19-20 November 2003, Tokyo, Japan

The Tokyo Roundtable was established in 1999 in the aftermath of the so-called Asian financial crisis, and offers an annual forum for discussion among Asian securities market regulators, experts from OECD countries, practitioners, scholars and officials from international organisations on specific topics of main interest from the viewpoint of capital market reform in Asia.  The 2003 roundtable focused on:

• Market failures and regulators
• The regulatory role of exchanges
• Rebuilding confidence in markets
• Regional regulation in Asia

Mr. Alan Cameron, former Chairman of the Australian Securities and Investments Commission, chaired the meeting which was attended by the following non-member economies: China, Hong Kong (China), India, Indonesia, Malaysia, the Philippines, Singapore, Sri Lanka, Chinese Taipei and Thailand.

Documentation

• Draft Agenda
• List of Participants
• Summary Record

Session I: Market Failures and Regulators - Why are regulators always blamed for market failures?

Part A - The HK Penny Stocks Incident

• Mr Ashley Alder (Hong Kong Futures and Securities Commission)
• Ms. Qiumei Yan (China Securities Regulatory Commission)

Part B - The Australian HIH Insurance Collapse Case - Report of the HIH Royal Commission

• Mr. Joe Longo (Deutsche Bank)

 

Session II: Consolidation And Demutualisation - What Strategies Should Exchanges Adopt for the Future?

• Mr. Ruben Lee (Oxford Finance Group) - Consolidation and Demutualization: What Strategies Should Exchanges Adopt in the Future? 
• Hong Kong & New Zealand (Ms. Jane Diplock, Chairman of Securities Commission)
• Mr. Toshitsugu Shimizu Tokyo Stock Exchange, Inc.)
• Malaysia (Mr. Ranjit Ajit Singh, Director, Securities Commission)
• Mr. Tadashi Endo (World Bank)

Session III: Rebuilding Confidence in Markets

Part A - Prolonged Bear Market and its Aftermath

• Dr. Stephen Grenville  (Visiting Scholar, ADBI and former Deputy Governor, Reserve Bank of Australia)
• Mr. John Thompson (OECD), Conflicts of interest and the post-2000 market downturn
• Dr. Ghon Rhee (Professor of International Finance and Banking, University of Hawaii)
• Indonesia (Mr. Herwidayatmo, Chairman of BAPEPAM)
• Singapore (Mr. Mohammad Nizam bin Ismail, MAS)
• Japan (Mr. Naohiko Matsuo, Financial Services Agency)
• Contribution by Chinese Taipei 

Part B. Governance of and by Institutional Investors

• Mr. Stephen Lumpkin,  (OECD) Governance of and by institutional investors, Background information
• Mr. Renato Limjoco (ADB)
• Korea (Mr. Jung-Hoon Park, Korean Ministry of Finance and Economy)

Session IV: The Relevance of the European Experience on Regional Regulation to Asia - The Outlook for a Pan-European Securities Regulator

• Mr. Ruben Lee
• Hong Kong