ADB2021-10-052021-10-052020-0797892926227259789292622732N/AN/Ahttps://www.adb.org/publications/asean3-central-securities-depository-csif-progress-reporthttps://hdl.handle.net/20.500.14540/5760This report provides an update on progress toward the establishment of a regional settlement intermediary to support investment and more integrated bond markets among ASEAN+3 economies. The proposed intermediary is to be based on bilateral links between national central securities depositories and central banks’ real-time gross settlement systems. This model can realize cross-border delivery versus payment settlement to enable safe and efficient cross-border financial transactions. The report also highlights emerging trends and challenges in cross-border financial transactions and sets out next steps in establishing a regional settlement intermediary.66Financial marketsFinancial sectorRegional cooperation and integration