Lim Hng Kiang: Singapore Exchange Beijing Representative Office Opening speech by Mr Lim Hng Kiang, Deputy Chairman of the Monetary Authority of Singapore and Minister for Trade and Industry, at the Launch Ceremony of the Singapore Exchange Beijing Representative Office, Beijing, 21 April 2008. *  *  *  Ladies and Gentlemen, Congratulatory remarks I am delighted to be here with you this evening to commemorate the opening of the Singapore Exchange Beijing Representative Office. First, I would like to take this opportunity to express my appreciation to the Chinese Government and the Chinese Securities Regulatory Commission for the generous support of the Singapore Exchange’s efforts in China. Establishment of the Singapore Exchange Beijing representative office The setting up of the Singapore Exchange’s first overseas representative office in Beijing underscores the exchange’s commitment to China. This representative office will further strengthen existing links between our two business and finance communities under the broader China-Singapore partnership framework. Chinese listings on the Singapore Exchange The Singapore Exchange started serving the fund-raising needs of Chinese companies since 1997, and it has seen strong interest in the recent years. Encouraged by the Chinese government’s "go out" policy and also boosted by the economic strength of the Chinese economy, Chinese companies have increasingly taken significant steps to regionalise and internationalise their businesses. Many Chinese companies have chosen Singapore as a springboard into the region and the Singapore Exchange as a fund-raising platform.

How can the Joint Member Staffs and private stakeholders best collaborate to ensure stability in the Treasury market as the market structure evolves and new technologies are applied? How should practices and culture evolve accordingly? Will new technology and automation in the marketplace introduce unexpected challenges or risks to Treasury market participants? Are there opportunities to improve market transparency in a way that sheds light on risk issues that emerge as the market continues to evolve? Are the regulatory requirements imposed upon the Treasury market appropriate in the current environment? Has a competitive level playing field 2/3  BIS central bankers' speeches  been maintained given the evolving structure? And, are there any changes that could improve the functioning, efficiency and/or integrity of the Treasury market? As I highlighted before, answering such questions well could require greater transparency. It is important for officials and market participants to fully understand the range of market elements. These include the relative size of transaction volumes by various players, the breadth and resiliency of platforms used to facilitate risk transfer, and the robustness of market infrastructure under contingent circumstances. More broadly, interagency efforts and collaboration with the public to shed light on the evolving structure and its risks are critical to protecting Treasury market function and supporting investor confidence. Because we benefit from the Treasury market being the deepest and most liquid market for government securities, complacency should not be an option.