On this front, we have seen increased diversity, both in terms of product offerings as well as in the issuers. In the area of product offerings, for example, we have seen an increase in the offering of commodity-related financial products. The Singapore Commodity Exchange launched a Robusta coffee futures contract in April last year. The Singapore Mercantile Exchange launched in August last year also provides a platform for trading a diversified basket of commodities including futures and options contracts on precious metals, agriculture commodities and energy. We have also replicated the success of the real estate investment trusts model for the infrastructure sector, further adding to the diversity of our capital markets. 14. On top of the increased diversity in product offerings, we are also encouraged by the increased diversity of issuers coming to tap into the depth and liquidity of our capital markets. Last year, we saw the first Russian debt issue in the Singapore market when VTB Bank launched its Sing Dollar Eurobond here. This paves the way for other highly rated Russian issuers to access our markets. In the area of Islamic finance, a number of international players have also tapped our markets for their shariah-compliant instruments. They include Saudi Arabia’s Al Rajhi Group1 and Malaysia’s Khazanah Nasional2. In November last year, Sabana also launched the first shariah-compliant Real Estate Investment Trust in Singapore, which is also the world’s largest shariah-compliant REIT. 15. Singapore plays a key role as a gateway to Asia, facilitating capital and investment flows.

In particular, infrastructure financing is likely to be a major driver of demand for investments. The Asian Development Bank estimated that $ trillion worth of infrastructure spending is needed in the 10 years leading up to 2020 to support Asia’s growth. The demand for capital investments driven by the growth in Asia’s real economy will support the development of the region’s capital markets. As investors continue to invest in Asia, the depth, accessibility and efficiency of Asia’s capital markets will continue to improve. BIS central bankers’ speeches  1  With proper balance, the continuing inflows of funds, improvements in capital markets and growth in the real economy will create a self-reinforcing virtuous circle. 7. Along with the rise of Asia, Singapore will continue to enhance our position as a Global-Asia financial and business hub. As a well-connected international financial centre, Singapore can be the base for global players to tap into opportunities offered by a rising Asia. To do that, we will build on our strengths in areas such as trading, asset management and infrastructure financing. We will also continue to emphasise the importance of strengthening risk management, enhancing transparency, as well as build depth and diversity in the offering of financial products and services. Let me cover these areas in turn. 8. First, in the area of strengthening risk management. In the context of the capital markets, we have been building the necessary infrastructure to help market participants better manage their risks. There has been greater concern over counterparty risks since the financial crisis.