Front Matter
Author:
International Monetary Fund
Search for other papers by International Monetary Fund in
Current site
Google Scholar
Close

Abstract

Provides a comprehensive survey of recent developments in international financial markets, including developments in emerging capital markets, bond markets, major currency markets, and derivative markets. The report focuses on efforts by the major industrial countries to strengthen the management of financial risk and prundential oversight over the international banking system. It also critically evaluates existing mechanisms for international cooperation of financial supervision and regulation and proposes the development of international banking standards.

© 1996 International Monetary Fund

ISBN 9781557756091

ISSN 0258-7440

Reprinted December 1997

Price: US$20.00

(US$12.00 to full-time faculty members and students at universities and colleges)

Please send orders to:

International Monetary Fund, Publication Services

700 19th Street, N.W., Washington. D.C. 20431. U.S.A.

Tel.: (202) 623-7430 Telefax: (202) 623-7201

Internet: publications@imf.org

Contents

  • Preface

  • List of Abbreviations

  • I. Introduction and Summary

  • II. Global Financial Markets: Moving Up the Learning Curve

  • III. Survey of International Capital Markets

    • Emerging Capital Markets

    • Global Bond Markets

    • Major Currency Markets

    • Global Equity Markets

    • Global Derivative Markets

    • Developments in Selected Industrial Country Banking Systems

  • IV. Surveillance over Global Financial Markets: Broadening Current Arrangements

  • V. Controlling Settlement Risk in the Global Foreign Exchange Market

    • Risks in the Global Foreign Exchange Market

    • Official Initiatives

    • Private Initiatives

  • VI. Policy Implications and Conclusions

    • Assessment of Recent Developments

    • Broadening the Surveillance of International Financial Markets

    • Risks in the Global Foreign Exchange Market

  • Annexes

  • 1. Major Capital Markets: Trends and Recent Developments

    • Foreign Exchange Markets

    • Bond Markets

    • Equity Markets

    • Regulatory and Structural Developments in Securities Markets

    • Derivatives Markets

    • Banking Systems and Loan Markets

  • II. Recent Developments in Developing Country Capital Markets

    • Capital Flows in the Balance of International Payments

    • Transactions in International Capital Markets

    • Key Segments of the Investor Base: Japan and the United States

    • Developments in Selected Emerging Market Banking Systems

  • III. Foreign Exchange Markets: Structure and Systemic Risks

    • Global Market Developments

    • Management of Systemic Risk

  • IV. International Coordination of Supervision and Regulation of Financial Institutions

    • Bank Supervision

    • Securities Firms

    • Intersectoral Cooperation: Banks, Securities Firms, and Financial Conglomerates

  • References

  • Boxes Annex

    • I. 1. Causes of Recent Swings in Bond Yields

    • 2. International Bond Issuance and the Swaps Market

    • 3. Moody’s Bank Financial Strength Ratings

    • 4. Consolidation in the Financial Services Industry

    • II. 5. Mexican Brady Bond Exchange

    • 6. Impact of the Mexican Crisis on Chile’s Financial Markets

    • 7. Spillovers of the Mexican Crisis on Argentina’s Financial Markets

    • 8. Government Assistance to the Mexican Banking System

    • III. 9. Microstructure of the Foreign Exchange Market

    • 10. Settlement Procedures

    • 11. Payments Gridlock

    • 12. Settlement Finality

    • 13. Bilateral and Multilateral Netting Systems

    • IV. 14. The Basle Concordat System

    • 15. Building Blocks of the European Union’s Single Passport

    • 16. Memoranda of Understanding and Similar Agreements, 1982-94

  • Tables Section

    • II. 1. Capital Flows to Developing Countries and Countries in Transition

    • III. 2. Major Industrial Countries: Changes in Ten-Year Government Bond Yields

    • 3. Major Industrial Countries: Bond and Equity Index Returns

    • IV. 4. Net External Assets of BIS-Reporting Banks vis-à-vis Banks in Selected Countries and Regions

    • 5. Foreign Exchange Market Turnover

  • Annex

    • I. 6. Net Issues of International Debt Securities by Nationality

    • 7. Outstanding Amounts of International Debt Securities

    • 8. Outstanding Amounts and Net Issues of International Debt Securities by Currency of Issue

    • 9. Domestic Debt Securities by Type, Sector, and Country of Issuer

    • 10. International Equity Placements

    • 11. Major Industrial Countries: Domestic Equity Issues

    • 12. Markets for Selected Derivative Financial Instruments: Notional Principal Amounts Outstanding

