Latin American Capital Markets

542 FOCUS ON CAPITALsovereign debt markets, 338,340Spain, trading environment, 12,27SPAN (Standard Portfolio Analysis of RiskMargining), 365n41special interests and corruption of law, 424Special System for Settlement and Custody(SELIC), 255special-purpose entities (SPEs), 221speculation, limitation of excessive, 364speculators and derivative investor recruiting, 350spot trade, bond markets, 318stability, market. See financial stabilitystakeholders, needs of, 18,265,440standard margin, 366Standard Portfolio Analysis of Risk Margining(SPAN),365n4lstandards, financialcorporate governance, 439,460-61cross-border trading, 61,213,249CSDs, 242-43derivatives markets, 340,342, 348,351-52,371-72Europe, 169,221infrastructure improvements, 240,244,253,264,325-26Latin America need for; 15listing, 280policy issues, 498-99RTGS, 248SMEs, 394See also accounting and auditing standardsStarmedia, 16start-up financing of SMEs, 398-99statutory restrictions, bond markets, 327-28Steil, Benn, 56stock markets. See equity marketsstock options and accounting standards, 222Stockholm Stock Exchange, 269,274-75,277,290straight-through processing (STP), 240,249-50,256,264strategic business services, SMEs in, 391Strike, 51structural reforms. See infrastructure, marketstructured products, bonds as, 325Stulz, Renee, 7substitutions, derivatives markets, 362Sumitomo, 39n35, 351Superintendency of Securities (Colombia), 454supply and demand issues, 93, 144,345^6, 347,502-3surveillance, market 74,84, 167, 370-72, 378swaps, Colombian debt 312. See also derivativesmarketsSwedish exchangesdemutualization of, 284-87loss of investment to foreign exchanges,497Stockholm Stock Exchange, 269,274-75,277,290SWIFT software language, 250Sydney Futures Exchange, 288systemic risk, 241, 322T+1 settlement timing, 240,245,248^9,250-51,255tag-along rights for shareholders, 443,449-50Taiwan, SME initiatives in, 396takeover; corporate, 4. See also mergers andacquisitionsTarget payments system, 248tax issuesas barriers to market development,496-97bond markets, 315, 327,330-31and equity markets, 98institutional investors, 130pension funds, 134SMEs, 395techMARK(UK),4IOtechnologybond markets, 316Brazil exchanges' use of, 94capital market environment, 160and cheap information, 46clearing and settlement, 192computer role in market development23,39cross-border trading, 53,54-56, 131demutualization of exchanges, 272,275derivatives markets, 246,248, 347European market integration, 163,251globalization, 48-53, 60, 61, 109, 110infrastructure improvements, 246-47,263institutional investors, 130-31,137-38,501multiple trading systems, 496regional market integration, 26, 147,201,202Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub