ASEAN+3 initiatives  The kind of cross-border linkage that I have illustrated will contribute to stable daily funding in foreign currencies on an ongoing basis. What kind of technological innovation can make this come true? A possible answer is currently being discussed in the ASEAN+3 countries. They created a forum in which the establishment of cross-border linkage in the region is currently being explored.
More concretely, the set-up of a cross-border link between the securities settlement system in one country and the central bank’s real-time gross settlement (RTGS) system in another has been discussed, as shown on slide 11. Such cross-border linkage will enable market participants to settle foreign-currency funding transactions against domestic assets as collateral on a DVP basis.