15th Tokyo Roundtable on Capital Market and Financial Reform in Asia

11-12 March 2015, Tokyo, Japan

The 15^thTokyo Roundtable on Capital Market and Financial Reform in Asia took place on 11-12 March 2015 at the Asian Development Bank Institute (ADBI) in Tokyo, Japan. This meeting was jointly organised by the ADBI and the OECD, in co-operation with the Government of Japan.

The Roundtable was followed by a one-day event, High-Level Panel on Institutional Investors and Long-Term Investment Financing, on 13 March.

Initiated in 1999 in the aftermath of the Asian financial crisis, the Tokyo Roundtable offers a forum for regulators, policy-makers, experts, practitioners, scholars and international organisations to discuss issues relating to capital market reform in Asia.

DAY ONE: 11 March 2015

KEYNOTE ADDRESS: Takahide Kiuchi, Member of the Policy Board, Bank of Japan

SESSION 1: Developments and major challenges in the Asian financial markets

Moderator: Naoyuki Yoshino, Dean, Asian Development Bank Institute (ADBI)

Speakers:

Developments and Major Challenges in Korean Financial Market: Jaehong Suh, Director-General for International Cooperation, Korea Financial Services Commission

Challenges for Asian Financial Sector: Zeng Hui, Director, International Finance Division, People’s Bank of China

Financial Markets of Pakistan: Reforms, Emerging Opportunities and Challenges: Muhammad Ali Malik, Director, Financial Markets and Reserve Management, State Bank of Pakistan

Emerging Market Vulnerabilities: Challenges and Prospects – Case of Indonesia: Dwityapoetra S. Besar, Deputy Director, Department of Macroprudential Policy, Bank Indonesia

Discussants:

Noritaka Akamatsu, Senior Advisor, Regional and Sustainable Development Department, ADB

Visakha Amarasekere, Director, Department of External Resources, Ministry of Finance and Planning, Sri Lanka

SESSION 2: International financial reforms after the global financial crisis: impact and implications for financial stability and sustainable economic growth

Moderator: Masahiro Kawai, Professor, University of Tokyo

Speakers:

Implications and Impact of Regulatory Reforms: Case of Thailand: Vanaporn Laksanasut, Head, Financial Markets Analysis and Development Division, Bank of Thailand

Economic Consequences of New Financial Regulations: Shinichi Yoshikuni, Senior Managing Director, Mizuho Securities Research and Consulting Co.

Issues Surrounding the Global Financial System: Michio Saito, Deputy Director-General, Planning and Coordination Bureau, Financial Services Agency, Japan

Discussants:

Yuko Kinoshita, Deputy Head, Regional Office for Asia and the Pacific, IMF

Nguyen Vin Hung, Deputy Director-General, State Bank of Viet Nam

SESSION 3: Functioning of capital markets and their role in value creation

Moderator: Takahiro Yasui, Head, Special Projects and Outreach Unit, Directorate for Financial and Enterprise Affairs, OECD

Speakers:

Corporate Bonds, Corporate Bondholders and Corporate Governance: Mats Isaksson, Head of Division, Corporate Affairs Division, OECD

The Links Between Pension Systems, Long-term Value, and Financial Stability: Vedat Akgiray, Professor of Finance, Bogazici University

Corporate Governance in a Networked Age: Erik Vermeulen, Professor of Business Law & Finance, Tilburg University and Vice-President, Corporate Legal Dept., Philips International B.V, Netherlands

Corporate Governance for Growth: Japan’s Strategy in Global Setting: Kenji Okamura, Deputy Commissioner for International Affairs, Financial Services Agency, Japan

Value Creation for SMEs in a Financial Ecosystem: Liu Fuzhong, Vice Director, Strategy and International Relations, Shenzhen Stock Exchange

Discussant:

Shoko Negishi, Professor, Doshisha University

DAY TWO: 12 March 2015

SESSION 4: Impact and challenges of global financial reforms on Asian banks

Moderator: Naoyuki Yoshino, Dean, Asian Development Bank Institute (ADBI)

Speakers:

Global Regulatory Reforms: What’s in Store for Asian Banks?: Eli Remolona, Chief Representative, Bank for International Settlements, Asia and the Pacific Office

Financial Regulation to Sustain Healthy Economic Growth: Toshiyuki Suzuki, Senior Market Economist, The Bank of Tokyo-Mitsubishi

Impact and Challenges of Global Financial Reforms on Chinese Banks: Ba Jinsong, Director, Policy Research Department, China Banking Regulatory Commission

Discussants:

Stephen Lumpkin, Senior Economist, Financial Affairs, OECD

Kenichi Ueda, Associate Professor, Faculty of Economics, University of Tokyo

SESSION 5: Comparative evaluation of different forms of SME financing

Moderator: Stephen Lumpkin, Senior Economist, Financial Affairs Division,OECD

Speakers:

SME Finance and Credit Rating of SMEs: Naoyuki Yoshino, Dean, Asian Development Bank Institute (ADBI)

Financing SMEs in Indonesia: Experiences, Policies and Further Initiatives: Imansyah Imansyah, Head, Department for Financial Stability, OJK, Indonesia

Unlocking SME Finance Through Market-based Debt: Securitization, Private Placements and Bonds: Gert Wehinger, Principal Administrator, Financial Affairs Division, Directorate for Financial and Enterprise Affairs, OECD

Growth Capital Financing for SMEs in Asia: Different Models from Bank Lending: Shigehiro Shinozaki, Financial Sector Specialist (SME Finance), Sector Advisory Service Division, Regional and Sustainable Development Department, ADB

Discussant:

Regional Financial Soundness, R&D Activities and Firm Size: Yasuo Goto, Senior Research Fellow, the Research Institute of Economy, Trade and Industry (RIETI)

SESSION 6: Non-bank financial intermediaries and the role of capital markets in financing growth

Moderator: Mamiko Yokoi-Arai, Principal Administrator, Financial Affairs Division, OECD

Speakers:

Stagnation Hypotheses: What Do Company Data on Infrastructure and Other Investments in the Global Economy Tell Us?: Adrian Blundell-Wignall, Special Advisor to the OECD Secretary General on Financial Markets and Director, Directorate for Financial & Enterprise Affairs, OECD

New Challenge and Evolution of Japanese Private Equity and Venture Capital Industry under ABENOMICS Policy: Kazunori Ozaki, Chairman, Japan Venture Capital Association (JVCA)

Capital Markets and Economic Growth: An Economics Fundamentalist’s View: Chiaki Hara, Professor, University of Kyoto

Non-bank Financial Intermediaries and Capital Markets Development: Supporting Economic Growth in Emerging Economies: Andre Belelieu, Associate Director, Financial Services Industries, World Economic Forum

Discussant:

Yutaka Okada, Deputy Director-General, Financial Markets Department, Bank of Japan

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