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MAS, China's securities regulator to enhance capital markets cooperation

THE Monetary Authority of Singapore (MAS) and the China Securities Regulatory Commission (CSRC) have affirmed their commitment to strengthen supervisory cooperation and enhance financial connectivity between the capital markets of both countries.

This took place at the 3rd MAS-CSRC Supervisory Roundtable held on Oct 24, co-chaired by MAS' deputy managing director Ong Chong Tee and CSRC's vice-chairman Fang Xinghai.

Building on the discussions at last year's roundtable, MAS and CSRC have agreed on the substantive areas for cooperation in supervising exchange-traded derivatives with a link to each other's capital markets. The agreement will be formalised in a Memorandum of Understanding (MOU) soon.

This aims to enhance cooperation in the supervision of futures markets in both jurisdictions, and foster sound and stable development of the futures markets in Singapore and China.

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Next, the MAS and CSRC signed a Staff Exchange MOU to facilitate staff exchanges between both agencies to deepen working relationships and mutual understanding.

Other topics discussed during the roundtable include ways to enhance cross-border supervision of capital markets, application of data analytics in supervision and the role of capital markets in supporting the Belt and Road initiative.

Mr Ong said: "With increased cross-border capital market activities, MAS and CSRC acknowledge the importance of improving regulatory coordination and ensuring the financial stability of our capital markets. The derivatives MOU will lead to more effective cross-border regulatory oversight of futures markets, while the staff exchange arrangement will deepen ties between staff at both agencies."