission, United States

Bond Market Development: Lessons from the Experience of Australia by Chris Ryan, Head, Domestic Markets Department, Reserve Bank of Australia

• Presentation: Bond Market Development: Lessons from the Experience of Australia [PDF 119KB | 15 pages]

Bond Market Development: Lessons from the Experience of Japan by Chikahisa Sumi, Director, Market Finance Division, Finance Bureau, Ministry of Finance, Japan

• Presentation: Bond Market Development: Lessons from the Experience of Japan [PDF 242KB | 34 pages]

Bond Market Development: Lessons from the Experience of New Zealand by John Farrell, Former Chief Executive, New Zealand Securities Commission

• Presentation: Bond Market Development: Lessons from the Experience of New Zealand [PDF 157KB | 10 pages]

Commentary 1: J. Kimball Dietrich, Professor of Finance and Business Economics, University of Southern California

• Presentation: Facing Challenges to Bond Market Development [PDF 99KB | 7 pages]

Commentary 2: Yusuke Kawamura, Professor, Faculty of Economics, Nagasaki University

Open Forum

Closing Remarks by Session Chair

Session 4: Impediments to Cross-Border Investment in Asian Bond Markets
Session Chair: Soogil Young, Coordinator Pacific Economic Cooperation Council (PECC) Finance Forum and Chairman, Korea National Strategy Forum

Introduction by Session Chair

Presentations

Ghon Rhee, K.J. Luke Distinguished Professor of International Finance and Banking, University of Hawaii

• Presentation: Cross-border Investment in Asian Bonds [PDF 92KB | 11 pages]

Douglas Arner, Associate Professor and Acting Director of Asian Institute of International Financial Law, The University of Hong Kong

• Presentation: Impediments to Cross-border Debt Market Activity in Asia [PDF 51KB | 9 pages]

Paul Lejot, Visiting Fellow, Asian Institute of International Financial Law, The University of Hong Kong

Commentary 1: Kevin Colglazier, Head of Global Fixed Interest and Cash, First State Investments UK

Commentary 2: David Hong, President, Taiwan Institute of Economic Research

Open Forum

Closing Remarks by Session Chair

Session 5: Major Challenges to Domestic and Regional Bond Market Development (Second Panel Discussion)
Session Chair: Toru Shikibu, Deputy Commissioner for International Affairs, Financial Services Agency, Japan

Introduction by Session Chair

Bond Market Development: The Case of Taipei, China by Kong Jaw Sheng, Chairman, Financial Supervisory Commission, Taipei, China

Bond Market Development: The Case of Hong Kong, China by Esmond Lee, Head, Market Systems Division, Hong Kong Monetary Authority

• Presentation: Bond Market Development: The Case of Hong Kong, China [PDF 224KB | 19 pages]

Bond Market Development: The Case of Republic of Korea by Gyutaeg Oh, CEO, Korea Fixed Income Research Institute

• Presentation: Bond Market Development: The Case of South Korea [PDF 328KB | 34 pages]

Bond Market Development: The Case of Malaysia by Mustamir Bin Mohamad, Manager, Investment Operations and Financial Market Department, Bank Negara Malaysia

• Presentation: Bond Market Development: The Case of Malaysia [PDF 278KB | 26 pages]

Bond Market Development: The Case of Singapore by Ng Nam Sin, Executive Director, Financial Centre Development Department, Monetary Authority of Singapore

• Paper: Bond Market Development: The Case of Singapore [PDF 139KB | 8 pages]

Commentary 1: Ben Yuen, Head of Fixed Income (Asia), First State Investments, Hong Kong, China

Commentary 2: Ka Luk Stanley Tai, SVP and Chief Investment Officer, New York Life International LLC

Open Forum

Closing Remarks by Session Chair

Reception and Dinner
Venue: Hotel Okura (South Wing 2F), Maple Room 2 (reception) and Maple Room 1 (dinner)
Address: 2-10-4 Toranomon, Minato-Ku
Phone: 81-(0)3-3582-0111

Introduction of Keynote Speaker by Masashi Kaneko, Chairman, Nikko Cordial Corporation

Dinner Keynote Address: The Development of an Asian Bond Market in Connection with the Chiang Mai Initiative by Hiroshi Watanabe, Vice Minister of Finance for International Affairs, Ministry of Finance, Japan

Registration

Session 6: The Development of Asset-Backed Securities Markets in the Region
Session Chair: Yoshio Osawa, Former President, Mizuho Securities Co., Ltd.

Introduction by Session Chair

Paving the way for Asset-Backed Securities Markets in Southeast Asia by Yusuke Kawamura, Professor, Faculty of Economics, Nagasaki University

• Paper [PDF 149KB | 11 pages]
• Presentation [PDF 205KB | 16 pages]

Securitization in East and Southeast Asia: Challenges and Prospects for Public-Private Sector Partnership by Clifford Tan, Director, Economic and Market Analysis (EMA), Citigroup Global Markets Singapore Private Ltd.

Commentary 1: Eli Remolona, Deputy Chief Representative, Bank for International Settlements (BIS) Representative Office for Asia and the Pacific

• Presentation: Securitization in Asia and Recent Breakthroughs in Credit Markets: A Commentary [PDF 185KB | 16 pages]

Commentary 2: Shyan Yuan Lee, Commissioner, Financial Supervisory Commission, Taipei, China

Commentary 3: Alec Yang, Head of Asset Finance Group, Fixed Income - Asia Pacific, Nomura International (HK) Ltd.

Open Forum

Closing Remarks by Session Chair

Session 7: Major Challenges to Domestic and Regional Bond Market Development (Third Panel Discussion)
Session Chair: Yasuo Kanzaki, Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited

Introduction by Session Chair

Bond Market Development: The Case of People’s Republic of China by Chen Yue Zhou, General Director, Treasury Department, Ministry of Finance, People’s Republic of China

• Presentation: Bond Market Development: The Case of People’s Republic of China [PDF 149KB | 21 pages]

Bond Market Development: The Case of Indonesia by Arif Baharudin, Head of Securities Transaction and Institution Policy Development (BAPEPAM)

• Presentation: Bond Market Development: The Case of Indonesia [PDF 202KB | 11 pages]

Bond Market Development: The Case of the Philippines by Nestor Espenilla, Assistant Governor, Bangko Sentral Pilipinas

• Presentation: Bond Market Development: The Case of the Philippines [PDF 282KB | 23 pages]

Bond Market Development: The Case of Thailand by Pravej Ongartsittigul, Senior Assistant Secretary General, Securities and Exchanage Commission, Thailand

• Presentation: Bond Market Development: The Case of Thailand [PDF 155KB | 15 pages]

Commentary 1: Mr. Clifford Tan, Director, Economic and Market Analysis (EMA), Citigroup Global Markets Singapore Private Ltd.

Commentary 2: Pham Van Hoang, Division Deputy Director, Financial and Banking Institutions Department, Ministry of Finance, Viet Nam

Commentary 3: Rosamond Wesley, Manager, Capital Markets Department, Bank of Papua New Guinea

Open Forum

Closing Remarks by Session Chair

Venue: Kasumigaseki Tokyo Kaikan
Address: Kasumigaseki Building 35F, 3-2-5, Kasumigaseki, Chiyoda-ku
Phone: 81-(0)3-3581-9161

Introduction of Keynote Speaker by Yoshihisa Ara, Chairman, JANCPEC, Professor, Saitama Institute of Technology, and former Ambassador of Japan to the Philippines

Lunch Keynote Address: The Asian Bond Fund and the Development of an Asian Bond Market by Eiji Hirano, Executive Director, Bank of Japan

Session 8: Major Challenges to Domestic and Regional Bond Market Development in Latin America (Fourth Panel Discussion)
Session Chair: Fausto Medina-López, Deputy Representative, Tokyo Office, Inter-American Development Bank

Introduction by Session Chair

The Development of Bond Markets in Latin America by Antonio Vives, Deputy Manager, Private Enterprise and Financial Markets Subdepartment, Sustainable Development Department, Inter-American Development Bank

• Presentation: The Development of Bond Markets in Latin America [PDF 547KB | 19 pages]

Bond Market Development: The Case of Peru by Lilian Rocca Carbajal, President, National Commission for the Supervision of Companies and Securities, Peru

• Presentation: Bond Market Development: The Case of Peru [PDF 197KB | 8 pages]

Commentary 1: J. Kimball Dietrich, Professor of Finance and Business Economics, University of Southern California

• Presentation: Major Challenges to Domestic and Regional Bond Market Development in Latin America [PDF 88KB | 3 pages]

Commentary 2: To be announced

Open Forum

Closing Remarks by Session Chair

Session 9: Defining a Public-Private Sector
Session Chair: Peter McCawley, Dean, Asian Development Bank Institute

Introduction by Session Chair

Presentations
Masato Miyachi, Senior Advisor, Asian Development Bank

• Presentation: Presentation on ASEAN+3 Asian Bond Market Initiative (ABMI) [PDF 114KB | 14 pages]

Antonio Vives, Deputy Manager, Private Enterprise and Financial Markets Subdepartment, Sustainable Development Department, Inter-American Development Bank

• Presentation: Defining a Public-Private Sector Regional Partnership Agenda for Bond Market Development [PDF 183KB | 14 pages]

Kenneth Waller, Group Economic Adviser, Commonwealth Bank of Australia

Open Forum

Closing Remarks by Session Chair

Presentation on asianbondsonline.adb.org* by Jiro Tsunoda, Senior Financial Sector Specialist, Asian Development Bank

* This link takes you outside the ADBI.org website.

Session 10: Developing a Regional Clearing and Settlement System
Session Chair:Toshitsugu Shimizu, Executive Officer, Tokyo Stock Exchange, Inc.

Introduction by Session Chair

Toward a Regional Settlement Intermediary in Asia by Naoyoshi Kinukawa, Director, Institute for International Monetary Affairs

• Presentation: Toward a Regional Settlement Intermediary in Asia [PDF 157KB | 13 pages]

Commentary 1: John Farrell, Former Chief Executive, New Zealand Securities Commission

Commentary 2: Yoshiharu Oritani, Professor, Meiji University and former Chairman, EMEAP Working Group on Payment and Settlement Systems

Commentary 3: Esmond Lee, Head, Market Systems Division, Hong Kong Monetary Authority

Commentary 4: Junichi Shukuwa, Team Head and Economist, Asia New Finance Team, UFJ Bank Limited

Open Forum

Closing Remarks by Session Chair

Session 11: Concluding Session
Session Chair: Yasuo Kanzaki, Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited

Concluding Remarks
Mark Johnson, Chair, ABAC Finance Working Group and Vice Chairman, Macquarie Bank
Soogil Young, Coordinator Pacific Economic Cooperation Council (PECC) Finance Forum and Chairman, Korea National Strategy Forum

Closing Remarks
Peter McCawley, Dean, Asian Development Bank Institute
Yasuo Kanzaki, Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited

Closing Remarks on behalf of the Japanese Hosting Committee by Yoshihisa Ara, Chairman, JANCPEC, Professor, Saitama Institute of Technology, and former Ambassador of Japan to the Philippines