The ASEAN Capital Markets Forum (ACMF) comprises securities regulators from 10 ASEAN jurisdictions, namely Brunei Darussalam, Cambodia, Indonesia, Laos PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The ACMF is currently chaired by the Securities and Exchange Commission, Thailand. At the ASEAN Finance Ministers’ Meeting in Danang on 4 April 2008 (AFMM 2008), the ACMF proposed to establish a Group of Experts (GOE) to assist in drafting a proposal for an ―Implementation Plan to promote the Development of an Integrated Capital Market to achieve the objectives of the AEC Blueprint 2015‖ (Implementation Plan 2015), and to present that Plan to the Finance Ministers for their consideration at AFMM 2009. The AEC Blueprint 2015 pertaining to capital markets seeks to achieve significant progress in building a regionally integrated market, where within the region: 1) capital can move freely; 2) issuers are free to raise capital anywhere; and 3) investors can invest anywhere. In such a market, anyone would be able to trade in ASEAN capital market products freely in any ASEAN market at a competitive fee from a single access point, with capital market intermediaries being able to provide services throughout ASEAN based on home country approval. Rationale for Regional Integration. There are two main reasons why ASEAN needs to support regional financial cooperation and integration. The first is to strengthen financial intermediation, capacity, and risk management to support national and regional growth. The second is to cooperate to reduce vulnerabilities to external shocks and market volatility, a point that became clearer after the Asian Crisis of 1997 and is underscored by the present global financial crisis. In this context, regional integration can facilitate both domestic capital market development as well as global integration by providing the liquidity, scale, and capacity to compete globally. Moreover, integration will contribute to financial stability by expanding the market which can be accessed by regional players in the region, hence facilitating diversification, and reducing domestic volatility resulting from global shocks. Additionally, regional cooperation can also provide a greater voice on financial stability and development issues in global fora. This last consideration has become particularly important for designing coordinated responses to current global financial and economic crisis. In addition, regional integration initiatives and the associated alignment of national regulatory standards with international standards provide an opportunity to draw the lessons of the crisis for risk management, regulatory surveillance, asset securitization, and market microstructure. Moreover, the growing competition from global players, and the pressures for consolidation and efficiency enhancements due to technological and regulatory changes make regional integration of capital markets a pressing policy concern and calls for a comprehensive strategy. ASEAN risks being irrelevant if it fails to act cohesively as a region.
Challenges. Currently, however, progress toward regional integration of capital markets has been constrained by the large differences in the levels of development and in the observance of regulatory standards, capital controls, fragmented infrastructure, and insufficient coordination and monitoring mechanisms. The key challenge therefore is to set up a well sequenced program of regional integration initiatives to achieve the goals of AEC 2015, support it by embedding regional considerations into domestic capital market development programs and reinforce the above through a well designed ASEAN-level monitoring and coordination mechanism. The two-way interaction between strengthening domestic capital markets, and fostering integration, requires that domestic capital market reforms and measures to enhance greater cross-border access, together be properly sequenced and coordinated, based on:
- Common international standards. - Judicious use of mutual recognition in finance and business.
The ASEAN Capital Markets Forum (ACMF) comprises securities regulators from 10 ASEAN jurisdictions, namely Brunei Darussalam, Cambodia, Indonesia, Laos PDR, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. The ACMF is currently chaired by the Securities and Exchange Commission, Thailand. At the ASEAN Finance Ministers’ Meeting in Danang on 4 April 2008 (AFMM 2008), the ACMF proposed to establish a Group of Experts (GOE) to assist in drafting a proposal for an ―Implementation Plan to promote the Development of an Integrated Capital Market to achieve the objectives of the AEC Blueprint 2015‖ (Implementation Plan 2015), and to present that Plan to the Finance Ministers for their consideration at AFMM 2009. The AEC Blueprint 2015 pertaining to capital markets seeks to achieve significant progress in building a regionally integrated market, where within the region: 1) capital can move freely; 2) issuers are free to raise capital anywhere; and 3) investors can invest anywhere. In such a market, anyone would be able to trade in ASEAN capital market products freely in any ASEAN market at a competitive fee from a single access point, with capital market intermediaries being able to provide services throughout ASEAN based on home country approval. Rationale for Regional Integration. There are two main reasons why ASEAN needs to support regional financial cooperation and integration. The first is to strengthen financial intermediation, capacity, and risk management to support national and regional growth. The second is to cooperate to reduce vulnerabilities to external shocks and market volatility, a point that became clearer after the Asian Crisis of 1997 and is underscored by the present global financial crisis. In this context, regional integration can facilitate both domestic capital market development as well as global integration by providing the liquidity, scale, and capacity to compete globally. Moreover, integration will contribute to financial stability by expanding the market which can be accessed by regional players in the region, hence facilitating diversification, and reducing domestic volatility resulting from global shocks. Additionally, regional cooperation can also provide a greater voice on financial stability and development issues in global fora. This last consideration has become particularly important for designing coordinated responses to current global financial and economic crisis. In addition, regional integration initiatives and the associated alignment of national regulatory standards with international standards provide an opportunity to draw the lessons of the crisis for risk management, regulatory surveillance, asset securitization, and market microstructure. Moreover, the growing competition from global players, and the pressures for consolidation and efficiency enhancements due to technological and regulatory changes make regional integration of capital markets a pressing policy concern and calls for a comprehensive strategy. ASEAN risks being irrelevant if it fails to act cohesively as a region.Challenges. Currently, however, progress toward regional integration of capital markets has been constrained by the large differences in the levels of development and in the observance of regulatory standards, capital controls, fragmented infrastructure, and insufficient coordination and monitoring mechanisms. The key challenge therefore is to set up a well sequenced program of regional integration initiatives to achieve the goals of AEC 2015, support it by embedding regional considerations into domestic capital market development programs and reinforce the above through a well designed ASEAN-level monitoring and coordination mechanism. The two-way interaction between strengthening domestic capital markets, and fostering integration, requires that domestic capital market reforms and measures to enhance greater cross-border access, together be properly sequenced and coordinated, based on:- Common international standards. - Judicious use of mutual recognition in finance and business.
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