THE GLOBALIZATION
OF CHINA’S MARKETSRMB Internationalization and Stock Connect

June 24, 2015 | SIFMA Conference Center, NYC

EVENT GUIDE
24 June 2015
SIFMA Conference Center | 120 Broadway | NYC

ASIFMA is an independent, regional trade association with over 80 member firms comprising a diverse
range of leading financial institutions from both the buy and sell side, including banks, asset managers,
law firms and market infrastructure service providers. Together, we harness the shared interests ofthe financial industry to promote the development of liquid, deep and broad capital markets in Asia.
ASIFMA advocates stable, innovative and competitive Asian capital markets that are necessary tosupport the region’s economic growth. We drive consensus, advocate solutions and effect changearound key issues through the collective strength and clarity of one industry voice. Our many initiatives
include consultations with regulators and exchanges, development of uniform industry standards,
advocacy for enhanced markets, and lowering the cost of doing business in the region. Throughthe GFMA alliance with SIFMA in the United States and AFME in Europe, ASIFMA also provides
insights on global best practices and standards to benefit the region. For more information visit:
http://asifma.org

SIFMA is the voice of the U.S. securities industry, representing the broker-dealers, banks and asset
managers whose 889,000 employees provide access to the capital markets, raising over $2.4 trillion
for businesses and municipalities in the U.S., serving retail clients with over $16 trillion in assets andmanaging more than $62 trillion in assets for individual and institutional clients including mutual funds
and retirement plans. SIFMA, with offices in New York and Washington, D.C., is the U.S. regional memberof the Global Financial Markets Association (GFMA). For more information, visit http://www.sifma.org.

Contents
Event program.................................................................................................................................................................3Speaker biographies......................................................................................................................................................5Sponsors........................................................................................................................................................................... 11Attendees........................................................................................................................................................................ 152

PROGRAM
8:00am - 12:15pm

10:35am - 11:25am

Registration Desk HoursRMB Internationalization Panel

8:00am - 9:00am

Continental Breakfast
9:00am - 9:10am

Welcome Remarks
Kenneth E. Bentsen, Jr.
President and CEO
Securities Industry and Financial Markets
Association (SIFMA)
CEOGlobal Financial Markets Association (GFMA)

RMB internationalization continues to accelerate with
the RMB use growing in both cross-border trade andinvestment. The growth of the offshore RMB markets has
spurred investor interest, from central banks to financial
institutions and individual investors. Recognizing the needfor RMB internationalization, Chinese authorities seem to beembarking on an accelerated pace of reforms.
Topics will include:nGrowth in the use of RMB internationally for trade, as well
as by corporatesnIncreased investor participation in RMB by accessing
onshore China market or investing in offshore RMB
products

9:10am - 9:20am

nDevelopments in access programs

Opening RemarksnRole and function of offshore RMB markets and newoffshore RMB centersn

RMB as a component of central bank reserve
management and de facto reserve currency

nImplications on global trade and investment

Mark Austen
CEOASIFMA

9:20am - 9:40am

Keynote Address
Richard Hua Tang
CEOICBC Credit Suisse Asset Management
International Company, Limited

MODERATOR:
Mitchell Silk
Projects Partner and Head of the U.S. China Group
Allen & OveryPANELISTS:

9:40am - 10:00am

Keynote Address
Clement C. M. Leung, JP
Hong Kong Commissioner for Economic 		and Trade Affairs, USA
The Government of the Hong Kong Special
Administrative Region
10:00am - 10:20am

Morning Refreshment Break
Hosted by Allen & Overy
10:20am - 10:35am

RMB Internationalization Presentation
Debra J. Lodge
Managing Director Global Markets, 			
Head of RMB Business Development North America
HSBC Securities Inc

Douglas J. Elliott
Fellow in Economic Studies
Brookings Institution
Daniel H. Rosen
Co-Founder and China Practice Leader
Rhodium Group, LLC
Shulin PengManaging Director and Head of ICBC 		
North America Financial Institutions CenterIndustrial and Commercial Bank of China Ltd.
Anne Van Praagh
Managing Director, Sovereign Risk Group 		
Moody’s Investors ServiceDr. Wei Wang (Steve), Ph.D.
Managing Director and 				Head of Fixed Income Research
Bank of China International (BOCI)3

11:25am - 12:15pm

Stock Connect Panel
Shanghai-Hong Kong Stock Connect is a game changer
for Chinese markets, allowing open access to China’s
largest exchange for the first time. Soon the Shenzhen
Stock Exchange, home to many more small, dynamiccompanies, will become part of the scheme. This panel
will examine the Stock Connect phenomenon, how it’sstructured, who gets access, and how it works.
Topics will include:
nUnique structure of Stock Connect

nDaily and aggregate quotas and their implications

nQuirks, obstacles, and evolution of Stock Connectn

Who is participating and what’s the stance of global
investors? What about regulators?

nWhat’s coming for Stock Connect?

MODERATOR:
Stephanie KeppenneManaging Director, Head of Custody 		Products, Asset Servicing
BNY Mellon
PANELISTS:
Dr. Harry Hao Fu, Ph.D.
Director of Global Business Department
Shanghai Stock Exchange
Rongrong Huo
Head of China and RMB Business
Development, Capital Financing Global
Banking & Markets
HSBC
Paul KennedyGroup Chief Financial Officer
Hong Kong Exchanges and Clearing
LimitedLouis J. Rosato, IIIDirectorBlackRock
Chris RyanManaging Director and Head of Asia Pacific
MSCI Inc.

12:15pm

Conference Adjourns

4