Hong Kong has volunteered to spearhead a drive to strengthen clearing and settlement systems across the Asia-Pacific region - a key initiative arising from the Asia-Pacific Economic Co-operation (Apec) finance ministers' meeting.
Secretary for the Treasury Kwong Ki-chi yesterday tabled a proposal for the territory to take the lead in promoting the systems in economies developing capital markets and financial infrastructure.
Mr Kwong said the territory would share its institutional and regulatory experience and floated the prospect of a regional clearing and settlement facility.
He said: 'The priority should be for the individual members to develop their own domestic clearing and settlement systems.
'We will have to have certain standards before there can be linkages.' The two-day Apec forum concluded with a range of proposals to encourage private sector participation in infrastructure development.
The territory, which is one of the world's leading foreign exchange and stock markets, is working on a range of other projects to boost its status as a financial centre outside Apec.
These include helping to expand and develop China's burgeoning equity markets and the Hong Kong dollar-debt market.
