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EVENT ROUNDUP
With the success of our previous series,
the 4th Korea Finance and Capital Markets Conference was successfully
hosted in the Westin Chosun Hotel on the 4th September 2003.
Dr. Sammy Ho, Managing Director of Euro Events,
started the event by welcoming all the delegates and guests
and the ball started rolling when the opening keynote speech
was delivered by our honorable guest Mr. Chang-Lok Kim, the
president of Korea Center for International Finance. Mr. Kim
talked about the risks and responses of Korean economy and
discussed about the various important issues such as the liquidity
bubble and the Government reform measures. When asked by the
audience about his view on the outlook, Mr. Kim expressed
optimism on the Korean economy if the nuclear threat from
North Korea can be successfully resolved.
On his presentation named “Korea Economy:
Present and Future Agenda”, Mr. Sung Hee Jwa, the president
of Korea Economic Research Institute, analyzed Korean economy
from a much different perspective. Mr. Jwa focused his analysis
on the approach taken by the former president Park government
and the main differences with the current approach. His comparison
on the attitudes of the two governments towards the big conglomerates
in Korea generated a lot of interest from the audience.
Dr. Sung Kuen Oh, Team Manager of Korea Investment
Trust Company Association, outlined the key changes in sales,
fund establishment, fund redemption, disclosure requirements
etc. in his presentation, “Indirect Investment Asset
Management Business Act”. The presentation gave a very
good insight of the recent regulation reform and how it can
benefit the industry by improving the regulation structure.
Ms. Christina Lam, the chief representative
of Euroclear Bank, gave a presentation on the latest development
of Euroclear and the future European consolidation with the
successful merger between Crest and Euroclear. Ms. Lam highlighted
how cost can be saved effectively through the adoption of
STP in cross-border settlement.
Mr. Aaron Peter Black of HP started the presentation
with some discussions on the Basel accord. Mr. Black then
further discussed how the financial institutions through STP
and market consolidation can achieve the cost reduction. In
his presentation, Mr. Black also highlighted the current trends,
issues and the challenges ahead.
Mr. Justin Ferrier, outlined the structures
and opportunities of ADM’s CBOs, the KOROmas Fund and
CORO Voltin Fund. Mr. Ferrier also introduced their Asian
Cross-Border Distressed Debt, the ADM Galleus Fund. He also
briefly highlighted the investment process of these cross-border
funds. Mr. Ferrier roundup his presentation by explaining
the ADM Capital’s distressed approach and why they have
been essential to the success of the funds.
The coverage of Securitization started with
Mr. Jae-Yeol Ma’s speech on the Korean ABS Market. Mr.
Ma, the expert from the Korea Ratings, discussed the trend
of the ABS market and reviewed the major issues of the first
half of the year. He expected the issuance volume to decline
with the Credit Card ABS likely to decline significantly.
However, he expected that there will be a lot more activities
in CBO and NPL. Mr. Ma also highlighted the various developments
needed such as data collection, the disclosure and settlement
systems.
Our honorable guest Dr. Yong-Kyoon Shin,
the Executive Vice President of KAMCO, conducted our afternoon
keynote address. Dr. Shin shared with the audience the Korea
experience of securitization and NPL disposition. Dr. Shin
went through the development from 1998, when the law was enacted,
to the recent activities, such as the Credit Card NPL.
Mr. David Kahm, Vice President of ABN Amro
looked at the development of the securitization market from
a cross border perspective. He highlighted the opportunity
for the Korean market citing a few international deals as
examples such as the Diner (Singapore) and The Synthetic ABS
(Hong Kong). Mr. Kahm also highlighted how the various deals
performed by ABN were innovative and he rounded up by introducing
the ABN Amro’s latest asset financing vehicle, OASIS.
The conference ended with an interesting
presentation from Professor Gaba from INSEAD Singapore. Professor
Gaba discussed the issues of risk and uncertainty using many
different carefully crafted examples.
The event brought together over 200 delegates
from the leading financial institutions in Korea and speakers
from Korea, Hong Kong, Thailand and Singapore. We are glad
to see that there were a lot of interactions during coffee
breaks and lunchtime and the showcase booths of Thomson Financial,
Euroclear, ABN Amro and Korea Ratings were always packed with
interested delegates. It was a fruitful day and all the delegates
left the Westin Chosun with very good insights of the developments
of the Korea Finance and Capital Markets.
We would like to take this opportunity to
thank our sponsors and supporting organizations, without their
supports, this event would not be possible. Our 5th Korea
Finance and Capital Markets Conference will be hosted in the
final quarter of 2004, we hope to see you again next year.
Click here for more photos during the event
SPONSORS / SUPPORTING BODIES
2003
Sponsors of 2001 series include: HSBC, Aberdeen Asset Management, Fitch, Reuters,
Stratus, KMCC, Cisco System etc.
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