The International Capital Market Association (ICMA) and the Hong Kong based Treasury Markets Association (TMA) have agreed to work together more closely on matters of mutual concern and have today signed a Memorandum of Understanding underlining their cooperative approach to promoting best practice in capital markets.
The two associations intend to foster enhanced cooperation and links through seminars and events for their respective memberships. There will also be an exchange of information and consultations in the critical areas of regulation and self regulation, market infrastructure, and professional training and accreditation. Among the areas for imminent cooperation will be promotion of the understanding and acceptance of the Global Master Repurchase Agreement (GMRA) within the Asian region.
Commenting on the MoU between the two associations René Karsenti, ICMA Executive President said: "This partnership with an influential body in Hong Kong is an important one for ICMA and its members in increasing the flow of knowledge between our largely European membership and this pivotal Asian market. We believe that our European experience in establishing a self-regulatory framework can be useful in the Asian capital markets and we are very willing to share this model while recognising the unique features of individual markets".
Mr. Stephen Ng, Chief Operations Officer of TMA said, "the signing of this agreement further strengthens mutual relationship in Asia and other parts of the world, at this difficult time. ICMA's well-established and solid self-regulatory framework will definitely give a good insight into that of TMA, while ICMA's profile can be further raised through the network by TMA in Asia markets especially in China. A win-win situation can be achieved."