Programs to develop securities markets are now a common feature of World Bank financial sector loans. Stock market development in particular is receiving considerable attention, especially the legal and institutional underpinnings required for successful stock market development. The financial...

In the long run, sound, efficient securities markets can contribute to economic growth; in the short run, they play an important role in financial liberalization. The author provides a guide to issues involved in institutional and regulatory reform of securities markets - and a discussion of the...

Advances in information technology have brought new ways of structuring, operating, and supervising securities markets. The Bank's policy advice in institutional reform of securities markets should reflect awareness of the opportunities and problems this presents. As a guide to best practice,...