Financial markets

12th Tokyo Roundtable on Capital Market Reform in Asia


7-8 February 2012 - Tokyo, Japan


Following the postponement of the Tokyo Roundtable in March 2011 due to the tragic events in Japan, the rescheduled Twelfth Roundtable on Capital Market Reform in Asia took place on 7-8 February 2012 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 main topics of 12th Tokyo Roundtable were:

1. The global financial situation and regulatory reforms: implications for Asia
2. Capital flows, policy responses and liberalization
3. The development of regional financial markets
4. Financial education and consumer protection in Asia
5. Regulation, supervision and risk management of Asian banks





Session 1: The global financial situation and regulatory reforms: Implications for Asia

Moderator: Hidehiko Sogano, Deputy Director General, Bank of Japan
• OECD Perspective
Mr. Adrian Blundell-Wignall, Deputy Director, Directorate for Financial and Enterprise Affairs, OECD
• European perspective
Mr. Hans-Helmut Kotz, Professor, Center for Financial Studies, Goethe University, Former Member of the Executive Board, Deutsche Bundesbank
• US Perspective
Mr. Sarkis D. Yoghourtdjian, Assistant Director, Division of Banking and Supervising Regulation, Board of Governors of the Federal Reserve System
• Asian Perspective
Dr. Masahiro Kawai, Dean and CEO, ADBI

Discussants: Mr. Takashi Yoshimura, Managing Director / Head of GSJCL Compliance, Compliance Division, Goldman Sachs Japan and Dr. Akira Ariyoshi, Professor, Hitotsubashi University


Session 2:  Capital flows, policy responses and liberalization

Moderator: Mr. Adrian Blundell-Wignall, Deputy Director, Directorate for Financial and Enterprise Affairs, OECD

• Dr. Naoyuki Yoshino, Professor, Keio University, Japan: The Global Imbalance and the Development of Capital Flows among Asian Countries    
• Dr. Mario Lamberte, Research Director, ADBI (presentation on Managing Capital Flows, based on ADBI publication)
• Dr. Sung-Soo Eun, Director-General International Finance Bureau Ministry of Strategy and Finance, Korea
• Dr. Bandid Nijthaworn, Former Deputy Governor, Bank of Thailand, “Managing Capital Flows, the experience of Thailand”
• Mr. Jeffrey Carmichael, CEO, Promontory Financial Group Australasia, Singapore, “The effectiveness of macro prudential measures  to prevent financial market turmoil caused by excessive capital flows”

Discussants: Mr. Shogo Ishii, Director, IMF Regional Office for Asia and the Pacific, Tokyo and 
Dr. Iwan Azis, Head, Office of Regional Integration, ADB, Manila


Session 3:  The Development of Regional Financial Markets

Session 3.1 Asian Capital Market Integration

Moderator: Dr. Masahiro Kawai, Dean, ADBI
• Dr. Aladdin D. Rillo, Director and Chief Economist, ASEAN Secretariat, “The Road Map for Financial and Monetary Integration of ASEAN”
•  Mr. Takeshi Kurihara, Director of Regional Financial Cooperation Division, Ministry of Finance, Japan “Achievements of ABMI in the last decade and Future Challenges”
• Mr. Mohd Sani Ismail, Trade & Finance Specialist,  Financial Sector, Public Management and Trade Division, Southeast Asia Departmen, Asian Development Bank, “Enhancing Cooperation & Regional Integration of ASEAN Equity Markets”

Discussants: Mr. Stephen Lumpkin, Principal Administrator (Structural issues), Financial Affairs Division, OECD and Mr. Junanto Herdiawan, Senior Economist, the Bank of Indonesia



Keynote address by Mr. Kiyohiko G. Nishimura, Deputy Governor, Bank of Japan



Session 3.2 The Internationalization of the Yuan

Moderator: Dr. J. H Park, Deputy Dean of ADBI
• Dr. Peter Morgan, Senior Consultant, ADBI, Tokyo: The Development of the Offshore Market of the Yuan Denominated Bonds
• Dr. Fan Zhai, Managing Director, China Investment Corporation : Yuan’s Internationalization and the Liberalization of China’s Domestic Capital Market
• Mr. Zhang Chao-Yang, Deputy General Manager, Bank of China, Hong Kong
Discussants: Dr. C.H. Kwan, Nomura Institute of Capital markets Research and Mr. Jae Young Lee, Senior Economist, ASEAN+3 Macroeconomic Research Office, Singapore


Session 4:  Financial Education and Consumer Protection in Asia

Moderator: Mr. André Laboul, Head of the Financial Affairs Division, OECD
• Ms. Flore-Anne Messy, Principal Administrator, Financial Affairs Division, OECD: “the latest development of globally recognized instruments on financial education and consumer protection”
• Mr. Prashant Saran, Whole Time Member of Securities and Exchange Board of India (SEBI), “Indian experience and challenges on Financial Education and Consumer protection”
• Mr. Halim Alamsyah, Deputy Governor, Bank of Indonesia
• Ms. Connie Lau Yin-hing, Chief Executive, Hong Kong Consumer Council (and speech)

Discussants: Dr. Ma. Cyd N. Tuaño-Amador, Assistant Governor, Monetary Policy Sub-Sector, Central Bank of the Philippines and Ms. Ryoko Okazaki, Director, Promotion of Financial Education,

Public Relations Department, Bank of Japan and the Central Council for Financial Services Information 

Session 5:  Regulation, Supervision and Risk management of Asian banks

Moderator:Dr. Mario Lamberte, Director of Research, ADBI
• Mr. Stephen Lumpkin, Principal Administrator (Structural issues), Financial Affairs Division, OECD , “Risks in Financial Group Structures”
• Ms. Salinee Wangtal, Assistant Governor, Supervision Group, Bank of Thailand
• Dr. Xue Chun Zhang, Director, Bureau of Economic Research, People’s Bank of China: “Risk, Informal Finance and Banking Regulation Reform in China”
Discussants: Dr. Jang-Yung Lee, Former Deputy Governor, Financial Supervisory Service of Korea; Mr. Gonthor Ryantori Aziz, Senior Adviser for International Policy and Organizational Capacity Development, Bapepam-LK, Indonesia and Mr. Ryozo Himino, Deputy Commissioner for International Affairs, JFSA

See also

Previous Tokyo Roundtables on Capital Market Reform in Asia


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