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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