Research Handbook on Asian Financial Law
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Research Handbook on Asian Financial Law

Edited by Douglas W. Arner, Wai Yee Wan, Andrew Godwin, Wei Shen and Evan Gibson

This comprehensive Research Handbook provides an in-depth analysis of the different financial law approaches, legal systems and trends throughout Asia. It considers how reforms following the crises have been critical for the development and growth of the region and explores a broad range of post-crisis financial regulatory issues. This timely book also examines how inconsistent and divergent approaches to financial market regulation are curtailing the region’s potential.
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Chapter 11: ASEAN bond markets: developments and challenges

Tir Srinopnikom


Since 1997 substantial progress has been made to establish institutions and realize legal harmonisation within the ASEAN bond market. The legal personality of ASEAN has enabled the implementation of a series of regulatory initiatives to support bond market development. Only recently has ASEAN undertaken an active role to introduce initiatives that strengthen bond market integration. The development of the ASEAN bond market is supported by a complex layer of rule-based and relation-based cooperation arrangements which are subject to broader Asian financial cooperation arrangements, such as ASEAN+3, which significantly influence market innovation. There is a vast disparity in domestic ASEAN bond market development and market integration requires high-level institutional arrangements and a synchronized regulatory framework. The current system is weak while legal harmonization fails to address all regulatory issues. These problems pose challenges for future ASEAN bond market integration.

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