mostly been from the oil and gas sector, and reflects the protracted weakness in the sector arising from a slump in energy prices. rising defaults over the late part of the credit cycle and difficulties in particular sectors are to be expected, but mas ’ stress test suggests that most corporates in singapore remain fairly resilient, and banks ’ exposures to weaker issuers are likely to be manageable. the key here again is to ensure that one has a diversified portfolio. following the recent restructurings and defaults, we have also received feedback calling for a review of the regulations and market practices around the singapore bond market. some ideas include enhancing sales practices, recourse for investors when a bond defaults, and the need for credit ratings. we are considering these feedback and will respond soon. conclusion 27 to sum up, asia ’ s capital markets have enjoyed a very good run, owing to a confluence of macroeconomic fundamentals and policy liberalisation. asifma has supported that journey over the past ten years by improving transparency through market surveys, advocating innovative solutions through white papers and roadmaps, and building consensus on best practices through events like these and collaboration with other industry bodies. 28 the economic opportunities in asia are immense, and despite the cyclical slowdown, the region ’ s financing needs will continue to grow. asia needs to continue strengthening its capital markets, especially its bond markets. singapore will support asia ’ s bond market by introducing a new asian bond grant scheme, encouraging rated issuances, and supporting secondary market liquidity. please enjoy the rest of the conference. thank you. 1 imf world economic outlook, october 2014 2 imf world economic outlook, october 2016 3 dealogic data 4 “ learning to live with less liquidity ”, morgan stanley and oliver wyman, 13 march 2016 5 “ infrastructure for a seamless asia ”, asian development bank, 2009 6 " the asean investment report 2015 infrastructure investment and connectivity ”, the asean secretariat and unctad, november 2015 7 world federation of exchanges 2015 and 2006 data 8 “ ey global ipo trends ”, ernst & young, 2006 – 2015 and “ ipo watch, asia ”, pricewaterhousecoopers, 2007 – 9 world federation of exchanges 2015 and 2006 data 10 dealogic data 11 “ asean, prc and india ”, asian development bank, 2014 12 “ united overseas bank ( uob ) publishes the first global covered bond label harmonised transparency 6 / 7 bis central bankers

for publicly traded companies requiring them to disclose information regarding the scope of their year 2000 problem and the status of their year 2000 readiness. these actions are intended to prompt firms to be more forthcoming in providing information so that firms and investors may respond appropriately. while disclosure rules like those mandated by the sec are a positive development, the year 2000 process itself is constantly evolving, so formal disclosures will almost certainly be months behind the marketplace in accessing the status of firms. voluntary disclosure, therefore, must form an integral part of plans. firms that are forthcoming and disclose their status in forums like the global 2000 meetings set an example for other firms in their countries and provide the marketplace with vital information. in the united states, the oil and gas industry associations recently surveyed their members on the status of company readiness. while the survey revealed that 45 per cent of the respondents are still in the assessment phase, there has been no negative reaction in the marketplace or in the public press to the information. one probable reason for this reaction is that the survey and public disclosure conveys a message that companies have recognized the risks and have implemented programs and resources necessary to address the year 2000 problem ; information is reassuring. the joint year 2000 council the joint year 2000 council is providing a complement to these private sector efforts. we do not represent the global “ official sector ”, but we are attempting to coordinate and share information among the world ’ s financial regulators. to that end, we have issued a number of policy papers to provide regulators with a strong sense of better practice. the council also provides information through a bulletin and a website. we also plan to sponsor a series of regional meetings before the end of the year to bring together regulators at a regional level to discuss progress and to provide solutions to challenges. finally, we have held conversations with senior members of the private sector who are members of our external consultative committee to impress upon them the important role that they play in making these preparations. early in its life, the joint year 2000 council issued a statement emphasizing the importance of each country ’ s developing a national year 2000 strategy, including having senior government coordination. in the united states we have created a president ’ s council, which is one example of government coordination of year 2000 preparations. this has been a particularly useful tool for allowing further information sharing and disclosure, as well as speeding preparations. in spite of these efforts and examples of good practice, some countries will probably not be as prepared as we would hope. time will run out for a few