Front Matter

Front Matter

Author(s):
International Monetary Fund
Published Date:
January 1994
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    © 1994 International Monetary Fund

    ISBN 9781451942118

    ISSN 0258-7440

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    Contents

    The following symbols have been used throughout this paper:

    • … to indicate that data 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 (e.g., 1991–92 or January–June) to indicate the years or months covered, including the beginning and ending years or months;

    • / between years (e.g., 1991/92) to indicate a crop or fiscal (financial) year.

    “Billion” means a thousand million.

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

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

    Preface

    This report was prepared under the direction of Morris Goldstein, Deputy Director of the Research Department of the International Monetary Fund, together with David Folkerts-Landau, Chief of the Capital Markets and Financial Studies Division of the Research Department. The co-authors of the report are Liliana Rojas-Suárez, John Montgomery, Victor Ng, and Michael Spencer of the Research Department, and Robert Rennhack and Paul Mylonas of the Policy Development and Review Department.

    This report was prepared in connection with the annual surveillance of international capital markets conducted by the International Monetary Fund. It draws, in part, on a series of informal discussions with commercial and investment banks, securities houses, stock and futures exchanges, regulatory and monetary authorities, and the staffs of the Bank for International Settlements, the Commission of the European Communities, the European Bank for Reconstruction and Development, the International Swaps and Derivatives Association, the Japan Center for International Finance, and the Organization for Economic Cooperation and Development. These discussions took place in Belgium, Canada, the People’s Republic of China, France, Germany, Hong Kong, Ireland, Italy, Japan, New Zealand, Sweden, the United Kingdom, and the United States, between October 1993 and March 1994.

    Subramanian S. Sriram provided extensive research and editorial support and, together with Kellett W. Hannah, prepared the data presented in the report. Norma Alvarado and Janet Shelley provided expert word processing assistance. Esha Ray of the External Relations Department edited the manuscript and coordinated the production of the publication.

    The study has benefited from comments by staff in other departments of the Fund and by members of the Executive Board. Opinions expressed, however, are those of the authors and do not necessarily represent the views of the Fund or of the Executive Directors.

    List of Abbreviations

    ADRs

    American Depository Receipts

    AIL

    Approved Issuer Levy

    BIS

    Bank for International Settlements

    BOC

    Bank of China

    BSA

    Bank Support Authority (Sweden)

    BTANs

    Bons du Trésor à taux annuel (France)

    BTFs

    Bons du Trésor à taux fixe (France)

    CAD

    Capital Adequacy Directive

    CBOE

    Chicago Board Options Exchange

    CBOT

    Chicago Board of Trade

    CCPC

    Cooperative Credit Purchasing Company (Japan)

    CFTC

    Commodity Futures Trading Commission (United States)

    CHAPS

    Clearing House Association Payments System (United Kingdom)

    CHIPS

    Clearing House Interbank Payments System (United States)

    CITIC

    China International Trust and Investment Corporation

    CME

    Chicago Mercantile Exchange

    CSRC

    China Securities Regulatory Commission (China)

    DCH

    derivatives clearing house

    DITIC

    Dalien International Trust and Investment Corporation

    DMO

    Debt Management Office (New Zealand)

    DTB

    Deutsche Terminbörse (Germany)

    EC

    European Community (former name of European Union)

    ECP

    Euro-commercial paper

    ECU

    European currency unit

    EMTN

    European medium-term note

    ERM

    (European) exchange rate mechanism

    EU

    European Union

    FAS

    Financial Accounting Standard

    FASB

    Financial Accounting Standards Board (United States)

    FDIC

    Federal Deposit Insurance Corporation (United States)

    FRN

    floating rate note

    GDP

    gross domestic product

    GDRs

    Global Depository Receipts

    GEMMs

    gilt-edged market makers (United Kingdom)

    GGF

    Government Guarantee Fund (Finland)

    GITIC

    Guangdong International Trust and Investment Corporation

    GNP

    gross national product

    GSCC

    Government Securities Clearing Corporation (United States)

    ICBC

    Industrial and Commercial Bank of China (China)

    IFC

    International Finance Corporation

    ISDA

    International Swaps and Derivatives Association

    ITIC

    International Trust and Investment Corporation (China)

    JGB

    Japanese Government bond (Japan)

    KOP

    Kansallis-Osake-Pankki (Finland)

    LIBOR

    London interbank offered rate

    LIFFE

    London International Financial Futures Exchange

    MATIF

    Marché à Terme International de France

    MMI

    Major Market Index

    MTS

    Mercato Telematico Secondario (Italy)

    NAFTA

    North American Free Trade Agreement

    NASDAQ

    National Association of Securities Dealers’ Automated Quotations (United States)

    NETS

    National Electronic Trading System (China)

    NTMA

    National Treasury Management Agency (Ireland)

    Nymex

    New York Mercantile Exchange

    NYSE

    New York Stock Exchange

    OATs

    Obligations Assimilables du Trésor (France)

    OCC

    Office of the Comptroller of the Currency (United States)

    OECD

    Organization for Economic Cooperation and Development

    OFD

    Own Funds Directive

    OTC

    over the counter

    OTS

    Office of Thrift Supervision (United States)

    PBOC

    People’s Bank of China

    PCBC

    People’s Construction Bank of China

    QIBs

    qualified institutional buyers

    RTGS

    real time gross settlement

    S&P

    Standard and Poor’s

    SAEC

    State Administration of Exchange Control (China)

    SCRES

    State Council for the Reform of the Economic System (China)

    SCSPC

    State Council Securities Policy Committee (China)

    SDB

    Shenzhen Development Bank (China)

    SEB

    Skandinaviska Enskilda Banken (Sweden)

    SEC

    Securities and Exchange Commission (United States)

    SEHK

    Stock Exchange of Hong Kong

    SFA

    Securities and Futures Authority (United Kingdom)

    SIB

    Securities and Investment Board (United Kingdom)

    SITCO

    Shanghai Investment and Trust Corporation (former name of SITICO)

    SITIC

    Shangdong International Trust and Investment Corporation

    SITICO

    Shanghai International Trust and Investment Corporation

    SRD

    Solvency Ratio Directive

    SSE

    Shanghai Stock Exchange (formerly Shanghai Securities Exchange)

    STAQS

    Securities Trading Automated Quotation System (China)

    SURFs

    step-up recovery floaters

    SVTs

    Spécialistes en Valeurs du Trésor (France)

    TITIC

    Tianjian International Trust and Investment Corporation

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