Inter-American Development Bank Group

A New Focus for Capital Market Development
in Latin America and the Caribbean

February 5-6, 2001

1300 New York Avenue, N.W.,Washington, D.C., 20577
Andrés Bello Auditorium

AGENDA
(Adobe Acrobat)

Monday, February 5, 2001

9:00 - 9:20

Welcome
Enrique Iglesias, President, Inter-American Development Bank

9:20 - 9:45

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

9:45 - 11:00

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

Participants:

Paul-François Dubroeucq, Vice-President for International Affairs, Euronext

Gilberto Mifano, Chief Executive Officer, Bovespa, Brazil

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

11:00-11:15

Coffee Break

11:15-12:30

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

Participants:

Edward Knight, Executive Vice-President, NASDAQ

Nouriel Roubini, Associate Professor of Economics, Stern Business School, New York University

Jesús González Nieto, Market Development Director, Bolsa de Madrid

12:30-12:45

Keynote Address: "From Issues to Capital Market Strategies"
Eduardo Aninat, Deputy Managing Director, International Monetary Fund

12:45 - 2:15

Corporate Luncheon sponsored by INSTINET at Las Americas ( 7^th Floor) - by invitation only.

Keynote Address "Capital Matters: The Impact of Market Structure and Technology on Market Development"
Douglas Atkin, President and CEO, INSTINET

2:15 -3:30

Panel 3: STRATEGIES FOR THE DEVELOPMENT OF CAPITAL MARKETS IN LATIN AMERICA AND THE CARIBBEAN

Moderator:

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

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

Juan Antonio Ketterer, Consultant

3:30 - 3:45

Coffee Break

3:45 - 4:45

1) Breakout: PERSPECTIVES FROM MORE DEVELOPED CAPITAL MARKETS.

Moderator:

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

Participants:

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

Carlos Weitz, President, Comisión Nacional de Valores, Argentina

Jose Luiz Osorio, President, Comissão de Valores Mobiliarios, Brazil

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

3:45 - 4:45

2) Breakout: PERSPECTIVES FROM NEW EMERGING MARKETS

Moderator:

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

Participants:

Juan Antonio Ketterer, Consultant

Richard Young, President, Trinidad and Tobago Stock Exchange

Felipe Chapman, Executive Vice-President and CEO, Bolsa de Valores de Panamá

Augusto Acosta, President, Bolsa de Bogotá

4:45 -5:00

Plenary

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

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

5:00 - 5:15

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

5:30 - 6:30

Cocktails on the Terrace (7^th Floor)

Tuesday, February 6, 2001

9:00 - 9:10

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

9:10 - 10:10

Panel 4: THE DEVELOPMENT OF DOMESTIC BOND MARKETS AND INSTITUTIONAL INVESTORS (Part I)

Moderator:

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

Panel:

Sergio Zappa, Executive Director, Unibanco, Brazil

Axel Christinsen, Investment Manager, AFP Cuprum, Chile

Francisco Astelarra, Superintendent, Superintendencia AFJP, Argentina

10:30-11:30

Panel 4 (Cont'd): THE DEVELOPMENT OF DOMESTIC BOND MARKETS AND INSTITUTIONAL INVESTORS (Part II)

Panel:

Javier González- Sanfeliu, Vice-President, Emerging Markets, Bear Stearns

Gary Kleiman, President, Kleiman International Consultants, Inc.

Cathy L. Daicoff, Managing Director, Global Market Development, Standard and Poor's

11:30-12:50

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

Roldán Trujillo, Chief, Financial Institutions, Inter-American Investment Corporation

Kelle Bevine, Investment Officer, Private Sector Department, IDB

Jaime Fernandez, Chief, Finance and Basic Infrastructure Division 3, IDB

Fernando Jiménez-Ontiveros, Senior Coordinator, Multilateral Investment Fund

12:50 - 1:15

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

Workshop: Small and Medium Enterprises' Access to Risk Capital Financing - Organized by Multilateral Investment Fund (MIF)

1:15 - 2:30

Lunch sponsored by Morrison & Foerster LLP with Richard Frank, Managing Partner and COO of Darby Overseas Investments, Ltd. (by invitation only)

2:30 - 3:00

Opening Remarks. Antonio Vives, Deputy Manager Sustainable Development Department

3:00 - 4:15

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

Guillaume Emrich Manager FIR Capital Partners, Brazil

Eduardo Mapes, Investment Director Nacional Financiera SA, Mexico

4:15 - 4:30

Coffee break

4:30 - 5:45

2^nd Panel: SME Access to Equity.

Moderator:

Graciela Schamis, Advisor for the Office of the Presidency

Panel:

Emerson Kapaz, Representant, Brazilian Congress

Winston Dookeran, Governor, Central Bank of Trinidad and Tobago

Maria Pierdicchi, Head, "Nuovo Mercato", Italian Exchange

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

Francisco Silva, Chief, Securities Research Division, Securities Market and Insurance, Superintendence of Chile

5:45 - 6:00

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