This paper surveys the foreign exchange markets, money and secondary government security markets, and stock exchanges in 107 smaller economy countries. The underdevelopment of these markets impedes risk transfer, monetary policy, corporate financing, and the capacity to absorb capital inflows....

This paper provides a detailed assessment of observance of the Committee on Payments and Market Infrastructures-International Organization of Securities Commissions principles for financial market infrastructures (FMIs). Major achievements have been made to establish safe and efficient payments...