    • 13. Annual Turnover in Derivative Financial Instruments Traded on Organized Exchanges Worldwide

    • 14. Notional Principal Value of Outstanding Interest Rate and Currency Swaps

    • 15. New Interest Rate and Currency Swaps

    • 16. Global Notional Amounts of Derivative Contracts Outstanding by Underlying Market Risk Factor, End-March 1995

    • 17. Currency Composition of Notional Principal Value of Outstanding Interest Rate and Currency Swaps

    • 18. Announced International Syndicated Credit Facilities by Nationality of Borrower

    • 19. Spreads on Eurocredits

    • 20. Profitability of Banks in Selected Industrial Countries

    • 21. Provisions of Banks in Selected Industrial Countries

    • 22. Major Industrial Countries: Bank Rating Changes, 1995-96

    • II. 23. Private Capital Flows to Developing Countries and Countries in Transition

    • 24. International Bond Issues by Selected Countries and Regions

    • 25. International Bond Issues by Currency of Denomination

    • 26. Samurai Bonds Issuance, 1985-95

    • 27. Bond Rating Comparisons of Selected Japanese Yen Issues, 1994-95

    • 28. Average Credit Quality of Japanese Yen-Denominated Bonds

    • 29. Secondary Market Transactions in Debt Instruments of Developing Countries and Countries in Transition

    • 30. International Equity Issues by Selected Countries and Regions

    • 31. International Emerging Market Equity Funds

    • 32. Stock Market Turnover Ratio in Selected Countries and Regions

    • 33. Value of New Equity Issues in Selected Countries and Regions

    • 34. Net Flows of Portfolio Investment to Thailand

    • 35. New Medium- and Long-Term Commitments to Selected Countries and Regions

    • 36. Changes in Net Assets of BIS-Reporting Banks vis-à-vis Banks in Selected Countries and Regions

    • 37. Equity Flows to Latin America

    • 38. Equity Flows to Asian Developing Countries

    • 39. Moody’s Bank Financial Strength Ratings for Selected Countries and Regions, May 1996

    • 40. Cost of Mexican Bank Support Programs

    • III. 41. Total Reported Foreign Exchange Market Turnover Adjusted for Local Double Counting by Country and Region

    • 42. Trading in Exotic Currencies, April 1995

    • 43. Methods of Doing Business: Share of Transactions Through Direct Dealing, Voice Brokers, and Electronic Brokers

  • Box

    • 1. A. World Economic Outlook Consumer Price Index Inflation Forecasts

    • B. Changes in 12-Month Spot and Forward U.S. Dollar Interest Rates, 1993-95

    • 3. Moody’s Bank Financial Strength Ratings for Selected Countries and Regions, May 1966

  • Charts Section.

    • III. 1. Private Market Financing for Developing Countries

    • 2. Share Price Indices for Selected Developing Countries

    • 3. Selected Major Industrial Countries: Yield Curves, December 31, 1994, June 30, 1995, December 31, 1995, and May 31, 1996

    • 4. Major Industrial Countries: Long-Term Interest Rates

    • 5. Selected European Long-Term Interest Rates Differentials with Germany

    • 6. Selected European Countries: Spot and Implied Forward Yield Curves, May 31, 1996, January 4, 1999, January 3, 2000, and January 2, 2001

    • 7. Japan and Germany: Exchange Rates

    • 8. RiskMetrics Daily Price Volatility for U.S. Dollar Spot Exchange Rates, January 19, 1995-May 31, 1996

    • 9. Major Industrial Countries: Equity Price Indices

    • 10. United States: Eaming-Price Ratio of Stocks and Yield on Long-Term Government Bonds

    • 11. United Stales: Net Income of Commercial Banks

    • IV. 12. Growing Influence of the Emerging Markets, Australia, and New Zealand

  • Annex

    • I. 13. Major Industrial Countries: Exchange Rates

    • 14. Major European Countries: Local Currency vis-à-vis Deutsche Mark, January 3, 1994-May 31, 1996

    • 15. Major Industrial Countries: Official Interest Rate, January 3. 1994-May 31, 1996

    • 16. Spot and Forward Rates for Currencies of Major Industrial Countries Against the U.S. Dollar. May 31, 1996

    • 17. Major Industrial Countries: Short-Term Interest Rates

    • 18. Major Industrial Countries: Differentials Between Long and Short-Term Interest Rates

