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

    Price: US$20.00

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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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