Collaborative work on the initiative, which began in 1998, focuses on three key components. The first, undertaken by the Ministry of Finance, Thailand, with the World Bank (WB) and the Asian Development Bank (ADB) providing technical assistance, is to develop a comprehensive approach to systematically build sound and sustainable regional bond markets. ADB undertook a background study for the Finance Ministers on harmonizing of bond market rules and regulations. The second, endorsed by the Finance Ministers in September 2002, is to develop securitization and credit guarantee markets. Co-chaired by Hong Kong, China; the Republic of Korea; and Thailand; it involves holding high-level policy dialogues to discuss and exchange views on the use of securitization and credit guarantees at the domestic and regional levels, as well as providing experience-sharing programs to APEC members in identifying impediments, and developing detailed action plans. The third component is to develop new products, including long-term, local currency-denominated debt instruments, derivatives, and asset-backed securities.
APEC includes Australia; Brunei Darussalam; Canada; Chile; the People’s Republic of China; Hong Kong, China; Indonesia; Japan; Malaysia; Mexico; New Zealand; Papua New Guinea; Peru; the Philippines; the Republic of Korea; Russia; Singapore; Taipei,China; Thailand; the United States; and Viet Nam.