Supporting Asian bond market development. Pilot Platform HK, ASEAN+3 ABMF

Cross-border Pilot Platform launchedThe Hong Kong Monetary Authority (HKMA), Bank Negara Malaysia (BNM) and Euroclear Bank are now settling cross-border transactions in Asian debt securities, using a Pilot Platform as the precursor to a pan-Asian Common Platform for Asian debt transaction processing.

In 2008, a group of Asian central banks and CSDs, and Euroclear Bank, formed a Task Force with the aim of developing a cost-effective and efficient cross-border settlement infrastructure for debt securities.

The Task Force has agreed that a Common Platform is necessary for achieving these planned objectives. A gradual implementation approach is considered appropriate for Asia given the differences in market practices, regulatory and currency regimes among Asian markets.

The Pilot Platform became operational on 30 March 2012.

ASEAN+3 Bond Market ForumEuroclear is also working with the ASEAN+3 Bond Market Forum (ABMF), whose aim is to foster standardisation of market practices and regulations in the local bond markets in Asia.

On 4 April 2012, ABMF, in collaboration with the Asian Development Bank (ABD), announced the publication of a guide on Asian bond market transaction flows.