Latin American Capital Markets

GLOBALIZATION.TECHNOLOGY AND REGULATION IN CAPITAL MARKETS 47Box 2-4 I Alliances and Partnerships in Emerging MarketsAfrican Stock Exchanges Association (ASEA): Botswana, Egypt, Johannesburg, Mauritius, Morocco,Swaziland.Tanzania, Uganda, Zambia, and ZimbabweFederation of Euro-Asian Exchanges (FEAS): Amman, Bulgaria, Dhaka, Egypt, Istanbul, Karachi,Lahore,Tehran, Ukraine, and othersIberoamericana (FIABV): Argentina, Brazil, Chile, Costa Rica, Ecuador, El Salvador, Mexico, Peru,Portugal, Spain, Uruguay, and VenezuelaEuropean (FESE): European exchanges, including Bucharest, Cyprus, Latvia, Lithuania, andothersAlliances among markets have similar missions and objectives. Box 2-4 givesexamples of alliances and partnerships in emerging markets. For example, the Federationof Euro-Asian Exchanges (FEAS) includes 21 stock exchanges, with the IstanbulStock Exchange taking a leadership role. Its mission statement states:The mission of FEAS is to create [a] fain efficient and transparentmarket environment, with little or no barriers to trade, between theFEAS members and their operating regions. Harmonization of rulesand regulations and adoption of new technology for trading and settlement,by member securities markets, will facilitate the objectives ofFEAS by promoting the development of the member markets andproviding cross listing and trading opportunities for securities issuedwithin FEAS member countries.Through alliances and partnerships, exchanges are trying to create commontrading platforms, clearance and settlement procedures, listing standards, capital reserverequirements, qualifications for financial intermediaries, and risk management systems.The International Federation of Stock Exchanges (FIBV) is an important trade organizationfor securities markets. FIBV acts as a central reference point in the process of internationalharmonization (cross-border trading and public offerings) among its membersand lobbies public bodies about the markets. FIBV also supports emerging marketsin their development according to global standards. 3 The securities commissions ofmany countries have adopted the standards set for harmonization and market integrationby the International Accounting Standards Committee (lOSCO).The Council ofSecurities Regulators of the Americas (COSRA) continues to play an important role inCopyright © by the Inter-American Development Bank. All rights reserved.For more information visit our website: www.iadb.org/pub3 See http://www.fibv.com.