Latin American Capital Markets

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88GEORG WITTICH, ETHIOPISTAFARA, AND ROBERT J. PETERSONBibliographyAustralian Bureau of Statistics. 2000. Use of the Internet by Householders. Canberra,NovemberBuckman, Rebecca. 2000.The Rise and Collapse of a Day Trader The Asian Wall StreetJournal, February 29, p. 19.Bundesanstalt fur Finanzdienstleistungsaufsicht (formerly, Bundesaufsichtsamt fur denWertpapierhandel). 2000. Guideline on Day Trading. Frankfurt August, http://www.bawe.de/down/rleOO_01 e.pdf.Cameron, Doug. 2001. Online Broking Rises in Europe. The Financial Times, February22, p. 27.Cellajoseph J. Ill, and John Reed Stark 1997. SEC Enforcement and the Internet: Meetingthe Challenge of the Next Millennium. Business Lawyer 52 (May):815.Choncron, Monique, Herve Grandjean, and Marianne Huve-Allard. 2000. Les porteursde valeurs mobilieres en 2000. ParisBourseSBF SA, June. http://www.bourse-deparis.fr/centredoc/pdf/valmob2000.pdf.Claessens, Stijn,Thomas Glaessner, and Daniela Klingebiel. 2001. E-Finance in EmergingMarkets: Is Leapfrogging Possible? Financial Sector Discussion Paper 7. Washington,DC.: World BankCommissione Nazionale per le Societa e la Borsa of Italy. 2000. Letter sent by ItalianConsob to Abi, Assosim, Unionsim, Assogestioni, Assofiduciaria, Assoreti, Anasf,the National Council of Stockbrokers and A.I.F.I., regarding online trading andrules of conduct, April 21.French Online Brokers Association,htm.http://www.brokers-on-line.org/chiffres/default.Gavis, Alexander C. 1998. Hyperlinks in Mutual Fund Advertising. Wallstreetlawyer.comI (8):3-7. Reprinted in Securities Law and the Internet: Doing Business in a RapidlyChanging Marketplace, co-chairs B. Becker; S. J. Schulte, and M. C.Wallach. PractisingLaw Institute.Hale, Brian. 1999. Cleaning Up The 'Devil's Den.' Sydney Morning Herald, August 2, p. 37.Hong Kong Securities and Futures Commission. 2000. A Consultation Paper on the Regulationof Online Trading of Securities and Futures. Hong Kong; December http://www.hksfc.org.hk/eng/bills/html/consultation/online.doc.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
INTERNETTECHNOLOGY ANDTHE DEVELOPMENT OF SECURITIES MARKETS 89International Organization of Securities Commissions (IOSCO). I998a. Objectives andPrinciples of Securities Regulation. Madrid, September http://www.iosco.org/download/pdf/1998-objectives-eng.pdf.. 1998b. Securities Activity on the Internet Madrid, September http://www.iosco.org/download/pdf/1998-internet_security.pdf.. 2001. Securities Activity on the Internet II. Madrid, June.Investor's Business Daily. 2001. Initial Public Offerings: Dutch Auctions Give Firms NewPath to Public Markets. (February 8), p. A-8.Investor's Chronicle. 2002. Born in the USA (June 7).Johnson.Tom. 2002. Shareholder Proxy Votes May Soon Go Electronic. Reuters EnglishNews Service 12:50:00 Quly 9).Kong, Dolores. 2000. Amateur Hour May Be Over Volatile Market Narrows Numberof Day Traders Who Suffered Heavy Losses. The Boston Globe, October 15,p.GI.Ontario Securities Commission. 1999. Delivery of Documents by Electronic Means. Noticeof Policy under the Securities Act, National Policy I I -201 (December 15).www.osc.gov.on.ca/en/Regulation/Rulemaking/Policies/1 I -201_ 19991215.html.Rutledge, G. Philip. 1999.Testimony before the Permanent Subcommittee on Investigationsof the Committee on Governmental Affairs, March 23. United StatesSenate.Scheeres, Julia. 2001 The Net as Corruption Disruption. Wired, March 26.Toronto Stock Exchange and World Investor Link. 2000. The Canadian ShareownerStudy 2000.Toronto Stock Exchange.U.S. Bancorp Piper Jaffray Equity Research. 2000. Online Financial Service Update.(October).U.S. Securities and Exchange Commission. 1999. Online Brokerages: Keeping Apace ofCyberspace. Washington, DC.: U.S. Securities and Exchange Commission.. 2000. Special Study: Report of Examinations of Day-Trading Broker-Dealers. Washington,DC.: U.S. Securities and Exchange Commission, February 25. http://www.sec.gov/news/studies/daytrading.htm.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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Copyright © by the Inter-American
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FOCUS ON CAPITALNew Approaches to D
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ContentsForewordAcknowledgmentsAbou
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ForewordDuring the past two decades
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xFOCUS ON CAPITALlyst with Freddie
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ABOUTTHE AUTHORS xiiiDerek West is
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xviFOCUS ON CAPITALLocal capital ma
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xviiiFOCUS ON CAPITALTable IFinanci
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xxFOCUS ON CAPITALto investors to p
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xxii FOCUS ON CAPITALAlthough deriv
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4 KENROY DOWERS, FELIPE GOMEZ-ACEBO
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10 KENROY DOWERS, FELIPE GOMEZ-ACEB
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DEVELOPING A STRATEGY FOR REFORMING
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PART IIFACTORS AFFECTINGTHE DEVELOP
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INSTITUTIONAL INVESTORS AND CAPITAL
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PART IIIISSUES IN THE IMPLEMENTATIO
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CHAPTER 6Promoting Regional Capital
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PROMOTING REGIONAL CAPITAL MARKET I
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^CHAPTER 7Accounting andAuditing St
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ACCOUNTING AND AUDITING STANDARDS 2
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Puerto Rico Colegio de Contadores P
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Financial statement formats Specifi
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CHAPTER 8Enhancing Market Infrastru
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ENHANCING MARKET INFRASTRUCTURE IN
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•CHAPTER 9Demutualization of Exch
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DEMUTUALIZATION OF EXCHANGES 271int
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DEMUTUALIZATION OF EXCHANGES 273and
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DEMUTUALIZATION OF EXCHANGES 275as
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DEMUTUALIZATION OF EXCHANGES 277wou
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DEMUTUALIZATION OF EXCHANGES 279is
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DEMUTUALIZATION OF EXCHANGES 281tha
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DEMUTUALIZATION OF EXCHANGES 283sec
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DEMUTUALIZATION OF EXCHANGES 285the
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DEMUTUALIZATION OF EXCHANGES 287cro
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DEMUTUALIZATION OF EXCHANGES 289Ams
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DEMUTUALIZATION OF EXCHANGES 291to
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DEMUTUALIZATION OF EXCHANGES 293Kah
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CHAPTER 10Developing Bond Markets:A
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DEVELOPING BOND MARKETS: A COMPREHE
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322 CLEMENTE DELVALLEare generally
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•CHAPTER 11Designing a Derivative
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DESIGNING A DERIVATIVES COMPLEMENT
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DESIGNING A DERIVATIVES COMPLEMENTT
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•CHAPTER 12Access to Financing fo
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ACCESS TO FINANCING FOR SMALL AND M
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•CHAPTER 13Developing Capital Mar
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DEVELOPING CAPITAL MARKETS—ETHICA
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DEVELOPING CAPITAL MARKETS-ETHICAL
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•CHAPTER 14Corporate Governancean
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CORPORATE GOVERNANCE AND CAPITAL MA
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The company's historyof equitable t
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CHAPTER 15Human Capacity Developmen
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HUMAN CAPACITY DEVELOPMENT 465For t
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HUMAN CAPACITY DEVELOPMENT 467• W
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HUMAN CAPACITY DEVELOPMENT 469spect
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HUMAN CAPACITY DEVELOPMENT 471Table
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HUMAN CAPACITY DEVELOPMENT 479struc
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HUMAN CAPACITY DEVELOPMENT 481rapid
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HUMAN CAPACITY DEVELOPMENT 483tate
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PART IVCONCLUSIONCopyright © by th
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CHAPTER 16Pragmatic Issues in Capit
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PRAGMATIC ISSUES IN CAPITAL MARKET
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IndexIn this index, page numbers in
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INDEX 519Bolsa de Valores de Rio de
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INDEX 521Clearing and Depository Co
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INDEX 523costs, financial services
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INDEX 525developing economies (cont
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INDEX 527European Central Securitie
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INDEX 529Global Equity Market (GEM)
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INDEX 531institutional investorsbon
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INDEX 533Jensen, Michael, 216job cr
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INDEX 535margin requirements, 322,
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INDEX 537outsourcing and infrastruc
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INDEX 539prudent investor rule, 141
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INDEX 541Securities and Exchange Co
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INDEX 543technology (continued)self
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