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A joint webinar entitled “MYR – Access and Liquidity” was conducted by the Asia Securities Industry and Financial Markets Association (ASIFMA) in collaboration with the Financial Market Association of Malaysia (FMAM) and Bank Negara Malaysia (BNM) on 19 August 2019. This event, held simultaneously across three locations in Asia; Kuala Lumpur, Singapore and Hong Kong, enabled a timely discussion of the ringgit and Malaysia’s importance in the increasingly competitive global financial markets. The webinar was attended by a diverse group of 60 ASIFMA members from various sectors such as asset managers, custodians, banks and financial infrastructure companies. The informative and engaging discussions were led by Assistant Governor Norzila Abdul Aziz, together with teams from the Foreign Exchange Administration Department and Investment Operations & Financial Market Department of BNM.
Among the topics discussed were liquidity and accessibility of the ringgit especially after Kuala Lumpur trading hours, flexibility of the dynamic hedging programme and its benefits, availability of Appointed Overseas Offices (AOOs) globally to facilitate client trades as well as bond market liquidity and potential future market development initiatives. Market participants were also provided with the broad perspective and principle behind the various liberalisation measures, aimed to be progressive whilst preserving financial stability.
All parties welcomed the concerted effort by the regulators and market intermediaries to further enhance market accessibility and liquidity, ensuring better investors’ experience in the onshore financial market.
“Our continuous collaboration with the industry to develop the market has garnered positive feedback from investors thus far. These developments represent an ongoing drive to promote a balanced growth in the onshore financial market that will serve the needs of both the investors as well as the real sector. Moving forward, we will continue to engage all industry participants, market associations and financial service providers to promote further developments in areas such as repo and the derivatives markets”, said Assistant Governor Norzila Abdul Aziz.
“We need to continuously work with all stakeholders, both local and international, to innovate and implement, to clarify and simplify and to create an effective financial markets framework. All the stakeholders have various options and we are competitive in pricing. We have USD12 to USD14 billion worth of FX transacted onshore daily and this is in stark comparison to the offshore market volume that stood at less than USD1 billion today. We are very pleased with the outcome of today’s joint session with ASIFMA. We look forward to more of such collaborative efforts in future”, said Chu Kok Wei, President of FMAM.
“ASIFMA welcomes the openness of the dialogue and, on behalf of our members, we would like to thank Bank Negara Malaysia for their full engagement and senior level representation at the event, including Assistant Governor Norzila Abdul Aziz. This gathering was an important opportunity for market participants to raise concerns and suggestions to improve market efficiency. There are ongoing areas for improvement and this session was a good forum for discussing some of those ideas. We very much would like to continue the dialogue as we try to work together to enhance efficiency of Malaysian markets. ASIFMA greatly appreciates the partnership that it has had, and will continue to have, with FMAM,” concluded David Campbell, Managing Director and Head of Fixed Income of ASIFMA.
Bank Negara Malaysia
Asia Securities Industry and Financial Markets Association
Financial Market Association of Malaysia
22 August 2019
Bank Negara Malaysia
22 Aug 2019
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