Latin American Capital Markets

ENHANCING MARKET INFRASTRUCTURE IN EMERGING ECONOMIES 267The report stresses that further restructuring of clearing and settlement isneeded in Europe, in particular to achieve reasonable efficiencies.This restructuring isseen as primarily the responsibility of the private sector However; inasmuch as an efficientclearing system is a public good, the report indicates that, in the absence ofadequate private sector progress, "a clear public policy orientation would be neededto move forward." This is also the direction that Latin American and Caribbean countriesshould pursue.BibliographyCommittee of Wise Men, Chairman Alexandre Lamfalussy. 2001. Final Report of theCommittee of Wise Men on the Regulation of European Securities Markets. Brussels,February 15. (www.europa.eu.int).Committee on the Global Financial System. 1999. Implications of Repo Markets forCentral Banks. Report of a Working Group, Bank for International Settlements.Basle, Switzerland, (www.bis.org).Committee on Payment and Settlement Systems (CPSS). 1992. Delivery versus Paymentin Securities Settlement Systems, Bank for International Settlements. Basle,Switzerland, (www.bis.org).. 2001. Core Principles for Systemically Important Payment Systems, Report of theTask Force on Payment System Principles and Practices. Basle, Switzerland, (www.bis.org).Committee on Payment and Settlement Systems (CPSS) and International Organizationof Securities Commissions (IOSCO). 1997. Disclosure Framework for SecuritiesSettlement Systems. Bank for International Settlements, Basle, Switzerland.(www.bis.org).. 2001. Recommendations for Securities Settlement Systems, November Basle,Switzerland, (www.bis.org).Council of Securities Regulators of the Americas (COSRA). 1996. Principles of Clearanceand Settlement, Comissao de Valores Mobiliarios, Rio de Janeiro, Brazil.Depository Trust and Clearing Corporation (DTCC). 2000. Central Counterparts: Development,Cooperation, and Consolidation, October (www.dtcc.com).Depository Trust and Clearing Corporation (DTCC) and Government SecuritiesClearing Corporation (BSCC). 2001. Real-time Trade Matching (RTTM) for NSCC-Eligible Fixed Income Securities: Business Overview. August, (www.dtcc.com).Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub