Treasury Markets Summit 2014

The Treasury Markets Summit 2014, jointly organised by the Hong Kong Monetary Authority (HKMA) and the Treasury Markets Association (TMA), was held today (Monday) in Hong Kong.  

In his keynote address to the Summit, Mr Norman T.L. Chan, Chief Executive of the HKMA, remarked the rapid progress in developing Hong Kong into the global offshore renminbi (RMB) business hub in the last five years.  Mr Chan also highlighted the three key elements in building a successful global hub for offshore RMB business, namely, “Policy Headroom, Infrastructure and People/Products”.  He concluded that Hong Kong was uniquely positioned to take advantage and play a pivotal role in the new era of RMB internationalisation, and encouraged Hong Kong’s financial industry and market practitioners to seize the policy headroom and develop relevant products and services that would best serve the needs of their clients. 

In preparation for the imminent launch of the Shanghai-Hong Kong Stock Connect, Mr Chan announced two additional measures as backstop facility to assist banks in Hong Kong in managing their RMB liquidity, namely, intraday repo facility up to RMB10 billion for RMB participating banks in Hong Kong, and the designation of a number of banks as Primary Liquidity Providers (PLPs) for the offshore RMB market in Hong Kong.  The PLPs will use and develop Hong Kong’s platform to support their global offshore RMB business, and expand their market-marking activities in the CNH market.  The list of PLPs will be announced shortly. 

The Summit’s panels focused on various facets of Hong Kong’s treasury markets and asset management industry, including Hong Kong’s role in supporting the RMB business in other financial centres, the positioning and strategies of Hong Kong in maintaining its status as a premier offshore RMB business hub and international asset management centre, and the opportunities and challenges brought by the development of Hong Kong as a corporate treasury centre. 

Speakers at the Summit included Mr Peter Pang, Deputy Chief Executive of the HKMA and Chairman of the TMA Executive Board; Ms Alexa Lam, Deputy Chief Executive Officer and Executive Director of Investment Products Division and International & China, Securities and Futures Commission; and Mr James Badenach, Financial Services Tax Partner, EY.  

The Summit was attended by over 350 participants, including representatives from regulatory authorities, the Government, treasury market practitioners, asset owners and managers as well as senior executives and professionals from banks, other financial institutions and corporates from different geographic locations. 

Hong Kong Monetary Authority
Treasury Markets Association
15 September 2014

Mr Norman T.L. Chan, Chief Executive of the Hong Kong Monetary Authority, gives the keynote speech at the Treasury Markets Summit 2014 held in Hong Kong.

Mr Peter Pang, Deputy Chief Executive of the Hong Kong Monetary Authority (third from left), shares his views on Hong Kong’s role in supporting the RMB business in other financial centres.  Joining him on the panel discussion are Mr Chordio Chan, General Manager, Head of Investment, Investment Management, Bank of China (Hong Kong) Limited (first from left), Mr Justin Chan, Co-Head of Markets, Asia-Pacific, The Hongkong and Shanghai Banking Corporation Limited (second from left), Ms Fu ZhiLin, Deputy General Manager, International Banking Department, Bank of Communications (third from right), Mr Andrew Ng, Group Executive & Head of Treasury and Markets, DBS Bank (second from right) and Mr Michael Vrontamitis, Head of Trade, Product Management, Transaction Banking, Standard Chartered Bank (first from right).