Latin American Capital Markets

INDEX 539prudent investor rule, 141 -42, 148public directors for for-profit exchanges, 271public disclosure. See disclosure, information;transparency, marketpublic funding institutions, and SMEs, 397public good consideration, 4,27,214,217-19,235public interest responsibility of exchanges, 271,419public offeringsdemutualization of exchanges, 271,278-79,281direct public offering, 401,403process of making, 81 n 15, 115Swedish exchange, 285See a/so initial public offering (IPO)public policy. See policy issuespublic sectorborrowing decline in, 7corporate governance role, 443,451 -59human capital development, 466,469See also central banks; governments;policy issuesQin, Duo, 497quality control, accounting standards, 226-27,228, 229,230quotes, market, 163-64, 180-82, 183. See alsoprices and quotesRajan, Raghuram, 6,7, 165rating agencies, stock, 19rational morality and market activity, 420real estate financing. See mortgage-backedsecuritiesReal Plan, Brazil, 385real-time gross settlement (RTGS)global infrastructure developments,247-^8,250Latin America, 255,257,258,260reciprocal obligation, 417,423Redibook, 51reforms, market. See policy issuesRegional Council for Public Savings and FinancialMarkets, 186regional market integrationbenefits and costs, 27, 161 -65, 199-201bond markets, 301clearing and settlement, 190-98conditions for, 159-61cross-border trading, 21-22, 60CSDs, 194-98,264-65Europe, 251exchanges and trading, 106, 178-79,185-90,497funding of, 266governance issues, 201 -3information dissemination, 179-82institutional role in, 24language training, 483for Latin America and Caribbean, 26, 39,109, 146-47,203-8,261-62marketing of, 198-99order routing, 182-85policy issues, 505-7regulatory issues, 166-77, 182, 188,264strategies for improvement, 25-27technology considerations, 26, 147,201See also EuropeRegionClean 194-95registration of securities, 253,256regulationbond markets, 298-99, 303, 308, 311,313,315,321-22,326-28capital market benefits, 4,5,6clearing and settlement, 241,248^9confidence in market, 479CSD standardization, 242-43current debate on, 4CMIdemutualization of exchanges, 279-84deregulation trends, 108-9, 141-42derivatives markets, 340, 351-52, 355-73,385ethical issues, 424European market integration, 140, 172,173-74, 175, 177,251,279financial statement quality control, 228,230globalization, 19-20,46,53-59,61-62,85,87human capital development, 469,470-71,476,480-81independence of regulatory bodies, 234infrastructure developments, 126,245^46,256-58,260-61,265-66institutional investors, 135-37and Internet, 66-68,74-86Latin American problems with, 144-45,146-47Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub