Latin American Capital Markets

522 FOCUS ON CAPITALcomputers. See technologyComputershare Ltd., 288Concept Release, 55,221 n7confidence, marketaccounting standards, 213,217bond markets, 308corporate governance, 509-10instability of Latin America, 426,427oversight, 363regulation, 479shareholder rights, 438vs. trust, 422conflicts of interestbond markets, 315corporate governance, 440demutualization of exchanges, 271,272,276-79derivatives markets, 362-63electronic trading systems, 53issuer-investor negotiations oven 450-51self-regulation, 62, 378stock exchange role, 46, 58Conroy, Patrick, 504Consolidated Quotation System (CQS), 181-82,183Consolidated Tape Association (CTA), 181 -82consolidationbanking industry, 15,41capital markets environment, 159-60exchanges, 255,262See also mergers and acquisitionsconsortiums and SME financing, 397consulting companies, infrastructure role of, 247consumer protection in European marketintegration, 175, 176Continental vs. London exchanges, 163, 179continuous auction method (open outcry), 248,349continuous linked settlement (CLS), 246,248contractsad hoc, 448-51derivatives markets, 343^4, 352-53, 356,360-62, 372ethical issues, 424and globalization, 67-68self-regulation, 377See also enforcement of market rulescooperationBrazilian markets, 254,255business ethics, 417clearing procedures, 190-94exchange trading, 178-79, 185-90,194-98,247,269information dissemination, 179-82integration issues, 159, 177, 199-203marketing of markets, 198-99order routing, 182-85and trustworthiness, 423corporate bond market, 298, 306, 323-27,329-30corporate governanceaccounting standards, 216-17appraisal framework, 439-41,460-61confidence in market, 509-10and debt markets, 4demutualization of exchanges, 269,271,273,274-76,278,280-81,291 -92disclosure practices, 149,440-41,448,452ethical issues, 427individual lack of trust in, 474infrastructure developments, 266institutional investors, 131,139-41,453,456,491-92Latin America, 19-21,40, 145,441-59liquidity, 102market development process, 7,493protection of shareholders, 18-19,140-41, 149,438,439-40,443,444,458regional market integration, 201 -3role in capital markets, 437-38strengthening of, 108, 148^9Corporate Governance Roundtable (LatinAmerica), 459corporate ventures. See venture capitalcorporate vs. government-issued debt, 343-44COSRA (Council of Securities Regulators of theAmericas). See Council of SecuritiesRegulators of the Americas (COSRA)Costa Rica, 260-61, 305, 315costs, financial servicesand CCR 190-91cross-border, 160,251futures markets cooperation, 193harmonization of market rules, 168infrastructure developments, 250,263,266-67liquidity, 239Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub