Latin American Capital Markets

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292 ROBERTA S. KARMELfessional managers and staff with a board of directors that includes independent publicdirectors not associated with a securities firm.This enables the exchange to focuson customer needs and make decisions more expeditiously. It also enables an exchangeto modernize its technology and plan acquisitions and affiliations to strengthenits business.BibliographyBradley, Caroline. 2001. Demutualization of Financial Exchanges: Business as Usual?N.W/./nt7L&Bus2l(657).Coffee, John C. Jr The Coming Competition among Securities Markets: What StrategiesWill Dominate? Working Paper 192. http://www.law.columbia.edu/lawec/.Cooke, Gilbert W. 1969. The Stock Markets. Cambridge, Mass.: Schenkman Publishing.Cowell, Alan. 2001. The London Stock Exchange Says It Will Go Public in July. TheNew York Times. May 25. p. W-1.Donnan, Frank 1999. Self-Regulation and Demutualization of the Australian Stock Exchange.Australian Journal of Corporate Law. 1(10).Fried, Lisa L 1999. Plans Debated for Stock Markets' For-Profit Conversion. New YorkLaw journal, September 30, p. 5.Garten, Jeffrey E. 1999. Manager's Journal: How to Keep NYSE's Stock High. The WallStreet Journal, September 13, p. A44.Hart, Oliver, and John Moore. 1996. The Governance of Exchanges: Members' CooperativesVersus Outside Ownership. Oxford Review of Economic Policy 12(4).Hogan, Stokes Pty Limited. 1996. Report on Future Governance of the Australian StockExchange. (July) [Hogan, Stokes Report].Hughes, Pamela S. 2001. Exchange Demutualizations. APEC Financial Regulators TrainingInitiative Regional Seminar, August 13-14. Asian Development BankHumphry, Richard G. 1995.The Future Structure of Securities Markets. Asx Perspective,4th quarter p. 9IOSCO Technical Committee. 2000. Discussion Paper on Stock Exchange Demutualization,December, http://www.iosco.org/docs-public2000-stock-exchangedemutualization.html.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
DEMUTUALIZATION OF EXCHANGES 293Kahan, Marcel. 1997. Some Problems with Stock Exchange-Based Securities Regulation.Virginia Law Review 83(1509).Karmel, Roberta S. 2001 .The Future of Corporate Governance Listing Requirements,SMU L Rev 54(325).. 2002.Turning Seats Into Shares: Causes and Implications of Demutualization ofStock and Futures Exchanges. Hastings L.J. 54(367).Karmel, Roberta S. (ed.). Forthcoming. Demutualization of Stock Exchanges—Problems,Solutions, and Case Studies. Manila: Asian Development BankLowenthal, Max. 1933. The Stock Exchange and Protective Committee Securities. ColumbiaLaw Review 33(8): 1298.Mahoney, Paul G. 1997. The Exchange as Regulator, Virginia Law Review 83(1453).Michael, Douglas C. 1992. Untenable Status of Corporate Governance Listing Standardsunder the Securities Exchange Act. Bus/ness Law 47, p. 1461.National Association of Security Dealers (NASD). 1999. NASD's Frank Zarb Asks SecuritiesIndustry to Embrace Change. Press Release, http://www.nasd.com/news/02/ne_section99.html (last modified June 23, 1999)OM Gruppen. 1997. OM Annual Report.Pritchard, A. C. 1999. Markets as Monitors: A Proposal to Replace Class Actions withExchanges as Securities Fraud Enforcers. Virginia Law Review 85(925): 1008.Ryden, Bengt 1997. The Privatization of Stock Exchanges: The Case of StockholmStock Exchange. ISE Review (July-September).Schroeden Michael. 1999. Levitt Studies Plan for Single Market Regulator The WallStreet Journal, September 21, p. CI.Securities Industry Association (SIA). 2000. Reinventing Self-Regulation: White Paperfor the Security Industry Association's Ad Hoc Committee on Regulatory Implicationsof De-Mutualization, January 5 (SIA White Paper). Available at http://www.sia.com/demutualization.Segal, Jillian. 2001. Demutualization and Privatization of Exchanges, 26th IOSCO AnnualConference, Panel 5, Stockholm, Sweden, June 28.Seligman, Joel. 1986. Equal Protection in Shareholder Voting Rights: The One Share,One Vote Controversy. George Washington Law Review 54(687):694-98.Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
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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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•CHAPTER 2Globalization,Technolog
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GLOBALIZATION.TECHNOLOGY AND REGULA
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GLOBALIZATION.TECHNOLOGX AND REGULA
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GLOBALIZATION.TECHNOLOGY; AND REGUL
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GLOBALIZATION.TECHNOLOGY; AND REGUL
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GLOBALIZATION.TECHNOLOGY, AND REGUL
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•CHAPTER 3Internet Technology and
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INTERNETTECHNOLOGY AND THE DEVELOPM
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INTERNET TECHNOLOGY AND THE DEVELOP
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INTERNET TECHNOLOGY AND THE DEVELOP
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INTERNETTECHNOLOGY ANDTHE DEVELOPME
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CHAPTER 4The Impact of the Macroeco
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THE IMPACT OF THE MACROECONOMIC ENV
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CHAPTER 5Institutional Investorsand
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INSTITUTIONAL INVESTORS AND CAPITAL
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United KingdomPercentInsurance comp
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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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DESIGNING A DERIVATIVES COMPLEMENTT
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DESIGNING A DERIVATIVES COMPLEMENT
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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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Latin American Capital Markets

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