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Dragon dynamics

Dragon dynamics

2012 was the Chinese Year of the Dragon and an auspicious time to be launching a pioneering initiative to deepen Asian debt market liquidity.

In March, three organisations – The Hong Kong Monetary Association (HKMA), Bank Negara Malaysia (BNM) and Euroclear Bank – unveiled a joint post-trade service to process cross-border Asian debt securities transactions. For the first time, two central banks in the region, with support from an international central securities depository, have harnessed system synergies and shared common processing methods for cross-border transactions involving their local debt instruments.

Why? To bolster their economies and solidify their long-term growth prospects via bond market modernisation. Olivier Grimonpont, General Manager and Regional Head, of Euroclear’s Asia-Pacific office, explains.


It all started in 2010, when a group of Asian central banks  and infrastructure service providers, known as the Pan-Asian Bond Task Force, published its blue-print for Asian debt market reform

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