Latin American Capital Markets

INDEX 537outsourcing and infrastructure changes, 247,250,264oversight of marketsaccounting standards, 235demutualization of exchanges, 271,282-84derivatives markets, 351, 362-63, 370,373-80, 381and Enron, 214importance of, 18institutional investors, 135-37and Internet, 66regulation of customer relationship, 279and self-regulation, 56,59surveillance, 74,84, 167, 370-72, 378over-the-counter (OTC) marketsbonds in, 318-20, 322derivatives markets, 335, 340-41, 343-44,386vs. exchange futures, 343, 350, 365,380ownership changes and SMEs, 407ownership of development process, 492Pagano, Marco, 164Paine, Thomas, 430Panama, market environment, 260, 305Paraguay, banking crisis, 101Paris Bourse, 290pay-as-you-go retirement vs. private pensionfunds, 134, 135, 143^4Payment System Inter-bank Commission(CISPA), 258payment systems. See clearing and settlementpension fundsaccounting standards, 222bond markets, 135,315-16capital markets environment, 160as captive finance sources, 106-7corporate governance, 448deregulation of, 148growth of private, 24,25institutional investors, 132-34in Latin America and Caribbean, 21, 107,122-23, 127, 143^5,316,501-2market reforms, 491 -92market stability, 129inOECD, 121See also social security systemsPerubond markets, 322debt market situation, 305derivatives markets, 354infrastructure development, 257,258,259,264institutional investing, 125mutual funds, 123pension funds, 316petroleum market, 345physical delivery futures requirements, 382policy issuesaccounting and auditing standards, 230,234-36and capital market developmentstrategies, 6-7,487-89,51 1-12competition benefits, 495-97derivatives markets, 341, 352, 374, 381-83economic institutions' roles, 508-10ethical standards in markets, 416,431financial guarantees, 510- IIfinancial instrument choices, 502-4financial sector reform process, 491 -92general good issue for European Union,174-75information disclosure, 500-501infrastructure enhancement, 241 -67,489-91,504-5institutional investors, 145-51,501 -2international standards, 498-99law and enforcement, 493-94macroeconomic environment, 94-97,112-16monetary policy, 300, 302, 307, 308-10ownership of development process, 492regional integration, 505-7sequencing of reforms, 507-8SMEs, 410-13See also bond markets; fiscal policy;regulationpoliticsaccounting standards, 219,234banking role reforms, 315bond market restrictions, 328commitment to reform, 502democracy and markets, 425,430-31demutualization of exchanges, 285ethical issues, 424-25European market integration, 171 -72Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub