•  The stock exchanges of Singapore, Malaysia and Thailand have linked up through a common trading platform, the ASEAN Trading Link. This platform provides investors a single entry-point access to the three largest equity markets in ASEAN. There is still some way to go to achieve seamless participation across the region’s financial markets. But these initiatives are a good start. OTC derivatives infrastructure Second, OTC derivatives infrastructure. Earlier, I spoke of global regulatory reforms driving a revolution in the derivatives market. This has brought about new market infrastructure developments, and Singapore has made significant strides in two key areas. The first area is clearing. •  SGX AsiaClear, Asia’s first OTC clearing facility, was established as early as 2006. •  As counterparty to both buyers and sellers, AsiaClear mitigates counterparty credit risk in OTC transactions. •  AsiaClear’s value to the trading community extends to record and statement services, position netting, and cost savings for customers posting margins. •  Today, SGX AsiaClear is the region’s leading multi-asset OTC clearing house, with volumes exceeding 300 billion US dollars to-date. The second area is trade reporting. •  Just in December 2012, the Depository Trust & Clearing Corporation’s (DTCC) Global Trade Repository established its Asia-Pacific global data centre in Singapore. •  The Singapore location is part of its global trio of data centres, designed to support DTCC’s global trade repository services around the clock. •  DTCC’s initiative will fill a key post-trade market infrastructure gap in Singapore and the Asia Pacific region.

•  Singapore’s total market capitalisation has grown by over 150% in the last decade, to 270 billion US dollars in 2011. We are the fourth largest foreign exchange trading centre in the world. •  FX and FX derivatives turnover in Singapore has more than tripled in the last decade, with an average daily traded volume of about 360 billion US dollars. We are Asia’s leading commodity derivatives trading hub. •  Most of the major global banks have their regional hubs in Singapore. •  According to some estimates, Singapore accounts for more than half of Asia’s OTC commodity derivatives trades. To succeed in the new financial landscape, Singapore must comprehensively support Asia’s long-term financing needs. Let me highlight two strategic areas where we will harness our diverse financial ecosystem: debt capital market and infrastructure financing. Debt capital market In a world of deleveraging and higher regulatory constraints on banks, it is now more urgent than ever to develop strong capital markets to complement bank lending and help to provide a better match for longer term funding requirements. 4  BIS central bankers’ speeches  The fundamentals for a strong debt capital market are in place. •  The Singapore bond market is fully accessible to all issuers and investors globally with no capital controls, hedging restrictions, or withholding taxes. •  There is diversity of issuers – financial institutions, corporations and government agencies. •  There is variety in instruments issued, including structured and securitised debt.