Latin American Capital Markets

536 FOCUS ON CAPITALmutual reliance and regional market integration,168-69mutualization structure for exchanges, 52,247NAFTA (North American Free TradeAgreement), 93-94Nahas, Naji Robert, 355NASD (National Association of SecuritiesDealers), 181-82,272,277,283NASDAQATSs, 52demutualization of exchanges, 272,274,281globalization, 109listing requirements, 280-81regulation debate, 41SME encouragement, 147NASDAQ Europe, 410national and international accounting standards,213,220-25,226-27,234National Association of Open MarketInstitutions (ANDIMA), 255National Association of Securities Dealers(NASD), 181-82,272,277,283National Market System (NMS), 180, 181national securities associations, 251. See a/soNASDnet settlements, 190, 192,248,257,260Netherlands. See AmsterdamNeuer Markt (Frankfurt), I 10-11,409,410,447nlOnew economy companies and Latin AmericanIPOs, 8new firms and benefits of financial development,165New York Stock Exchange (NYSE)arbitration role, 277demutualization of exchanges, 272,281depository receipts, 15disclosure requirements history, 280global equity market initiative, 48, 109Latin American investment in, 43,497regulation debate, 41self-regulation, 283,445NMS (National Market System), 180, 181nonfinancial corporations, 316noninstitutional savings vehicles, 474nonprofit organizations, exchanges as, 52,247.See also demutualization of exchangesnonvoting shares, 21,111Nordic Growth Market, 410NOREX (Nordic Exchange), 109, 185-86,251,286-87North American Free Trade Agreement(NAFTA), 93-94Norwegian derivatives exchange, 286Nouveau Marche (Paris, Bruxelles, Amsterdam),111,410novation process, 190, 192Novo Mercado (Brazil), 20-21,111,446-48Nuovo Mercato (Italy), 410Oceania, 477-78OECD (Organisation for EconomicCo-operation and Development). SeeOrganisation for Economic Co-operation andDevelopment (OECD)off-market trading, derivatives markets, 359offset arrangement, CME and SIMEX, 192-94OM Gruppen AB (OM), 264,274-75,285,286,287OM Technology, 185, 190Omgeo, 249,250100 percent reserve plan for banks, 99-100online services. See Internetopen outcry auction method, 248, 349open-end investment companies. See mutualfundsoperational risk, 241,246opportunity costs, government bond market,314Optimark, 51optimization arrangements for clearing andsettlement, 192options and futures. See derivatives marketsordering systemsand integration pressures, 163Internet impact, 66,71-72,73order book execution, 49order routing, 182-85,200Organisation for Economic Co-operation andDevelopment (OECD)corporate governance principles, 19-20,439,459,460-61institutional investors, 119-21, 122SMEs, 390-93Osaka Futures Exchange, 360n35Outreville.J. F.,463Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub