Latin American Capital Markets

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474 CATHERINE CHANDLER-CRICHLOWthe region. For example, many cultures use a range of noninstitutional savings vehiclesthat have allowed them to become socially mobile, that is, to build homes and educatechildren. Indigenous savings and credit formats such as the "sou-sou" and "chaitey"in Trinidad and Tobago or the "meetings" in Barbados serve a similar role as the "consorcio"in Brazil or the "pandero" in Peru. While these models do not have the westernpredilection for institution building, they represent strong societal norms for assetaccumulation.The extent to which domestic savings from multiple small, closed savingsstocks is mobilized into larger savings flows of an institutional nature will be influencedby the extent to which the society trusts the corporate governance of those savingsinstitutions.There is therefore a weak lure to institutional saving strategies for some ofthese cultures. Even with some of the more adventurous investors, the purchase ofshares in profitable companies is not done for trading purposes. Rather, shares areoften perceived to be priceless family heirlooms to be passed on for many generations.Unfortunately, the half-life of many of these companies is quite short, and heirsinherit ornate pieces of worthless paper Central to the strengthening of capital marketsacross the region is the need for public education as well as professional developmentof the human resource base needed to implement the sectorIt is axiomatic that strong leadership is critical to defining and implementinga vision for capital market development. A review of the products and services offeredby professional associations and training institutions serving the capital marketsreveals a dearth of programs that focus on developing professionals with strong leadershipand management competencies. Latin America and the Caribbean are at thatstage in their growth that this component could be included in human capital modelsestablished in the region. Sustained growth of a sector would benefit from havinga combination of knowledgeable professionals and a strong vision for sector improvement.Conversely, sector growth would be impeded when there is not a criticalmass of knowledgeable professionals in the sector and there is not a unifying visionfor the growth of that sector at a domestic or regional level. Table 15-5 summarizesthe human capital components in place in Latin America and the Caribbean.A number of key insights emerge when the data on human capital developmentfor capital markets in Latin America and Caribbean are compared with those ofthe developed countries profiled in this chapter First, investments in physical infrastructurein the form of "bricks and mortar" in the region far outweigh those allocatedto developing the professional base and workforce to support the sector It isnoteworthy that for a region that currently has 16 stock exchanges that vary widelyin their size, volume of trading, and the sophistication of companies traded on theirexchanges, and 21 regulatory agencies, there is no single regional entity that identifies,Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub
HUMAN CAPACITY DEVELOPMENT 475Table 15-5RegulatorsBahamas Securities CommissionBanco de GuatemalaBanco Central de UruguayBermuda Monetary Authority,BermudaComision Nacional deValores,ArgentinaComision Nacional deValores,Costa RicaComision Nacional Bancaria ydeValores, MexicoComision Nacional deValores,PanamaComision Nacional deValores,ParaguayComision Nacional Supervisorade Empresas y Valores, PeruComision Nacional deValores,VenezuelaComision Nacional de Bancos ySeguros, HondurasFinancial Services InvestmentCommission, JamaicaSecurities and ExchangeCommission, BrazilSecurities and ExchangeCommission,Trinidad andTobagoSuperintendencia de Bancosy Otras InstitucionesFinancieras, NicaraguaSuperintendencia deValores,BoliviaSuperintendencia de Valoresy Seguros, ChileSuperintendencia de Valores,ColombiaSuperintendencia deValores,El SalvadorSuperintendencia de Compani'as,EcuadorHuman Capacity Development Components in CapitalMarkets in Latin America and the CaribbeanStockexchanges• Barbados StockExchange• Bermuda StockExchange• Rio de JaneiroStock Exchange• Sao Paulo StockExchange• Cayman IslandsStock Exchange• Chile ElectronicStock Exchange• Santiago StockExchange• Bogota StockExchange• Occidente StockExchange• Guayaquil StockExchange• Jamaica StockExchange• Nicaraguan StockExchange• Lima StockExchange• Trinidad and TobagoStock Exchange• Caracas StockExchange• VenezuelaElectronic StockExchangeIndustryassociations• Centre for LatinAmerican MonetaryStudies—WesternHemispherePayments andSecurities, Clearingand SettlementInitiative• Centre for LatinAmerican CapitalMarkets• Ibero-AmericanAssociation ofStock Exchanges• Council ofSecuritiesRegulators of theAmericas (COSRA)TraininginstitutionsNoneidentifiedCopyright © 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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•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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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 279is
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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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•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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Page 513 and 514: CHAPTER 16Pragmatic Issues in Capit
Page 515 and 516: PRAGMATIC ISSUES IN CAPITAL MARKET
Page 543 and 544: IndexIn this index, page numbers in
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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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