The Monetary Authority of Macao (AMCM) published an update alongside the Macao Central Securities Depository and Clearing (MCSD) marking MCSD’s fourth anniversary and presenting awards for contributions to Macao’s bond market in 2025. The release paired the recognition of market participants with an operational and market-development readout on infrastructure upgrades, legal framework work and the first year of direct connectivity between Macao’s Central Securities Depository (CSD) and Hong Kong’s Central Moneymarkets Unit (CMU). MCSD awarded eight prizes, including new categories for “Benchmark Partner”, “Outstanding Market Contribution Award” and “Secondary Market Trading Excellence”, with 29 local and international institutions recognised. On connectivity, end-2025 settlement through the CSD–CMU link reached MOP 10 billion (equivalent) across more than 140 primary and secondary market transactions, and AMCM’s acting chairman Vong Sin Man said around 50% of subscriptions for 2025 Macao issuances by China’s Ministry of Finance and local governments originated from CMU members via the link. The update also pointed to broader product issuance in Macao, including continued RMB Treasury bond issuance by China’s Ministry of Finance and repeated Guangdong local-government issuance, plus Shenzhen’s first local-government bond issuance in Macao, while debt securities held in custody at MCSD were put at around MOP 110 billion (equivalent). AMCM is progressing a comprehensive upgrade of the Macao CSD in line with its plan, and the Macao SAR Government is working to improve the supporting legal framework with the stated aim of ultimately enabling greater interconnection with mainland China and international markets. The Investment Funds Law that entered into force in January was cited as strengthening investor protection and confidence in the bond market.

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