Latin American Capital Markets

INDEX 525developing economies (continued)SMEs, 389-90, 393,403,41 ISee also Asian markets; internationalinvestment in local markets; LatinAmerica and Caribbean; policy issuesdevelopment agencies and SMEs, 397direct public offering (DPO), 401,403direct vs. portfolio investment, 7,73discipline, market, and accounting standards, 213,234disclosure, informationbond markets, 302-3, 308, 313, 321-22,325-27, 329-30Colombian reforms, 453-56corporate governance, 19, 149,440-41,448,452demutualization of exchanges, 277,286derivatives markets, 348guiding principles for, 460infrastructure development, 302-3Internet trading, 66,75,76loosening of requirements, 148policy issues, 500-501regional market integration, 179-82regulation in U.S., 136-37,280,281shareholder protection, 326-27,494See also accounting and auditingstandards; prices and quotesdiscounting of assets in derivatives contracts,369-70disintermediation of banking industry, 303-4,315,317,325dispersed regulations, 20dispute resolution, 57,277,448distortion risk, 355diversification, 4, 130, 134-35domestic capital markets. See local capital marketsDominican Republic, infrastructuredevelopments, 261Domowitz, Ian, 497DPO (direct public offering), 401,403dual listing of stocks, 43, 60DVP (delivery vs. payment). See delivery vs.payment (DVP)Easterly, W, 104Eastern Europe, market capitalization levels, 45ECNs (electronic communication networks), 48,49-52,249,272Ecuador infrastructure developments, 258-59educationethical issues, 427-28human capital development, 464,466,467information disclosure, 500institutional investors, 137investor program proposal, 149languages and regional market training,483Latin American lack of market, 474,475,476professional associations, 482training institutions and programs,469-72,473,480-81and trust levels, 430-31efficiency, market, 6,215,217,241 -42,243, 350El Salvador, infrastructure developments, 261El Sitio, 16electronic bulletin markets, 73electronic communication networks (ECNs), 48,49-52,249,272electronic finance systems, 71Electronic Payment Means (MEP), 257electronic trading systemsArgentina, 257bond markets, 319Brazil, 94demutualization of exchanges, 269,272,281,285,289derivatives markets, 349, 350, 359, 366development competition, 249vs. floor trading, 202,248,269,277,285and IPO, 73rise of,41,48-53,55risk and uncertainty with, 60See also Internetemerging economies. See developing economiese-money systems, 71Employee Retirement Income Security Act ofI974(ERISA) (US), 134employment, SMEs as job creators, 392Enersis, 443enforcement of market rulesaccounting standards, 224cross-border issue, 373derivatives markets, 356, 372European Court weaknesses, 176-77Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub