First CAREC Capital Markets Development Forum (CMDF)
Chairs Meeting
1 October 2026 | Ulaanbaatar, Mongolia
First CAREC Capital Markets Development Forum (CMDF)
Chairs Meeting
1 October 2026 | Ulaanbaatar, Mongolia
Introduction
Deep and well-functioning capital markets are essential for mobilizing long-term finance, supporting private sector development, financing infrastructure and climate investments, and enhancing financial resilience across the Central Asia Regional Economic Cooperation (CAREC) region. While CAREC member countries have made notable progress in developing their domestic capital markets over the past decade, the pace of development has been uneven. Many markets continue to face common challenges, including limited market depth and liquidity, a narrow investor base, insufficient supply of investable securities, fragmented regulatory frameworks, and limited regional collaboration. These challenges underscore the need for a dedicated platform that facilitates policy dialogue, peer learning, technical cooperation, and knowledge exchange among capital market authorities across the CAREC region.
In response to this need, the Asian Development Bank (ADB), under the regional technical assistance TA 6716-REG: Supporting Capital Market Development and Reform in Developing Asia (Phase 1), is working closely with CAREC capital market regulators to establish the CAREC Capital Market Development Forum (CMDF). The CMDF has been designed as a regulator-led regional platform to promote cooperation among capital market authorities, facilitate the exchange of experiences and good practices, support the implementation of capital market reforms, and strengthen regional collaboration on emerging priorities, including local currency bond markets, sustainable finance, digital capital markets, and market connectivity. The CMDF also seeks to foster stronger engagement with international organizations, development partners, and private sector market participants to accelerate capital market development across the region.
The establishment of the CMDF represents a key milestone in implementing the financial sector priorities under the CAREC 2030 Strategy. The Forum is expected to be officially launched at the 25th CAREC Ministerial Conference, providing member countries with a permanent institutional mechanism to advance regional cooperation in capital market development. The Chairmanship will rotate among member countries in accordance with the CMDF’s governance arrangements, ensuring strong country ownership and sustained regional engagement. The Financial Regulatory Commission of Mongolia will serve as the inaugural Chair of the CMDF, while the Securities and Exchange Commission of Pakistan will assume the role of Vice Chair.
Objectives
Objectives
Following the official launch of the CMDF, the First Chairs Meeting will constitute the inaugural governance meeting of the Forum. It will bring together CAREC capital market regulators to establish the Forum's operational direction and oversee the implementation of its inaugural work program. The meeting will provide an opportunity to discuss and agree on strategic priorities, review governance and operational arrangements, establish a roadmap for the effective functioning of CMDF, and discuss upcoming activities. Specifically, the meeting will:
Review and endorse CMDF's governance arrangements, including the roles and responsibilities of the Chair, Vice Chair, Secretariat, member institutions and strategic partners.
Discuss and agree on CMDF's strategic priorities and annual work plan, ensuring alignment with the needs and priorities of CAREC member countries and the CAREC 2030 Strategy.
Identify priority themes for CMDF working groups to support regional cooperation and address the evolving capital market development needs of CAREC member countries.
Explore opportunities for collaboration between CMDF and the ASEAN Capital Markets Forum (ACMF), including joint knowledge-sharing initiatives, capacity-building programs, technical exchanges, and other areas of mutual interest.
Discuss and endorse the CMDF operational framework, including business processes for meetings, work planning, reporting, stakeholder engagement, communication, and the functioning of thematic working groups.
Review the pipeline of planned CMDF activities, including conferences, technical workshops, capacity-building programs, knowledge products, and provide guidance on their sequencing and implementation.
Explore opportunities to strengthen collaboration with international financial institutions, development partners, standard-setting bodies, stock exchanges, and private sector stakeholders to enhance the quality and impact of CMDF activities.
Agree on key decisions, implementation timelines, and follow-up actions necessary to ensure the effective operationalization of the CMDF and successful delivery of its inaugural work program.
Meeting Modality
The First CMDF Chairs Meeting will be convened as a closed-door, regulator-led meeting to facilitate candid discussions and consensus-building on the governance, strategic direction, and operationalization of CMDF.
