10th Roundtable on Capital Market Reform in Asia

2-3 March 2009, Tokyo, Japan

The OECD-ADBI Tenth Roundtable on Capital Market Reform in Asia ("Tokyo Roundtable") was held on 2-3 March 2009 at the ADBI (Asian Development Bank Institute) in Tokyo. The Tokyo Roundtable was jointly organised and sponsored by the ADBI and the OECD, in cooperation with the Government of Japan.

The Tokyo Roundtable was established in 1999 in the aftermath of the Asian financial crisis, and has almost annually offered a forum for discussion among Asian/OECD member countries' regulators, policy- makers, experts, practitioners, scholars and international organisations on topics of main interest from the viewpoint of capital market reform in Asia. 

The topics of the Tenth Tokyo Roundtable are pertinent both to the ongoing global financial crisis and priority issues in the OECD’s Committee on Financial Markets. Discussions focused on:

• Global Financial Crisis: causes, impacts, policy responses, latest developments and trends
• Impact of the Global Financial Crisis on Asia and the Asian Response
• Implications of Current Market Turmoil on Stock and Bond Markets and Unregulated Entities, Products and Markets
• Financial Education and Awareness
• Regulatory Efficiency
• Corporate Governance

Documentation:

• Agenda
• Information Note for Participants 

Session 1: Global Financial Crisis: Causes, impacts, policy responses, latest developments & trends

• EU perspectives: Global spillovers on the euro area, Filippo di Mauro, ECB
• OECD perspectives: The global financial crisis: Causes impacts & policy responses, Stephen Lumpkin, OECD 
• Policy framework for effective and efficient financial regulation: Draft OECD High-Level Checklist, Stephen Lumpkin, OECD
• Presentation by Chaw Min Chen, Ministry of Finance Malaysia
• Comments by Akira Ariyoshi, Regional Office for Asia and the Pacific, International Monetary Fund

Session 2: Impact of the Global Financial Crisis on Asia & the Asian Response

• Unregulated Financial Products:Potential, Risk and Regulatory Reform, Hung Tran, IIF
• Global Financial and Economic Crisis Impacts, Responses and Policy Recommendations for Asia Asia’s Collective Action, Masahiro Kawai, Asian Development Bank Institute
• Future strategies for regional financial development, Noritaka Akamatsu, The World Bank

Session 3: Implications of Current Market Turmoil

  3.1: Stock and Bond Markets

• The impact of the current global turmoil on Asian stock, bond and foreign exchange markets,
  Simon Ogus, DSGAsia
• Measures taken by supervisors or regulators – short selling restrictions,  Keith Lui, Securities and Futures Commission Hong Kong
• ASEAN Prospects for Capital Market Integration, Tan Wai Kuen, Andrew Sheng & Associates
• Presentation by Hidehiko Sogano, BOJ
• Proposed Credit Guarantee and Investment Mechanism (CGIM), Noy Siackhachanh, Advisor Office of Regional Economic Integration, ADB
• Growth Equity Markets in Financial Turmoil - Endeavoring for Further Development, Yusuke Kawamura Nagasaki University

  3.2: Unregulated Entities, Products and Market

• Impact of the Global Financial on Asia and the Asian Response - Understanding the Strengths and Vulnerabilities of Asian Financial Markets to the Global Crisis, Andrew Sheng, Chief Advisor of the China Banking Regulatory Commission
• Standardization or Convergence of International Best Practices, Paul Koster, DFSA
• Regulatory framework for hedge funds and private equity, Philip Wooldridge, BIS Asian Office
• Pursuing the Development of a Central Clearing Infrastructure for CDSs, Takeshi Hirano, Strategic Planning, Clearing & Settlement, Tokyo Stock Exchange Inc.

Session 4: Financial Education and Awareness

• OECD perspectives, Bruno Levesque, OECD
• Indonesia Experience, Pungky P. Wibowo, Bank of Indonesia

Session 5: Regulatory Efficiency and Effectiveness

• OECD perspectives, Policy Framework for Effective & Efficient Financial Regulation, Stephen Lumpkin, OECD
• Asia perspectives, Regulatory Efficiency and Effectiveness (including future prospects on the direction of market regulations) , Edmond Lau, HKMA

Session 6: Corporate Governance

• OCED perspectives, “The only constant is change itself!”, Fianna Jesover, OECD
• Asia perspectives, An Introduction to the Corporate Governance Development in China, Zhang Xiaochuan, CSRC
• Corporate Governance Agenda At the time of Global Financial Crisis, Institutional Investor’s Perspective, Yuji Kage, Pension Fund Association
  

For information on previous Tokyo Roundtables, please see Tokyo Roundtable on Capital Market Reform in Asia