Latin American Capital Markets

518 FOCUS ON CAPITALArgentina (continued)mortgage market, 325pension funds, 23, 107, 316poor macroeconomic policy, 95-97regional market integration, 27trading activity, 12Arrow.K.J.,415ASEA (African Stock Exchanges Association), 47Asian marketscorporate governance development, 140vs. Latin American markets, 8market capitalization levels, 41-42,45market reforms in, 252public sector response to scandal, 458ASIC (Australian Securities and InvestmentCommission), 279,287ASP (application system provider), 192asset price volatility and crossover investing, 13assets vs. liabilities, 100. See a/so capital marketsASX, Ltd., 288auction sales method, 163-64,248, 311,313,344, 349auditing and accounting standards. Seeaccounting and auditing standardsAustralia, market changes in, 107,275-76,287-88Australian Competition and ConsumerCommission (ACCC), 288Australian Securities and InvestmentCommission (ASIC), 279,287Australian Stock Exchange, 277, 279-80,290,404-5automated clearinghouses, 257automatic trading halts, 366-67Bahamas, insurance investing in, 123Ball, R., 215Banco Centroamericano de IntegracionEconomia(BCIE),26lBank for International Settlements (BIS), 303bankruptcy law, 326banksArgentine crisis, 95-96bond markets, 307, 314-15,319vs. capital markets, 16,92,97-102clearing and settlement role, 320' vs. commercial credit, 94consolidation among, 15,41corporate governance reforms, 448cost of crises in, 100,218n4CSDs, 265disintermediation of, 30IM, 315, 317, 325financial stability goals, 302vs. institutional investing, 129Latin American developments, 91,112-13, 114,257-58,272,315Mexican crisis, 304-5,452vs. money market funds, 137and mutual funds, 123online banking, 71outsourcing of securities processing, 264reduction of government dependence on,4, 308-9regulation of, 303risk management, 100,309-10SMEs, 390, 395-96,397, 399Swedish crisis, 285See also central banksBarbados, 262basis risk, 341, 342, 344, 359-60BCIE (Banco Centroamericano de IntegracionEconomia), 261BDS (business development services), 396BeckpThorsten, 5, 164-65Bekaert, Geert, 6Belgian exchange, 191, 290benchmarks for government bonds, 31 Ibest bid and offer 181bid and ask quotes, 181bid and offer quotes, 181BIS (Bank for International Settlements), 303Black, Bernard S., 493blue-sky merit regulation, 280-81BM&F (Bolsa de Mercadoria & Futures). SeeBolsa de Mercadoria & Futures (BM&F)BNDES (Brazilian national development bank),448boards of directors and corporate governance,441,452,460Bolivia, infrastructure developments, 259,264Bolsa de Colombia, 503Bolsa de Madrid, 495Bolsa de Mercadoria & Futures (BM&F)derivatives markets, 383-84, 386infrastructure development, 255origins of, 340regional integration, 109regulation of, 352strength of equity market in Brazil, 94Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub