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Agenda

9:30-9:35 Welcoming RemarksIkko Nakatsuka@Senior Vice-Minister, Financial Services Cabinet Office, Government of Japan
9:35-9:50 Keynote SpeechRyutaro Hatanaka@Commissioner, Financial Services Agency (FSA)
9:55-11:15
Session 1Post-Crisis Regulatory Reform in Financial Markets and Its Implications for Asia

Having implemented various measures to secure financial system stability following the Asian currency crisis and nonperforming loan problems, Asian financial markets were relatively less affected by the global financial crisis. The effects of the crisis are, however, still lingering in the U.S. and European financial markets, which have been leading global finance up until the crisis; they are continuing their search for an exit. Consequently, many financial institutions find Asian markets more attractive compared to the time before the crisis. It should be noted, however, that while each country should be ready to respond to a possible future crisis individually, Asian financial markets as a whole should also be prepared.
In this session, the current situation of post-crisis regulatory reform will be reviewed both from global and Asian perspectives, and based on this analysis, challenges for Asian financial markets will be identified and measures to prevent future crises and the implications of such measures for Asia will be discussed.

Moderator

Jane Diplock
Independent Director, Singapore Exchange (Former Chairman, International Organization of Securities Commissions (IOSCO) Executive Committee)

Panelists

Steven Maijoor
Chair, European Securities and Markets Authority
Hans Hoogervorst
Chairman, International Accounting Standards Board
Stephen Po
Senior Director, Securities and Futures Commission, Hong Kong, and Chairman, IOSCO Standing Committee on Regulation of Market Intermediaries
Lee Chuan Teck
Assistant Managing Director, Monetary Authority of Singapore
Jaspal Singh Bindra
Group Executive Director and Chief Executive Officer, Asia, Standard Chartered Bank
Masamichi Kono
Vice Commissioner for International Affairs, FSA
11:20-11:35 Keynote SpeechChoongsoo KimGovernor, Bank of Korea
11:40-12:55
Session 2Towards a Better Framework for Supply of Funds in Asian Financial Markets

In Asian financial markets, evaluations of risks and returns by banks are not necessarily easy for lending to small and medium-sized enterprises (SMEs), and therefore bank lending secured with real estate currently plays a major role in indirect finance. In this regard, there is concern that markets are not fully meeting the various funding needs of SMEs. Asia also faces a challenge in that markets for direct finance have not yet matured, as is evident from the fact that the supply of risk capital, through venture capital for example, is insufficient and that stable corporate bond markets have not yet developed. Cross-border capital flows also have a great impact on the supply of funds in Asian financial markets.
To address these issues, this session will analyze the situation in the financing of SMEs, including microfinance, followed by a discussion on measures for further development of Asian financial markets, including an appropriate regulatory framework.

Moderator

Naoyuki Yoshino
Director, Financial Research Center (FSA Institute),
and Professor of Economics, Keio University

Panelists

Adrian Blundell-Wignall
Special Advisor to the Secretary-General for Financial Markets, and Deputy Director of Directorate for Financial and Enterprise Affairs, Organisation for Economic Co-operation and Development (OECD)
Andrew Sheng
President, Fung Global Institute, and Convenor, International Council of Advisers to the China Banking Regulatory Commission
Jong-Goo Yi
Senior Advisor and Foreign Attorney, Kim and Chang (Former Standing Commissioner, Financial Services Commission, Republic of Korea)
Kenji Fujii
Executive Officer, Head of Global Risk Management Group, Mizuho Securities Co., Ltd.
Mamiko Yokoi-Arai
Principal Administrator, Financial Affairs Division, OECD
Masaharu Okada
Professor and Executive Director, Yunus & Shiiki Social Business Research Center, Kyushu University
13:00-14:00 Lunch Break
14:10-14:25 Keynote SpeechZeti Akhtar AzizGovernor, Bank Negara Malaysia (video appearance)
14:30-16:00
Session 3Asian Market Integration: Competition and/or Cooperation

In order to maintain and further enhance the attractiveness of the Asian financial markets, the integration of major Asian financial markets should no longer be a dream, but the time has come to consider concrete steps toward realizing it. To this end, the development of market infrastructure and regulations in the Asian financial markets needs to be analyzed and appropriate measures need to be designed to keep pace with the evolving environment.
This session will first examine specific challenges regarding how competition and cooperation should be advanced from the perspectives of Asian market integration. Then discussion will follow on how Asian stock exchanges could cooperate and compete to stimulate Asian financial markets, and also on the possibility of new securities businesses that could arise therefrom.

Moderator

Zarinah Anwar
Chairman, Securities Commission Malaysia

Panelists

Atsushi Saito
President and Chief Executive Officer, Tokyo Stock Exchange Group, Inc.
Madhu Kannan
Managing Director and Chief Executive Officer, Bombay Stock Exchange Ltd.
Greg Medcraft
Chairman, Australian Securities and Investments Commission
Julian Park
Director General, International Cooperation Department, Financial Supervisory Service, Republic of Korea
Ramin Toloui
Executive Vice President, Portfolio Manager, PIMCO Asia Pte. Ltd
Shigesuke Kashiwagi
Senior Managing Director,
Government Affairs and Risk Advisory Group, Nomura Holdings, Inc.
16:00-16:30 Coffee Break
16:30-17:45
Session 4Innovation in Financial Market Infrastructure in Asia: Advanced Settlement Systems

Settlement systems, including central counterparties (CCPs), play the vital role of circulating funds safely and smoothly throughout the economy, and the safety, efficiency and convenience of settlement systems have been improved through the innovation of such systems to date. In addition to being an essential infrastructure for financial markets, settlement systems themselves have potential as a class of financial business, and also have an aspect of promoting development of new services and stimulating competition among existing services. At the same time, it is important to examine how their operation can be conducted in a way that suits the situations of individual systems.
In this session, we will take up examples of various innovations in Asia, such as Japanfs electronically recorded monetary claims system aimed at enabling smooth financing by firms, the BOJ-NET (an interbank settlement system), and CCPs. Based on such observations, we will explore the current status of settlement systems and the possibility of their further development in Asian countries.

Moderator

Kanit Sangsubhan
Director, Fiscal Policy Research Institute, Ministry of Finance, Thailand

Panelists

Magnus Böcker
Chief Executive Officer, Singapore Exchange
Tajinder Singh
Deputy Secretary General, IOSCO
Atsushi Miyauchi
Director-General, Payment and Settlement Systems Department, Bank of Japan
Nobuhiko Sugiura
Professor, Chuo University Graduate School of Strategic Management