Latin American Capital Markets

INDEX 541Securities and Exchange Commission, U.S. (SEC)CSD standardization, 242and Enron, 214foreign market access issue, 55-56listing standards, 280andNMS, 180regulation, 41,52-53, 136-37,221,222self-regulation of exchanges, 283,284settlement improvements, 248^9securities and exchange commissions (outsideU.S.), 15, 18, 19,47^8Securities Authority of Israel, 43Securities Board of the Netherlands, 289securities depositories. See central securitiesdepositories (CSDs)Securities Exchange and Clearing OperationsAct of 1992 (Sweden), 285Securities Industry Association (SIA), 250,282-83security, job, and SME volatility, 392security of Internet trading systems, 78-79seed capital for SMEs, 398-99,405segmentation of securities exchanges, 114-15segregation, derivatives markets, 367-68self-financing of SMEs, 394, 398-99self-interest and trustworthiness, 423. See alsoconflicts of interestself-listing by exchanges, 271self-policing challenges for markets, 58self-regulationbond markets, 322, 329Brazilian markets, 384corporate governance, 446-48demutualization of exchanges, 269,271,283,284derivatives markets, 355, 362-63, 373-80ethical standards, 418,426,427Guatemala, 103information transparency, I 16in U.S., 136,273, 375n54,417-18,445self-regulatory organizations (SROs)ATSs, 52-53demutualization of exchanges, 276-79,282-83,289derivatives markets, 374-78globalization/technology issues, 53-59listing standards in U.S., 280role of, 41,46,62SELIC (Special System for Settlement andCustody), 255service sector as focus for SMEs, 391, 393settlement. See clearing and settlementshareholder protectionaccounting standards, 216corporate governance, 7, 18, 14CM-1, 149,438,439-40,443,444,458cross-border trading, 56demutualization of exchanges, 277,288guiding principles, 460information disclosure, 326-27,494as investor requirement, 15in Latin America and Caribbean, 19,21,145,448-51market development process, 493-94market liquidity, 102mergers, 200-201prudent investor principles, 142regulation, 54, 107-8Singapore International Monetary Exchange(SIMEX), 192-94Single European Act, 171Single Market, European, 171, 174size of cash market, derivatives markets, 345-46small and medium enterprises (SMEs)access to finance, 394-96capital access improvements, 20deregulation advantages for venturecapital, 142economic role of, 389-93exchange markets for, 403-10financing instruments, 396-403globalization benefits, 109Internet advantages, 66need for market support, 25, 38, 114-15policy issues, 96,410-13stock market operating costs, 8, 399strategies to encourage, 147-48trading support for, 503Small Business Investment Company (SBIC), 142small economiesbalancing of, 103-5bond markets, 301institutional investing restrictions, 144Smith, Bruce, 6Smith, Katherine, 497social issues. See cultural issuessocial security systems, 21,23, 105-7, 122-23Sofianos, George, 497sovereign credit risk, 31 ICopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub