2025年亚太地区资本市场调查报告

2DisclaimerThe information and opinion commentaryin this ASIFMA 2025 Asia-Pacific CapitalMarkets Survey Report was prepared bythe Asia Securities Industry and FinancialMarkets Association (ASIFMA) to reflect theviews of firms who participated in thisSurvey. The data, on which this Report andits conclusions were based, was gatheredfrom participating firms between Januaryand April 2025.ASIFMA believes that the information in thisReport, which has been obtained frommultiple sources, is reliable as of the dateof publication. As estimates by individualsources may differ from one another,estimates for similar types of data couldvary within the Report. In no event,however, does ASIFMA make anyrepresentation as to the accuracy orcompleteness of such information. ASIFMAhas no obligation to update, modify oramend the information in this Report or tootherwise notify readers if any informationin the Report becomes outdated orinaccurate.This material has been prepared forgeneral informational purposes only and isnot intended to be relied upon asaccounting, tax, legal or other professionaladvice. Please refer to your advisors forspecific advice. 3About ASIFMAASIFMA (Asia Securities Industry & Financial Markets Association) is anindependent, regional trade association comprising a diverse range ofover 165 leading financial institutions from both the buy and sell side,including banks, asset managers, professional services firms and marketinfrastructure service providers.Together, we harness the shared interests of the financial industry topromote the development of liquid, deep and broad capital markets inAsia. ASIFMA advocates stable, innovative competitive Asian capitalmarkets that are necessary to support the region’s economic growth. Wedrive consensus, advocate solutions and effect change around key issuesthrough the collective strength and clarity of one industry voice. Our manyinitiatives include consultations with regulators and exchanges,development of uniform industry standards, advocacy for enhancedmarkets through policy papers, and lowering the cost of doing business inthe region. Through the GFMA alliance with SIFMA in the US and AFME inEurope, ASIFMA also provides insights on global best practices andstandards to benefit the region.www.asifma.org ContentsOverview and objectivesExecutive summary1.Participants’ views of the markets2.Participants’ expectations about thefuture–future outlook sentiment3.ESG and sustainable finance4.Digital assets and AI5.T+1 settlement readiness6.Survey background, participants’profile and market presence,methodologyFigures and tablesGlossary 56823374248505659 5Overview and objectivesThis is the fourth edition of an annual survey conducted byASIFMA, the pre-eminent regional financial servicesindustry association within Asia-Pacific (APAC), aimed atgauging sentiment among its member firms towards APACmarkets. With participation from both buy-and sell-sidemembers, the survey serves as an important barometer ofindustry attitudes toward APAC capital markets and ameans of identifying the factors that affect sentiment.The 13 markets covered by the survey include Australia,Mainland China, the Hong Kong SAR, India, Indonesia,Japan, South Korea, Malaysia, the Philippines, Singapore,Taiwan, Thailand and Vietnam.Members provided their current assessments in relation tomarket development, the regulatory environment and theoperating environment, while also sharing their viewslooking back over the past three years and looking aheadthree years.The survey data was gathered from January to April 2025,thus coinciding with the new US administration takingoffice but before the April 2025 tariff announcements.Afterwards, ASIFMA obtained further information fromseveral participants to determine what impact, if any, thetariffs and uncertainty in the global trade environment hadon the survey findings. None of the participants contactedsaid their views had changed because of thesedevelopments.In addition to survey questions covered in previous years,this year’s survey covered the impact of geopolitics,perceptions of the APAC regulatory environment for ESGand sustainable finance, digital assets and artificialintelligence (AI) and readiness for a possible move to T+1settlement in APAC.This is the fourth consecutive year that ASIFMA's Asia-Pacific Capital Markets Survey has been conducted since2021. In this year’s report, we review the trends in the surveyresults over these past four years and the new themesmentioned.The survey responses provided reflect the views of industryparticipants and their regional headquarters.Ernst & Young Advisory Services Limited (EY) assistedASIFMA to design the survey, collate andanalyseparticipants’ views and draft this Report but expresses noopinions in this Report. ASIFMA reviewed the Report and itsfinal content. Executive summaryFirms optimistic about APACParticipants’ optimism toward the business prospects ofAPAC capital markets rebounded this year comparedwith last. T