Latin American Capital Markets

PROMOTING REGIONAL CAPITAL MARKET INTEGRATION 207• A formal process of publication, consultation, and justification of its findingsand resolutions• Permanent staff• An ambitious and publicly stated timescale for the delivery of its final reportand other reports published on a regular basis• Expertise• Independence• A plan to market the results of its deliberations and conclusions.Roles of Interested PartiesIt is anticipated that the key types of parties interested in the promotion of regionalcapital market integration should play the following roles in the strategy. The Inter-American Development Bank should mobilize support for the strategy at the highestpolitical levels throughout Latin America and the Caribbean, allow its president to siton the Committee of Wise Men, liaise with other relevant international financial institutions,fund the strategy, and be a neutral sponsor to facilitate the implementation ofthe strategy. In particular, this could mean providing appropriate expert staff for theworkings of the committee.National governments should support the initiative at the highest politicallevel, use their influence to have the highest-quality people sit on the committee, andmake available to the committee whatever resources it reasonably needs, possibly includingfunding.Regional organizations interested in the capital markets—such as the Councilof Securities Regulators of the Americas and the Federacion Iberoamericana deBolsas deValores—and national regulators and private sector participants would playan essential role in the successful implementation of the strategy. They should beinvolved at all stages in the committee's work delivering advice, submissions, and informationto the committee; answering questions raised by the committee and,where appropriate, garnering support for the project; and disseminating the results ofthe committee's findings to other market participants and the wider public.The press should be contacted right from the outset of the strategy, as itcould play a vital role both in disseminating information about the project and in garneringsupport for it.This would require that the committee hold appropriate pressconferences and briefings and that all relevant information be circulated efficiently tothe press.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub