Latin American Capital Markets

530 FOCUS ON CAPITALhub and spokes model for settlement, 196human capitaldeveloped markets, 469-72,473framework for development, 465-69Latin America and Caribbean, 472-83local market investment in, 40need to address, 463-65regulation of global markets, 61Hungarian exchange, 490Hunter W, 463-64hybrid payment systems, 248hyperlinks and Internet trading issues, 70,77-78IASB (International Accounting StandardsBoard), 19-20,220-25, 231-33Ibero-American Association of Stock Exchanges(FIABV), 47,476Ibero-American Securities Markets Institute, 27Ibolsa, 16IDB (Inter-American Development Bank), 207,235-36,261IFC (International Finance Corporation), 439,459IFIs (international financial institutions), 104Impavido, G., 7, 106Improvements Project (IASB), 224income levelsequity market growth, 97small economy challenges, 104index funds, U.S. development, 133indexed securities, 304, 305, 307, 311India, vibrant equity market of, 102-3, 115indigenous savings and credit, 474indirect monetary instruments, 310individual investors, 41,65-66,81 -83,86, 315,316individual retirement accounts (IRAs), 134industry associations. See professionalassociationsinflationbond markets, 295, 300, 302,310Brazil's issues, 254, 385inflation-indexed securities, 304SME funding, 390informal financing markets, 101-2informationhuman capital development, 481importance in financial services, 65,66, 86,148Internet, 66-67, 69liquidity of markets, 102monetary management, 310regional market integration, 207regulation integration, 167sharing of, 373, 377timeliness of, 69,230,234vision for infrastructure changes, 265See also dematerialization of securities;disclosure, information; transparency,marketinfrastructure, marketbond markets, 318-21capital markets, 239-40derivatives markets, 381 -82globalization, 247-52information disclosure, 302-3Latin American developments, 102-7,252-62,474,478-79multiple trading systems, 496policy issues, 488,489-91,504-5regional market integration, 199-203strategies for improvement, 22-25,241-47,262-67See also institutions, socioeconomicinitial public offering (IPO)Chilean reforms, 21demutualization of exchanges, 274developed markets, 15disclosure requirements, 19electronic, 73European environment for, 164and Internet, 16, 81Latin American difficulties with, 8need for support, 25SMEs, 115,390,399,401-2tailored approach to listing, 110innovationglobalization challenges, 40importance of, 25institutional investors, 130-31integration benefits, 161regulation, 67SMEs, 392-93insider trading protections, 21instability, political and economic, 415-16,426,427. See also volatility, marketInstinct, 50,278Institute of Corporate Governance (Brazil), 459Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub