Financial markets

Fifth Roundtable on Capital Market Reform in Asia


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.


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

Part A - The HK Penny Stocks Incident

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


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

Session III: Rebuilding Confidence in Markets

Part A - Prolonged Bear Market and its Aftermath

Part B. Governance of and by Institutional Investors

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


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