Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
September 1996
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© 1996 International Monetary Fund

ISBN 9781557756091

ISSN 0258-7440

Reprinted December 1997

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Contents

The following symbols have been used throughout this paper:

… to indicate that data are not available;

— to indicate that the figure is zero or less than half the final digit shown, or that the item does not exist;

‒ between years or months (for example, 1995-96 or January-June) to indicate the years or months covered, including the beginning and ending years or months;

/ between years (for example, 1995/96) to indicate a fiscal or financial year.

“Billion” means a thousand million: “trillion” means a thousand billion.

“Basis points” refer to hundredths of 1 percentage point (for example, 25 basis points are equivalent to ¼ of 1 percentage point).

Minor discrepancies between constituent figures and totals are due to rounding.

As used in this paper the term “country” does not in all cases refer to a territorial entity that is a state as understood by international law and practice. As used here, the term also covers some territorial entities that are not states but for which statistical data are maintained on a separate and independent basis.

Preface

The International Capital Markets report is an integral element of the IMF’s surveillance of developments in international financial markets. The IMF has published the International Capital Markets report annually since 1980. The report draws, in part, on a series of informal discussions with commercial and investment banks, securities firms, stock and futures exchanges, regulatory and monetary authorities, and the staffs of the Bank for International Settlements, the Commission of the European Union, the International Swaps and Derivatives Association, the Japan Center for International Finance, and the Organization for Economic Cooperation and Development. The discussions leading up to the present report took place in Argentina, Belgium, Chile, the Czech Republic, France, Germany, Hong Kong, Hungary, India, Italy, Japan, Singapore, Switzerland, Thailand, the United Kingdom, and the United States, between January and March 1996. The report reflects information available up to the end of May 1996.

The International Capital Markets report is prepared in the Research Department under the general direction of Takatoshi Ito, Senior Advisor, and David Folkerts-Landau, Assistant Director. Coauthors of the report from the Capital Markets and Financial Studies Division of the Research Department are Garry Schinasi, Deputy Division Chief in Charge; Marcel Cassard, Laura Kodres, John Montgomery, and Todd Smith, all Economists; Beth Simmons, Resident Scholar; and Subramanian Sriram, Research Officer. Coauthors of the report from the Emerging Markets Studies Division of the Research Department are Michael Spencer, Economist, and Anne Jansen, Research Officer. Zhaohui Chen and Miguel Savastano from the Research Department and Gabrielle Lipworth from the Central Asia Department also coauthored the report. Mohsin Khan, Deputy Director of the Research Department, led the mission to Argentina and Chile. Melissa Little, Tammi Shear, and Adriana Vohden provided expert word processing assistance. Esha Ray of the External Affairs Department edited the manuscript and coordinated production of the publication.

This study has benefited from comments and suggestions from staff in other IMF departments, as well as from Executive Directors following their discussions of the International Capital Markets report on July 8, 1996. However, the analysis and policy considerations are those of the contributing staff and should not be attributed to Executive Directors, their national authorities, or the IMF.

List of Abbreviations

ABS

asset-backed securities

ACBS

Arab Committee on Banking Supervision

ADE

Programa de Apoyo Inmediato a Deudores de la Banca

ADR

American Depository Receipt

AIM

Alternative Investment Market

ASEAN

Association of South-East Asian Nations

BAC

Banking Advisory Committee

BCCI

Bank of Credit and Commerce International

BFSR

Bank Financial Strength Rating

BIBF

Bangkok International Banking Facility

BIF

Bank Insurance Fund

BIS

Bank for International Settlements

CAD

Capital Adequacy Directive

CBOE

Chicago Board Options Exchange

CBOT

Chicago Board of Trade

CFTC

Commodity Futures Trading Commission

CGACB

Council of Governors of Arab Central Banks and Monetary Agencies

CHAPS

Clearing House Association Payments System

CHIPS

Clearing House Interbank Payments System

CITIC

China International Trust and Investment Corporation

CME

Chicago Mercantile Exchange

CME-IMM

Chicago Mercantile Exchange-International Money Market

CNBV

Comisión Nacional Bancaria y de Valores

COB

Commission des Opérations de Bourse

CORSA

Council of Securities Regulators of the Americas

CPP

Costo Porcentual Promedio

CPSS

Committee on Payment and Settlement Systems

DIC

Deposit Insurance Corporation

DTB

Deutsche Terminbörse

EBS

Electronic Broking System

ECHO

Exchange Clearing House

ECU

European currency unit

EMEAP

Executive Meeting of East Asia and Pacific Central Banks

EMI

European Monetary Institute

EMTA

Emerging Markets Traders Association

EMTN

European medium-term notes

EMS

European Monetary System

EMU

Economic and Monetary Union

ERM

exchange rate mechanism

EU

European Union

FDIC

Federal Deposit Insurance Corporation

Fobaproa

Fondo Bancario de Protección al Ahorro

FRN

floating rate note

FRR

Financial Regulation Report

FSSC

Financial System Stabilization Committee

G-7

Group of Seven

G-10

Group of Ten

GAAP

Generally Accepted Accounting Principles

GCC

Gulf Cooperation Council

GDP

gross domestic product

GDR

Global Depository Receipt

GEMMS

Gilt Edged Market Makers

IAS

international accounting standards

IASC

International Accounting Standards Committee

IFC

International Finance Corporation

IMRO

Investment Management Regulatory Organization

IOSCO

International Organization of Securities Commissions

ISAs

Information Sharing Agreements

USD

Investment Services Directive

ISDA

International Swaps and Derivatives Association

ISRR

International Securities Regulation Report

JCR

Japan Credit Rating Institute

JBRI

Japan Bond Research Institute

JRC

Jusen Resolution Corporation

LIBOR

London interbank offered rate

LIFFE

London International Financial Futures Exchange

LSE

London Stock Exchange

MATIF

Marché à Terme International de France

MIDAM

Mid-America Commodity Exchange

MOUs

Memoranda of Understanding

NASD

National Association of Securities Dealers

NASDAQ

National Association of Securities Dealers Automated Quotation

NIES

newly industrialized economies

NIS

Nippon Investor Services

NYFE

New York Futures Exchange

NYSE

New York Stock Exchange

OECD

Organization for Economic Cooperation and Development

OTC

over the counter

PVP

payment versus payment

Procapte

programa de capitalización temporal

RTC

Resolution Trust Corporation

RTGS

real time gross settlement

SAIF

Savings Association Insurance Fund

SEACEN

Southeast Asian Central Banks

SEC

Securities and Exchange Commission

SET

Stock Exchange of Thailand

SFE

Sidney Futures Exchange

SIB

Securities and Investments Board

SIMEX

Singapore International Monetary Exchange

S&P

Standard and Poor’s

SROs

Self-Regulatory Organizations

SWIFT

Society for Worldwide Interbank Telecommunication

TARGET

Trans-European Automated Real-Time Gross Settlement Express Transfer System

TIBR

Thompson’s International Banking Regulator

TIFFE

Tokyo International Financial Futures Exchange

TIIE

Tasa de Interés Interbancaria de Equilibrio

TIIP

Tasa de Interés Interbancaria Promedia

TSE

Tokyo Stock Exchange

UCABE

Unidad Coordinadora para la Restsucturación del Adeudo Bancario Empresarial

UDI

Unidades de Inversión

VAR

value at risk

VRRs

Value Recovery Rights

YPF

Yacimientos Petrohíferos Fiscales

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