Latin American Capital Markets

INDEX 521Clearing and Depository Corporation (CBLC)(Brazil), 254-55clearing and settlementbond markets, 308, 319-20derivatives markets, 360, 361, 364-68,370efficiency of, 40European developments, 139, 176global developments, 247-52infrastructure improvement, 23,245-46institutional specialization, 242-43as key to market development, 239-40Latin American developments, 253-62,264-65, 384regional market integration, 26, 190-98technology, 60, 131clearinghouses, 195-96,243,257Clearnet SA, 191Clearstream, 197-98closed Internet markets, 73-74closed-end investment companies. Seeinstitutional investorsCIS (continuous linked settlement), 246,248club structures, avoiding, 23Cluster Action Plan (MIF), 235-36CME (Chicago Mercantile Exchange), 192-94,273-74, 365n41CNBV (Comision Nacional Bancaria y deValores) (Mexico), 126,452(CNVs) com/s/ones de valores, 15. See alsosecurities and exchange commissionsCode of Best Practice of CorporateGovernance (Brazil), 452codes of conduct in market activity, 419-20,451.See a/so ethical issuesCoffee, John, 7collateral issues for SMEs, 395-96collateralized securities, 325. See a/so bondmarketsColombiabond markets, 314, 319, 332captive finance sources, 317debt market situation, 305, 312, 325information disclosure reforms, 453-56infrastructure developments, 258-60pension funds, 316stock exchange, 503Comision Nacional Bancaria y de Valores(CNBV) (Mexico), 126,452com/s/ones de valores (CNVs), 15. See a/sosecurities and exchange commissionscommercial financing, 94,397commercial investors and derivatives markets,339, 349, 367, 374. See a/so institutionalinvestorscommercial terms in derivatives markets, 348Commissao de Valores Mobiliarios (CVM), 20,385Committee of Wise Men, 161, 174,206-7,266commoditiesBrazilian exchange, 383in derivatives market, 335, 338, 340, 343,348self-regulation of exchanges, 277Commodities and Futures Trading Commission(CFTC) (U.S.), 277, 351, 360n35, 382communicationsInternet impact, 69,72and regional integration, 26Companhia de Concessoes Rodoviarias (CCR)(Brazil), 448,450-51companies, conflict resolution with investors, 21.See a/so issuerscompetitionATSs, 249banking role in markets, 92, 314-15bond markets, 303^, 307capital market environment, 160corporate governance reforms, 456credit agency, 326demutualization of exchanges, 269,272,274,275,276derivatives markets, 347European market integration, 162-64,170, 174-75, 177globalization, 39importance of market, 239,245,263and infrastructure improvements, 264institutional investors, 142-43Latin America, 105,205-6,251liquidity enhancement to, 128market benefits of, 159,495-97North American regional integration,184-85regulation of markets, 21self-regulation motivation, 58, 376strategies for improving, 22-25transaction costs of, 247Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub