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3rd Annual Gemloc Investor-Country Conference and Advisory Services Workshop
June 13-15, 2012Istanbul, Turkey
The 3rd Annual Gemloc Investor-Country Conference and Advisory Services Workshop took place from June 13-15, 2012 in Istanbul, Turkey. This year’s overall theme was on approaches for improving liquidity of government bond markets, including investor base diversification and tools to improve price transparency and dissemination (e.g. electronic trading platforms, primary dealer systems).

The 3rd Annual Gemloc Investor-Country Conference and Advisory Services Workshop took place over two and a half days, divided in two parts:

(i) June 13-14: the Investor-Country Conference in the first two days provided a unique opportunity for global investors, senior country officials and other specialists to share experiences and discuss key issues facing emerging bond markets today;

(ii) June 15: the half-day Advisory Services Workshop addressed key technical issues in local bond market development and how Gemloc Advisory Services might help strengthen local currency bond markets going forward.

This year’s overall theme was on approaches for improving liquidity of government bond markets, including investor base diversification and tools to improve price transparency and dissemination (e.g. electronic trading platforms, primary dealer systems).

With over 80% of total public debt being funded through local currency debt instruments, emerging market economies have been striving to enhance the liquidity of their local debt markets. Deeper and more liquid markets attracts more funds to provide basic services, strengthens public debt profiles, creates better pricing benchmarks--of use for the entire financial system, and creates a stronger foundation for building private sector fixed income products for investments in critical areas such as infrastructure and housing.

The event attracted representatives from Ministries of Finance, Central Banks, and securities regulators from 19 countries, investors, as well as capital market specialists from the World Bank.

Conference Proceedings

 

Wednesday, June 13 - Investor-Country Conference

8:30 – 9:00 AM            Coffee and Registration

9:00 – 9:30 AM            Welcome Remarks: Alison Harwood, Manager, Capital Markets and Corporate Governance, World Bank Group

Conference Opening Remarks: Taşkın Temiz, Deputy Director General, Undersecretariat of Treasury, Turkey

9:30 – 9:45 AM            Overview of the Gemloc Program 

Alison Harwood, Manager, Securities Markets Group, The World Bank Group

9:45 – 11:00 AM          Roundtable on Outlook for Investments in Local Currency Debt Markets

Cynthia Steer, Chair of Gemloc Advisory Board and Managing Director at Russel Investments

Discussants:
- László Búzás, Deputy CEO, Government Debt Management Agency, Hungary
- Monale Peter Ratsoma, Chief Director, National Treasury, South Africa
- Taşkın Temiz, Deputy Director General, Undersecretariat of Treasury, Turkey  

11:00 – 11:15 AM        Coffee Break

11:15 – 11:45 AM        GEMX Index: Randolf Tantzscher, Director, Head Index Research & Design, Markit. This session will explain the composition and mechanics of the GEMX Index, including the investability indicators.

11:45 AM – 12:30 PM Gemloc Advisory Services: This session described the operations and initiatives of Gemloc Advisory Services and how it can help address challenges to developing local bond markets.

Anderson Silva, Lead Securities Market Specialist, Securities Markets Group, World Bank Group

12-30 – 1:45 PM           Lunch

1-45 – 3:15 PM             Panel Discussion – Investor Insights: Global and Domestic Investors shared their views on salient factors in setting investment strategies for emerging bond markets. Discussions covered the most important set of policies and reforms countries should implement to deepen local markets and enhance financial stability

Moderator: Cynthia Steer

Panelists:
- Badr Alioua, CEO, Wafa Gestion, Morocco
- Francesc Balcells, Executive Vice President and Portfolio Manager, PIMCO
- Andrew Campbell, Partner and Head of Sales-Americas, BlueBay Asset Management
- Hon Cheung, Managing Director, State Street Global Advisors
- Tatiana Grecco, Head of Index Investments, Itaú Asset Management, Brazil
- İlhami Koç, General Manager, İş Investments, Turkey
- Anthony S. Mwithiga, Chief Investment Officer, Stanbic Investment Management Services, Kenya
- Benjamin Souza, Director, BlackRock

3-30 – 3:45 PM             Coffee Break

3:45 – 5:30 PM             Individual meetings between investors, countries, and the Gemloc team

6:30 – 10:30 PM           Dinner

Thursday, June 14 - Investor-Country Conference

9:00 – 9:15 AM            Introduction to Day 2
Anderson Caputo Silva, Head of Gemloc Advisory Services and Lead Securities Markets Specialist, Capital Markets and Corporate Governance, World Bank Group

9:15 AM – 12:15 PM  Local Currency Debt Markets Development Lab: Which policies to promote investor base diversification and competition?

9:15-10:45 AM:          Breakout Discussions 1

Group 1: Monitoring Non-resident Investors: interactions with investor relations units; impact on debt management and issuance strategy 
Moderators: Catiana Garcia-Kilroy, Senior Securities Markets Specialist, and Baudouin Richard, Consultant, Capital Markets and Corporate Governance, World Bank Group

Group 2: Policies and Strategies to Diversify the Investor Base Beyond Banks 
Moderators: Anderson Caputo Silva, Lead Securities Markets Specialist, and Thordur Jonasson, Senior Securities Markets Specialist, Capital Markets and Corporate Governance, World Bank Group

10:45 - 11:00 AM         Coffee Break

11:00 - 12:15 PM          Plenary Discussion: Key conclusions

12:15 – 1:30 PM           Lunch

1:30 – 4:30 PM           Local Currency Debt Markets Development Lab: Which policies to promote price discovery and transparency?


1:30 – 3:00 PM:          Breakout Discussions 2

Group 1: Secondary Market Architecture, and Trading Venues and Participants 
Moderators: Catiana Garcia-Kilroy, Senior Securities Markets Specialist, and Baudouin Richard, Consultant, Capital Markets and Corporate Governance, World Bank Group

Group 2: Price Discovery Mechanisms and Dissemination Models Moderators: Anderson Caputo Silva, Lead Securities Markets Specialist, and Thordur Jonasson, Senior Securities Markets Specialist, Capital Markets and Corporate Governance, World Bank Group

3:00 – 3:15 PM           Coffee Break

3:15 – 4:30 PM             Plenary Discussion: Key Conclusions

4:30 – 5:00 PM             Wrap-up of the Conference

- Alison Harwood, Manager, Capital Markets and Corporate Governance, World Bank Group
- Taşkın Temiz, Deputy Director General, Undersecretariat of Treasury, Turkey

5:00 – 6:30 PM             Individual meetings between investors, countries, and the Gemloc team

Friday, June 15 - Gemloc Advisory Services Workshop

9:00 AM – 1:00 PM     Roundtable on Products and Priority Areas of Work

9:00 – 11:00 AM         Roundtable on Products (Part 1) Gemloc is collaborating with countries on several projects to improve fiscal and monetary management; enhance financial inclusion; and enable growth of domestic financial products. Country representatives and the Gemloc team will jointly present a selection of these projects highlighting their expected impact for the development of local currency bond markets. Participants will discuss priority areas to enhance collaboration and guide future Gemloc work.

Project 1: Ministry of Finance-Central Bank Coordination - Sterilization Policy 
- Catiana Garcia-Kilroy, Senior Securities Markets Specialist, Capital Markets and Corporate Governance, World Bank Group
- Kattia Monge-Castro, Head of the Middle Office, Ministry of Finance, Costa Rica

Project 2: Issuer-Driven Exchange Traded Fund 
- Anderson Caputo Silva, Lead Securities Markets Specialist, Capital Markets and Corporate Governance, World Bank Group
- Fernando Garrido, Head of Public Debt Operations Department, National Treasury Secretariat, Brazil
- Regina Celia Dias, Manager – Debt Strategy, National Treasury Secretariat, Brazil

Project 3: Treasury Mobile Direct 
- Catiana Garcia-Kilroy, Senior Securities Markets Specialist, Capital Markets and Corporate Governance, World Bank Group
- Livingstone Bumbe, Assistant Director, Debt Management Department, Ministry of Finance, Kenya      

11:00 – 11:15 AM        Coffee Break

11:15 – 11:45 AM        Roundtable on Products (Part 2)

General discussion and Q&A

11:45 AM – 12:45 PM Roundtable on Priority Areas of Work: Countries’ views on priority areas of work to enhance collaboration        

12:45 – 1:00 PM           Wrap-up

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