Developing Bond Markets in APEC

DEVELOPING BOND MARKETS IN APEC
Toward Greater Public-Private Sector Regional Partnership

June 21-22, 2005
Asian Development Bank Institute
Tokyo, Japan

A Conference Jointly Organized by the APEC Business Advisory Council (ABAC), the Asian Development Bank Institute (ADBI) and the Pacific Economic Cooperation Council (PECC)

Co-hosted by the ADBI, ABAC Japan and the Japan National Committee for Pacific Economic Cooperation (JANCPEC)

Conference Program (Draft as of 9 June 2005) (download)
- Day 1
- Day 2

Papers updated on 1 July 2005

Tuesday, June 21
08:45	REGISTRATION
09:15	SESSION I : OPENING SESSION Session Chair: Dr. Peter McCawley Dean, Asian Development Bank Institute
	Welcome Remarks on behalf of the Japanese Hosting Committee Mr. Yasuo Kanzaki Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited
	Opening Address Dr. Jeffrey L.S. Koo Co-Chair, ABAC Finance Working Group and Chairman, Chinatrust Financial Holding Co., Ltd
	Keynote Address Mr. Kiyoto Ido Director-General, International Bureau, Ministry of Finance, Japan
	Open Forum
10:15	COFFEE BREAK
10:40	SESSION II: Introduction Session - Expert and Private Sector Perspectives on Bond Market Development in the Region Session Chair: Dr. Jeffrey L.S. Koo Co-Chair, ABAC Finance Working Group and Chairman, Chinatrust Financial Holdings Co., Ltd
	Introduction by Chair
	Perspectives from the PECC Finance Forum Dr. Soogil Young Coordinator, PECC Finance Forum and Chairman, Korea National Strategy Forum
	Perspectives from ABAC Mr. Mark Johnson Chair, ABAC Finance Working Group and Vice Chairman, Macquarie Bank
	Perspective from the Asian Banking Sector Mr. Dong-Soo Choi Chairman, Asian Bankers' Association (ABA) and President and CEO, Chohung Bank
	Promoting Private Sector Participation in Domestic and Regional Bond Market Development: Results of an ABAC/PECC Private Sector Survey (paper / presentation) Dr. Julius Caesar Parreñas Senior Advisor to the Chairman, Chinatrust Financial Holding Co., Ltd
	Commentary 1: Mr. Ka Luk Stanley Tai SVP & Chief Investment Officer, New York Life International LLC
	Commentary 2: Mr. Yosuke Kawakami Principal Administrator, Outreach Unit for Financial Sector Reform, Directorate for Financial, Fiscal and Enterprise Affairs, OECD
	Commentary 3: Mr. Kenneth Waller Group Economic Advisor, Commonwealth Bank of Australia
	Open Forum
12:00	LUNCH *Hosted by Nomura Holdings, Inc.* Venue: Kasumigaseki Tokyo Kaikan Address: Kasumigaseki Building, 35F, 3-2-5 Kasumigaseki, Chiyoda-ku Phone: 81-(0)3-3581-9161
	Lunch
	Introduction of Keynote Speaker Mr. Yasuo Kanzaki Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited
	Lunch Keynote Address Mr. Takumi Shibata President and Chief Executive Officer, Nomura Asset Management Co., Ltd.
13:30	SESSION 3: Facing Challenges to Bond Market Development: Key Lessons from the Experience of Advanced Markets (First Panel Discussion) Session Chair: Mr. Toyoo Gyohten President, Institute for International Monetary Affairs, Japan
	Keynote Speech Mr. Roel Campos Commissioner, Securities and Exchange Commission, USA
	Bond Market Development: Lessons from the Experience of Australia Mr. Chris Ryan Head, Domestic Markets Department, Reserve Bank of Australia
	Bond Market Development: Lessons from the Experience of Japan Mr. Chikahisa Sumi Director, Market Finance Division, Finance Bureau, Ministry of Finance, Japan
	Bond Market Development: Lessons from the Experience of New Zealand Mr. John Farrell Former Chief Executive, New Zealand Securities Commission
	Commentary 1: Facing Challenges to Bond Market Development Prof. J. Kimball Dietrich Professor of Finance and Business Economics, University of Southern California
	Commentary 2: Prof. Yusuke Kawamura Professor, Faculty of Economics, Nagasaki University
	Open Forum
	Closing Remarks by Session Chair
14:55	SESSION 4: Impediments to Cross-Border Investment in Asian Bond Markets Session Chair: Dr. Soogil Young Coordinator, PECC Finance Forum and Chairman, Korea National Strategy Forum
	Introduction by Session Chair
	Presentations Cross-Border Investment in Asian Bonds Prof. Ghon Rhee K.J. Luke Distinguished Professor of International Finance and Banking, University of Hawai'i Impediments to Cross-border Debt Market Activity in Asia Prof. Douglas Arner Associate Professor and Acting Director of Asian Institute of International Financial Law, The University of Hong Kong Prof. Paul Lejot Visiting Fellow, Asian Institute of International Financial Law, The University of Hong Kong
	Commentary 1: Mr. Kevin Colglazier Head of Global Fixed Interest & Cash, First State Investments UK
	Commentary 2: Dr. David Hong President, Taiwan Institute of Economic Research
	Open Forum
	Closing Remarks by Session Chair
16:05	COFFEE BREAK
16:20	SESSION 5: Major Challenges to Domestic and Regional Bond Market Development (Second Panel Discussion) Session Chair: Mr. Toru Shikibu Deputy Commissioner for International Affairs, Financial Services Agency, Japan
	Introduction by Session Chair
	Bond Market Development: The Case of Chinese Taipei Mr. Kong Jaw Sheng Chairman, Financial Supervisory Commission, Chinese Taipei
	Bond Market Development: The Case of Hong Kong Mr. Esmond Lee Head, Market Systems Division, Hong Kong Monetary Authority
	Bond Market Development: The Case of South Korea Prof. Gyutaeg Oh CEO, Korea Fixed Income Research Institute
	Bond Market Development: The Case of Malaysia Mr. Mustamir Bin Mohamad Manager, Investment Operations and Financial Market Department, Bank Negara Malaysia
	Bond Market Development: The Case of Singapore Mr. Ng Nam Sin Executive Director, Financial Centre Development Department, Monetary Authority of Singapore
	Commentary 1: Mr. Ben Yuen Head of Fixed Income (Asia), First State Investments, Hong Kong
	Commentary 2: Mr. Ka Luk Stanley Tai SVP & Chief Investment Officer, New York Life International LLC
	Open Forum
	Closing Remarks by Session Chair
17:45	END OF FIRST DAY SESSIONS
18:30	DINNER WITH COCKTAIL RECEPTION Hosted by Nikko Cordial Corporation Venue: Hotel Okura (South Wing 2F), Maple Room 2 (reception); Maple Room 1 (dinner) Address: 2-10-4, Toranomon, Minato-ku Phone: 81-(0)3-3582-0111
	Reception
	Introduction of Keynote Speaker Mr. Masashi Kaneko Chairman, Nikko Cordial Corporation
	Dinner Keynote Address: The Development of an Asian Bond Market in Connection with the Chiang Mai Initiative Hon. Hiroshi Watanabe Vice Minister of Finance for International Affairs, Ministry of Finance, Japan
	Dinner
21:00	END OF DINNER
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Wednesday, June 22
08:45	REGISTRATION ADB Institute, 8th Floor, Kasumigaseki Building, 3-2-5, Kasumigaseki, Chiyoda-ku
09:10	SESSION 6: The Development of Asset-Backed Securities Markets in the Region Session Chair: Mr. Yoshio Osawa Former President, Mizuho Securities Co., Ltd
	Introduction by Session Chair
	Paving the way for Asset-Backed Securities Markets in Southeast Asia (Paper / Presentation) Prof. Yusuke Kawamura Professor, Faculty of Economics, Nagasaki University
	Securitization in East and Southeast Asia: Challenges and Prospects for Public-Private Sector Partnership Mr. Clifford Tan Director, Economic & Market Analysis (EMA), Citigroup Global Markets Singapore Private Ltd
	Commentary 1: Securitization in Asia and recent breakthroughs in credit markets Dr. Eli Remolona Deputy Chief Representative, Bank for International Settlements (BIS) Representative Office for Asia and the Pacific
	Commentary 2: Prof. Shyan Yuan Lee Commissioner, Financial Supervisory Commission, Chinese Taipei
	Commentary 3: Mr. Alec Yang Head of Asset Finance Group, Fixed Income - Asia Pacific, Nomura International (HK) Ltd.
	Open Forum
	Closing Remarks by Session Chair
10:25	COFFEE BREAK
10:40	SESSION 7: Major Challenges to Domestic and Regional Bond Market Development (Third Panel Discussion) Session Chair: Mr. Yasuo Kanzaki Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigrooup Limited
	Introduction by Session Chair
	Bond Market Development: The Case of China Mr. Chen Yue Zhou General Director, Treasury Department, Ministry of Finance, People's Republic of China
	Bond Market Development: The Case of Indonesia (REVISED) Mr. Arif Baharudin Head of Securities Transaction and Institution Policy Development (BAPEPAM)
	Bond Market Development: The Case of the Philippines Mr. Nestor Espenilla Deputy Governor, Bangko Sentral ng Pilipinas
	Bond Market Development: The Case for Thailand Mr. Pravej Ongartsittigul Senior Assistant Secretary General, Securities and Exchange Commission, Thailand
	Commentary 1: Mr. Clifford Tan Director, Economic & Market Analysis (EMA), Citigroup Global Markets Singapore Private Ltd
	Commentary 2: Mr. Pham Van Hoang Division Deputy Director, Financial and Banking Institutions Department, Ministry of Finance, Viet Nam
	Commentary 3: Ms. Rosamond Wesley Manager, Capital Markets Department, Bank of Papua New Guinea
	Open Forum
	Closing Remarks by Session Chair
12:00	LUNCH Hosted by Japan National Committee for Pacific Economic Cooperation Council (JANCPEC) Venue: Kasumigaseki Tokyo Kaikan Address: Kasumigaseki Building, 35F, 3-2-5 Kasumigaseki, Chiyoda-ku Phone: 81-(0)3-3581-9161
	Lunch
	Introduction of Keynote Speaker Amb. Yoshihisa Ara Chairman, JANCPEC, Professor, Saitama Institute of Techonology, and former Ambassador of Japan to the Philippines
	Lunch Keynote Address: The Asian Bond Fund and the Development of an Asian Bond Market Mr. Eiji Hirano Executive Director, Bank of Japan
13:30	SESSION 8: Major Challenges to Domestic and Regional Bond Market Development in Latin America (Fourth Panel Discussion) Session Chair: Mr. Fausto Medina-López Deputy Representative, Tokyo Office, Inter-American Development Bank
	Introduction by Session Chair
	The Development of Bond Markets in Latin America Mr.Antonio Vives Deputy Manager, Private Enterprise and Financial Markets Subdepartment, Sustainable Development Department, Inter-American Development Bank
	Bond Market Development: The Case of Peru Ms. Lilian Rocca Carbajal President, National Commission for the Supervision of Companies and Securities, Peru *
	Commentary 1: Major Challenges to Domestic and Regional Bond Market Development in Latin America Prof. J. Kimball Dietrich Professor of Finance and Business Economics, University of Southern California
	Commentary 2: To be announced
	Open Forum
	Closing Remarks by Session Chair
14:25	SESSION 9: Defining a Public-Private Sector Regional Partnership Agenda for Bond Market Development Session Chair: Dr. Peter McCawley Dean, Asian Development Bank Institute
	Introduction by Session Chair
	Presentations ASEAN + 3 Asian Bond Market Initiative (ABMI) Mr. Masato Miyachi Senior Advisor, Asian Development Bank Development of Bond Markets in APEC: Toward Greater Public-Private Sector Regional Partnership Mr. Antonio Vives Deputy Manager, Private Enterprise and Financial Markets Subdepartment, Sustainable Development Department, Inter-American Development Bank Mr. Kenneth Waller Group Economic Advisor, Commonwealth Bank of Australia
	Open Forum
	Closing Remarks by Session Chair
15:25	PRESENTATION ON ASIANBONDSONLINE.ADB.ORG Presented by: Mr. Jiro Tsunoda Senior Financial Sector Specialist, Asian Development Bank
15:35	COFFEE BREAK
16:00	SESSION 10: Developing A Regional Clearing and Settlement System Session Chair: Mr. Toshitsugu Shimizu Executive Officer, Tokyo Stock Exchange, Inc.
	Introduction to Session Chair
	Toward a Regional Settlement Intermediary in Asia Mr. Naoyoshi Kinukawa Director, Institute for International Monetary Affairs
	Commentary 1: Mr. John Farrell Former Chief Executive, New Zealand Securities Commission
	Commentary 2: Professor Yoshiharu Oritani Professor, Meiji University and former Chairman, EMEAP Working Group on Payment and Settlement Systems
	Commentary 3: Mr. Esmond Lee Head, Market Systems Division, Hong Kong Monetary Authority
	Commentary 4: Mr. Junichi Shukuwa Team Head & Economist, Asia New Finance Team, UFJ Bank Limited
	Open Forum
	Closing Remarks by Session Chair
17:00	SESSION 11: Concluding Session Session Chair: Mr. Yasuo Kanzaki Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited
	Concluding Remarks Mr. Mark Johnson Chair, ABAC Finance Working Group and Vice Chairman, Macquarie Bank Dr. Soogil Young Coordinator, PECC Finance Forum and Chairman, Korea National Strategy Forum
	Closing Remarks Dr. Peter McCawley Dean, Asian Development Bank Institute Mr. Yasuo Kanzaki Co-Chair, ABAC Finance Working Group and Special Advisor, Nikko Citigroup Limited
	Closing Remarks on behalf of the Japanese Hosting Committee Amb. Yoshihisa Ara Chairman, JANCPEC, Professor, Saitama Institute of Techonology, and former Ambassador of Japan to the Philippines
17:30	END OF CONFERENCE
* To be confirmed
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