Support for ASEAN+3 Bond Market Forum under the New Asian Bond Markets Initiative (ADB-50056-001)

Regions
  • East Asia and Pacific
Where the impacts of the investment may be experienced.
Specific Location
East Asia and Pacific
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Development Bank (ADB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Active
Bank Risk Rating
A
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Mar 17, 2017
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Grant
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 1.60 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ ADB website

Updated in EWS Aug 11, 2017

Disclosed by Bank Apr 24, 2017


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Project Description
The regional research and development technical assistance (TA) will support the ABMI’s ASEAN+3 Bond Market Forum (ABMF), which was established in May 2010 by the ASEAN+3 finance ministers as an important regional platform to foster standardization of market practices and harmonization of regulations relating to cross-border bond transactions in ASEAN+3 The ABMF is expected to do the following: (i) increase the number of AMBIF participating markets from the original six markets (Hong Kong, China; Japan; Malaysia; Philippines; Singapore; and Thailand) to as many as possible; (ii) create additional AMBIF issuances; (iii) identify regulatory and tax hurdles of AMBIF participating markets; (iv) identify challenges relating to cross-border collateral and repo as well as securities lending and borrowing; (v) promote the adoption of international standards, including ISO 20022, in particular in Cambodia, the Lao People’s Democratic Republic, Myanmar, and Viet Nam, which are going to develop key market infrastructures (preferably, standardization of regulatory and tax procedures for cross-border bond transactions in ASEAN+3 will be achieved through the implementation of ISO 20022); and (vi) carry out a study to assess the feasibility of establishing an information platform and identify key impediments for establishing electronic trading platform by ASEAN+3 member countries to increase market transparency. CONSULTING SERVICES The TA will require 50 person-months of individual international consultant services and 30 person-months of individual national consultant services, comprising: (i) 20 person-months for the lead bond business and financial operation specialist, with extensive knowledge and experience in the custody industry and profound operational knowledge of market and settlement practices, securities transaction IT systems, taxation and regulations in ASEAN+3 with more than 15 years of experience; (ii) 10 person-months for financial legal expert, with extensive knowledge of financial laws, regulations, and market practices in ASEAN+3 markets as well as those of Europe and the United States with more than 15 years of experience; (iii) 6 person-months for the financial information technology specialist, with extensive knowledge of information systems, particularly of clearing and settlement in ASEAN+3 with more than 15 years of experience; (iv) 5 person-months for the financial tax law expert, with significant working experience in financial regulation and tax law analysis of ASEAN with more than 10 years of experience; (v) 4 person-months for the financial service standards expert with significant working experience in financial services standardization with more than 10 years of experience; (vi) 3 person-months for the cross-border collateral and repo transaction expert with significant working experience in custody business especially in cross-border bond business and cross-border collateral management in ASEAN+3 with more than 10 years of experience; (vii) 2 person-months for the economic and finance editor with significant experience in editing economics and finance literatures with more than 7 years of experience; and (viii) 30 person-months for a national consultant with experience in project coordination and research assistance with more than 5 years of relevant experience.
Investment Description
  • Asian Development Bank (ADB)
Contact Information
ACCOUNTABILITY MECHANISM OF ADB The Accountability Mechanism is an independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an Asian Development Bank-financed project. If you submit a complaint to the Accountability Mechanism, they may investigate to assess whether the Asian Development Bank is following its own policies and procedures for preventing harm to people or the environment. You can learn more about the Accountability Mechanism and how to file a complaint at: http://www.adb.org/site/accountability-mechanism/main CONTACTS Yamadera, Satoru Responsible ADB Department Sustainable Development and Climate Change Department Responsible ADB Division SDOD Executing Agencies Asian Development Bank 6 ADB Avenue, Mandaluyong City 1550, Philippines