Strengthening Regional Surveillance and Capital Markets Development

At the Executives’ Meeting of East Asia-Pacific Central Banks1 (EMEAP), MAS chaired the Working Group on Payment and Settlement Systems (WGPSS), which focused on strengthening areas of risk management, oversight and standards, and best practices for payment systems in the region. As Chair of the Working Group on Financial Markets (WGFM), MAS also collaborated with the Bank of Japan on cross-border collateral arrangements within the EMEAP region. MAS assumed the WGFM chairmanship from July 2010, and will continue to work with other EMEAP members to strengthen the regional financial market infrastructure.

In May 2010, Singapore participated in the establishment of the US$700 million Credit Guarantee and Investment Facility (CGIF) under the ASEAN+3 Asian Bond Markets Initiative (ABMI). The CGIF promotes local currency corporate bond issuances in the region. In addition, as co-chair of the ABMI Taskforce which facilitates the demand for local currencydenominated bonds, Singapore hosted the 4th Asian Bond Markets Summit in November 2009. Under the theme of “Looking Beyond the Crisis”, the summit provided a useful platform for stakeholders to discuss the latest trends and prospects of Asian bond markets.

Within ASEAN, Singapore has helped to drive various ASEAN initiatives towards the vision of an ASEAN Economic Community by 2015. As Chair of the Working Committee of Capital Markets Development under the ASEAN Finance Ministers’ process, MAS is working with counterparts in the region and the private sector to promote the strengthening and deepening of regional capital markets by enhancing market linkages, market access and market liquidity. MAS is also a member of the ASEAN Capital Markets Forum (ACMF), a platform for securities regulators to discuss key regulatory and developmental issues in the region, so as to promote greater capital market integration in ASEAN.

1 The EMEAP grouping comprises the central banks and monetary authorities from Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore and Thailand.
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