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Agenda

Agenda. Bond Market Development Debt Issuer Services Fixed Income Regulatory Issues Prudential Committee Infrastructure Investment Work Group. Town Hall Meeting June 2013. Adré Smit. Bond Market Development.

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Agenda

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  1. Agenda • Bond Market Development • Debt Issuer Services • Fixed Income Regulatory Issues • Prudential Committee • Infrastructure Investment Work Group Town Hall Meeting June 2013 AdréSmit

  2. Bond Market Development • Seeking greater transparency from the market, but liquidity remains important; trying to get right balance between two • National Treasury Bond Market Development Committee (BMDC) • Electronic trading platform for government bonds • Membership/ ASISA sub-committee • Role of the Primary Dealers- provide continuous two-way prices • Debate currently around: • Access to two-way prices • Role of the JSE • Chairman of BMDC meeting with ASISA FISC on 26 June for update

  3. Debt Issuer Services • Debt Issuance Guidelines for Corporate Bonds • Worked with Debt Issuers Association (DIA) • To ensure fair and transparent engagement between Issuers and Investors on issuance of corporate bonds • ASISA members monitoring adherence to guidelines • To develop similar guidelines for Securitisation Issues • Awaiting input from Securitisation Forum • Debt Issuers Services WG working on standardised legal terms it would want included in primary debt issues

  4. Fixed Income Regulatory Issues • Work Group set up to pick up on issues that relate to interpretation of Board Notice 80 under CISCA • Engaged with the FSB on a number of urgent issues • Will be putting on the table a number of other issues as well

  5. Prudential Committee • Within context of proposed Twin Peaks regulation National Treasury set up two committees: • Prudential and Market Conduct committees • Prudential committee responsible for all issues that could result in systemic risk to the South African financial system • Amongst other issues, this committee will have oversight of: • Structure of the capital market and its regulation • Shadow banking • Banking liquidity and funding • Basel III implementation

  6. Infrastructure Investment Work Group • South African infrastructure investment program • Research Input- interaction with OECD • International models • Engagement with relevant parties • PICC- pipeline of 18 SIPS • DHET- Student accommodation (SIP 14) • National Treasury Task Team: Private sector financing of infrastructure • To create enabling environment • Business Leadership SA and Banking Association of SA • Eskom/Transnet unlocking the Northern Mineral Belt with Waterberg as catalyst (SIP 1) • Investigate previous experiences to establish blockages

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