The meeting will bring together representatives of CAREC capital market regulatory authorities, ADB, CAREC Secretariat, CAREC Institute, and invited representatives of ACMF. Participation will be by invitation.
Meeting Modality
The First CMDF Chairs Meeting will be convened as a closed-door, regulator-led meeting to facilitate candid discussions and consensus-building on the governance, strategic direction, and operationalization of CMDF.
The meeting will bring together representatives of CAREC capital market regulatory authorities, ADB, CAREC Secretariat, CAREC Institute, and invited representatives of ACMF. Participation will be by invitation.
First CAREC Capital Markets Development Forum (CMDF)
International Conference
2 October 2026 | Ulaanbaatar, Mongolia
First CAREC Capital Markets Development Forum (CMDF)
International Conference
2 October 2026 | Ulaanbaatar, Mongolia
Introduction
The inaugural CMDF International Conference will mark the official launch of CMDF as the region's premier platform for policy dialogue, knowledge exchange, and regional cooperation on capital market development. Convened immediately following the First CMDF Chairs Meeting, the conference will bring together senior government officials, capital market regulators, international organizations, market participants, and thought leaders to discuss emerging trends, share international experiences, and explore practical solutions to strengthen capital markets across the CAREC region.
Capital markets are playing an increasingly important role in mobilizing long-term finance for infrastructure, private sector development, climate transition, and sustainable economic growth. As CAREC member countries continue to deepen their domestic financial markets, there is growing recognition that regional cooperation can accelerate reforms, facilitate the exchange of good practices, and promote greater market resilience and connectivity. Against this backdrop, the conference will provide a platform for high-level dialogue on the opportunities and challenges facing capital market development, while highlighting the role of the newly established CMDF in supporting continued regional collaboration.
The Conference will also commemorate the 20th Anniversary of the Financial Regulatory Commission of Mongolia, recognizing two decades of leadership in developing Mongolia's capital markets and celebrating its role as the inaugural Chair of the CMDF. The event will underscore Mongolia's contribution to advancing regional financial cooperation and provide an opportunity to showcase the country's capital market reform journey and lessons that may benefit other CAREC member countries.
Objectives
Objectives
The CMDF International Conference aims to:
Officially launch CMDF as the region's dedicated platform for capital market cooperation, policy dialogue, and knowledge exchange.
Promote high-level dialogue on regional and global trends shaping the future of capital markets and their role in supporting sustainable and inclusive economic growth.
Share international experiences and good practices on key capital market development priorities, including local currency bond markets, sustainable finance, digital innovation, and SME financing.
Explore opportunities for regional cooperation, peer learning, and capacity building that can be advanced through the CMDF and its thematic working groups.
Identify practical priorities and emerging areas of cooperation that can inform the CMDF's future work program and support the implementation of capital market reforms across the CAREC region.
Strengthen partnerships between the CMDF and regional and international organizations to promote cross-regional collaboration and the exchange of knowledge and expertise.
Foster collaboration among policymakers, regulators, market participants, development partners, and international organizations to strengthen regional capital market development.
Meeting Modality
The CMDF International Conference will be convened as a public, high-level international conference, providing a platform for dialogue among policymakers, regulators, development partners, international organizations, and private sector stakeholders on the future of capital market development in the CAREC region.
The Conference is expected to bring together senior government officials from CAREC member countries, representatives of CAREC capital market regulatory authorities, ADB, CAREC Secretariat, CAREC Institute, international organizations, development partners, stock exchanges, financial institutions, academia, and other capital market stakeholders.
Meeting Modality
The CMDF International Conference will be convened as a public, high-level international conference, providing a platform for dialogue among policymakers, regulators, development partners, international organizations, and private sector stakeholders on the future of capital market development in the CAREC region.
The Conference is expected to bring together senior government officials from CAREC member countries, representatives of CAREC capital market regulatory authorities, ADB, CAREC Secretariat, CAREC Institute, international organizations, development partners, stock exchanges, financial institutions, academia, and other capital market stakeholders.