WBI Courses and Events 5th Annual Financial Markets and Development Conference
 
Overview
Agenda
Registration
Accommodations
Presenters
Background Readings
Contact Us
Agenda

Sunday, April 13, 2003

1500–
1900

Evening Arrival and Check-in
1800–
1900

Cocktails and Welcoming Reception (Crescent Room, Watergate Hotel, 2650 Virginia Avenue, N.W., Washington)
     

Monday, April 14, 2003

0800–
0900 		Breakfast (outside of Chesapeake Room, Watergate Hotel, 2650 Virginia Avenue, N.W., Washington)
     

Session I: Trends in Developing Country Markets
     

0900–
0910

Opening Address
0910–
0935

Trends in Developing Country Capital Markets Around the World

In light of recent survey research conducted on emerging equity markets and the relationship to economic development, this paper will offer a panoramic view of the trends in capital market activity around the world. The evidence will offer a springboard for further discussion about specific phenomena and challenges facing capital markets.

0935–
1045

PANEL: Country Experiences with Capital Market Development Around the World

Leading officials from the capital markets of various emerging market countries will explore their strategies for developing capital markets, such as nurturing issuers, improving rules, and addressing regulatory challenges. This panel will serve to introduce the variety of market experiences, and to identify some key characteristics that certain groups of countries may share.
1045–
1105

Discussion
1105–
1130

Coffee Break
1130–
1150

Domestic Sovereign Debt Market Development: Policy Challenges Around the World

This presentation will explore the findings of the regional programs on developing government bond markets. What have been the major policy lessons learned about building and strengthening bond markets in developing countries? What critical challenges lie ahead?
1150–
1210

Policy Issues and Macro Linkages Related to Bond Market Development in Emerging Markets

This paper will explore research conducted at the Bank for International Settlements on the development of bond markets in emerging market countries. What are the major policy challenges involved in promoting the development of these markets? How are these markets linked to other financial markets, and what are the systemic implications? What does the research imply for policymakers?
1210–
1230

Corporate Debt Markets in Developing Countries

This paper will explore evidence from around the world, based on Merrill Lynch’s annual survey of corporate bond markets in emerging economies. The paper will lay out the trends in corporate debt market development. Weak corporate debt markets are sometimes considered the ‘missing link’ that can play a role in capital market failures. What are the preconditions for healthy development of these markets, and what does this imply for policymakers?
1230–
1400

Lunch (Monticello Room, Watergate Hotel)

Keynote: Accounting and Disclosure Regimes as a means to enhance market integrity, efficiency, and stability—The U.S. Experience and Implications for Developing Countries

  • Robert Litan, Vice President and Director, Economic Studies Program, Brookings Institution
     
Session II: Key Policy Concerns: The Role of Capital Markets in the Context of Financial Stability
     
1400–
1430

Supervision at the Macro Level: The Role of the Supervisor in Promoting Market Discipline

This presentation will address the role of regulation and supervision of market intermediaries in enhancing transparency and disclosure, and strengthening market discipline. How can transparency and effectiveness of disclosure be enhanced, so that markets function efficiently and promote financial stability? What should be the relationship between regulatory discipline and market discipline?
1430–
1500

Supervision at the Micro Level: Do Disclosure-Based Regimes Work?

This paper will examine the strengths and weaknesses of disclosure-based regimes, including disclosure of required ratings, accounting practices, and governance disclosures at the financial institution level. Do disclosure-based regimes work in developing markets? What are the ongoing reforms of accounting and disclosure standards globally? How should the standard-setting process for accounting and auditing practices, and the oversight of a country’s accounting and auditing professions be reformed?
1500–
1515

Coffee Break
1515–
1545

How Can Domestic Capital Market Reform Strengthen Integration with Global Financial Markets and Access to External Finance?

Strong capital markets offer economies the potential for improving their access to external financing, and for integrating with global markets. This paper will explore the lessons learned from emerging markets that have adopted reforms to build and strengthen capital markets, and the impact that these reforms have had on market access. It will suggest measures that policymakers can take in terms of legal and regulatory frameworks; disclosure requirements; policies regarding concentration/dispersion of ownership; policies regarding foreign ownership, etc., toward integration with global markets.
1545–
1615

Nurturing IPOs: The Role of the Policymaker

This paper will assess the various policy, tax, and regulatory incentives that countries can use to promote initial public offerings by corporates. Many emerging markets are dominated by closely held companies that do not tap domestic or global capital markets, and therefore are constrained by limited float. What observations can be drawn from global experiences? Which methods have worked, and which have not?
1615–
1645

Nurturing Domestic Financial Markets: Sequencing Reforms to Insure Stability

How should countries nurture domestic capital market development? Is there an appropriate sequencing of domestic and—for some countries—external financial liberalization to ensure orderly market development with stability? This paper will provide a perspective for policymakers on what might be the appropriate reforms and methods for implementation to develop strong domestic capital markets.
1645–
1730

Discussion
1800–
1900

Reception and Cocktails (Riverview Suite, Watergate Hotel)
1900–
2100

Dinner (Monticello Room, Watergate Hotel)

  • Keynote: Roel C. Campos, Commissioner, United States Securities and Exchange Commission
     
Back to top

Tuesday, April 15, 2003

0800–
0900 		Breakfast (outside of Chesapeake Room, Watergate Hotel)
     

Session III: Changes in Market Structure
     

0900–
0930

Changing Market Structures, Demutualization, and the Future of Securities Trading

This paper will address the responses that capital markets are making to competitive pressures, globalization, and technological changes, including changes in trading systems. Based on these changes, the paper will explore policy options for demutualization and for improving the trading infrastructure of emerging markets. Finally, the author will address some of the most fundamental policy questions: To what extent should emerging markets support the development of their own equities markets, or instead encourage regional alliances? Should some emerging markets consider listing their companies in large global markets, for instance, in the United States, Europe, and Asia?
0930–
1100

PANEL: Approaches to Securities Trading

This panel will explore different approaches that markets have taken to securities trading. Should emerging markets promote their own markets, join regional markets, or pursue some other approach? Various country experiences will lay out possible solutions to this question.
1100–
1115

Coffee Break
1115–
1245

PANEL: The Role of Private Equity in the Development of Capital Markets

Equity markets can create a virtuous cycle, promising a stronger and more balanced financial sector and new venues for corporate access to capital, and therefore improved possibilities for long-term economic growth. Especially in environments where public markets are still limited in breadth and depth, private equity can fill the significant need for equity finance, and make an essential contribution to the process of stimulating and ‘professionalizing’ domestic investment. As such it can then also constitute an important "building block" for eventual broader market development. The potential contribution of private equity has come to be well recognized; at the same time its promise has not yet been realized to the extent anticipated when the industry started to develop in emerging markets in the 80's and 90's. The panel will explore the empirical evidence and the experience of private equity in emerging markets, its critical success factors, hurdles and mistakes, and what policymakers can do to support the development of the private equity industry.
1245–
1415

Lunch

  • Keynote: The Evolution of the Financial Systems in Transition Countries: A Comparative Perspectives by The Honorable Leszek Balcerowicz, Governor, National Bank of Poland (at 1300) (download 388 kb PowerPoint presentation)
     
Session IV: Securities Regulation and Corporate Governance
     
1415–
1430

Securities Regulation: Trends and Challenges

What should be the future of securities regulation? What are the initiatives warranted with respect to the accounting and legal professions? What governance measures are needed? What regulatory initiatives? This presentation will address regulatory reform initiatives, and suggest what further measures might be warranted.

  • Dogan Cansizlar, Chairman, Capital Market Board of Turkey, and Chairman, Emerging Markets Committee, International Organization of Securities Commissions (IOSCO) (download 188 kb PowerPoint presentation)
1430–
1545

PANEL: Does Integrated Supervision Work in Emerging Markets?

Globalization and the emergence of financial conglomerates have created challenges for financial regulators, and blurred the traditional distinctions between industries. As a response to this challenge, some countries are adopting integrated regulatory structures and practices. This panel will assess the appropriateness and feasibility of integrated regulation for emerging markets.

  • Alan Cameron, Deputy Chairman, Sydney Futures Exchange Corporation Limited and Consultant, Blake Dawson Waldron, Australia (chair)
  • Daochi Tong, Deputy Director-General, Department of Listed Companies Supervision, China Securities Regulatory Commission, (CSRC) (download 40 kb PowerPoint presentation)
  • Pablo Gottret Valdes, former Chairman, Superintendencia de Pensiones, Valores Y Seguros, Bolivia; Senior Economist, Health, HDNHE, World Bank (download 440 kb PowerPoint presentation)
  • Narciso Muñoz, President, Comisio Nacional de Valores (download 288 kb PowerPoint presentation)
1545–
1600

Coffee Break
1600–
1630

Capital Markets' Governance of Corporates: How Can Capital Markets Exert Better Governance on Corporates?

The structure and regulation of a country’s capital market are prime determinants of the governance of its corporates. Listing requirements, ownership reporting requirements, takeover codes, independent directors, fiduciary obligations (duty of care), disclosure of related party transactions, voting by minority shareholders, and other measures, when functioning effectively, can promote the accountability and transparency of corporates. But there is no single model for capital markets, and the structures and practices that work in advanced economies may not translate well in other markets. How can regulators ensure the effectiveness of governance measures?

1630–
1700

Critical Issues in Corporate Governance: Report on Observance of Standards and Codes

This paper will lay out the key strengths and weaknesses of corporate governance from assessments conducted over the past few years by the World Bank. What is the status of practices in various markets? What are the critical challenges for strengthening corporate governance in the future?
1800–
2000

Dinner (Monticello Room, Watergate Hotel)

  • Keynote: ADRs and Challenges to Domestic Capital Markets by Paul B. Bennett, Senior Vice President and Chief Economist, New York Stock Exchange
     

Wednesday, April 16, 2003

0800–
0900 		Breakfast (outside Chesapeake Room, Watergate Hotel)
     

Session IV (continued)
     

0900–
1000

PANEL: Securities Markets' Compliance with the IOSCO Principles: Findings from the Financial Sector Assessment Program

The International Organization of Securities and Exchange Commissions (IOSCO) has developed the IOSCO principles that establish standards for securities markets—some sector-specific, others across sectors. Since 1999, the Financial Sector Assessment Program (FSAP), conducted jointly by the IMF and the World Bank, has conducted assessment of financial sector standards. What are the findings, and what will be the important next steps for policymakers?

  • Patrick K. Conroy, Director, Financial Sector Global Partnerships Department, World Bank

1000–
1030

How Does Governance Impact Valuations in the Capital Markets?

This paper will examine corporate governance from the standpoint of market valuations. What is the impact of governance institutions and practices on the valuations of corporates in capital markets? What do these results imply for policymakers and executives?
1030–
1100

Coffee Break
     

Session V: Corporate Financing
     
1100–
1130

What Are Corporate Financing Patterns in Emerging Markets?

This paper will explore the patterns of corporate financing in emerging markets. How extensive is the reliance on external financing? How risky is the financing of corporates—how much are they leveraged and how sustainable is the leverage in emerging markets? In addition, the paper will address the mobilization of equity in domestic markets. How is the attitude of the corporate sector with regard to external debt financing linked to the development of domestic equity markets?
1130–
1200

Corporate Financing Patterns and Systemic Risk

This paper will explore the implications of corporate financing patterns for systemic risk. How do patterns of corporate finance contribute to vulnerabilities in the financial sector?
1200–
1400

Lunch (Monticello Room, Watergate Hotel)

  • Keynote: Presentation on the Global Development Finance Report by Philip Suttle, Manager, DECPG; and Dilip Kumar Ratha, Senior Economist, DECPG, World Bank
     

Session VI: Issuers
     
1400–
1430

Developing Institutional Investors in Emerging Market Countries

This paper will report findings and policy implications of recent research on the links between contractual savings and bank stability. It will also explore links between contractual savings and firm financing.
1430–
1600

Looking Forward: The Future of Domestic Capital Markets in Developing Countries

This wrap-up panel will distill the key issues discussed throughout the conference and offer a vision for the future of domestic capital markets. What types of market structures are evolving? What are the implications for policymakers in developing countries? What model of capital market development should be pursued now?

  • Cesare Calari, Vice President, Financial Sector, The World Bank Group (chair)
  • Antoine van Agtmael, President and Chief Investment Officer, Emerging Markets Management, L.L.C.
  • Frank Veneroso, President, Veneroso Associates
1600

Adjournment
WBI: Promoting knowledge and learning for a better world
back to top
World Bank
 
© 2001 The World Bank Group, All Rights Reserved. Terms and Conditions