Latin American Capital Markets

INDEX 527European Central Securities DepositoriesAssociation, 197European clearinghouse model for settlement195-96European Commission, 171-72European Court, 170, 174-75, 176-77European Options Exchange, 289European Parliament, 171European passport, 172-73, 176European Securities Forum, 191exchange rate regime and bond markets, 301,302exchanges, securitiesalliances and partnerships, 46-47,248,251-52,288Caribbean infrastructure development, 261as central depositories, 261clearing and settlement, 242Colombian developments, 259consolidation of, 255,262corporate governance reforms, 445^48cross-listing, 497globalization, 38,41 -48,59-61government bond trading in, 318human capital development, 476information dissemination, 179-82infrastructure developments, 256Internet use, 73-74,76-77investment in foreign, 106, 128, 178-79,497,509and ITS, 183politicization of Latin American, 425public interest responsibility, 271,419regional market integration, 162-64,183-94regulation, 53-59,61-62,85,87requirements, 19segmentation of, 114-15SMEs, 147,395,403-10tailored approach to, I 10-12technology developments, 48-53, 61,202,248viability measurement challenges, 490See also demutualization of exchanges;derivatives markets; trading systems;individual exchangesexposure supervision in derivatives, 370extensible business reporting languages, 249-50,425Extensible Markup Language (XML), 250external financing, 165, 301. See also internationalinvestment in local marketsextraordinary items in accounting, 224fair and equitable treatment in derivativesmarkets, 361 -62families, concentration of investor wealth in, 145FASB (Financial Accounting Standards Board),214,220,222,223-24Federation Internationale des Bourses desValeurs (FIBV), 246,269,403-4Federation of Euro-Asian Stock Exchange(FEAS), 47Federation of European Stock Exchanges (FESE),47, 179fees, exchange user; 283-84. See also transactioncostsFESCO (Forum of European SecuritiesCommissions), 169FIABV (Ibero-American Association of StockExchanges), 47,476FIBV (Federation Internationale des Bourses desValeurs), 246,269,403^finance ministry, market role, 289,298-99, 307,310,329Financial Accounting Standards Board (FASB),214,220,222,223-24financial engineering, 40, 110financial guarantees and market development,510-11Financial Information Exchange (FIX), 249-50financial instrumentsbenefits of capital markets for, 4choices for market development, 502-4derivatives markets, 335, 338, 348, 352and Internet, 69money markets, 137,298, 307, 309-10,327reform process, 491-92financial markets and economic growth, 164-65financial policies, constraints on equity markets,99Financial Services Authority (Australia), 280Financial Services Authority (UK), 355financial stabilityaccounting and auditing standards,217-19,235,303bond markets, 302-4Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub