Progress Report on Establishing a Regional Settlement Intermediary and Next Steps: Implementing Central Securities Depository–Real-Time Gross Settlement Linkages in ASEAN+3

Publication | May 2015

This progress report is an important step for the establishment of Central Securities Depository–Real-Time Gross Settlement (CSD–RTGS) Linkages as a regional settlement intermediary in the region.

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Developed by the Cross-Border Settlement Infrastructure Forum (CSIF), composed of the central banks and central securities depositories in the Association of Southeast Asian Nations (ASEAN) and the People’s Republic of China, Japan, and the Republic of Korea—collectively known as ASEAN+3—the report shows the desktop study results between the Bank of Japan and the Hong Kong Monetary Authority aiming to create a common model for the linkages. The report also sets out the implementation road map for establishment of CSD–RTGS Linkages. As secretariat of the CSIF, the Asian Development Bank supports this initiative.


  • Statement from from the Chairs of the Cross-Border Settlement
  • Infrastructure Forum 
  • Executive Summary
  • Introduction
  • CSD–RTGS Linkages Model
  • Outline of Desktop Study
  • Policy Recommendations and Road Map
  • Remaining Challenges and Next Steps
  • Appendixes

Additional Details

  • Finance sector development
  • Banking and non-bank financial institutions
  • Financial markets and institutions
  • Regional cooperation and integration
  • 30
  • 8.5 x 11

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