Financial Integration in Asset and liability Holdings in East Asia

Issue: August 2015

Findings from the paper generally support the conventional wisdom that East Asian countries are more financially integrated with global financial centers than they are with each other. This is confirmed by econometric analysis based on financial gravity equations. Results of additional econometric analysis indicate that the diversification of liability holdings can mitigate financial instability due to global financial shocks. This suggests that a possible indirect benefit of regional financial integration is reduced vulnerability to such shocks.

Common Understanding on Cross-Border Business Continuity Planninig and Cybersecurity

Issue: May 2018

This publication developed by the Cross-Border Settlement Infrastructure Forum, composed of the central banks and central securities depositories of the Association of Southeast Asian Nations and the People’s Republic of China, Japan, and the Republic of Korea—collectively known as ASEAN+3—is an important discussion topic as members work toward realizing the establishment of central securities depository and real-time gross settlement linkages in the region. This report sets out a broad, common understanding on the important elements of cross-border business continuity planning and cybersecurity, particularly on issues relating to the finality of cross-border settlement and payment systems. As Secretariat of the CrossBorder Settlement Infrastructure Forum, the Asian Development Bank supports this initiative.

Promoting Green Local Currency Bonds for Infrastructure Developments in ASEAN+3

Issue: April 2018

The Asian Development Bank and the Association of Southeast Asian Nations and the People’s Republic of China, Japan, and the Republic of Korea (ASEAN+3) are looking to explore options to promote green local currency-denominated bonds to meet the region’s infrastructure development needs. Green bonds—supported within the ASEAN+3 framework—would help meet the long-term financing of the region especially in its transition to a low-carbon region. This publication highlights an assessment study of green bond markets in ASEAN+3, identifies the barriers to green bond market development, and proposes recommendations to scale up green bond markets for infrastructure development in ASEAN+3.

Good Practices in Developing Bond Market: With a Focus on Government Bond Market

Issue: March 2017

ASEAN+3 and Asian Development Bank (ADB) together issued a paper, "Good Practices in Developing Bond Market," which discusses key building blocks of bond markets, particularly government bond markets, and successful efforts of selected countries in developing them.

Progress Report on Establishing a Regional Settlement Intermediary and Next Steps

Issue: May 2015

The progress report is an important step for the establishment of Central Securities Depository–Real-Time Gross Settlement (CSD–RTGS) Linkages as a regional settlement intermediary in the region. Developed by the Cross-Border Settlement Infrastructure Forum (CSIF), composed of the central banks and central securities depositories in the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea—collectively known as ASEAN+3—the report shows the desktop study results between the Bank of Japan and the Hong Kong Monetary Authority aiming to create a common model for the linkages. The report also sets out the implementation road map for the establishment of CSD–RTGS Linkages. As secretariat of the CSIF, the Asian Development Bank supports this initiative.

Basic Principles on Establishing a Regional Settlement Intermediary and Next Steps Forward: Cross-Border Settlement Infrastructure Forum

Issue: 2014

This report summarizes the discussions among ASEAN+3 central bank and central securities depository officers at the Cross-border Settlement Infrastructure Forum held in Delhi in May 2013. The ASEAN+3 finance ministers and central bank governors endorsed the establishment of the CSIF under the Asian Bond Markets Initiative to facilitate discussions on the improvement of cross-border bond and cash settlement infrastructures in the region, including the possibility of establishing a regional settlement intermediary. This report shows the three regional settlement intermediary models analyzed by the CSIF members and suggests the next steps moving forward.

Asian Bond Markets Initiative Group of Experts (GoE) Report for Task Force 4

Issue: April 2010 (Revised July 2010)

The Group of Experts on Cross-border Bond Transactions and Settlement Issues (GoE) was established in 2008 by the Asian Bond Markets Initiative (ABMI). This report put forward for consideration three options for a regional settlement intermediary (RSI) and suggested organizing a group of market experts for further investigation of these options. The final results of the GoE work are presented in this report.