    • 19. RiskMetrics Daily Price Volatility for Ten-Year Government Bonds, January 19, 1995-May 31, 1996

    • 20. Major Industrial Countries: Spot and Implied Forward Yield Curves, May 31, 1996, January 2, 1997, and January 2, 1998

    • 21. RiskMetrics Daily Volatility for Stock Price Indices, January 19, 1995-May 31, 1996

    • 22. Implied Volatility: S&P 500, Nikkei 225, and DAX Indices

    • 23. Indices of Property-Related Stocks in Europe and North America

    • 24. Tokyo Commercial Real Estate Occupancy and Rental Rates

    • 25. Major Industrial Countries: Intermediation Spreads

    • II. 26. Total Reserves Minus Gold of Selected Developing Countries and Countries in Transition

    • 27. Exchange Rates of Selected Developing Countries and Countries in Transition

    • 28. Secondary Market Yield Spreads on Selected Brady Bonds

    • 29. Net Sales of Global and International Mutual Funds and Change in IFC Emerging Market Investable Composite Index

    • 30. Foreign Investment and Returns on the Thai Stock Market

    • 31. Net Purchases of Foreign Stocks and Investment Trusts by Japanese Investors Through Securities Companies

    • 32. United States: Net Portfolio Flows to Defined Regions, 1994

    • 33. United States: Net Portfolio Flows to Defined Regions, 1995

    • 34. United States: Yield on 30-Year Treasury Bonds and Net Portfolio Outflows

  • Box

    • 1. U.S. Long-Term Bond Yield Volatility

    • 2. A. Deutsche Mark Swap and German Government Bond Yield Curves, September 1, 1995

    • B. Bond Issuance and Interest Rates

  • Figures Annex

    • III. 1. Intra-Day Tick Activity for U.S. Dollar/Deutsche Mark

    • IV. 2. Overlapping Memberships: The Basle Committee. IOSCO Technical Committee, and European Union

    • 3. IOSCO Structure

  • Box

    • 10. Current Settlement Process

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

  • Collapse
  • Expand
Developments, Prospects, and Key Policy Issues, 1996
  • Alvarez, Cesar L., Latin Finance Supplement: Global Markets (July/August 1994).

  • Andrews, David, and Shogo lshii, “The Mexican Financial Crisis: A Test of the Resilience of the Markets for Developing Country Securities,” IMF Working Paper No. 95 132 (Washington: International Monetary Fund, December 1995).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, Report on Netting Schemes (Basle: Bank for International Settlements, February 1989).

  • Bank for International Settlements, Report of the Committee on Interbank Netting Schemes of the Central Banks of the Group of Ten Countries (Basle: Bank for International Settlements, November 1990).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, Central Bank Payment and Settlement Services with Respect to Cross-Border and Multi-Currency Transactions (Basle: Bank for International Settlements, September 1993).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1994a), “Risk Management Guidelines for Deriva-tives” (Basle: Bank for International Settlements, July 1994).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1994b), Report on International Developments in Banking Supervision: Report Number 9 (Basle: Bank for International Settlements, September 1994).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1994c), “Discussion Paper on Public Disclosure of Market and Credit Risks by Financial Intermediaries” (Basle: Bank for International Settlements, September 1994.

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1995a), “Framework for Supervisory Information About the Derivatives Activities of Banks and Securities Firms,” issued jointly with IOSCO (Basle: Bank for International Settlements, May 1995),

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1995b), “Central Bank Survey of Derivatives Market Activity: Release of Preliminary Global Findings” (Basle: Bank for International Settlements, December 1995),

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1996a), International Banking and Financial Markets Developments (Basle: Bank for International Settlements, February 1996).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1996b), Settlement Risk in Foreign Exchange Transactions (Basle: Bank for International Settlements, March 1996).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1996c), International Banking and Financial Markets Developments (Basle: Bank for International Settlements, May 1996).

    • Search Google Scholar
    • Export Citation
  • Bank for International Settlements, (1996d), Central Bank Survey of Foreign Exchange and Derivatives Market Activity. 1995 (Basle: Bank for International Settlements, May 1996).

    • Search Google Scholar
    • Export Citation
  • Bank of England, (1995a), “The Gill Repo Market,” Bank of England Quarterly Bulletin, Vol. 35, No. 4 (November 1995), pp. 32530.

  • Bank of England, (1995b), “Financial Market Developments,” Bank of England Quarterly Bulletin, Vol. 35, No. 4 (November 1995), pp. 33945.

    • Search Google Scholar
    • Export Citation
  • Bank of England, “Financial Market Developments,” Bank of England Quarterly Bulletin, Vol. 36, No. 1 (February 1996), pp. 2229.

  • Bank of Japan, “Summary of Results of the Tokyo Foreign Exchange Market Turnover Survey.” Quarterly Bulletin, Vol. 4, No. 1 (February 1996), pp. 111.

    • Search Google Scholar
    • Export Citation
  • Borio, Claudio E.V., and Robed N. McCauley, “The Anatomy of the Bond Market Turbulence of 1994,” Bank for International Settlements Working Paper No. 32 (Basle: Bank for International Settlements, December 1995).

    • Search Google Scholar
    • Export Citation
  • Briekcll Mark, “Comparing and Contrasting the Latest Proposals from the Basle Committee and the G–30 Recommendations on Market Risk,” speech delivered at the Conference on Measuring and Managing Market Risk sponsored by Risk held in London, November 15, 1993.

    • Search Google Scholar
    • Export Citation
  • Chile, Supervisory Authority for Banks and Financial Institutions, presentation to the eighth International Conference of Banking Supervisors, held in Vienna, October 1994.

    • Search Google Scholar
    • Export Citation
  • Crowe, Charles “Treasurers Put Their Views on Banks.” Euromoney (May 1995). pp, 6584.

  • Davidson, Clive, “A Question of Adequacy.” Risk, Vol. 9, No. 3 (March 1996, pp. 4548.

  • Dziobek, Claudia, Olivier Frécaut, and María Nieto. “Non-G-10 Countries and the Basle Capital Rules: How Tough a Challenge Is It to Join the Basle Club?” IMF Paper on Policy Analysis and Assessment No. 95 5 (Washington: International Monetary Fund, March 1995).

    • Search Google Scholar
    • Export Citation
  • Failoon, William, “The Simpler, the Better,” Review 1995, Risk, Vol. 9. No. 1 (January 1996), pp. R13–R16.

  • “February Volumes.” International Financing Review, Issue 1123 (March 9, 1996), p. 111.

  • Federal Reserve Bank of New York, “April 1995 Survey of Foreign Exchange Market Activity in the United States” (New York: Federal Reserve Bank of New York, October 6, 1995).

    • Search Google Scholar
    • Export Citation
  • Financial Regulation Report (London: Financial Times Publishing, various issues).

  • Foot, Michael, speech delivered on March 7, 1996 at the International Swaps and Derivatives Association Eleventh Annual General Meeting held in San Francisco, March 68, 1996.

    • Search Google Scholar
    • Export Citation
  • Foreign Exchange Committee, Reducing Foreign Exchange Settlement Risk (New York: Foreign Exchange Committee, October 1994)

  • “Forex is the Key in Asia,” International Financing Review, Issue 1103 (October 14, 1995), p. 121.

  • Glosten, Lawrence R., and Paul R. Milgrom, “Bid, Ask, and Transaction Prices in a Specialist Market with Heiero-geneously Informed Traders,” Journal of Financial Economics, Vol. 14, No. 1 (March 1985). pp, 71100.

    • Search Google Scholar
    • Export Citation
  • Goodharl, Charles, Takaloshi flo, and Richard Payne, “One Day in June 1993: A Study of die Working of the Reuters 2000-2 Electronic Foreign Exchange Trading System,” in The Microstructure of Foreign Exchange Markets, ed. by Jeffrey A. Frankel, Giampaolo Galli, and Alberto Giovannini (Chicago: University of Chicago Press, 1996).

    • Search Google Scholar
    • Export Citation
  • Gray, Cheryl, Sabine Schlorke, and Miklos Szanyi, “Hun-gary’s Bankruptcy Experience, 1982-1993.” Policy Research Working Paper No. 1510 (Washington: World Bank, September 1995).

    • Search Google Scholar
    • Export Citation
  • Guillaume, Dominique, and others From the Bird’s Eye to the Microscope: A Survey of New Stylized Facts of the Imra-Daily Foreign Exchange Markets(Zurich: Olsen & Associates, December 1994).

    • Search Google Scholar
    • Export Citation
  • Harlmann, Philipp, “Capital Adequacy and Foreign Exchange Risk Regulation: Recent Developments in Industrial Countries,” LSE Financial Markets Group. Special Paper No. 77 (London: LSE Financial Markets Group, December 1995).

