APFF Voice of the Symposium
The 1st Asia-Pacific Financial Forum (APFF) Symposium was held in Sydney, Australia in April 2013. This publication explores the major themes as well as captures the discussions and key materials that were shared during the event.
ABOUT THE 2014 ASIA-PACIFIC FINANCIAL FORUM
The Asia-Pacific Financial Forum (APFF), proposed by the APEC Business Advisory Council (ABAC) in 2012, was endorsed by APEC Finance Ministers in 2013. The APFF is a platform that brings together institutions, organizations and initiatives geared towards the development and strengthening of financial markets in the Asia-Pacific region.
The objective of the APFF is to promote greater synergy, identify and address gaps, build institutional capacity, as well as accelerate the evolution of regional cooperation toward greater consistency and coherence in the development of regional financial markets.
ABOUT THE 2ND APFF SYMPOSIUM
The APEC Business Advisory Council (ABAC) and the National Center for APEC (NCAPEC) convened the 2nd Asia-Pacific Financial Forum (APFF) Symposium in Seattle, WA on July 7, 2014. The Symposium, themed “Building Integrated Financial Systems to Support the Growth of APEC’s Real Economy”, featured strategy-level discussions between financial services experts from private and public sectors and multilateral institutions to deepen understanding on significant policy and regulatory issues and their impact on financial markets.
Stemming from the conclusions of the 1st APFF Symposium held on 10-11 April 2013 in Sydney, the APFF structured its work plan around two major clusters. This first one relates to SMMEs access to financial services, while the second cluster deals with the development of deep, liquid and integrated financial markets.
In the Seattle forum, the discussants and participants tackled a number of proposed action plans for these clusters and its specific work streams. One suggestion is to encourage APEC economies to join two pathfinder initiatives – the development of credit information sharing systems and the development of classic repo markets. With the former, APFF plans to create online resources that would cater to policymakers, while the latter seeks to explore repo markets best practices including operational best practices on collateral management, data issues, interoperability of key market infrastructures, among other themes.
Furthermore, APFF is considering expanding the relevant dialogues and workshops to enhance understanding on significant issues including the impact of capital and liquidity standards, Know Your Customer /Counterparty Due Diligence, Anti-Money Laundering rules and their implementation on trade and supply chains in the region. It also aims to explore ways to improve the legal infrastructure for the development of over-the-counter (OTC) derivatives markets and enabling Asia-Pacific securities investment ecosystem. Other suggested pursuits in the next few years cover insurance regulation, infrastructure investments, and lending infrastructure.
The direct output of the Symposium is the finalization of APFF proposals for implementation in the next two to three years, all of which were thoughtfully crafted over a series of stakeholder discussions, research work and industry consultations in the region. An APFF Report, with its final recommendations for next steps, will be submitted and presented by ABAC to the APEC Finance Ministers in Beijing this year.
DATE: July 7, 2014
LOCATION: Grand Hyatt Seattle, 721 Pine St, Seattle, WA, USA, 98101
- John Muller - The Role of the Technology Enabled SMEs in Cross Border Markets
- Tom Clark - Improving Legal Architecture for Secured Lending
- Boon-Hiong Chan - APFF Workgroup on Trade and Supply Chain Finance
- Michael Turner - APFF Credit Bureau Workstream
- Matt Gamser - IFC's Trade and Supply Chain Platform Experience
- Mark Austen - Developing a Repo Best Practice Guide for Asian Markets (PDF)
- Keith Noyes - Legal Infrastructure as Risk Mitigant in Capital Markets
- Michael Taylor - Forging Deep, Liquid, and Capital Markets
- Jeremy Sturchio - Electronic Payments:Expanding Financial Access for Consumers and Businesses of Every Size, Everywhere
- Makato Okubo - Policies and Regulations to Promote the Long-term Business Roles of Insurance and Pensions and the Development of Retirement Systems
- Steven Chan - Promoting the Regulatory Recognition Approach to Accelerate Regional Financial Integration
- Rebecca Lentchner - Financial Market Infrastructures and Cross-Border Market Practices
- Kim Dietrich - Cross Border Investments in Financial Services in APEC Region
- Yoshihiro Watanabe - Volatilities in the Financial Markets and Global Imbalances
For further information regarding the Asia-Pacific Financial Forum, please contact:
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