亚开行-东盟+3金融市场基础设施更新（英）-2023.12_市场营销策划_重点报告202301202.docx

CROSS-BORDERSETTLEMENTINFRASTRUCTUREFORUMBRIEFNo.IUPDATEONFINANCIALMARKETINFRASTRUCTURESINASEAN+3DECEMBER2023IntroductionThepurposeofthisdocumentis,firstly,toshowthatinthemarketsoftheAssociationofSoutheastAsianNations(ASEAN)plusthePeople,sRepublicofChina(PRC),Japan,andtheRepublicofKoreaagroupingcollectivelyknownasASEAN+3-therearefull-fledgedcashandsecuritiessettlementsystemsthatarebeingcontinuouslymaintainedandimproved.Secondly,thisdocumentbrieflydescribesgovernmentbondandcorporatebondmarketsintheregion.Thirdly,itsharesinformationoncurrentenhancementstofinancialmarketinfrastructures(FMIs)intheregion.Cross-BorderSettlementInfrastructureForum(CSIF)membershaveanincentivetointroducenewtechnologies,includingdistributedledgertechnologiesandcentralbankdigitalcurrencies,whichcanimpactthefunctioningofFMIs.Cross-borderconnectionsbetweenFMIs,includingcentralsecuritiesdepository-real-timegrosssettlementlinkagesandpeer-to-peerconnectionsoffastpaymentsystems,arealsobeingimplemented.Finally,CSIFmemberinstitutionshaveagreedtoadoptinternationalstandards,includingInternationalOrganizationforStandardization(ISO)20022,fortheirFMIstoenhanceinteroperabilityandthepotentialtoconnecttoeachother.HIGHLIGHTS今AllcentralbanksinASEAN+3havedevelopedandaresuccessfullyoperatingreal-timegrosssettlementsystems.今Theinteroperabilityofthereal-timegrosssettlementsystemshasincreaseddrasticallycomparedwiththeearliersystemsbecauseoftheadoptionofISO20022andlatesttechnologies.fMarketsintheregionhavebeenadoptingdeliveryversuspaymentmechanisms,inwhichboththebondandcashlegsaresettledsimultaneously.Thisappliestobothgovernmentandcorporatebondmarkets.*Fastpaymentsystemsarealsorapidlybeingimplemented,andnotonlyforretailpayments.今TheCross-BorderSettlementInfrastructureForumwillcontinuetopromotesecureregionalinteroperabilitythroughtheadoptionofnewtechnologiessuchasblockchainanddistributedledgertechnologies.TheAsianDevelopmentBankCSIFsecretariatteammembersexpresstheirheartfeltgratitudetotheCSIFmembersandobserversfortheirinformation,supportandadviceincompilingthisdocumentaswellastheircontributionstotheregularmeetings. The Asian Development Bank secretariat team for the CSIF comprises Satoru Yamadera, advisor. Economic Research and Development Impact Department (ERDI)Jiwoong Choi, financial sector specialist, ERDI; Taiji Inui. ADB consultant; Leelark Park, ADB consultant; Ki-Hoon Ro, ADB consultant; and Yvonne Osonia, ADB consultant. The secretariat team would like to thank Matthias Schmidt, ADB consultant, for valuable comments.ADBTableI:Real-TimeGrossSettlementSystemsinASEAN+3MemberEconomiesEconomyOperator(CentralBank)NameoftheSystemOnlineLocalTimeOperatingHoursGMT+XaStartofOperationImplementationofISO20022BNBDCBRTGS9a.m.-5p.m.b+820142014CNPBOCHVPS8p.m.(-1)-5p.m.c+820052013CNPBOCCIPS212midnight-11:59p.m.+820182018HKHKMACHATS8:30a.m.-6:30p.m.+81996(2024)IDBIBI-RTGS6:30a.m.-5p.m.+7202026dJPBOJBOJ-NET8:30a.m-9p.m.+92016c2016KHNBCBakongf24hours+720182018KRBOKBOK-Wire+9a.m.-5:30p.m.+919942026三LABOLLaPaSS9a.m.-3:30p.m.+720202022MYBNMRENTAS-IFTS8a.m.-9p.m.h+819992022PHBSPPhiIPaSS9a.m.-5:45p.m.+820022021SGMASMEPS+9a.m.-7p.m.+820062022THBOTBAHTNET8:30a.m.-5:30p.m.+720132022VNSBVIBPS8a.m.-5p.m.+72002NAASEAN+3=AssociationofSoutheastAsianNationsplusthePeople'sRepublicofChina,Japan,andtheRepublicofKOrea;BAHTNET=BankofThaiIandAutomatedHigh-valueTransferNetwork;BDCB=BruneiDarussalamCentralBank;BI=BankIndonesia;BN=BruneiDarussalam;BNM=BankNegaraMalaysia;BOJ=BankofJapan;BOJ-NET=BankofJapanFinancialNetworkSystem;BOK=BankofKorea;BOL=BankoftheLaoPDR;BOT=BankofThailand;BSP=BangkoSentralngPilipinas：CHATS=ClearingHouseAutomatedTransferSystem;CIPS2=Cross-BorderInterbankPaymentSystem2;CN=People'sRepublicofChina;HK=HongKong,China;HKMA=HongKongMonetaryAuthority;HVPS=HighValuePaymentSystem;IBPS=InternetBankingPaymentSystem;ID=Indonesia;ISO=InternationalOrganizationforStandardization;JP=Japan;KH=Cambodia;KR=RepublicofKorea;LA=LaoPeople'sDemocraticRepublic;LaPaSS=LaoPaymentandSettlementSystem;MAS=MonetaryAuthorityofSingapore;MEPS+=MASElectronicPaymentSystemPlus;MY=Malaysia;N.A.=notapplicable;NBC=NationalBankofCambodia;PBOC=People'sBankofChina;PH=Philippines;PhiIPaSS=PhilippinePaymentandSettlementSystem;RENTAS-IFS=Real-TimeElectronicTransferofFundsandSecurities-InterbankFundsTransferSystem;RTGS=real-timegrosssettlementsystem;SBV=StateBankofVietnam;SG=Singapore;TH=Thailand;VN=VietNam.Note:ThecentralbankofBruneiDarussalamchangeditsnamefromAutoritiMonetariBruneiDarussalam(AMBD)toBruneiDarussalamCentralBank(BDCB)in2021.aTimedifferencefromGreenwichMeanTime(GMT).bBDCB,sRTGSoperatinghoursendat3:30p.m.onFridays,andareshorterduringRamadan.cHVPSinthePeople'sRepublicofChinastartsoperationat8p.m.ofthepreviousdayandcontinuesoperatio