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Enabling environment:
Macroeconomic stability
Market autonomy
Strong legal frameworks
Effective regulatory regime
Other drivers may include
• (Better disclosure standards; investor diversity; internationalization; hedging markets; efficient and
robust market infrastructures)
Note: Market Development Index evaluates the financial market development; assigning one if the country has 10 year local currency bond , 10 year foreign currency bond, Corporate Debt Market, Fixed Income
Derivatives, Equity Market, Not Dollarized Currency, Free Floating Currency or FX Derivatives; and zero in other case . A dollarized currency is defined as economy with American dollars as currency and a currency with a
peg.
Source: International Monetary Fund, Central Banks, Stock Exchanges, and Bloomberg.
3
South America Markets: Foreign Exchange
600% Guyana
Paraguay
400%
Peru
200% Suriname
Uruguay
0%
Mar-10
Mar-17
Jul-01
Feb-03
Sep-04
Jul-12
Feb-14
Sep-15
Oct-00
Nov-07
Oct-11
Nov-14
Oct-18
Jun-05
Jun-16
Aug-08
Aug-19
May-02
May-09
Apr-06
Apr-13
Jan-00
Jan-07
Jan-18
Dec-03
Dec-10
Venezuela
Mexico
Note: Argentina’s last index is 5,700%, while Venezuela’s is 7,027,022,450%.
Source: Bloomberg.
4
South America Markets: Fixed Income
• In South America, Bolivia and Argentina are countries with longest maturities in local and foreign currency bonds, respectively. While Brazilian outstanding
debt is the highest in the region.
Longest maturity date in local and foreign currency South America Markets Outstanding Debt Debt Trading Volume Survey
bonds Millions of Dollars Millions of dollar
Years
Foreign
Venezuela 450,000
Local
Uruguay 1,653,113 md
400,000
Suriname
Goverment (Local Currency)
350,000
Peru Goverment (Foreign Currency)
Corporate (Foreign Currency) 300,000
Paraguay
Corporate (Local Currency)
Guyana 250,000
Ecuador
200,000
Colombia
150,000
Chile
Brazil 100,000
Bolivia
50,000
Argentina
0
Sep-60
Feb-29
Oct-01
Jun-15
Aug-19
May-74
Apr-33
Jan-47
Jan-88
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Paraguay
Peru
Suriname
Uruguay
Venezela
Note: Data from first quarter 2019. Guyana and Suriname did not give
information in the survey.
Source: Bloomberg. Source: Bloomberg.
Source: Trade Association for the Emerging Markets (EMTA)
5
South America Markets: Equity
• Considering the market capitalizations as a measure of size for a stock exchange, Chilean and Brazilian stock exchange are the biggest in the region.
Stock Exchange Index Exchange Market Capitalization as Percentage of GDP Daily Average of Volume Traded in Stock Exchanges
Percentage Percentage Millions of dollars
9000%
Argentina
Brazil 8000%
Chile
7000%
Colombia
Ecuador 6000%
Peru
5000%
Venezuela
Uruguay 4000%
3000%
2000%
1000%
0%
Mar-10
Jul-01
Sep-03
Feb-05
Feb-13
Jul-14
Sep-16
Feb-18
Oct-00
Nov-05
Oct-08
Oct-13
Nov-18
Jun-04
Jun-09
Jun-17
Aug-06
Aug-11
Aug-19
May-12
Apr-02
Apr-07
Apr-15
Jan-00
Jan-08
Dec-02
Dec-10
Dec-15
Note: Venezuela’s last index is 4396584%. Source: World Bank. Note: 2018 daily average .
Source: Bloomberg. Source: Stock Exchanges and Bloomberg.
6
Central America Markets: Foreign Exchange
Belize 280%
Costa Rica
El Salvador
260%
Guatemala
Honduras
240%
Nicaragua
220% Free Capital 24/7 trading Market
Flag Country Free floating CLS member
convertibility control activity derivative
200% Belize
160% El Salvador
140% Guatemala
Honduras
120%
Nicaragua
100%
80%
Mar-10
Mar-17
Jul-01
Feb-03
Sep-04
Jul-12
Feb-14
Sep-15
Oct-00
Nov-07
Oct-11
Nov-14
Oct-18
Jun-05
Jun-16
Aug-08
Aug-19
May-02
May-09
Apr-06
Apr-13
Jan-00
Jan-07
Jan-18
Dec-03
Dec-10
Source: Bloomberg.
7
Central America Markets: Fixed Income
• In Central America, Costa Rica and Guatemala are countries with longest maturities in local and foreign currency bonds, respectively. While Costa Rica
outstanding debt is the highest in the region.
Longest maturity date in local and foreign currency Central America Markets Outstanding Debt Debt Trading Volume Survey
bonds Millions of Dollars Millions of dollar
Years
40,000
Foreign
Nicaragua 42,924 md
Local 35,000
Honduras 30,000
Goverment (Local Currency)
Corporate (Foreign Currency) 25,000
Guatemala Goverment (Foreign Currency)
Corporate (Local Currency)
20,000
El Salvador
15,000
10,000
Costa Rica
5,000
Belize
0
Belize
Costa Rica
El Salvador
Guatemala
Honduras
Nicaragua
Jul-41
Jun-52
Jun-63
Aug-19
Aug-30
May-74
8
Central America Markets: Equity
• Considering the market capitalizations as a measure of size for a stock exchange, El Salvador and Honduras stock exchange are the biggest in the region.
Mexico
600%
500%
400%
300%
200%
100%
0%
May-02
Dec-03
May-09
Dec-10
Oct-00
Feb-03
Sep-04
Oct-11
Feb-14
Sep-15
Oct-18
Jun-05
Mar-10
Jun-16
Mar-17
Nov-07
Nov-14
Jan-00
Jan-07
Jan-18
Jul-01
Aug-08
Jul-12
Aug-19
Apr-06
Apr-13
Source: Bloomberg. Source: World Bank. Source: Stock Exchanges and Bloomberg.
9
Caribbean Markets: Foreign Exchange
Aruba 600%
Bahamas
Barbados Free 24/7 trading Market
Cayman Islands Flag Country Free floating Capital control CLS member
convertibility activity derivative
Cuba 500%
Curacao Aruba
Eastern Caribbean
Haiti Bahamas
Jamaica 400%
Dominican Republic Barbados
Trinidad and Tobago
Cayman Islands
300% Cuba
Curacao
Haiti
100% Jamaica
Dominican Republic
Mar-17
Jul-01
Feb-03
Sep-04
Jul-12
Feb-14
Sep-15
Oct-00
Nov-07
Oct-11
Nov-14
Oct-18
Jun-05
Jun-16
Aug-08
Aug-19
May-02
May-09
Apr-06
Apr-13
Jan-00
Jan-07
Jan-18
Dec-03
Dec-10
Source: Bloomberg.
10
Caribbean Markets: Fixed Income
• In Caribe, Jamaica and Dominican Republic are countries with longest maturities in local and foreign currency bonds, respectively. While Cayman Islands
outstanding debt is the highest in the region.
Longest maturity date in local and foreign currency Caribbean Markets Outstanding Debt
bonds Debt Trading Volume Survey
Millions of Dollars Millions of dollar
Years 40,000
Foreign 404,066 md
Aruba
Local 35,000
Trinidad and Tobago
30,000
Dominican Republic
Corporate (Local Currency)
Goverment (Foreign Currency) 25,000
Jamaica
Goverment (Local Currency)
Haiti Corporate (Foreign Currency)
20,000
Eastern Caribbean
15,000
Curacao
10,000
Cuba
5,000
Cayman Islands
Barbados 0
Aruba
Bahamas
Barbados
Cayman Islands
Curacao
Eastern Caribbean
Jamaica
Jun-52
Aug-19
Aug-30
Note: Data from 2019 first quarter. Aruba, Cayman Islands, Curacao, Eastern Caribbean,
Haiti and Cuba did not give information in the survey.
Source: Trade Association for the Emerging Markets (EMTA)
Source: Bloomberg. Source: Bloomberg.
11
Caribbean Markets: Equity
• Jamaican and Trinidad and Tobago stock markets are those with highest listed companies in Caribbean region.
Number of listed companies by country
Historical Stock Exchange Index Companies
Percentage
16
Bahamas Cayman Islands
Barbados
Cayman Islands 14
Cuba
Curacao Barbados
Eastern Caribbean 12
Haiti
Jamaica
Dominican Republic 10 Bahamas
8
Eastern Caribbean
6
2
Jamaica
0
Mar-02
Mar-15
Sep-00
Jul-06
Sep-08
Feb-10
Jul-14
Sep-16
Feb-18
Nov-02
Oct-05
Nov-10
Oct-13
Nov-18
Jun-01
Jun-09
Aug-03
Aug-11
Aug-19
May-04
May-12
May-17
Apr-07
Jan-00
Jan-05
Jan-13
Dec-07
Dec-15
0 10 20 30 40 50 60
12
Mexico: Fixed Income Market
• The Mexican fixed income market has showed a significant improvement and development over the last two decades. During this time, the market evolved
from being closed and with few types of securities, to one of the most liquid and deep markets in the emerging and developed economies with several
instruments available for trade.
Investors Position in Government Securities
Sovereign Debt Securities Characteristics Evolution of Mexican yield curve denominated in Mexican Pesos
Percentage Percentage of Government securities outstanding
50 100%
1995
Security
Face
Maturities
Interest
Interest rate First issue 45 90%
Value payments
28 and 91 80%
CETES 10 days, six
Zero-
January 19, 40
coupon Discount rate
pesos months and 1978
Federal Treasury Certificates
one year
bonds 70%
Overnight effective 35
BONDES D 1998
1, 3 and 5
28 days
rate, compounded August 17, 60%
Federal Government years daily during the 2006
Development Bonds interest rate period 30
100 50%
BONOS pesos
3, 5, 10, 20
January 27,
Federal Government and 30 25 40%
2000
Development Bonds with fixed years
Coupon rate is set by
interest rate
the Federal
182 days 20 30%
UDIBONOS Government before
the issuance
Federal Government 100 3, 10 and 30 May 30, 2000
20%
Development Bonds UDIS years 1996 15
denominated in inflation-
indexed investment units (UDIS) 10%
The highest between 10 2003 2006
IPAB SECURITIES Government overnight
Savings Protection Bonds with effective rate (or 2019 0%
100 3, 5 and 7 28, 91 and April 29,
monthly/quarterly/semmiannual change in the UDI) 5 2000 2002 2005 2008 2010 2013 2016 2019
pesos years 182 days 2004
interest payment and additional during the interest rate Foreign Investors Banks
interest rate reference or period and 28/91/182-
1D 1M 3M 6M 1Y 3Y 5Y 10Y 20Y 30Y
protected against inflation day CETES
Pension Funds Investment Fund
Bonos Other Domestic Resident
Cetes
Source: Central Bank of Mexico. Source: Central Bank of Mexico. Source: Central Bank of Mexico.
13
Mexico: Fixed Income Market
• The consequences of the aforementioned market development the trading conditions in the market has improved.
4.5
4.0
3.5
3.0
2.5
2.0
1.5
Feb-16
Feb-17
Feb-18
Feb-19
Nov-16
Nov-17
Nov-18
Aug-16
Aug-17
Aug-18
Aug-19
May-16
May-17
May-18
May-19
Source: Central Bank of Mexico.
Source: Trade Association for the Emerging Markets (EMTA). Source: Interbank brokerage house.
14
Mexico: Fixed Income Market
• The development of the government securities market has positive consequences for other fixed income markets, such as the corporate bond market.
Monthly Trading Volume in Corporate Debt with Local
Banks Investors Position in Private Securities
Mexican Non-Financial Corporations Billions of pesos denominated in Mexican Pesos
Outstanding Debt by Market of Issuance Percentage of Government securities outstanding
Billions of pesos
100%
90%
80%
70%
60%
50%
Trading Volume in Mexican Corporations Debt at 1Q19
by Market of Issuance 40%
Millions of dollars
30%
20%
10%
0%
2012 2014 2015 2016 2017 2019
Foreign Investors Banks
Pension Funds Investment Fund
Other Domestic Residents
Source: Central Bank of Mexico. Source: Central Bank of Mexico. Source: Central Bank of Mexico.
Source: Trade Association for the Emerging Markets (EMTA). 15
Mexico: Fixed Income Market
• As a further step to develop Mexico’s debt markets and promote the liquidity of the secondary market, the Mexican Ministry of Finance established in 2000 a market-making program
for government bonds. The combination of all the factors previously mentioned had important consequences regarding the relevance of Mexican securities in global fixed income
markets. These measures improved substantially the depth and liquidity of the market, allowing the inclusion of local government securities in several Global Fixed Income Indexes.
Primary Dealers System in Mexico: Mexican Sovereign Debt Inclusion in Repos Position with Local Banks by Investor in
Global Indices Private Securities denominated in Mexican Pesos
Characteristics
Year of Billions of pesos
Index name
Selection Criteria inclusion
Universal Government Inflation-
Declare their interest in Active participation in Linked Bond Index (Barclays)
participating in the primary and secondary 2003
program markets
Government Bond Index Broad (JP
Morgan-GBIBroad)
Market share ≥ 7% Government Bond Index Emerging
Markets (JP Morgan-GBIEM)
Obligations Privileges 2005
Global Aggregate
Primary Market Participation “Greenshoe” option
Index (Lehman/Barclays)
Global Government Bond
Commitment to participate in primary The right to buy up to an additional 20% 2006
auctions. of the Fixed-rate securities offered in the Index (Merrill Lynch-GGBI)
primary auction.
Global Government Inflation-Linked
Secondary Market Participation
Securities lending facility Index (Merrill Lynch -GGILI)
Provide two-way quotes for each of the 2007
securities they are market makers of, in all Borrowing privileges with the Central Emerging Markets Government
Bank.
their maturities.
Inflation-Linked Bond Index (Barclays)
Global Emerging Markets (Markit
Comply with the Code of Conduct Syndicated auctions 2008
Comply with the Code of Conduct for the
Group-GEMX)
Exclusive access to syndicated auctions
money and fixed income market. where they act as distributors. World Government Bond Index (Citi-
2010
WGBI)
Note: Mexico was the first Latin Americacountry included in the WGBI.
Source: Central Bank of Mexico. Source: Mexican Ministryof Finance. Source: Central Bank of Mexico.
16
Mexico: Foreign Exchange Market
• The MXN/USD market is one of the most liquid FX markets among emerging markets.
Mexican Peso Historical Events Total spot volume traded in USD/MXN Mexican peso turnover on CLS (Continuous
Pesos per dollar Daily averages, million of US dollars Linked Settlement)
25 140 Millions of US dollars
30,000
120
20
22%
100 25,000
15
80
22%
20,000
32%
39%
10 60
35%
43%
33%
78%
35%
29%
29%
15,000
32%
32%
31%
30%
Volumen operación del CLS
31%
40
37%
35%
78%
5
68%
61%
65%
20
67%
10,000
57%
71%
71%
65%
68%
68%
70%
69%
69%
63%
65%
0
0
Mar-98
Mar-00
Sep-80
Sep-82
Jul-86
Jul-88
Feb-02
Sep-15
Nov-74
Nov-76
Oct-78
Nov-09
Nov-11
Oct-13
Jun-90
Aug-84
Aug-17
Aug-19
May-92
May-94
Apr-96
Jan-71
Jan-04
Jan-06
Dec-72
Dec-07
5,000
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Oct-18
Apr-11
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Apr-19
Fixed Exchange Rate Exchange Control Regime
Managed Float Regime Traded volume with at least one Mexican counterparty 0
Managed Float Regime
Multiple exchange rate
Oct-11
Oct-12
Oct-13
Oct-14
Oct-15
Oct-16
Oct-17
Apr-12
Apr-13
Apr-14
Apr-15
Apr-16
Apr-17
Apr-18
Exchange Rate Band Regime Rest of the world
Floating Exchange Rate Note: For April 2013 and April 2016 data is sourced from the BIS “Triennial Central Bank Survey of foreign exchange and
OTC derivatives markets in 2016”. Other data is estimated by Bank of Mexico using information from the semiannual
Federal Reserve FXC FX Volume Survey and the London Foreign Exchange Joint Standing Committee (FXJSC) FX Turnover
Note: Vertical lines indicate when Central Bank of Mexico sold dollars in the Fx- Survey without the intersection of these markets to avoid double counting.
Market. Source: BIS “Triennial Central Bank Survey of foreign exchange and OTC derivatives markets in 2016”, Federal Reserve Source: CLS
Source: Central Bank ofMexico. FXC FX Volume Survey, London Foreign Exchange Joint Standing Committee (FXJSC) FX Turnover Survey and Bank of
Mexico.
17
Mexico: Foreign Exchange Market
• The Mexican peso is the most traded Latin American currency and second most amongst emerging markets after the Chinese renminbi; and it is traded 24
hours.
Trading hours for emerging markets Distribution of MXN daily traded volume through Refinitiv
Millions of dollars (daily average in 2019)
300 100%
Asia London America
270 90%
240 80%
210 70%
180 60%
150 50%
120 40%
90 30%
60 20%
30 10%
0 0%
9:45 to 10:00
10:15 to 10:30
10:45 to 11:00
11:15 to 11:30
11:45 to 12:00
12:15 to 12:30
12:45 to 13:00
13:15 to 13:30
13:45 to 14:00
14:15 to 14:30
14:45 to 15:00
15:15 to 15:30
15:45 to 16:00
1:00 to 6:29
6:45 to 7:00
7:15 to 7:30
7:45 to 8:00
8:15 to 8:30
8:45 to 9:00
9:15 to 9:30
12 AM 2 AM 4 AM 6 AM 8 AM 10 AM 12 PM 2 PM 4 PM 6 PM 8 PM 10 PM
Source: Reuters. Note: The graph shows the average volume during 2019.
Source: Refinitiv and Central Bank of Mexico.
18
Mexico: Foreign Exchange Market
Market depth
Bid-Ask spread
Free Convertibility
Increase market
liquidity in cross
24 Hour Trading Activity currency pairs such
as EURMXN,
JPYMXN, etc.
Continuous Linked
Settlement (CLS) Member
More trading
activity through
Second most traded
electronic market
currency among emerging
markets
20
Mexico: Equity Market
• The Mexican equity market is composed by two securities exchange market, “Bolsa Mexicana de Valores” (BMV) and “Bolsa Institucional de Valores” (BIVA);
totalizing 144 companies listed. Other securities such as CKDs, SPACs, FIBRAs, and CERPIEs are trades in the Mexican equity market.
Initial Public Offering in Equity Market
Millions of pesos
70,000
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
Investment Project
social parts or to the financing of societies, through investment in
Securitization 2015
either directly or through investment energy and Number of Issues
Certificates
vehicles. Can only be acquired by infrastructure.
(CERPIS)
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
qualified institutional investors.
3 0 4 2 3 8 4 5 5 6 7 0
Source: Bloomberg
Source: Central Bank of Mexico, National Banking and Securities Commission, National Commission for the Retirement Savings System.
21
Mexico: Equity Market
• Mexican outstanding equity is composed mainly by stocks and Fibras.
Traded Volume Mexican Stock Exchange Outstanding Equity by security Stocks, SPACS and FIBRAS holdings by type of
Thousands of millions MXN Thousands of millions MXN investor as a percentage of the total
30,000 Percentage
25,000
20,000
15,000
10,000
Number of Issuers
5,000
Mar-19
Jul-18
Sep-18
Feb-19
Jul-19
Oct-18
Nov-18
Jun-19
Aug-18
May-19
Apr-19
Jan-19
Dec-18
Number of Issuers
Source: Central Bank of Mexico, Bloomberg, Price vendors Source: Central Bank of Mexico.
23
Mexico: Equity Market
24
Mexico: Foreign Exchange Derivatives Market
• Mexican peso derivative market is composed mainly by Forwards, Fx-Swaps, Cross Currency Swaps, and Options.
4,000
40
2,000
20
0 -
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2013 2014 2015 2016 2017 2018 2019
Spot Forward Swaps
Source: Estimations made by Bank of Mexico with data provided from the BIS “Triennial Central Bank
Survey of foreign exchange and OTC derivatives markets in 2016” and the semiannual Federal
Reserve FXC FX Volume Survey and the London Foreign Exchange Joint Standing Committee (FXJSC)
Source: Bloomberg
FX Turnover Survey.
25
Mexico: Foreign Exchange Derivatives Market
• Non-Residents investors have increased their position in Mexican peso during the last years.
Non-Residents FX Derivatives Position in Open Interest in Mexican Peso Derivatives Mexican FX-derivatives markets: Challenges
Mexican Pesos Millions of US dollars
Billions of US dollars
Derivatives Position on MexDer 18,000 300,000
Futures Position on Chicago Mercantile Exchange More trading activity through
OTC Derivatives 15,000 electronic market
Call Put Forward
12,000 250,000
9,000 Increase market liquidity in
securities such as exotic options,
6,000 cross currency swaps, structure
200,000 notes, etc.
3,000
0
-3,000 150,000 More trading activity in local
markets
-6,000
-9,000 100,000
-12,000
Expansion of investor base
-15,000
50,000
-18,000
-21,000 Use of value adjustments and
0 different interest rates in prancing
-24,000 process
Aug-13
Aug-14
Aug-15
Aug-16
Aug-17
Aug-18
Aug-19
jul. 10
jul. 11
jul. 12
jul. 13
jul. 14
jul. 15
jul. 16
jul. 17
jul. 18
jul. 19
26
Mexico: Fixed Income Derivatives Market
• The development of the government debt market in Mexico has also fueled the emergence of the derivatives market.
TIIE IRS’ Daily Turnover
Mexder Fixed Income Derivatives TIIE IRS’ Daily Turnover Billions of pesos (20-day moving
Characteristics Billions of pesos (20-day moving average)/Millions of pesos (20-day
average) moving average )
Futures Swaps 400 7,000 300
Underlying 28 days TIIE 91 days Bonos M (3Y 28 days TIIE
asset Cetes to 30Y) 350
6,000
100,000 10,000 1,000 Bonos 100,000 250
Pesos Cetes (Equivalent Pesos 300
Size (Equivalent to 100,000 5,000
to 100,000 pesos) 200
250
pesos)
Monthly Monthly or Quarterly Number of 4,000
cycles for 10 quarterly cycles for coupons by 200
150
Maturity years. cycles for up to a 28 days.
up to 10 year. 150 3,000
years.
100
Future Future Future Fixed 100 2,000
interest annualized bond nominal
rate value. interest transaction annualized
Quotation 50 50
rate value. price in interest 1,000
Mexican rate.
pesos. 0
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
0 0
Jan-14 Jan-15 Jan-16 Jan-17 Jan-18 Jan-19
27
Mexico: Fixed Income Derivatives Market
• The Mexican Interbank Interest Tate (TIEE) is the most used underlying in fixed income derivative in securities such as futures, forward, and swaps.
28
Mexico: Equity Derivatives Market
• The equity derivative market in Mexico is traded mainly in MexDer.
Daily Trading Volume in Futures, Forwards Biannual Trading Volume in Futures, Mexican Equity-derivatives markets:
and options on equity securities Forwards and options on equity securities Challenges
Billions of pesos Billions of USD Develop the listed
derivative Markets ,
increasing de number of
underlying Assets
Derivatives
Increase the liquidity on
Underlying Asset on listed equity market.
types markets*
Stock Shares Index
Futures 14/145 1/13
Options 14/145 1/13
Increase the number of
Forwards 0/145 1/13
OTC Options 9/145 1/13
contracts with underlying a
* Underl yi ngs a s s ets a re s howed number o a s s ets national equity index
a va i l a bl es on ea ch Ma rkets over the tota l a s s ets
a va i l a bl e
29
South America Markets
Equity Markets
Local Currency
Free Floating
Derivatives
Derivatives
America
Corporate
Dollarized
Markets
Region
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Guyana
Paraguay
Peru
Suriname
Uruguay
Venezuela
Mexico
Note: Dollarized currencies are those with a peg or with USD as a currency. Here, Free Floating currencies are those considered Free Floating and Floating by the
International Monetary Fund.
Source: International Monetary Fund, Central Banks, Stock Exchanges and Bloomberg.
31
Central America Markets
Equity Markets
local Currency
Free exchange
rate floating
Derivatives
Derivatives
Corporate
Dollarized
Markets
Caribbean
región
Belice
Costa Rica
El Salvador
Guatemala
Honduras
Nicaragua
Note: Dollarized currencies are those with a peg or with USD as a currency. Here, Free Floating currencies are those considered Free Floating and Floating by the
International Monetary Fund.
Source: International Monetary Fund, Central Banks, Stock Exchanges and Bloomberg.
32
Caribbean Markets
Equity Markets
local Currency
Free exchange
rate floating
Derivatives
Derivatives
Corporate
Dollarized
Markets
Caribbean
region
Aruba
Bahamas
Barbados
Cayman Islands
Cuba
Curacao
Eastern Caribbean
Hait
Jamaica
Dominican
Trinidad and Tobago
Note: Dollarized currencies are those with a peg or with USD as a currency. Here, Free Floating currencies are those considered Free Floating and Floating by the
International Monetary Fund.
Source: International Monetary Fund, Central Banks, Stock Exchanges and Bloomberg.
33