Latin American Capital Markets

544 FOCUS ON CAPITALUnited Kingdom (continued)human capital development, 471-72institutional investing, 121, 125Know-how Fund, 490market liquidity, 128pension funds, 107SMEs,40lUnited Statesbond markets, 295,296capitalization and trading volume, 39corporate governance rules, 438debt vs. equity markets, 97demutualization of exchanges, 282-83deregulation of markets, 141derivatives markets, 350, 351, 352,364-65, 367, 369foreign market access initiatives, 55GAAP and IAS accounting rules, 220-25,231-33human capital development, 472,473institutional investing, I 19, 120-21, 125,133, 138, 139,501and ITS, 183market capitalization, 9-10,41,42,45market liquidity, 128and Mexico, 93-94mortgate market, 325pension funds, 107, 133-34prices and quotes, 180regulation, 41, 136,279self-regulation, 277,280-81,283-84, 373,375n54,4l7-l8settlement developments, 248-51share ownership, 288SMEs, 147,392,401,411stock market performance, I Itrading activity, 12Uruguay, market environment, 27, 100,257, 305,316valuation models, 216,274value traded levels, 10variation margin, 366, 368n45Venezuela, market environment, 259, 305,354venture capitalderegulation of markets, 142new exchanges for, I I ISMEs, 395,398,40CMO 1,411,412vertical vs. horizontal market integration, 251viability of market, assessment difficulties, 490-91vicious circle in bond markets, 328-29virtual securities commission, 168virtue, trade as teacher of, 417. See also ethicalissuesvirtuous circle in bond markets, 328Virt-X, 496Vrttas,Q, 106,492,502volatility, marketasset price and crossover investing, 13derivatives, 344, 365, 381exchange rate issues, 302globalization, 60mutual funds, 130online system resilience, 79SMEs, 392volume, trading, 38, 39^0,79,335-36wage flexibility of SMEs, 392WAP (wireless application protocol), 72Watts, R., 216wealth accumulation culture in Latin America, 472wealth levels and institutional investing, 132websites, issuer liability issues, 77-78, 80-81. Seealso InternetWest African Economic and Monetary Union(UEMOA), 186Williamson, Roham, 7wireless application protocol (WAP), 72workforce development, 466,467,469workforce mobilization, 466,467World Bank, 235,439Wurgler, Jeffrey, 6Wyplosz,C,2l8n5XML (Extensible Markup Language), 250yield, bond, 316,327Yupi Internet, Inc., 16Zarb, Frank G., 41zero-coupon instruments, 31 IZervos, Sara, 5, 6, 165Zhang, Xin, 504Zimmerman, j., 216Zingales, Luigi, 6,7, 165Copyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub