How we are working to develop the Stock Market?

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Presentation transcript:

How we are working to develop the Stock Market? Sergio Luiz Cerqueira Silva São Paulo Stock Exchange WASHINGTON, APRIL 15, 2003

How to make capital markets viable adequate legal framework proper regulatory and supervisory framework efficient infra-structure for trading securities efficient and reliable clearing and settlement systems STRENGTH CAPITAL MARKET ?

Macroeconomic level must provide a healthy environment for the development of a sound microeconomic structure

Major challenges for the Exchanges Cross border trading Issuers and investors are expanding their horizons beyond their home markets International cross-listing Cross-listing of companies in the U.S. and also in other markets CHALLENGES FOR EXCHANGE’S COMPETITIVENESS New demands from investors Prominent role of institutional investors Recover the confidence Investors became much more demanding after the scandals in US stock market

Exchanges in Latin America have an additional challenge: face the problem of low volume and, in consequence, the low scale of operations

Exchanges need to improve Accessibility opportunity for a wider range of investors adequate infra-structure for: individual investors institutional investors Efficiency minimize fiscal burdens efficient settlement conditions local market consolidation Transparency enhance Corporate Governance Liquidity

Several improvements at BOVESPA and other Latin American exchanges have been noticed

BOVESPA provide high level of Accessibility Electronic Trading System - Mega Bolsa 2000 terminals widespread through 113 Brokerage Houses Home-Broker/ After-Market Internet trading Connectivity Device for remote access and broader connectivity Promotes retail investors’ trading Possibility of linkage to routing and trading systems

Complementary services Efficiency Independent clearing house DVP and full services in custody and depository services Electronic trading for corporate bonds Developed derivatives market – stock market (BOVESPA) and mercantile and futures (BM&F) Efficient settlement routine Migration to an electronic trading environment Sophisticated and safety strategies

Regulatory improvement Transparency and Corporate Governance Protection to minority Shareholders Recover market’s confidence Corporate Governance Disclosure Source: McKinsey

Infra-structure, regulatory framework for local and cross border investment are completed. What we still have to do?

Main achievement for a sustainable capital market Create a “consensus” about the importance of the capital market: Adequate Taxes regime To attract new participants: companies and investors Enlarge individual’s investment by facilitating the access: Internet Access Investment Clubs Strengthen the domestic investment: Improve the knowledge about the market mechanisms through Strong educational activities for investors

How we are working to develop the Stock Market? Sergio Luiz Cerqueira Silva São Paulo Stock Exchange WASHINGTON, APRIL 15, 2003