Inter-American Development Bank Group
A New Focus for Capital Market Development
in Latin America and the Caribbean

MONDAY, FEBRUARY 5, 2001

Keynote Address: "The Realities of Capital Markets in Latin America and the Caribbean - A Pragmatic Approach to Capital Market Development"
Daniel Marx, Finance Secretary, Ministry of Economy, Argentina
(presentation - PowerPoint)

Panel 1: Making Markets Viable - The Role of Market Institutions to Develop Securities Markets.

Moderator:

Mariano Bengoechea, Development Director, Citibank

Presenter:

David Anderson, Vice-President, Emerging Markets, Citibank (presentation - PowerPoint)

Discussants:

Paul-François Dubroeucq, Vice-President for International Affairs, Euronext
(presentation-PowerPoint)

Gilberto Mifano, Chief Executive Officer, Bovespa, Brazil (presentation-PowerPoint)

Georges Ugeux, Group Executive Vice-President, International and Research, New York Stock Exchange

Panel 2: Promoting Capital Market Integration in Latin America and the Caribbean.

Moderator:

Reena Aggarwal, Professor of Finance, Georgetown University

Presenter:

Ruben Lee, Director, Oxford Finance Group
(presentation-PowerPoint)

Discussants:

Edward S. Knight, Executive Vice-President, NASDAQ
(presentation-PowerPoint)

Nouriel Roubini, Associate Professor of Economics, Stern Business School, New York University
(presentation - Adobe Acrobat)

Jesús González Nieto, Market Development Director, Bolsa de Madrid (presentation-PowerPoint)

Keynote Address: "From Issues to Capital Market Strategies"
Eduardo Aninat, Deputy Managing Director, International Monetary Fund (speech - Adobe Acrobat)

Corporate Luncheon sponsored by INSTINET at Las Americas

Keynote Address "Capital Matters: The Impact of Market Structure and Technology on Market Development"
Douglas Atkin, President and CEO, INSTINET
(speech - Adobe Acrobat)

Panel 3: Strategies for the Development of Capital Markets in Latin America and the Caribbean.

Moderator:

Silvia Sagari, Chief, Finance and Basic Infrastructure Division 1, IDB

Presenters:

J.M. Ortueta, Director, Capital Markets, Latin America, BBVA (presentation-PowerPoint)

Juan Antonio Ketterer, Consultant
(presentation-PowerPoint)

1) Breakout: Perspectives from more Developed Capital Markets.

Moderator:

Silvia Sagari, Chief, Finance and Basic Infrastructure Division 1, IDB

Panel:

J.M. Ortueta, Director, Capital Markets, Latin America, BBVA

Carlos Weitz, President, Comisión Nacional de Valores, Argentina (presentation-PowerPoint)

Jose Luiz Osorio, President, Comissão de Valores Mobiliarios, Brazil (presentation-PowerPoint)

Jorge Familiar Calderón, Vice-President of Securities Supervision, Comisión Nacional Bancaria y de Valores, México (presentation-PowerPoint)

2) Breakout: Perspectives from New Emerging Markets.

Moderator:

Marcelo Antinori, Chief, Finance and Basic Infrastructure Division 2, IDB

Panel:

Juan Antonio Ketterer, Consultant

Richard Young, President, Trinidad and Tobago Stock Exchange

Felipe Chapman, Executive Vice-President and CEO, Bolsa de Valores de Panamá (presentation-PowerPoint)

Augusto Acosta Torres, President, Bolsa de Bogotá

Plenary

Rapporteur for Breakout 1: Felipe Gómez-Acebo, Financial Sector Specialist, IDB

Rapporteur for Breakout 2: Jesse Wright, Financial Sector Specialist, IDB

Summary

Marcelo Antinori, Chief, Finance and Basic Infrastructure Division 2, IDB

TUESDAY, FEBRUARY 6, 2001

Introductory Remarks
Bernardo Frydman, Deputy Manager, Private Sector Department, IDB

Panel 4: The Development of Domestic Bond Markets and Institutional Investors.

Moderator:

Rudolf van der Bijl, Head, Capital Markets Unit, Private Sector Department, IDB

Panel:

Sergio Zappa, Executive Director, Unibanco, Brazil
(presentation-PowerPoint)

Axel Christensen, Investment Manager, AFP Cuprum, Chile (presentation-PowerPoint)

Francisco Astelarra, Superintendent, Superintendencia AFJP, Argentina (presentation-PowerPoint)

Javier González-Sanfeliu, Vice-President, Emerging Markets, Bear Stearns (presentation)

Gary Kleiman, President, Kleiman International Consultants, Inc. (presentation-PowerPoint)

Cathy L. Daicoff, Managing Director, Global Market Development, Standard and Poors
(presentation-PowerPoint)

Panel 5: What Can the IDB Group do to assist Capital Market Development?

Moderator:

K. Burke Dillon, Executive Vice-President, IDB

Panel:

Pietro Masci, Chief, Infrastructure and Financial Markets Division, Sustainable Development Department, IDB (presentation-Power Point)

Roldan Trujillo, Chief, Financial Institutions, Inter-American Investment Corporation
(presentation-PowerPoint)

Kelle Bevine, Investment Officer, Private Sector Department, IDB (presentation-PowerPoint)

Jaime Fernandez, Chief, Finance and Basic Infrastructure Division 3, IDB (presentation-PowerPoint)

Fernando Jimenez-Ontiveros, Senior Coordinator, Multilateral Investment Fund (presentation - PowerPoint)

Closing Proceedings
Antonio Vives, Deputy Manager, Sustainable Development Department, IDB

Workshop: SME Access to Risk Capital Financing
(Multilateral Investment Fund-MIF)

Lunch sponsored by Morrison & Foerster LLP
Richard Frank, Managing Partner and COO of Darby Overseas Investments, Ltd. (presentaion: RTF - Adobe Acrobat)

Opening Remarks. Antonio Vives, Deputy Manager Sustainable Development Department

1^st Panel: Improving the Environment for Venture Capital.

Moderator:

Michael Woscoboinik, Senior Counsel Region III

Panel:

Rafael Hernández, Attorney at Law, Morrison & Foerster, LLP, USA

Nellie Liang, Head of Federal Reserve's Capital Markets Section, USA (presentation-Adobe Acrobat)

Guilherme Emrich, Manager FIR Capital Partners, Brazil

Eduardo Mapes, Investment Director Nacional Financiera SA, Mexico

2^nd Panel: SME Access to Equity

Moderator:

Graciela Schamis, Advisor for the Office of the Presidency

Panel:

Emerson Kapaz, Representant Brazilian Congress, Brazil

Winston Dookeran, Governor Central Bank, Trinidad and Tobago

Maria Pierdicchi, Head of "Nuovo Mercato", Italian Exchange (presentation: PowerPoint - Adobe Acrobat)

Jay Rand, Attorney at Law, Morrison & Foerster, LLP, USA

Francisco Silva Valdivieso, Chief, Securities Research Division, Securities Market and Insurance Superintendent of Chile (presentation - PowerPoint)

Ending Remarks "MIF role in improving the environment for SME access to equity"
Donald Terry, Manager Multilateral Investment Fund.