flows and allowed for more crossborder market activities. in the past year alone, china liberalised access to the interbank bond market to foreign financial institutions and institutional investors. offshore corporates can now tap the onshore market for panda bond issuances, while chinese corporates in certain parts of china – such as chongqing, suzhou and tianjin – can issue bonds in offshore markets and repatriate the proceeds to support onshore economic activities. india has likewise liberalised cross - border capital market activities. indian banks and corporates are now allowed to issue rupee - denominated bonds overseas as part of their external commercial borrowings which enables indian issuers to diversify their funding base and achieve more efficient cost of funding. 11 in asean, capital market development and integration efforts are underway. the asean trading link provides investors with a single screen to access stock exchanges in malaysia, thailand and singapore. these three jurisdictions have also adopted fully harmonised prospectus disclosure requirements known as the asean disclosure standards, which facilitate the multi - jurisdictional offering of equity as well as debt. the asean collective investment framework ( cis ) was launched in 2014 to facilitate cross - border offering of cis to retail investors in malaysia, singapore and thailand, under a streamlined authorisation process. a total of 12 funds are now available under the framework. together, these initiatives benefit both issuers and investors by streamlining and lowering the cost of access to capital and investment, 2 / 7 bis central bankers'speeches and help to recycle capital within the region. 12 singapore ’ s capital markets have likewise developed well on the back of asia ’ s growth and capital market liberalisation : a. bonds. the size of the corporate bond market grew 2 % year - onyear to reach sgd 315 billion in 2015 comprising sgd 140 billion in singapore dollar bonds and sgd 175 billion in non - singapore dollar bonds. this represents an annualised growth rate of 12 % over the past five years. the market serves a diverse range of issuers, raising funds in various currencies and instruments, including : ( i ) one, covered bonds : dbs issued the first covered bond of usd 1 billion in july 2015. uob is the first global issuer to publish its harmonised transparency template ( htt ) 12 which was developed by the european covered bond council, and aims to promote an enhanced level of transparency and comparability for covered bond investors. ( ii ) two, masala bonds : following

ong chong tee : review of post - crisis regulatory reforms and initiatives opening address by mr ong chong tee, deputy managing director ( financial supervision ) of the monetary authority of singapore, at the isda regulators and industry forum, singapore, 13 november 2017. * * * mr christopher giancarlo, chairman cftc, mr scott o ’ malia, ceo isda, distinguished guests, ladies and gentlemen 1. allow me to first thank isda for inviting my colleagues and i to join you today in this regulators and industry forum, and for me to deliver the opening remarks. looking back 2. let me start with an analogy from the popular children story of the three little pigs and the big bad wolf. i am sure you are all familiar with that – how the big bad wolf ‘ huffed and puffed ’ and blew down the houses of straw and sticks ; except for the one made of bricks. 3. almost a decade ago, we had a big bad wolf that blew down the house of global finance, triggering the worst financial crisis since the great depression. in the post - crisis commentaries and debates that followed, a lot of attention had focused on who was the big bad wolf at that time – was it lehman together with other investment banks, insurance companies and hedge funds, or was it this product called subprime mortgages? but the more important lesson was that the global financial system was not as robust nor sturdy as previously thought. so regulators worldwide set about replacing the “ straws and sticks ”, to rebuild the system with “ bricks ”, so that it is better able to withstand the next financial stress. in keeping with the popular adage, there was a global consensus on “ not letting a serious crisis go to waste ”. 4. indeed, much have been done by financial authorities around the world. the foundations of the global financial system have been strengthened, such as in the capital and liquidity standards that underpin the viability of our financial institutions. global systemically important financial institutions ( or g - sifis ) and financial market infrastructures ( fmis ), as key pillars of the global financial system, have to meet higher regulatory standards as well as adopt new requirements on fail - safes through recovery and resolution plans. coming back to my analogy, global regulators have gone beyond strengthening the “ house ” but also delved into the previously overlooked “ garden ” of otc derivatives – and how this can be better landscaped around central infrastructure. in addition