ICMA’s rapidly growing Asia-Pacific membership includes around 70 institutions from Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, the Philippines, Singapore, and Taiwan. ICMA has served members in the region since the 1970s and established its representative office in Hong Kong in 2013.

In Asia-Pacific, ICMA is regarded as the market-leading association in debt capital market and sustainable finance, a key partner to policymakers and banks, and an authority on understanding of international regulation development. ICMA works closely with its members and also central banks, regulators, trade bodies and government authorities to support robust development of capital markets in the region.

Regional representation

In line with ICMA’s structure which encourages market representation at regional level through committees of members, the Asia Pacific Regional Committee guides the association’s work in the region to meet the needs of its members.

Supporting members & markets

Activities are focused on ICMA’s global experience and expertise in the core areas of primary markets; secondary markets; repo and collateral markets; green, social and sustainability bonds; as well as benchmark reform and transition to risk-free rates and FinTech and market electronification.  

Primary markets

ICMA facilitates two formal debt primary market committees specifically for the region, the ICMA Asia Pacific Bond Syndicate Forum (ABSF) and the ICMA Asia Pacific Legal & Documentation Forum (ALDF), which shape cross-border primary market practices in Asia and provide Asian perspectives on international regulation and practice.

Consultation responses:

7 May 2021: ICMA response to HK SFC consultation paper on the proposed code of conduct on bookbuilding and placing activities in the equity capital market and debt capital market
Following publication of the consultation conclusions in October 2021 we look forward to reviewing the amended Code in detail, and will convene our member firms to determine next steps in implementation for DCM.

7 February 2020: ICMA response to HKEX consultation: Review of Chapter 37 - Debt issues to professional investors only


Panda Bonds: Raising Finance in China’s Bond Market - case studies - ICMA and NAFMII, September 2021
English version | Chinese version

In March 2021, ICMA published the report Asian International Bond Markets: Development and Trends, supported by the Hong Kong Monetary Authority (HKMA). Summarised data on international bond issuances in Asia used in the report, as of January 2021, is available here.

International practices of bond trustee arrangements – ICMA-NAFMII Working Group, 9th UK-China Economic and Financial Dialogue, December 2018

The panda bond market and perspectives of foreign issuers – ICMA-NAFMII Working Group, 8th UK-China Economic and Financial Dialogue, October 2017
English version | Chinese version

Practices and procedures in the Chinese and international primary debt capital markets – ICMA-NAFMII Working Group, 6th UK-China Economic and Financial Dialogue, September 2015
English version | Bilingual version

Secondary markets

ICMA’s work in secondary market focuses on research and facilitating internationalisation of domestic markets. ICMA publishes research reports, sends regular market updates to secondary market contacts, and advises central banks and securities regulators on bond market development, infrastructure, and liquidity.


Investing in China’s Interbank Bond Market: A Handbook, ICMA and NAFMII, September 2021

The Asian International Bond Markets: Development and Trends - ICMA, March 2021

The Internationalization of the China Corporate Bond Market - ICMA, January 2021. A podcast summarising the key takeaways from this research is available here.

The Asia-Pacific Cross-Border Corporate Bond Secondary Market - A report on the state and evolution of the market – ICMA, August 2018

ICMA Secondary & Repo Markets Update for Asia Pacific:

Repo and collateral markets

In the repo and collateral market, ICMA publishes 13 GMRA legal opinions for Asia-Pacific markets and has undertaken strategic cooperation with other associations and stakeholders on research and advocacy. ICMA and ASIFMA publish results of the 3rd Asia Pacific repo market survey and a guide on repo in Asia, and is advising regulators and members on repo market, including close-out netting and triparty repo.


3rd Asia-Pacific repo market survey, conducted June 2021 - ICMA and ASIFMA, December 2021

ICMA SFTR checklist for non-European firms - November 2020

2nd Asia-Pacific repo market survey, conducted June 2020 - ICMA and ASIFMA, November 2020

A pilot survey of the Asia-Pacific repo market – ICMA and ASIFMA, September 2017  

FinTech and market electronification

ICMA tracks important FinTech regulatory developments and new applications globally, including those in Asia Pacific.

ICMA FinTech newsletter archive:

Sustainable finance

In the other core market areas Asia-Pacific based members are represented on ICMA’s international committees, working groups and task forces, for example the Green Bond Principles Membership and Advisory Council, to ensure that global developments reflect the concerns of increasingly important Asian markets.  

ICMA’s publications and database of sustainable bonds also fully consider the market developments in Asia Pacific. Our compendium of international sustainable finance policy initiatives & best market practice, intended to provide stakeholders with an easy reference point to the numerous national and international developments in the field, includes international, regional and national policy initiatives and standards from Asia Pacific.

The principles and guidelines for green, social, and sustainability bonds have been translated into Asian languages.

Green Bond Principles Social Bond Principles Sustainability Bond Guidelines
Bahasa Malay / Bahasa Melayu Baku (2018 edition)
Chinese / 中文 (2021 edition)
Hindi (India) / हिन्दी (2018 edition)
Japanese / 日本語 (2021 edition)
Korean / 한국어 (2021 edition)
Thai / ภาษาไทย (2018 edition)
Vietnamese / Tiếng Việt (2018 edition)
Bahasa Malay / Bahasa Melayu Baku (2018 edition)
Chinese / 中文 (2021 edition)
Hindi (India) / हिन्दी (2018 edition)
Japanese / 日本語 (2021 edition)
Korean / 한국어 (2021 edition)
Bahasa Malay / Bahasa Melayu Baku (2018 edition)
Chinese / 中文 (2021 edition)
Hindi (India) / हिन्दी (2017 edition)
Japanese / 日本語 (2018 edition)
Sustainability-Linked Bond
Climate Transition Finance Handbook Guidance Handbook
Bahasa Malay / Bahasa Melayu Baku
Chinese / 中文
Japanese / 日本語
Chinese / 中文
Japanese / 日本語
Chinese / 中文 (2021 edition)
Guidelines for External Reviewers    
Bahasa Malay / Bahasa Melayu Baku (2018 edition)
Chinese / 中文 (2018 edition)
Hindi (India) / हिन्दी (2018 edition)
Japanese / 日本語 (2018 edition)

Regulatory responses:

16 November 2021: ICMA response to the SEBI consultation paper on introducing disclosure norms for ESG Mutual Fund schemes

27 September 2021: ICMA response to SGX Consultation Paper on Climate and Diversity

11 March 2021: ICMA response to Singapore Green Finance Industry Taskforce (GFIT) taxonomy consultation

15 January 2021: Supportive of SFC’s approach to introduce regulatory requirements for fund managers, ICMA's response to the SFC Consultation Paper on the Management and Disclosure of Climate-related Risks by Fund Managers highlights some challenges faced by fund managers, including climate risk modelling and lack of reliable issuer-level data, and recommends synchronising the effective date of reporting requirements for issuers and fund managers.

Closing the SDG Financing Gap in ASEAN - A Sustainable Finance Guide for Corporates, By UN Global Compact Network Singapore (GCNS) and Ernst and Young (EY), in contribution with ICMA, Arabesque and DBS - November 2020

Chinese translation of ICMA publication: Sustainable Finance: High-level definitions - May 2020

Sustainable finance: Compendium of international policy initiatives & best market practice - ICMA, February 2020

Japanese translation of the 2018 edition of Mapping to the Sustainable Development Goals

The practice and prospects for green bond market development at home and abroad - NAFMII-ICMA Working Group, 8th UK-China Economic and Financial Dialogue, March 2017
English version* | Chinese version*
*These documents are locked to ICMA members only. Members of NAFMII and members and observers of the Principles may access the documents on request.

Benchmark reform and transition to risk-free rates

ICMA maintains a dedicated webpage for benchmark-related resources in selected Asia-Pacific markets and has jointly published in July 2020 an IBOR transition guide for Asia.


Guide to Tough Legacy Bonds in Asia-Pacific - jointly published by ICMA and Bloomberg, May 2021

Tough legacy bonds in Asia Pacific video report presentation (ICMA Members only) - from the ICMA/Bloomberg joint virtual event - LIBOR Transition: Tough Legacy Bonds in Asia Pacific on 25 May 2021.

IBOR Transition Guide for Asia - jointly published by ICMA, APLMA, ASIFMA, and ISDA, July 2020

Other publications

Guide to infrastructure financing in Asia – ICMA and ASIFMA, August 2016

Partnerships and collaborations

Across the region, ICMA has established partnerships or collaborates with the following trade associations to share technical and regulatory expertise on national and international markets and cooperate on market development initiatives:

Australian Financial Markets Association (AFMA)

National Association of Financial Market Institutional Investors (NAFMII)
Shanghai Lujiazui Financial City

Hong Kong:
Treasury Markets Association (TMA)

The Fixed Income Money Market and Derivatives Association of India (FIMMDA)

Indonesia Securities Companies Association (APEI)

Japan Securities Dealers Association (JSDA)

Malaysian Investment Banking Association (MIBA)

The Thai Bond Market Association (TBMA)
Association of Thai Securities Companies (ASCO)


ASEAN Capital Market Forum
Asia Pacific Loan Market Association (APLMA)

Asia Securities Forum
Asia-Pacific Financial Forum
Asia Pacific Economic Cooperation

Events and podcasts

ICMA offers an extensive programme of conferences and roundtables throughout the year, covering all the market sectors in which it is active. ICMA’s global event schedule includes conferences in the financial centres of the Asia-Pacific region and has strong representation from the region at its flagship Annual General Meeting and at the AGM of the Green and Social Bond Principles.

ICMA’s virtual events and webinars for market participants, gather industry experts across the region, facilitating global discussions about trends and issues in the debt capital markets.

ICMA also regularly publishes podcasts drawing from insightful interviews with experts in the industry on current topics in the global capital markets.

View our upcoming events* and visit our media library for recordings of events and podcasts.

*ICMA is recognised by the Securities and Futures Commission (“SFC”) as an approved Continuous Professional Training (“CPT”) course provider. Having attended ICMA’s APAC events, participants may claim for CPT hours to fullfill the CPT requirements.


ICMA offers high quality professional development training courses* in support of its capacity building activities in markets across the region. ICMA is particularly active in repo and collateral market training in the Asia Pacific region, often in partnership with regional development banks and central banks.

*ICMA is recognised by the Securities and Futures Commission (“SFC”) as an approved Continuous Professional Training (“CPT”) course provider.

ICMA’s foundation courses are now available in an online self-study format, suitable for professionals in front, middle or back-office functions. We also offer a full suite of capital markets training courses including ICMA qualifications in a virtual classroom format, led by market experts.

In addition to executive education online training courses, ICMA also:

  • delivers bespoke training courses for ICMA members and non-members across the region, tailored to the regional markets;
  • organises overseas study and meeting trips for ICMA member firms to facilitate international cooperation and information exchange and;
  • partners with the National Development and Reform Commission in China to develop syllabus materials and professional standards for the Corporate Finance Consultant certificate (in Mandarin Chinese). The Corporate Finance Consultant Certificate (CFC) Programme, an international professional qualification in the specialised field of corporate finance, is based not only on research on how to help enterprise financing, investment and risk management issues by experts both in China and abroad, but also on the financial needs of Chinese based enterprises, especially SMEs. To date, almost 4,000 delegates have earned the CFC qualification.


ICMA Legal & Regulatory Helpdesk in Hong Kong

(Members only)


+852 2531 6590

For legal enquiries: legalhelpdesk@icmagroup.org

For market practice and regulatory policy queries: regulatoryhelpdesk@icmagroup.org

ICMA representative office in Hong Kong

Phone: +852 2531 6592
Email: apac@icmagroup.org

Hong Kong Representative Office
Unit 3603, Tower 2, Lippo Centre
89 Queensway Admiralty
Hong Kong

Google map

Mushtaq Kapasi

Managing Director and Chief Representative for Asia-Pacific

Direct line: +852 2531 6590

Ricco Zhang

Senior Director, ICMA Asia Pacific

Direct line: +852 2531 6591

Yanqing Jia

Associate, ICMA Asia Pacific

Direct line: +852 2531 6593

Wing Wong

Assistant, ICMA Asia Pacific

Direct line: +852 2531 6592

ICMA Zurich

T: +41 44 363 4222
Dreikönigstrasse 8
8002 Zurich
ICMA London

T: +44 20 7213 0310
110 Cannon Street
London EC4N 6EU
ICMA Paris

T: +33 1 70 17 64 72
62 rue la Boétie
75008 Paris
ICMA Brussels

T: +32 2 801 13 88
Avenue des Arts 56
1000 Brussels
ICMA Hong Kong

T: +852 2531 6592
Unit 3603, Tower 2
Lippo Centre
89 Queensway, Admiralty
Hong Kong
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