Working Groups and Meetings

Since their establishment in 1996, EMEAP working groups and meetings, each comprised of experts on respective issues, have made significant progress in each area. The current status of working groups and meetings is as follows:

WG on Payments and Market Infrastructures (WGPMI) studies the development and regulatory/supervisory/oversight issues in domestic and cross-border payments and market infrastructures. In addition, the WGPMI provides opportunities for member central banks to communicate regional perspectives and cooperate with other multilateral institutions and international forums on matters related to payments and market infrastructures.

WG on Financial Markets (WGFM) studies central bank services and the developments of foreign exchange, money, and bond markets. The WG/FM played a key role in forming the “Asian Bond Fund”, in which all member central banks participated.

WG on Banking Supervision (WGBS) studies banking supervision issues that are of interest to central banks. It was upgraded to a working group with a more permanent status from the previous study group. Over recent years, the governments of some EMEAP members have moved to separate banking supervision functions from the central bank and place them with a specialist supervisory agency. In this connection, although the Working Group is still mainly comprised of central banks, representatives from the supervisory agencies of some countries have also been incorporated in the Working Group.

Furthermore, at the seventh Governors’ Meeting in Kuala Lumpur, Governors endorsed the Deputie’ proposal to establish the IT Directors’ Meeting (ITDM). The ITDM, which consists of face-to-face meetings and electronic conferences, studies Information Technology and its application to member central banks.

Study Group on Resolution (SGR) is a resolution-specific forum within EMEAP and supports knowledge sharing and discussion among regional authorities in relation to practical and technical resolution matters in a cross-border context. Although the SGR membership mainly comprises central banks, representatives from some of the relevant authorities and agencies that perform resolution, supervisory and deposit insurance functions are also members of the SGR.

WG on Payments and Market Infrastructures (WGPMI)
WG on Financial Market (WGFM)
WG on Banking Supervision (WGBS)
The IT Directors’ Meeting (ITDM)
Study Group on Resolution (SGR)

The information of FM

Bond Market Stress and Policy Responses in the EMEAP Region during COVID-19 (June 2022)

This Working Group on Financial Markets (WGFM) report examines the bond market stress in the EMEAP region during COVID-19, and discusses the policy responses and lessons learnt. During March/April 2020, bond markets in most EMEAP economies experienced stress conditions due to a confluence of external and domestic factors. EMEAP central banks have succeeded in alleviating the bond market stress with various policy measures (e.g. asset purchases and liquidity facilities), which were carefully designed and adjusted, and well communicated in view of the challenges and potential side-effects associated with these policy measures. Based on the COVID-19 experience, the report draws a number of lessons learnt regarding bond market stress and resilience, and central banks’ policy responses; and suggests a few topics for continued collaboration among EMEAP members.

Study on US dollar Liquidity and Funding Dynamics in the EMEAP Region (August 2020)

This Working Group on Financial Markets (WGFM) report highlights members’ observations on the shifting dynamics of the US dollar in regional financing activities over the years, and its impact on regional financial stability. Members opined that the macroeconomic adjustments and the set of banking sector reforms undertaken in the past decades had strengthened the resilience of many EMEAP economies coming into the March-April episode of global US dollar liquidity stress. Nevertheless, members also identified certain areas which would require further regional collaborations to guard against future shocks.

Study on the Implications of Financial Benchmark Reforms (September 2019)

Financial benchmarks, especially interest rate benchmarks, are commonly referenced in financial contracts. However, the notable decline in the liquidity of the unsecured money markets after the global financial crisis, together with incidents of benchmark manipulation, raised questions about the credibility and robustness of submission-based benchmarks. Against this background, global efforts have been taken in reforming the financial benchmarks. The Working Group on Financial Markets agreed in September 2018 to conduct a study on the implications of financial benchmark reforms to regional markets, focusing on: A) LIBOR discontinuation; B) EU Benchmarks Regulation (BMR); and C) Reform of local benchmarks, in the EMEAP region. This report provides a brief overview of the three areas of financial benchmark reforms, summarises the results of a WGFM survey and discussion among EMEAP members and private financial institutions, as well as identifies risk scenarios and proposes some policy recommendations for EMEAP members’ consideration. The purpose of this report is to raise awareness of market participants, as well as to further enhance the market’s readiness for financial benchmark reforms.

EMEAP Money Markets (August 2018) Annex: Survey Results

Money markets serve as an important infrastructure for both private financial institutions and central banks. They are where financial institutions manage short-term funds based on their outlook on interest rates and their demand for, or supply of, funds. While the EMEAP money markets continue to have ample liquidity, partly thanks to prolonged capital inflows, this could start to decrease gradually if there were a reversal of capital flows. This report aims to record the state of play in the money markets, together with policy initiatives taken in the EMEAP region. While acknowledging that money markets have evolved in a manner unique to each jurisdiction, this report provides a reference to assist with further development of money markets in the region.

Impact of the Liquidity Coverage Ratio (LCR) Requirement on EMEAP Money Markets, Central Bank Operations and Monetary Policy Transmission

The Liquidity Coverage Ratio (LCR) was implemented by the Basel Committee with the aim of developing a more resilient banking sector. Given the significance of the LCR requirement as a global liquidity regulation, the Working Group for Financial Markets studied the impact of the LCR requirement on money markets, central bank operations and monetary policy transmission in the EMEAP region. This report summarises the findings and builds on the body of existing research on this topic.

EMEAP Repo Markets: State of Play – A Report by the EMEAP Working Group on Financial Markets 2014

This report discusses the Working Group on Financial Markets’ review of repo markets in the region. The objective of the review was to describe the place these markets occupy in member jurisdictions and to better understand the factors behind their development to date and the factors that might be impeding further or quicker development.

Local currency bond markets and the Asian Bond Fund 2 Initiative

This report, by the BIS, is a third-party independent review of the local currency bond markets. One aim of the review is to examine the extent to which the ABF2 initiative has stimulated the development of domestic bond markets as a source of long-term funding for Asian borrowers and promoted local currency bonds as a new asset class for both resident and non-resident investors.

Liquidity Management in EMEAP Money Markets:Possible vulnerabilities and scope for cooperation── Special Report from the EMEAP Working Group on Financial Markets── as of November, 2010

Liquidity Management in EMEAP Money Markets:Possible vulnerabilities and scope for cooperation── Special Report from the EMEAP Working Group on Financial Markets── as of July, 2010

Links to the websites of institutions providing government bond-related information in the EMEAP region

Report of the EMEAP Working Group on Financial Markets: Review of the Asian Bond Fund 2 Initiative

This is the review of the ABF2 Initiative. The purposes of the review are to assess to what extent the objectives of the Initiative have been met, to document the issues encountered and lessons learnt during the exercise, and to identify further work that needs to be done to develop Asian bond markets.

The Effectiveness of Capital Controls and Monitoring: The Case of Non-internationalization of Emerging Market Currencies

EMEAP, the Executives' Meeting of East Asia-Pacific Central Banks, is a cooperative organization of central banks and monetary authorities in the East Asia and Pacific region. Its primary objective is to strengthen the cooperative relationship among its members.