An initiative on strengthening financial markets is being developed as a pilot of part 2 of the VAP. This initiative will involve pulling together the relevant international standards in the area of financial markets, as reference points for economies to self assess the adequacy of their policies and to identify future reforms, and as a basis for peer review within APEC.
This initiative will focus on such matters as banking supervision, payments systems, corporate governance and disclosure standards. This initiative will be discussed further at the APEC Finance Deputies’ meeting in Wellington in August. BIS Review 82/1999  8  The issue of developing domestic bond markets has also been prominent on the APEC Finance Agenda.