    • Search Google Scholar
    • Export Citation
  • Heron, Dan, “Any Time, Any Place,” Risk, Vol. 9, No. 3 (March 1996), pp. 2731.

  • International Monetary Fund, World Economic Outlook, World Economic and Financial Surveys (Washington: International Monetary Fund, various issues).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, International Capital Markets; Fart I—Exchange Rate Management and International Capital Flows, World Economic and Financial Surveys (Washington: International Monetary Fund, April 1993).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, International Capital Markets: Developments, Prospects, and Policy Issues, World Economic and Financial Surveys (Washington: International Monetary Fund, September 1994).

    • Search Google Scholar
    • Export Citation
  • International Monetary Fund, (1995a) Czech Republic, IMF Economic Review No. I (Washington: International Monetary Fund, April 1995).

  • International Monetary Fund, (1995b) International Capital Markets: Developments, Prospects, and Policy Issues, World Economicand Financial Surveys (Washington: International Monetary Fund, August 1995).

    • Search Google Scholar
    • Export Citation
  • International Securities Regulation Report (Horsham, Pennsylvania: LRP Publications, various issues).

  • International Organization of Securities Commissions, Annual Report, various issues.

  • International Organization of Securities Commissions, (1994a), “Operational and Financial Risk Management Control Mechanisms for Over-the-Counter Derivatives Activities of Regulated Securities Firms” (Montreal: International Organization of Securities Commissions, July 1994).

    • Search Google Scholar
    • Export Citation
  • International Organization of Securities Commissions, (1994b) “Index of Memoranda of Understanding and Similar Agreements” (Montreal: International Organization of Securities Commissions, December 5, 1994).

    • Search Google Scholar
    • Export Citation
  • International Organization of Securities Commissions, “Public Disclosure of the Trading and Derivatives Activities of Banks and Securities Firms.” Joint Report by the Basle Committee on Banking Supervision and the Technical Committee of the International Organization of Securities Commissions (November 1995).

    • Search Google Scholar
    • Export Citation
  • Irvine, Steven, “Fair Pricing or Rip-Off?” Euromoney (December 1995), pp. 1618.

  • Irving, Richard, “The Ghosts of 1994,” Risk, Vol. 9, No. 3 (March 1996). pp. 1923.

  • “January Volumes” (1996a), International Financing Review, Issue 1118 (February 3, 1996), p. 112.

  • “January Volumes” (1996b) International Financing Review, Issue 1119 (February 10, 1996), p. 116.

  • “Japan’s Foreign Bond Fever Fades,” International Financing Review, Issue 1128 (April 13, 1996). p. 12.

  • J.P. Morgan. European Privatizations (London: J.P. Morgan, January 26, 1996).

  • Kane, Edward J. “Difficulties of Transferring Risk-Based Capital Requirements to Developing Countries,” World Bank Policy Research Working Paper No. 1244 (Washington: World Bank, January 1994).

    • Search Google Scholar
    • Export Citation
  • Kaplan, Daniel (1996a), “In Year of the Big Deal. Aggregate Value Tripled,” American Banker (January 29, 1996).

  • Kaplan, Daniel 1996b “Merger ‘Hangover’ Slows Deal face Bzut Some See Another Binge Ahead,” American Banker (April 30, 1996).

  • Kelley, Edward J., Jr., address to the Pan-American Conference on Banking Supervision, held in Buenos Aires, August 23, 1995.

  • Kyle, Albert S., “Continuous Auctions and Insider Trading,” Econometrica, Vol. 53, No. 6 (November 1985), pp, 131535.

  • Lannoo, Karel, “IOSCO Annual Conference,” Financial Regulation Report (July/August 1995), pp. 810.

  • Lindgren, Carl-Johan, Gillian Garcia, and Matthew I Saal Bank Soundness and Macroeconomic Policy (Washington: International Monetary Fund, 1996).

    • Search Google Scholar
    • Export Citation
  • Lyons, Richard K., “Tests of Microstructural Hypotheses in the Foreign Exchange Markets,” Journal of Financial Economics, Vol. 39, Nos. 2 and 3 (October/November 1995), pp. 32151.

    • Search Google Scholar
    • Export Citation
  • Lyons, Richard K., (1996a), “Foreign Exchange Volume: Sound and Fury Signifying Nothing?” in The Microstrticture of Foreign Exchange Markets, ed. by Jeffrey A. Frankel, Giampaolo Galli, and Alberto Giovannini (Chicago: University of Chicago Press, 1996).

    • Search Google Scholar
    • Export Citation
  • Lyons, Richard K., (1996b), “A Simultaneous Trade Model of the Foreign Exchange Hot Potato,” Journal of International Economics (forthcoming).

    • Search Google Scholar
    • Export Citation
  • Malz, Allan M., “Currency Option Markets and Exchange Rates: A Case Study of the U.S. Dollar in March 1995,” Current Issues in Economics and Finance, Federal Reserve Bank of New York, Vol. 1, No. 4 (July 1995).

    • Search Google Scholar
    • Export Citation
  • “March Volumes,” International Financing Review, Issue 1127 (April 6, 1996), p. 81.

  • Mexico, Comisiόn Naeional Banearta y de Valores, Bolcuίn Esladίstha de Banco Múltiple (Mexico, D.F.: Comisidn Naeional Bancaria y de Valores, various issues).

    • Search Google Scholar
    • Export Citation
  • Michau, Jean Pierre, paper presented at the Twentieth International Organization of Securities Commissions Annual Meeting, held in Paris, July 13, 1995.

    • Search Google Scholar
    • Export Citation
  • Moody’s Investors Service, “Changing Times for U.K. Building Societies” (New York: Moody’s Investors Service, May 1995),

  • New York Clearing House Association, “Risk Reduction and Enhanced Efficiency in Large-Value Payment Systems: A Private-Sec for Response” (New York: New York Clearing House Association, January 1995).

    • Search Google Scholar
    • Export Citation
  • Organization For Economic Cooperation and Development, Bank Profitability: Financial Statements of Banks, 1985-1994 (Paris: Organization for Economic Cooper-ation and Development, 1996).

    • Search Google Scholar
    • Export Citation
  • Padoa-Schioppa, Tommaso, “Banking Supervision in a Global Market,” speech delivered at the Eighth Inter-national Conference of Banking Supervisors, held in Vienna, October 12–13, 1994.

    • Search Google Scholar
    • Export Citation
  • Paul-Choudhury, Sumit, “Union Blues,” Risk, Vol. 9, No. 3 (March 1996), pp. 3436.

  • “Safety First,” International Financing Review, Issue 1116 (January 20, 1996), p. 1.

  • Salomon Brothers, “Foreign Exchange Markets—Trading More, Enjoying it Less,” Global Bank Biweekly (September 28, 1995).

  • Schapiro Mary L. “Investment Risks: Full Disclosure Protects Investors and Expands Markets,” Latin Finance Supplement: Latin Derivatives (January/February 1996).

    • Search Google Scholar
    • Export Citation
  • Shirreff David, “Regulatory Overload,” Euromoney (June 1995). pp. 11521).

  • Simmons, Beth A., “Why Innovate? Founding the Bank for International Settlements,” World Politics, Vol. 45, No. 3 (April 1993), pp. 36105.

    • Search Google Scholar
    • Export Citation
  • Tatlersall, John, “CAD—Implementation of Europe’s New Directives Will Have Far-Reaching Effects on Trading Organization,” Foreign Exchange and Money Market, Vol 2, Issue 3 (May/June 1995), pp. 2732.

    • Search Google Scholar
    • Export Citation
  • “The Bank for International Settlements and the Federal Reserve,” Federal Reserve Bulletin, Vol. 80, No. 10 (October 1994). pp. 900906.

    • Search Google Scholar
    • Export Citation
  • Thomas Dale, “The Foreign Exchange Market in London,” Bank of England Quarterly Bulletin, Vol. 35, No. 4 (November 1995), pp. 36169.

    • Search Google Scholar
    • Export Citation
  • Thomson’s International Banking Regulator (Washington: American Banker Inc., various issues).

  • United States, Federal Deposit Insurance Corporation, “The Quarterly Banking Profile” (Washington: Federal Deposit Insurance Corporation, various issues).

    • Search Google Scholar
    • Export Citation
  • United States, Federal Deposit Insurance Corporation, Office of the Comptroller of the Currency, “Quarterly Derivatives Fact Sheet” (Washington: Office of the Comptroller of the Currency, various issues).

    • Search Google Scholar
    • Export Citation
  • “U.S. Equities: Index Rally Sparks Issues,” Financial Times: Capital Sources, Year End Review (January 16, 1996).

  • Waitzer, Edward J., “Cooperation Between Banking and Market Regulators: Some Thoughts on the Role of IOSCO,” remarks at the Twentieth Annual IOSCO Meeting, July 12, 1995.

    • Search Google Scholar
    • Export Citation