fbpx 41517-012: Minimizing Foreign Exchange Settlement Risk in the ASEAN+3 Region: Support for Group of Experts | Asian Development Bank

Regional: Minimizing Foreign Exchange Settlement Risk in the ASEAN+3 Region: Support for Group of Experts

Sovereign (Public) Project | 41517-012 Status: Closed

The goal of the proposed RETA is to assist in developing bond markets in the ASEAN 3 region (including ASEAN and People's Republic of China) by creating a conducive environment that will provide financial alternatives against which to insulate the region from externally induced financial crisis. The purpose of the study is to examine the various options with respect to the setting up of the RSI. The study will first consider a detailed cost and benefit analysis of the various models for the RSI. Then the roles and functions of the proposed RSI must be defined. Ownership supervisory oversight level of participation by the region's governments ability to link to all RTGS and the role of the private and public sector are important issues that should also be examined. All stages of the study will be in consultation and discussion with the private sector participants as well as policy makers.

Project Details

Project Officer
Satoru Yamadera Sustainable Development and Climate Change Department Request for information
Country
  • Regional
Modality
  • Technical Assistance
Sector
  • Finance
 
Project Name Minimizing Foreign Exchange Settlement Risk in the ASEAN+3 Region: Support for Group of Experts
Project Number 41517-012
Country Regional
Project Status Closed
Project Type / Modality of Assistance Technical Assistance
Source of Funding / Amount
TA 6509-REG: Minimizing Foreign Exchange Settlement Risk in the ASEAN+3 Region: Support for Group of Experts
Investment Climate Facilitation Fund under the Regional Cooperation and Integration Financing Partnership Facility US$ 850,000.00
TA 6509-REG: Minimizing Foreign Exchange Settlement Risk in the ASEAN+3 Region: Support for Group of Experts
Republic of Korea e-Asia and Knowledge Partnership Fund US$ 450,000.00
Strategic Agendas Inclusive economic growth
Regional integration
Drivers of Change Partnerships
Private sector development
Sector / Subsector

Finance / Money and capital markets

Gender Equity and Mainstreaming
Description The goal of the proposed RETA is to assist in developing bond markets in the ASEAN 3 region (including ASEAN and People's Republic of China) by creating a conducive environment that will provide financial alternatives against which to insulate the region from externally induced financial crisis. The purpose of the study is to examine the various options with respect to the setting up of the RSI. The study will first consider a detailed cost and benefit analysis of the various models for the RSI. Then the roles and functions of the proposed RSI must be defined. Ownership supervisory oversight level of participation by the region's governments ability to link to all RTGS and the role of the private and public sector are important issues that should also be examined. All stages of the study will be in consultation and discussion with the private sector participants as well as policy makers.
Project Rationale and Linkage to Country/Regional Strategy
Impact 1. Strengthened regional policy dialogues on key issues related to cross border bond transactions and settlement issues 2. Increased awareness of ASEAN 3 member countries on issues in cross border bond transactions and settlement issues 3. Reduction of risks in cross border bond transactions and settlement 4. Facilitate growth in cross border bond transactions in ASEAN 3 region and 5. Development of local currency bond markets in ASEAN 3 region.
Project Outcome
Description of Outcome ASEAN 3 officials come up with an informed decision on issues related to, and a feasible mechanism for the settlement of, cross border bond transactions.
Progress Toward Outcome
Implementation Progress
Description of Project Outputs 1. Analysis of current issues related to cross border bond transactions in the ASEAN 3 region and the risk implication on settlement of cross border bond transactions 2. Analysis of feasibility of establishing a regional settlement intermediary in the ASEAN 3 region 3. Research report prepared by ADB based on the findings and recommendation of the Group of Experts (GOE) on measures and mechanism to improve cross border bond transactions and settlement, including the feasibility (a cost benefit analysis) of setting up a regional settlement intermediary (RSI) which will include the business case for a RSI, its governance structure and shareholding and 4. Conference to disseminate and share findings of study by GOE.
Status of Implementation Progress (Outputs, Activities, and Issues)
Geographical Location Regional
Summary of Environmental and Social Aspects
Environmental Aspects
Involuntary Resettlement
Indigenous Peoples
Stakeholder Communication, Participation, and Consultation
During Project Design
During Project Implementation
Business Opportunities
Consulting Services A. International Consultants 1. Clearing and Settlement Specialist Team Leader (4 person months) 2. Clearing and Settlement Specialist (4 person months) 3. Clearing and Settlement (Operations) Specialist (5 person months) 4. Legal and Regulatory Specialist (6 person months) 5. Information and Technology Specialist (2 person months) B. National Consultants 1. Project Coordinator (12 person months)
Responsible ADB Officer Satoru Yamadera
Responsible ADB Department Sustainable Development and Climate Change Department
Responsible ADB Division SDOD
Executing Agencies
Asian Development Bank
6 ADB Avenue,
Mandaluyong City 1550, Philippines
Timetable
Concept Clearance 28 Apr 2006
Fact Finding 10 Mar 2008 to 24 Mar 2008
MRM -
Approval 16 Dec 2008
Last Review Mission -
Last PDS Update 07 Apr 2017

TA 6509-REG

Milestones
Approval Signing Date Effectivity Date Closing
Original Revised Actual
16 Dec 2008 - 16 Dec 2008 30 Nov 2009 30 Jun 2016 -
Financing Plan/TA Utilization Cumulative Disbursements
ADB Cofinancing Counterpart Total Date Amount
Gov Beneficiaries Project Sponsor Others
0.00 1,300,000.00 0.00 0.00 0.00 0.00 1,300,000.00 16 Dec 2008 1,157,291.55

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