Latin American Capital Markets

INDEX 519Bolsa de Valores de Rio de Janeiro (BVRJ), 24,109,255,383Bolsa Mexicana de Valores, 43^44Bombay Stock Exchange, 103bond marketscorporate, 147,298, 306, 323-27, 329-30financial reform and stability, 302-4government, 107,295-98, 306-22Latin America and Caribbean, 304-5,331-32linkages between markets, 327-30macroeconomic environment, 300-302motives for creating, 16pension funds, 135reform of, 20,21,24role of, 295-99sequence of development, 306-8taxation policy, 315, 327, 330-31U.S. performance, I IBossone.G., 104Botazzi, L, 114Bourse Regionale desValeurs Mobilieres(BRVM), 186-87BOVESPA (Sao Paulo Stock Exchange). See SaoPaulo Stock Exchange (BOVESPA)Boyd, John, 6Brazilbond markets, 24, 311, 315, 319, 332capital market reforms, 20-21,40corporate governance, 40,444,445-51corporate scandals, 443debt market situation, 305dematerialization of securities, 253depository receipts, 14-15derivatives markets, 340, 352,353, 355,365n43, 383-86equity market strength, 94financial crisis, 13infrastructure developments, 254-55institutional investing, 124interest rates, 305investment in foreign exchanges, 497lack of shareholder protection, 145market institutions, 24,25,459mutual funds, 126pension funds, 107regional market integration, 27, 109tiered listing system, I I Itrading activity, 12broker-customer relations rules, 367-68, 384broker-dealersATSs as, 52,55automated trading fees, 66, 367-68and Internet, 72-73,78-79,80-81regulation issues, 278,279Brown, R, 215Brussels Exchange, 191,290BRUT 51BRVM (Bourse Regionale desValeursMobilieres), 186-87Budapest Stock Exchange, 490bulletin board markets, 73Business Coordinating Council (Mexico), 452business development services (BDS), 396Business Environment Simplification Task Force(EU), 394business ethics development, 419-20business-to-business models, 349n 15Cadogan Financial, 492Campbell, John Y, 497Canadabond markets, 295,296harmonization of market rules, 168human capital development, 470-71retirement savings plans, 134timing of settlement 250Canadian Securities Administrators (CSA), 168capitalallocation and integration benefits, 4,161-62banking resources for, 3-4requirements for derivatives, 369-70and stock market growth, 165capital marketsaccounting and auditing role, 214-18benefits of, 3-5, 127bond markets, 297-98changing conditions in, 159-60corporate governance role, 437-38definitional issues, 465vs. derivatives markets, 338, 339developmental strategies, 17-28,487-92,511-12ethical role, 417-18,429financial intermediary role, 92-93globalization, 37-^40human capital imperative, 463Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub