Overview
ICMA’s rapidly growing Asia-Pacific membership includes around 80 institutions from various jurisdictions, including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Macau, Malaysia, New Zealand, the Philippines, Singapore, and Taiwan. ICMA has served members in the region since the 1970s and established its representative office in Hong Kong in 2013.
In Asia-Pacific, ICMA is regarded as the market-leading association in debt capital market and sustainable finance, a key partner to policymakers and banks, and an authority on understanding of international regulation development. ICMA works closely with its members and also central banks, regulators, trade bodies and government authorities to support robust development of capital markets in the region.
Supporting members & markets
Activities are focused on ICMA’s global experience and expertise in the core areas of primary markets; secondary markets; repo and collateral markets; green, social and sustainability bonds; as well as benchmark reform and transition to risk-free rates and FinTech and market electronification.
Primary markets
ICMA facilitates two formal debt primary market committees specifically for the region, the ICMA Asia Pacific Bond Syndicate Forum (ABSF) and the ICMA Asia Pacific Legal & Documentation Forum (ALDF), which shape cross-border primary market practices in Asia and provide Asian perspectives on international regulation and practice.
Consultation responses
23 September 2022: ICMA response to NDRC Consultation on the Administrative Measures for the Review and Registration of Medium- and Long-Term Foreign Debt of Enterprises (in Chinese)
15 February 2022: ICMA response to Monetary Authority of Singapore Consultation Paper P020-2021 - Introduction of Due Diligence Requirements for Corporate Finance Advisers
7 May 2021: ICMA response to HK SFC consultation paper on the proposed code of conduct on bookbuilding and placing activities in the equity capital market and debt capital market
Following publication of the consultation conclusions in October 2021 we look forward to reviewing the amended Code in detail, and will convene our member firms to determine next steps in implementation for DCM.
7 February 2020: ICMA response to HKEX consultation: Review of Chapter 37 - Debt issues to professional investors only
Publications:
The Asian International Bond Markets: Developments and Trends (third edition) - ICMA supported by Hong Kong Monetary Authority (HKMA), March 2023.
English version | Chinese version
The Asian International Bond Markets: Developments and Trends (second edition) - ICMA supported by Hong Kong Monetary Authority (HKMA), March 2022.
Summarised data on international bond issuances in Asia used in the report is available here.
English version | Chinese version
Panda Bonds: Raising Finance in China's Bond Market - ICMA and NAFMII, September 2021
English version | Chinese version
International practices of bond trustee arrangements - ICMA-NAFMII Working Group, 9th UK-China Economic and Finance Dialogue, December 2018
The panda bond market and perspectives of foreign issuers – ICMA-NAFMII Working Group, 8th UK-China Economic and Financial Dialogue, October 2017
English version | Chinese version
Practices and procedures in the Chinese and international primary debt capital markets – ICMA-NAFMII Working Group, 6th UK-China Economic and Financial Dialogue, September 2015
English version | Bilingual version
Secondary markets
ICMA’s work in secondary market focuses on research and facilitating internationalisation of domestic markets. ICMA publishes research reports, sends regular market updates to secondary market contacts, and advises central banks and securities regulators on bond market development, infrastructure, and liquidity.
Regulatory responses:
16 December 2021: ICMA-ASIFMA joint response to SEBI Consultation Paper for Market Making in Corporate Bonds
Publications:
The Asian International Bond Markets: Developments and Trends (second edition) - ICMA supported by Hong Kong Monetary Authority (HKMA), March 2022.
Summarised data on international bond issuances in Asia used in the report is available here.
English version | Chinese version
Investing in China's InterBank Bond Market: A Handbook, ICMA and NAFMII, September 2021
The Internationalization of the China Corporate Bond Market - ICMA, January 2021. A podcast summarising the key takeaways from this research is available here.
The Asia-Pacific Cross-Border Corporate Bond Secondary Market - A report on the state and evolution of the market – ICMA, August 2018
Repo and collateral markets
In the repo and collateral market, ICMA publishes 13 GMRA legal opinions for Asia-Pacific markets and has undertaken strategic cooperation with other associations and stakeholders on research and advocacy. ICMA is advising regulators and members on repo market, including close-out netting and triparty repo.
Publications:
ICMA Guide to Asia Repo Markets: China - October 2022 (ICMA members only access)
ICMA Guide to Asia Repo Markets: Indonesia - August 2022 (ICMA members only access)
ICMA Guide to Asia Repo Markets: Philippines - July 2022 (ICMA members only access)
ICMA Guide to Asia Repo Markets: Vietnam - May 2022 (ICMA members only access)
ICMA Guide to Asia Repo Markets: Japan - February 2022 (ICMA members only access)
View Japanese version
3rd Asia-Pacific repo market survey, conducted June 2021 - ICMA and ASIFMA, December 2021
ICMA SFTR checklist for non-European firms - November 2020
2nd Asia-Pacific repo market survey, conducted June 2020 - ICMA and ASIFMA, November 2020
A pilot survey of the Asia-Pacific repo market – ICMA and ASIFMA, September 2017
FinTech and market electronification
ICMA tracks important FinTech regulatory developments and new applications globally, including those in Asia Pacific, publishes various FinTech directories, and provides a monthly newsletter to FinTech contacts of member firms. Sign up to the mailing list by ticking the FinTech box (ICMA members only) or contact us.
