亚洲开发银行（ADB）：东盟+3地区本币债券市场合格抵押品标准对比分析.docx

CROSS-BORDERSETTLEMENT

CROSS-BORDERSETTLEMENTINFRASTRUCTUREFORUMBRIEFNo.2

COMPARATIVEANALYSISOF

COLLATERALELIGIBILITYCRITERIA

FEBRUARY2024

I.Introduction

KeytasksoftheCross-BorderSettlementInfrastructureForum(CSIF)aretoconductastudyonthecollateraleligibilityoftheregionslocalcurrency(LCY)bondsandtodiscusspossibleimplementationoftheCross-BorderCollateralArrangement(CBCA)andtheCentralBankLiquidityBridge.Thesetasksaresetoutinthe

ASEAN+3AsianBondMarketsInitiative(ABMI)

Mid-TermRoadmap,2023-2026.2

Collateralplaysapivotalroleinsupportingsecured

financialtransactions.Andtheimportanceofeligible

collateralcriteriahasbeenincreasinglyrecognizedsincetheglobalfinancialcrisis.Thisimportancemayeven

increasefurtherasriskmanagementpracticesevolveandfinancialinstitutionsstepupeffortstorespondtoglobalfinancialregulatorychanges.

Theglobalfinancialcrisisdrovecentralbanksand

marketparticipantstoconsiderrevampingtheir

eligibilitycriteriaforcollateral.Tobeeligiblefor

collateral,assetsmustsupportsufficientmarketliquidity

inviewofvaluationandbetransferableacross

participantsaswellasmarkets.

Overall,soundeligibilitycriteriaforcollateraland

efficientcollateraltransactionswouldcontributetoboththedevelopmentofLCYbondmarketsand

financialstabilityintheregion.Inparallel,facilitatingcollateraltransactionsrequirearobustcollateral

framework,liquiddomesticbondmarkets,and

interoperablemarketinfrastructures.

HIGHLIGHTS

Eligiblecollateralplaysapivotalroleinsupportingfinancialtransactions.Theimportanceofeligible

collateralcriteriahasgarneredsignificantattentionasfinancialmarketinfrastructuresandfinancial

institutionsstepuptheireffortstorespondtoglobalfinancialregulatorychanges.

Centralbankstendtotakeamoreconservative

approachinsetting