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Harmonization of Bond Market Rules and Regulations in Selected APEC Economies
Written by Ismail Dalla
The printed version of this publication is out of print. Please contact the Publications Unit for more information.
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On-line edition: Free of Charge
Hardcopy price: $25.00

ISBN: 971-561-509-0
Publication Date: November 2003
Out of Print

At the end of 2002, the value of bond markets in emerging Asian countries exceeded US$1.2 trillion, more than half the total for emerging markets. Asian markets achieved this preeminent position without much support, and even as the region's economic and financial sectors endured a series of difficulties over the past decade. Domestic bond markets have grown rapidly to become important features of financial markets across the Asian region.

This study of Harmonization of Bond Market Rules and Regulations is one of several regional initiatives supported by ADB.

The study provides an overview of the recent development in the Asian bond market and the general state of the bond market in eight selected economies (PRC, Hong Kong, Indonesia, Korea, Malaysia, Philippines, Singapore, and Thailand with a special focus on rules, regulations, and key issues that would need to be addressed to build regional bond markets.

This study identified seven areas that need to be harmonized to foster development of regional bond markets. These include:

  • legal and regulatory
  • rating agencies
  • trading platforms
  • clearing and settlement
  • accounting and auditing standards
  • taxation
  • foreign exchange regulations

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Contents

Foreword, Tables, Figures, Currency Equivalents per US$1.00 and Abbreviations [ PDF: 120kb | 6 pages ]

Executive Summary [ PDF: 103kb | 6 pages ]

  1. Introduction [ PDF: 64kb | 3 pages ]


  2. Recent Macroeconomic Developments [ PDF: 94kb | 2 pages ]


  3. East Asian Bond Markets and the Institutional Investor Base [ PDF: 264kb | 33 pages ]

    • Institutional Investor Base
    • Institutional Assets by Type
    • Constraints
    • The Bond Market by Country

  4. Harmonization of Bond Market Rules and Regulations [ PDF: 105kb | 8 pages ]

    • Legal and Regulatory Framework
    • Market Infrastructure
    • Audit and Accounting Standards
    • Taxation
    • Foreign Exchange Regulations

  5. Conclusions and Recommendations [ PDF: 65kb | 2 pages ]

Annex: Bond Markets of Selected East Asian Economies [ PDF: 571kb | 64 pages ]

  • People’s Republic of China
  • Hong Kong, China
  • Indonesia
  • Republic of Korea
  • Malaysia
  • Philippines
  • Singapore
  • Thailand

Bibliography and Web Sites [ PDF: 101kb | 2 pages ]