New Asia Pacific IOI Charter

New Asia Pacific IOI Charter; industry consensus being facilitated

by Q15.


Extensive work has been done in Hong Kong this year on a new industry-wide

Charter governing APAC best practices for equity IOIs. This has taken the form

of more than six months of pan-industry collaboration, which came about following

the Quorum 15 Hong Kong equities meeting in May. The objective of the Charter

is to improve standards across the region, creating a more consistent approach across

sell-side and buy-side. At the Q15 May meeting, this lack of consistency was cited as a

key reason for a loss of confidence and trust between buy-side and sell-side in the IOI

and facilitation process, and the group agreed that action was needed.


To draft the Charter, Q15 is partnering closely with ASIFMA who is running a very engaged

sell-side working group, incorporating buy-side feedback through the process from both the

Q15 buy-side members, Asia Trader Forum (ATF) and the FIX Trading Community. The result

will likely take the form of a voluntary Charter based on the European AFME/ Investment Association

guidelines and adding further guidance and rules of engagement to level the playing field in APAC both

of definitions and conduct. This may be supported by additional due diligence questions which assist the

buy-side in dialogue with their sell-side counterparties on this topic.


Based on current progress we anticipate this should be finalised and move into implementation across the

APAC industry in Q1/Q2 2020.


Please contact us for more details on the Charter and this initiative.


For twelve years Quorum 15 has been bringing together senior executives from across the buy-side and sell-side to build consensus and help drive change in global financial markets. Through quarterly meetings around the world, Quorum 15 fosters dialogue, builds mutual understanding and identifies common opportunities and challenges. We work with and support regulators and industry associations in the promotion of fair, efficient and well-functioning financial markets.


Quorum 15 is independent and self-financed. Neither a lobbying body nor industry association, we bring leaders together in frank discussion to identify areas of consensus that can be fed back into their respective associations. Frankness is encouraged through our policy of operating under the Chatham House Rule. Fairness is ensured by our Competition Law policy which prohibits any discussion that could be considered in any way to be anti-competitive.


To ensure the agendas at each of our quorum’s only focus on what is most important to our members, an advisory board comprised of both buy and sell-side members has been established in each quorum location. In the run-up to every event that we run, three or four key topics are identified, put to the vote and from there the primary and secondary topics are determined – along with any guest speakers.

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If you are looking for the latest news about Quorum 15 or for more information about our quorums, take a look out our ‘Latest News’ page. With videos, photos and information from speakers at our international events, it’s a great place to start it you’d like to learn more about who we are and what we do. Our events calendar is also a useful tool – why not take a look at it today to find out more about our upcoming events?