ICMA in Asia Pacific
 
ICMA has established an Asia-Pacific representative office in Hong Kong and has launched the Asia-Pacific Regional Committee to effectively address the needs of its members in the region and promote regulatory and market practice initiatives related to ICMA’s areas of international expertise.

Among the association’s activities in Asia Pacific:
  • ICMA facilitates two debt primary market committees in the region, the Asian Bond Syndicate Forum and the Asian Legal, Documentation, and Transaction Management Committee, which allow participants to shape cross-border primary market practices in Asia and provide Asian perspectives on European regulation and practice.
  • In China, ICMA advises PBOC on green finance regulations and works with the National Association of Financial Market Institutional Investors (NAFMII) on developing the Chinese onshore bond markets. ICMA and NAFMII recently published a comparative analysis between Chinese and international primary market practices.
  • In Southeast Asia, ICMA advises a number of countries on international standards to assist in the development of their repo market structure, oversight, and documentation; ICMA also holds frequent workshops on the Global Master Repurchase Agreement (GMRA).

ICMA works together with a number of associations in Asia.

To download the brochure, click here.


For a full list of ICMA members firms and principal delegates, click here.

To access the ICMA Members Register, click here (members and subscribers only).


ICMA Asia Pacific Region Members
Company Name Country
Ali Budiardjo, Nugroho, Reksodiputro (ABNR) Indonesia
ASB Bank Limited New Zealand
Australian Financial Markets Association (AFMA) Australia
Australian Securitisation Forum Australia
Axis Bank Limited India
Bank of China (Hong Kong) Limited
China
Bank of China Limited
China
Bank of Singapore Limited Singapore
China Central Depository & Clearing Co., Ltd.
China
China Foreign Exchange Trade System (CFETS) China
CIMB Bank Berhad Malaysia
Citigroup Global Markets Australia Pty Limited Australia
Commerzbank AG Hong Kong Branch China
Commonwealth Bank of Australia Australia
Crédit Agricole Securities Asia B.V., Tokyo Branch Japan
Dagong Global Credit Rating (Hong Kong) Co., Ltd. China
DBS Bank Ltd. Singapore
Deutsche Bank (China) Co., Ltd. China
Ernst & Young Hua Ming LLP
China
HSBC Bank (China) Company Limited China
Indonesia Stock Exchange Indonesia
Japan Post Bank Co., Ltd. Japan
King & Wood Mallesons Australia
Malayan Banking Berhad (trading as Maybank) Malaysia
Merrill Lynch (Asia Pacific) Limited China
Morgan Stanley Asia Limited China
MUFG Securities Asia Limited, Hong Kong China
Nomura Fixed Income Securities Private Limited India
Oversea-Chinese Banking Corporation Limited Singapore
Philippines Bureau of Treasury Philippines
PT Kliring Penjaminan Efek Indonesia (KPEI)
Indonesia
Reserve Bank of Australia Australia
Reserve Bank of New Zealand New Zealand
RHB Bank Berhad
Malaysia
Shanghai Clearing House China
Shanghai Stock Exchange China
Standard Chartered Bank (Hong Kong) Limited China
State Bank of India India
State Street Global Advisors Singapore Limited Singapore
Suncorp-Metway Limited Australia
The Bank of Tokyo-Mitsubishi UFJ, Ltd. Japan
United Overseas Bank Limited Singapore
Asia Pacific Region affiliated ICMA Members
Company Name Country
Australia and New Zealand Banking Group Limited United Kingdom
Bank of China Limited, London Branch
United Kingdom
China Construction Bank (London) Limited United Kingdom
Commonwealth Bank of Australia London Branch United Kingdom
Daiwa Capital Markets Europe Limited United Kingdom
Mitsubishi UFJ Trust International Limited United Kingdom
Mizuho International plc United Kingdom
MUFG Securities Americas Inc. United States
MUFG Securities EMEA plc United Kingdom
National Australia Bank Limited United Kingdom
Nomura International plc United Kingdom
Shinkin International Ltd. United Kingdom
SMBC Nikko Capital Markets Limited United Kingdom
The Norinchukin Bank London Branch United Kingdom



pitamarketCapital markets
    viii. The UK and China welcomes the continued work by NAFMII and the International Capital Markets Association (ICMA) to advance China’s panda bond market through ongoing reports and research. Both sides welcome the new panda bond market guiding documents published by NAFMII to help facilitate greater issuance of panda bonds. Both sides welcome Shanghai and Shenzhen Stock Exchanges to publish relevant market guiding documents.
     
    ix. Both sides welcome the cooperation agreement reached between the Shanghai Lujiazui Financial City Authority and ICMA to share expertise on best international market practice to benefit the further development of Shanghai as an international financial centre. 
     
    Green Finance
     
    35. Both sides welcome the close cooperation between the UK and China through cochairing the G20 Green Finance Study Group, led by the People’s Bank of China and the Bank of England. Both sides look forward to continuing this close cooperation to foster a global consensus on developing green finance under the German Presidency, to improve the capacity of financial institutions in analysing environmental risks, and to improve the availability and accessibility of environmental information by financial market participants. Both sides support UK and China to become innovation centres of green finance.  
    i. Both sides welcome ICMA’s continued cooperation with the Green Finance Committee of China Society for Finance and Banking to study best practices and devote resources to capacity building for international green bond issuance. Both sides also welcome the green bond market report by ICMA and NAFMII that identifies current practices and recommendations for both international and Chinese green bond markets. 
  • The practice and prospects for green bond market development at home and abroad - published by the NAFMII-ICMA Working Group, 8th UK-China Economic and Financial Dialogue (2016)
  • China's Green Bond Market, 11 January 2017
  • Policy Outcomes of the 8th UK-China Economic and Financial Dialogue, 11 November 2016

    Capital markets
     
    viii. The UK and China welcomes the continued work by NAFMII and the International Capital Markets Association (ICMA) to advance China’s panda bond market through ongoing reports and research. Both sides welcome the new panda bond market guiding documents published by NAFMII to help facilitate greater issuance of panda bonds. Both sides welcome Shanghai and Shenzhen Stock Exchanges to publish relevant market guiding documents.
     
    ix. Both sides welcome the cooperation agreement reached between the Shanghai Lujiazui Financial City Authority and ICMA to share expertise on best international market practice to benefit the further development of Shanghai as an international financial centre.
     
    Green Finance
     
    35. Both sides welcome the close cooperation between the UK and China through cochairing the G20 Green Finance Study Group, led by the People’s Bank of China and the Bank of England. Both sides look forward to continuing this close cooperation to foster a global consensus on developing green finance under the German Presidency, to improve the capacity of financial institutions in analysing environmental risks, and to improve the availability and accessibility of environmental information by financial market participants. Both sides support UK and China to become innovation centres of green finance. 

    i. Both sides welcome ICMA’s continued cooperation with the Green Finance Committee of China Society for Finance and Banking to study best practices and devote resources to capacity building for international green bond issuance. Both sides also welcome the green bond market report by ICMA and NAFMII that identifies current practices and recommendations for both international and Chinese green bond markets.

  • Belt and Road Summit – Financing Through the Silk Road Bond, Hong Kong, 8 September 2016

    ICMA and Dagong Global Credit Ratings co-organized the “Belt and Road Summit – Financing Through the Silk Road Bond”, in Hong Kong focusing on “Belt and Road” economic growth, financing needs and how to bridge the gap in the current system. It was agreed that the opportunities offered by the “Belt and Road” markets are immense and that the ability of the countries involved, especially for those with less developed financial markets, to raise foreign funds to finance their infrastructure projects is vital to the success of “Belt and Road” economic growth. The summit explored the potential of the Silk Road Bond for financing this initiative.

    Following the Summit, ICMA intends to work with key stake holders including major Chinese and international banks, law firms, audit firms and credit rating agencies, to assess the feasibility of developing Silk Road Bonds. The main areas of focus are expected to be:
    •    Engagement with the stakeholders whose support is critical to the success of the initiative including, the Chinese authorities, authorities of other belt and road countries, multilateral development banks and investors.
    •    Agreement of a set of principles for the issuance of Silk Road Bonds
    •    Assessment of the risk appetite amongst investors for this asset class.
    For more information about the Summit click here.

    Silk Road Bonds from ICMA Quarterly Report October 2016.

  • ASIFMA–ICMA Guide to Infrastructure Financing in Asia - August 2016
  • ICMA ASIA PACIFIC REGION Newsletter - April 2016
  • ICMA is pleased to make available to the market English versions of the Green financial bond rules of the People’s Bank of China (PBOC). The documents include the PBOC Announcement and the Preparation Instructions on Green Bond Endorsed Project Catalogue (2015 Edition). These translations have been coordinated and made available by ICMA for information only. In case of any discrepancy between these translations and the original Chinese version, please refer to the Chinese version as the official document.
  • Practices and procedures in the Chinese and international primary debt capital markets - published by the ICMA-NAFMII Working Group, 6th UK-China Economic and Financial Dialogue - September 2015
  • ASIFMA-ICMA Guide on Repo in Asia
  • ICMA in Asia Pacfic brochure

Recordings of briefing calls for ICMA Asia Pacific members:

Regional affiliations:

ICMA has established collaboration, either through  reciprocal membership or MoU with the following organisations:

ICMA also has observer status on ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF)'s Documentation Recommendation Board (ADRB), which provides recommendations on best market practice and standard documentation for professional bond markets for the ASEAN + 3 region (refers to the 10 members of the Association of Southeast Asian Nations (ASEAN) plus the People’s Republic of China, Japan, and the Republic of Korea).

ICMA Executive Education has held a number of public courses in Asia. These include:-
  • Securities Operations Foundation Qualification (SOFQ) in Malaysia
  • Derivatives Operations in Malaysia
  • ICMA Fixed Income Certificate (FIC) Programme in Hong Kong and South Korea

We have also recently held the following in-house courses:-
  • 3 day Repo course for a leading bank in India
  • 3 day Collateral Management course for three banks in Singapore
  • 1 day SLB, Repo and OTC Derivatives course for a bank in Singapore

Online courses

We also welcome many delegates on our online programmes from the Asia Pacific region. These courses allow participants to study the material in their own time and at their own pace. The courses are:-

In-house courses

ICMA Executive Education can deliver any of its advertised public courses as in-house programmes. Courses can be delivered in their current format or modifications can be made where necessary to accommodate a client’s specific training needs. This allows for subjects specific to the organisation to be addressed, which might otherwise not be raised in a public forum. Click here for further information.

To see our full course listing, click here.


NDRCTC (Training Center of the China National Development and Reform Commission)

ICMA works in co-operation with the Training Center of the NDRC in accrediting the Corporate Finance Consultant Certificate (CFC) Programme, an international professional qualification in the specialised field of corporate finance. It 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 3,000 delegates have successfully achieved the CFC qualification.

Click here for more information on the CFC.
Click here to see lists of the CFC certificate holders.



UPCOMING EVENTS


Japan Securities Summit 2017

   

Date: 8 March 2017
Time: 13.00-19.00

Venue:
The Mansion House
London
EC4N 8BH
United Kingdom


Event Overview

The Japan Securities Dealers Association (JSDA) and the International Capital Market Association (ICMA) will co-host the Japan Securities Summit on 8 March at the Mansion House in London.
 
The summit, featuring contributions from a high-level delegation from the Japanese market, government and central bank, will help European investors and financial market professionals to understand challenges and the potential of Japanese economy and securities market.

Admission: The seminar is open to all ICMA members and interested financial market participants.  Registration in advance is essential.  To register, please click here.

For any queries, please contact Gemma Fisher


SUPPORTED EVENTS


The China Debt Capital Markets Summit 2017

Date:
23 March 2017

Venue: The Westin, Beijing

Organiser: Euromoney Conferences

Drawing over 500 international and Chinese borrowers and investors, the summit is recognized as one of the most important annual gatherings to discuss the developments of the Chinese bond market.

This timely summit comes as China further deepens its onshore bond market with global markets. Designed for both Chinese and international market participants, the discussions will cover the latest developments in the panda bond market, green bond market, securitization market, international bond issuance by Chinese borrowers, and foreign investor access into China’s vast interbank bond market.

For Chinese issuers and investors, the discussions provide a thorough analysis of foreign currency debt funding markets and the onshore market’s transition to market pricing.

For international issuers and investors, the event offers networking opportunities with regulators and insight into the latest reforms in China’s bond market.

Attendance is free for all issuers, investors and regulators.

To view the event, please click here. To apply for a place, please click here





Future of Finance Summit 2017

Date: 8 - 10 June 2017

Venue: Singapore EXPO Convention & Exhibition Centre

Organiser: The Asian Banker

The Asian Banker Summit has been re-branded as The Future of Finance Summit. The Future of Finance Summit is the leading financial conference that brings together wide range of players in the financial service industry. The Future of Finance Summit will feature a host of amazing, unique and out-of-box speakers and panelists who will help us break through our thinking on the transformations that are happening globally.
 
Get 5% Discount for ICMA members (Indicate the code FoFPartner below the registration fee)
 
To view the event, please click here. To register, please click here.


PAST EVENTS

Briefing on “The International Capital Market Association Primary Market Handbook”, 28 February 2017

This half-day briefing helped market participants to gain a better understanding of the International Capital Market Association (ICMA) Primary Market Handbook and its practical application to transactions in the international capital markets.

The ICMA Primary Market Handbook, which sets out recommendations, guidance and standard wording and documentation for syndicated cross-border securities issuance, is widely used by ICMA members when lead managing such issues.

Since its launch in 1985, the Handbook has grown from a few short pages covering the issuance of straight Eurobonds to a comprehensive document covering a broad range of international securities. It is very much a ‘live document’, continuously responding to market developments when guidance or standardisation is required. Recent revisions include changes to the form of debt selling restrictions and an explanatory note on the operation of pre-sounding, bookbuilding and allocation processes.

Key areas covered:
•    History, nuts and bolts of the ICMA Primary Market Handbook;
•    Scope and practical application of the ICMA Primary Market Handbook; and
•    Recent revisions and topical issues (e.g. Market Abuse Regulation, allocation procedures and stabilisation).

For more information about the seminar click here.    



ICMA & Clifford Chance seminar: an in-depth review of the Global Master Repurchase Agreement (GMRA), Hong Kong, 13 December 2016

Organiser: ICMA & Clifford Chance

For more information about the seminar click here.




ICMA & Clifford Chance seminar: an in-depth review of the Global Master Repurchase Agreement (GMRA), Singapore, 29 November 2016

Organiser: ICMA & Clifford Chance

For more information about the seminar click here.




Belt and Road Summit – Financing Through the Silk Road Bond, Hong Kong, 8 September 2016

ICMA and Dagong Global Credit Ratings co-organized the “Belt and Road Summit – Financing Through the Silk Road Bond”, in Hong Kong focusing on “Belt and Road” economic growth, financing needs and how to bridge the gap in the current system. It was agreed that the opportunities offered by the “Belt and Road” markets are immense and that the ability of the countries involved, especially for those with less developed financial markets, to raise foreign funds to finance their infrastructure projects is vital to the success of “Belt and Road” economic growth. The summit explored the potential of the Silk Road Bond for financing this initiative.

Following the Summit, ICMA intends to work with key stake holders including major Chinese and international banks, law firms, audit firms and credit rating agencies, to assess the feasibility of developing Silk Road Bonds. The main areas of focus are expected to be:
  • Engagement with the stakeholders whose support is critical to the success of the initiative including, the Chinese authorities, authorities of other belt and road countries, multilateral development banks and investors.
  • Agreement of a set of principles for the issuance of Silk Road Bonds
  • Assessment of the risk appetite amongst investors for this asset class.
For more information about the Summit click here.




China’s Integration in the International Capital Markets, Shanghai, 6 September 2016

Following the G20 Summit in Hangzhou ICMA and China (Shanghai) Pilot Free Trade Zone Lujiazui Administration Bureau hosted a roundtable on China’s Integration in the International Capital Markets, at which CEOs of major Chinese financial institutions, officials and the Lord Mayor of the City of London discussed the outlook for the future participation of China in global financial markets.

  




Launch of the remodelled ICMA Primary Market Handbook, Singapore and Hong Kong, 13 November 2015

In November 2015, delegates joined us for the launch of the remodelled ICMA Primary Market Handbook, where they heard what has changed, what has stayed the same, and how the new Handbook is structured. The event also involved a panel discussion and Q&A session with senior market participants.

For more information, click Singapore and Hong Kong.




ICMA AGM and Conference, Amsterdam, 3-5 June 2015

The 2015 conference featured a major section on ‘Developments in China’s onshore RMB market’ with speakers including Jianhong Liu, Deputy Secretary General, NAFMII; Mingyou Bao, Chief Representative, People’s Bank of China Representative Office for Europe; and Zhen Xu, Chairman, Shanghai Clearing House.

For more information and to view the speeches, click here.




ICMA Asia Primary Market Forum, Hong Kong, 12 March 2015

In March 2015, ICMA held its inaugural Asia Primary Market Forum in Hong Kong, which brought together delegates from syndicate desks, legal and operations teams, infrastructure providers, law firms, and regulators across the region. Panel discussions on the regional markets focused on bond syndicate practices and legal and documentation questions; they covered topics including pricing guidance, the art and science of distribution to investors, secondary market liquidity, reducing reputational risk, enhancing due diligence and disclosure for new and infrequent issuers, managing information flows during the marketing process, and documenting credit support structures common to Asia.

At the same event ICMA held an introductory workshop on the ICMA Primary Market Handbook, which is used as a key reference for standard market practices in debt capital market transactions in the region. The handbook covers internationally syndicated primary debt capital markets offerings, generally excluding high-yield and equity-linked transactions. Also, many of the long-standing principles and standard clauses of the handbook have been borrowed and adapted to local Asian capital markets.

For more information and to access the presentation slides, click here.




ICMA & Clifford Chance seminars: in-depth reviews of the Global Master Repurchase Agreement (GMRA)

In April and June 2015, ICMA held in depth reviews of the GMRA, jointly with Clifford Chance in Singapore.




ICMA Repo Workshops

ICMA has held several in-house repo workshops in recent years in Manila, Kuala Lumpur, Jakarta and Hanoi. If your firm is interested in hosting an in-house repo workshop, please email Allan Malvar.
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

Address
Hong Kong Representative Office
Unit 3603, Tower 2, Lippo Centre
89 Queensway Admiralty
Hong Kong

Google map


Mushtaq Kapasi
Chief Representative, ICMA Asia Pacific

Direct line: +852 2531 6590

EMAIL
| DOWNLOAD BUSINESS CARD



Ricco Zhang

Director, ICMA Asia Pacific

Direct line: +852 2531 6591

EMAIL
| DOWNLOAD BUSINESS CARD



Christina Siu


Assistant, ICMA Asia Pacific

Direct line: +852 2531 6592

EMAIL | DOWNLOAD BUSINESS CARD


 

AGM 2017

ICMA Executive Education