Latin American Capital Markets

520 FOCUS ON CAPITALcapital markets (continued)information and capital flow, 65infrastructure for, 239-40institutional investor role, I 19-23,124-25, 126-27regulation, 53-59, 61-62research review, 5-7SMEs,390,4IO-lltechnology, 48-53, 61, 160trends in Latin America/Caribbean, 7-17world comparison, 9-11See also debt markets; derivativesmarkets; equity marketscapital-based position limits, 367Caprio, Gerard, Jr, 6captive finance sourcesbond markets, 307,310,312,314,317,327Latin American use of, 114pension funds as, 106-7Caribbean basininfrastructure developments, 261 -62insurance investing, 123regional market integration, 39See also Latin America and CaribbeanCaribbean Community (CARICOM), 146Caribbean Stock Exchange, 262Carmichael, Jeffrey, 488cash markets and derivatives, 341—47, 348, 355.See also equity marketscattle futures market, Argentina, 347CAVALI, 258CBLC (Clearing and Depository Corporation)(Brazil), 254-55CCP (central counterparty clearing), 190-94,197-98,243,256,364Cedel, 195-96cellular phones and online trading, 72Center for Custody and Financial Settlement ofSecurities (CETIP), 254-55Central America, infrastructure developments,260-61. See also individual countriescentral banksArgentine crisis, 95-96bond markets, 298-99, 322Brazil, 385cash management by government, 309Central America, 260clearing and settlement role, 243,247-^8,255,258fractional reserve requirements, 99Guatemala, 103infrastructure developments, 257,266as lender of last resort, 100monetary management, 310Paraguayan crisis, 101See also banksCentral Counterpart Group (CCP-12), 243-44central counterparty clearing (CCP), 190-94,197-98,243,256,364Central de Registracion y Liquidacion deInstrumentos de Endeudamiento Publico(CRYL), 257central processing unit model for settlement, 195central securities depositories (CSDs)Caribbean, 261 -62Central America, 260-61Chile, 258Colombia, 259cross-border linkages, 243-44infrastructure role, 242-43Peru, 258regional market integration, 194-98,264-65strategies for improvement, 23CETIP (Center for Custody and FinancialSettlement of Securities), 254-55Chicago Mercantile Exchange (CME), 192-94,273-74,365n41Chilebenchmark instruments, 31 Ibond markets, 304,332corporate governance reforms, 444,445corporate scandal in, 443depository receipts, 14-15derivatives markets, 352,353fiscal crisis, 100, I 13infrastructure development, 256-58institutional investing, 40, 121-22, 124,501-2market capitalization, 45, 126-27market reforms in, 21mortgage market, 325pension funds, 127, 135, 316,491,501 -2social security reform, 106China and capital market development 356n23,356n25CISPA (Payment System Inter-bankCommission), 258Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub