The Treasury Markets Summit 2010, co-hosted by the Hong Kong Monetary Authority (HKMA) and the Treasury Markets Association (TMA) with the support of the Hong Kong Trade Development Council, ended today in Beijing. In his address to the Summit, Mr Norman Chan, Chief Executive of the HKMA, highlighted the importance of developing "soft power" in financial innovation.
Mr Chan explained, "The key to the financial system's reform and modernisation is essentially the building up of its financial soft power; competition between international financial centres is thus a race to increase their soft power in the global financial stage. The success of an international financial centre does not rest simply on the building of hard infrastructures. It also requires the support of soft ones, such as a sound legal and judicial system, well-run financial institutions, highly professional market players, and a robust supervisory framework."
Mr Chan added, "The challenge for the ongoing reform and modernisation of the financial sector in our country is to elevate its financial soft power to a new level. In this regard, Hong Kong can contribute to the Mainland's development of financial markets and enhancement of soft power by sharing with it our experience, engaging in technical exchanges, mutual learning and training."
Meanwhile, to reinforce Hong Kong's own financial soft power, the HKMA is formulating new supervisory measures which explicitly require local treasury market practitioners to enhance their professional standard through continuous training and compliance with market codes. The proposed measures will be implemented as soon as possible after taking into account any views received during industry consultation.
During the Summit, participants from Hong Kong and the Mainland also discussed two topics with profound implications for the future development of China's financial markets, namely the role of financial derivatives and impact of the reform of the global derivatives market on financial innovation in the Mainland, and Hong Kong's role in renminbi offshore business as the internationalisation of renminbi gathers pace.
Speakers at the Summit included: Mr Eddie Yue, Deputy Chief Executive of the HKMA and Chairman of the Executive Board of Treasury Markets Association; Ms Wu Xiaoling, Member of the National People's Congress (NPC) Standing Committee and Vice Chairman of the Financial Economic Affairs Committee of the NPC; Mr Wang Huaqing, Commissioner of Discipline Inspection of the China Banking Regulatory Commission; and Dr Ba Shusong, Vice President of the Financial Research Institute of Development Research Center of the State Council.
Hong Kong Monetary Authority
Treasury Markets Association
15 October 2010
Notes on:
Treasury Markets Association, Hong Kong
The Treasury Markets Association, Hong Kong was formed in 2005 with an aim to further promote the professionalism and competitiveness of the treasury markets in Hong Kong through developing appropriate codes and standards for the treasury markets, promoting market and product development, enhancing the professionalism of market practitioners, and promoting the profile of Hong Kong as the preferred hub for treasury markets businesses in the Asia-Pacific region.
Treasury Markets Summit
The Treasury Markets Summit 2010 is one of the highlight events of the Treasury Markets Association this year. As the global financial crisis recedes and measures are being implemented to reform the global financial regulatory framework, there will be profound implications on maintaining financial stability and risk management by individual financial institutions. These developments are bringing important lessons for Mainland China in its financial sector development, particularly in the areas of financial innovation and risk management. Bringing together regulators and market players from Hong Kong and the Mainland, the Summit provides an important forum for discussing the development of financial derivative products and structured products in China and exchanging views on its path of financial development and innovation.
Over 300 people attended the Summit, including representatives from regulatory authorities, treasury markets practitioners, and senior executives and professionals from banks and financial institutions in Mainland China and Hong Kong.
The Chief Executive of the Hong Kong Monetary Authority Norman Chan gives the welcoming remarks at the Treasury Markets Summit 2010 held in Beijing.
