As the conflict in the Middle East drives sovereign spreads wider and disrupts capital flows, a deeper vulnerability is being exposed: the need to raise capital in an efficient manner. Association of Southeast Asian Nations and Gulf Cooperation Council economies have been affected by the conflict in different ways, with countries such as the Philippines and Indonesia suffering from rising oil prices, and the United Arab Emirates and Saudi Arabia sustaining physical damage to ports, hotels and infrastructure. Investing in energy diversification for the former, and reconstruction for the latter, requires market infrastructure that can deliver trusted capital. […]