Sustainable finance
ICMA continues to engage with and advise many regulators, authorities and infrastructures in the region, including those in China, Japan, Indonesia, Malaysia and Thailand. Apart from the bilateral relationship and engagement, ICMA also participates in committees and forums at regional and jurisdiction levels. ICMA co-chairs the Green Bonds and Product Innovation Working Group of the Hong Kong Green Finance Association. ICMA has been appointed as a member of the ASEAN ACMF-WCCMD Industry Advisory Panel, providing industry feedback on the development and application of the ASEAN Taxonomy. ICMA has also become a member of the Sustainable Finance Development Network Steering Committee under the Asia-Pacific Financial Forum for 2022.
Asia-Pacific based members are represented on ICMA’s international committees, working groups and task forces, for example the Green Bond Principles Membership and Advisory Council, to ensure that global developments reflect the concerns of increasingly important Asian markets.
ICMA’s publications and database of sustainable bonds also fully consider the market developments in Asia Pacific.
The principles and guidelines for green, social, sustainability and sustainability-linked bonds have been translated into several Asian languages.
Regulatory responses:
19 August 2022: ICMA response to SEBI Consultation Paper on Green and Blue Bonds as a mode of Sustainable Finance
23 June 2022: ICMA response to the second Singapore Green Finance Industry Taskforce (GFIT) taxonomy consultation
4 January 2022: ICMA response to the IPSF Common Ground Taxonomy Consultation
16 November 2021: ICMA response to the SEBI consultation paper on introducing disclosure norms for ESG Mutual Fund schemes
27 September 2021: ICMA response to SGX Consultation Paper on Climate and Diversity
11 March 2021: ICMA response to Singapore Green Finance Industry Taskforce (GFIT) taxonomy consultation
15 January 2021: ICMA's response to the SFC Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers
Publications:
White paper on ESG practices in China - January 2023
English version* | Chinese version*
Overview and Recommendations for Sustainable Finance Taxonomies - May 2021
Closing the SDG Financing Gap in ASEAN - A Sustainable Finance Guide for Corporates, By UN Global Compact Network Singapore (GCNS) and Ernst and Young (EY), in contribution with ICMA, Arabesque and DBS - November 2020
Chinese translation of ICMA publication: Sustainable Finance: High-level definitions - May 2020
Sustainable finance: Compendium of international policy initiatives & best market practice - ICMA, February 2020
The practice and prospects for green bond market development at home and abroad - ICMA-NAFMII Working Group, 8th UK-China Economic and Financial Dialogue, March 2017
English version* | Chinese version*
*These documents are locked to ICMA members only. Members of NAFMII and members and observers of the Principles may access the documents on request.
Benchmark reform and transition to risk-free rates
ICMA maintains a dedicated webpage for benchmark-related resources in selected Asia-Pacific markets and has published a Guide to Tough Legacy Bonds in Asia-Pacific jointly with Bloomberg in May 2021 and an IBOR Transition Guide for Asia with APLMA, ASIFMA and ISDA in July 2020.
Partnerships and collaborations
Across the region, ICMA has established partnerships or collaborates with over 10 trade associations to share technical and regulatory expertise on national and international markets and cooperate on market development initiatives. Please refer to the list of international affiliations.
Education
ICMA offers high quality professional development training courses* in support of its capacity building activities in markets across the region. ICMA is particularly active in repo and collateral market training in the Asia Pacific region, often in partnership with regional development banks and central banks.
*ICMA is recognised by the Securities and Futures Commission (“SFC”) as an approved Continuous Professional Training (“CPT”) course provider.
In addition to executive education online training courses, ICMA also:
- organises overseas study and meeting trips for ICMA member firms to facilitate international cooperation and information exchange; and
- partners with the National Development and Reform Commission in China to develop syllabus materials and professional standards for the Corporate Finance Consultant certificate (in Mandarin Chinese). The Corporate Finance Consultant Certificate (CFC) Programme, an international professional qualification in the specialised field of corporate finance, 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, almost 4,000 delegates have earned the CFC qualification.
Contacts
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
Email: apac@icmagroup.org
Address
Hong Kong Representative Office
Unit 3603, Tower 2, Lippo Centre
89 Queensway Admiralty
Hong Kong
Google map
| Mushtaq Kapasi Managing Director and Chief Representative for Asia-Pacific Direct line: +852 2531 6590 |
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| Ricco Zhang Senior Director, ICMA Asia Pacific Direct line: +852 2531 6591 |
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| Yanqing Jia Associate Director, ICMA Asia Pacific Direct line: +852 2531 6593 |
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| Christhoper Matthew Associate, ICMA Asia Pacific Direct line: +852 2531 6594 |
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| Wing Wong Assistant, ICMA Asia Pacific Direct line: +852 2531 6592 |
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