Latin American Capital Markets

INDEX 529Global Equity Market (GEM), 109,256Global Straight through Processing Association(GSTPA), 249,250Global Trading System, 94globalizationaccounting standards, 217,218-19,234clearing and settlement, 196,240,244demutualization of exchanges, 41,247,272-73enforcement of contracts, 67-68ethical issues, 428,430government role in inter-market linkages,327infrastructure upgrades, 247-52institutional investors, 501market areas affected, 37-40and openness to trade, 6regional market integration, 160regulation issues, 19-20,46,53-59,61-62,85,87self-regulation, 380SMEs, 392stock market effects, 41 -48,59-61, 109,256technology, 48-53,61See a/so integration, global marketGlobex Alliance, 383Gompers, Paul A., 6-7governance, sector 466,467government bond market, 107, 295-98, 306-22government-issued debt vs. corporate debt,343^4governmentsbanking dependence of, 4, 308-9demutualization of exchanges, 277-78,279,282derivatives markets, 374ethical issues, 423,426-27,428-29,431human capital development, 464limitations of market role, 24liquidity interference by, 97money market role, 327motives for creating market economy, 16as owners of exchanges, 286self-regulation as brake on interference by,380SME funding, 393,397support for reforms, 27-28, 105, 145-46,207,508-9See also debt, public; deficits, governmentbudget; legal issues; policy issues;politicsgross domestic product (GDP), 7,9, 165Group of 30,244,245growth, economicbond markets, 295capital market contribution, 37-38democracy, 430financial market effects, 3-4,5-6,93,164-65and income levels, 97institutional investors, 129, 149-50integration benefits, 162Latin American equity markets, 7small economy challenges, 104SMEs, 390-91,410Grupo Televisa, 43GSTPA (Global Straight through ProcessingAssociation), 249,250Guatemala, debt vs. equity markets in, 103Hallberg, K., 392, 393harmonization of market rulesaccounting standards, 213,220-25,226-27,234advantages of, 59bond markets, 301Euronext, 290globalization, 54regional market integration, 167-69, 172,175-76,205-6SMEs, 412See also integration, global marketHarvey, Campbell R., 6hedging. See derivatives marketsHelsinki Stock Exchange, 404heterogeneous vs. homogeneous debt, 344high-tech industries, new exchanges for, III. Seea/so technologyHogan, Stokes Report, 275-76home country control and regional integration,170-77homogeneity and derivatives contracts, 343^44Honduras, infrastructure developments, 261Hong Kong financial center; 194Honohan, R, 104horizontal vs. vertical market integration, 251housing market, corporate bond market, 324-25Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub