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Promoting the Orderly Development of Fair, Efficient EMTA EMERGING MARKETS TRADERS ASSOCIATION 1996 ANNUAL REPORT PROMOTING THE ORDERLY DEVELOPMENT OF FAIR, EFFICIENT AND TRANSPARENT TRADING MARKETS ➤ INTEGRATING THE EMERGING MARKETS INTO THE GLOBAL FINANCIAL MARKETPLACE 1996 ANNUAL REPORT EMERGING MARKETS TRADERS ASSOCIATION 1996 1 Co-Chairs’ Letter 2 Executive Director Letter 4 About the The Emerging Markets Traders Association is a Emerging Markets not-for-profit corporation dedicated to promoting 6 About EMTA the orderly development of fair, efficient and 8 transparent trading markets for Emerging Markets Emerging Markets Clearing Corporation instruments and to helping integrate the Emerging 10 Markets into the global financial marketplace. Local Markets 14 1996 Annual Meeting 16 1996 Financial Review 26 Board of Directors 28 EMTA Members 30 EMTA Staff LETTER FROM 1997 CO-CHAIRS Three interrelated themes are exotic investment opportuni- essential to understanding the ties on the next frontier, what transformation and the we might call the emerging dynamics of our marketplace. Emerging Markets. The first theme is the broad- ening of the investor base. The third important theme is The second theme is the the transformation of the debt broadening of the Emerging itself. The debt will eventually Markets asset class, both in be repaid, exchanged or bought back in private secondary terms of geographic diversity Jorge V. Jasson is EMTA’s New York and different types of assets. Co-Chair. He is Head of Global market transactions, but we Emerging Markets at The Chase no longer have a pipeline of The final theme, and one close- Manhattan Corporation, responsible ly related to the first two but for origination, sales, trading and Brady restructurings to feed in a way very crucial to future research for all Emerging Market the market. Brady Bonds are fixed income securities, loans, EMTA activities, is the trans- equities, foreign exchange and now both the core of our formation of the debt itself. derivatives, on a global basis. market, while at the same time representing a subset that will Part of what lies behind these diminish over time. trends is obviously the change in the investor base, which With these three themes in has moved from traditional mind, one of EMTA’s most investors to crossover investors. important initiatives for 1997 Whether the crossover is hap- is increased participation pening from the high grade in local markets. EMTA is side or from the high yield side pursuing various projects to or from the currency side, it’s address industry concerns by happening in such a tremen- applying our international Frederic Z. Haller is EMTA’s London expertise to the local market- dously consistent way that we Co-Chair. He is Head of Emerging can no longer talk about a spe- Markets at Deutsche Morgan Grenfell. places. We’ve done this very cialized niche market. We must He also serves as a member of the successfully by, among other Group Executive Committee identify Emerging Markets of the Deutsche Bank Group things, working with local now as very much a part of and the Management Committee regulators and market partici- of Deutsche Morgan Grenfell. the investment mainstream. pants in developing standard documentation. Local market The broadening of the asset ity was the important story participants have increased class is associated with the for 1996, with foreign non- their involvement with EMTA, surge in local market activity resident participation exceed- and we welcome their input that has created a subasset ing U.S.$8 billion. and other contributions. class within the Emerging Markets asset class. There A perfect example is Russia. is little basis for differentia- Rising investor interest, and tion from the mainstream the manner in which the Jorge V. Jasson Developed Markets other Russian authorities have than the obvious credit risk responded to it by making spreads that those instruments the investment climate carry. This local market activ- increasingly friendly to the foreign investor, only whets Frederic Z. Haller our appetites for the more 1 LETTER FROM THE EXECUTIVE DIRECTOR Measured by some recent consensus that EMCC will sig- The continuing integration standards, 1996 was a relative- nificantly reduce risk and of the Emerging Markets into ly calm year for the Emerging improve operational efficiency the trading and investment Markets. Of course, market in the trading of Emerging mainstream has had broad performance was strong almost Markets debt instruments. implications for all market across the board. There were During 1997, in addition to participants. For EMTA, it few, if any, surprises. testing and implementing means that our projects are EMCC for Brady Bonds and no longer undertaken solely 1994 and 1995 taught us related Emerging Markets in reaction to urgent needs all to expect the unexpected. Eurobonds, we will begin the of the marketplace. More Difficult market conditions challenging process of intro- often than not, EMTA’s current helped make the case for ducing appropriate Local efforts are more pro-actively why stronger systems were Market instruments into EMCC. designed to meet the future necessary and desirable. needs of our industry, by 1996 was a good year for 1996 also saw considerable improving market systems working quietly to build bet- progress toward the long- and infrastructure on multiple ter market infrastructure. awaited completion of the fronts. As our marketplace Increasingly, we have seen country debt restructuring has matured, EMTA’s role EMTA’s role as one of helping process and in the re-entry has evolved from firefighting to integrate the Emerging of many Emerging Market to architecture. Markets more into the main- countries into the voluntary stream of the global trading capital markets. Despite this evolution of and investment marketplace. roles, our methodology has EMTA was formed six years been remarkably consistent. Foremost among EMTA’s ago – in a very different envi- EMTA remains a forum for efforts has been the design and ronment – largely in response market participants to identi- construction of an Emerging to a widespread perception fy, discuss and address ways Markets Clearing Corporation. that there was a compelling to make our marketplace During 1996, we made great need for greater efficiency and work better, for the mutual progress toward our goal of transparency in the Emerging benefit of traders, investors bringing EMCC operational by Markets trading industry. and issuers alike. mid-1997, thanks in large part Although our industry has to our strong partners in the taken great strides toward our Years ago, it was fashionable National Securities Clearing goal of an orderly market- to compare our marketplace Corporation complex. Working place, it is not quite time for to a frontier town. Recently, also with representatives of us to declare victory over all things have become a great Euroclear, Cedel and ISMA, inefficiency and disorder. deal more civilized. The 1996 was characterized by the There is much work left to do, frontiers of our marketplace formation of a broad industry but it is a different type of are now in the Local Markets work, to be done under differ- ent circumstances. 2 LETTER FROM THE EXECUTIVE DIRECTOR themselves, as sophisticated involve fixed income instru- Emerging Markets increasingly investors increasingly look ments but may, on a case- at the Local Markets level, directly to Local Markets for by-case basis, involve other and to help integrate the purer risk and higher yields. financial instruments or Emerging Markets more closely Many Emerging Markets products as well. Our experi- into the global marketplace, countries are admirably meet- ence to date confirms that mostly through collaboration ing the challenges of reforming our membership wants more with other organizations, their economies and adapting consistent standards and whether global or locally based. their capital markets to meet practices, where appropriate, Much of this work will involve the needs of foreign investors. across markets, and improved EMTA’s acting as a catalyst or coordinator for other groups, For our part, local market- with one important goal being places, which are composed of to help ensure that the capacity both global and local partici- and willingness of these other pants, generally seem to seek, groups to identify and address and need, more orderly devel- the needs of the Emerging opment to accommodate the Markets trading community capital flows into them. In the are strengthened in the process. past year, EMTA’s Local Market projects have concentrated on In all these endeavors, we repos and securities lending, hope and believe that we are as well as standard documen- Michael M. Chamberlin has been still on the right path, but as EMTA’s Executive Director since tation for Local Markets FX has often been the case in the January 1994. Previously he was derivatives. We have also a partner of Shearman & Sterling, past, without a very clear worked to encourage stronger where he concentrated on map. As always, we need and international financings, including systems for custody, clearance Mexico’s restructuring under the welcome our members’ input, and settlement. In general, Brady Plan and global debt offerings involvement and support to for Petróleos de Venezuela. marketplaces seem to thrive make sure that we keep mov- on greater efficiency, trans- ing at the right speed and in parency and operational cer- regulatory and legal environ- the right direction. tainty, probably because they ments. All of these projects help build investor confidence. require the same emphasis on consensus-building that has Most of these projects cut characterized EMTA’s efforts Michael M. Chamberlin across various Local Markets; to date. some are specific to a single one. These projects tend to In general, our current vision for EMTA is to help promote the orderly development of the 3 THE EMERGING MARKETS ABOUT “Investors have a wider selection of globally diversified investment opportunities than ever before.” PETER R.
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