Latin American Capital Markets

INDEX 543technology (continued)self-regulation, 53-59SHE focus on, 407See a/so InternetTel Aviv Stock Exchange, 43telecommunications sector, mergers andacquisitions, 15Telefonos de Mexico (Telmex), 43tender offer rules, 444Thailand, currency devaluation, 13Thornton, Grant, 408,409,409-10timeliness of information, 69,230,234timing of settlement, 240,245,248-49,250-51,255timing risk, 200Tokyo Communique, 351, 371 -72Tokyo Stock Exchange, 48Toronto Stock Exchange (TSE), 183-84total factor productivity, 165trade associations. See professional associationstrade credit and SMEs, 397Tradebook, 51Tradepoint, 50,55,56, 163trading activityaccess vs. market ownership, 46after-hours, 72Argentine fiscal crisis, 96automatic trading halts, 366-67broker-dealer role, 66, 367-68government bonds on exchanges, 318openness and economic growth, 6regional market integration, 106, 178-79,185-90,497trade shocks and small economies, 105worldwide levels, 10, 12See also cross-border trading; derivativesmarkets; exchanges, securitiestrading systemsbond markets, 318-19competition benefits, 495-97computerization of, 23derivatives markets, 349-51multiple, 496regional market integration, 26, 163-64,185-90regulation, 51-53,496See a/so alternative trading systems(ATSs); clearing and settlement; floortrading; ordering systemstrading volume, 38, 39-40,79, 335-36training institutions and programs. See educationtransaction costsand day trading risks, 82-83dematerialization of documentation, I 10exchange competition, 247government bond market, 314and Internet, 65-66, 69,73,78regulation, 108technology, 137-38transparency, marketaccounting standards, 234corporate governance, 440-41,448derivatives markets, 339, 350-51, 358-61European market integration, 174, 177guiding principles, 460international investment, 60and Internet trading, 67,74needfon 19, 115-16prices and quotes, 182, 348, 350-51,358-60regulation, 54, 109, 115-16self-regulation, 377shareholder protection, 494SME funding, 395,406and trust, 421See also disclosure, informationtreasury bills, 310, 31 Itreasury bonds, 321 -22Treaty of Rome, 170, 171Tressel,Thierry, 7Trinidad and Tobago, 262trust and ethical issues in markets, 417,419,421-23,426,427,430-31trustworthiness and ethical behavior, 421-23TSE (Toronto Stock Exchange), 183-84Turkish stock exchange, 47turnover, market, 10, 330, 345-46TV Azteca, 443UEMOA (West African Economic and MonetaryUnion), 186unemployment and Argentine fiscal crisis, 95Unger, Laura, 53unified market and regional integration, 26-27,171, 174United Kingdomcorporate governance rules, 438derivatives markets, 351Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub