Day 1 Day 2  Day 3
June 11, 2001

9:00 am
Welcoming Remarks
Pedro Sampaio Malan, Minister of Finance, Brazil
Manuel Conthe, Vice President, Financial Sector, The World Bank
Gloria Hernandez, Director of Treasury, Spain

9:45 am
Opening Remarks: General Policy Overview for
the Development of Domestic Government Debt Markets
Clemente Del Valle, Lead Financial Specialist, Financial Sector Development, The World Bank
This module will lay out the anatomy of mature bond markets, highlighting the benefits of domestic bond markets. It will also introduce the issues of regulation and supervision, securities settlement infrastructure, issuance strategy and market access, expanding the investor base, monetary policy operations and linkages to non-government bond markets. The importance of a macroeconomic framework that enables the government to establish a fiscal, exchange rate/capital account policy mix that is non-inflationary and credible is addressed.

10:15 am
Coffee Break

10:30 am
Money Markets, Coordination with Monetary Policy
Presenter
Piero Ugolini, Chief of the Monetary Operations Division, IMF
Discussants
Javier Ariztegui, Director General of Operations, Bank of Spain
Luiz Fernando Figueredo, Deputy Governor, Monetary Policy, Central Bank of Brazil
Agustín Antón, Director, Tesorería and Mercados de Banco Bilbao Vizcaya Argentaria (BBVA)
This module addresses the direct control barriers to money market development, and the issues related to developing the inter-bank market. It examines the topic of coordination between government cash management and central bank open market operations.

12:00 pm
Keynote Speech: Debt Management, Debt Market and Credibility. What Comes First?
Guillermo Perry, Chief Economist for Latin America, The World Bank

12:40 pm
Lunch

2:00 pm
The Link between Government and Corporate Bond Markets
Presenter
Tadashi Endo, Senior Capital Market Specialist, IFC
Discussants
Claudio Gaiarsa, Superintendent of Banking and Debt Structuring, Sabesp
Jeff Shafer, Managing Director, Solomon Brothers
Roberto Seira, Corporate Teasurer, Panamerican Beverage Inc.
This session will review the role of corporate bond markets, providing an overview of corporate debt markets in developed and developing countries, and linkages to government bond markets.
Regional Dimension
The case of Latin America

3:15 pm
Regional Snapshot
Presenters
Sonsoles Gallego, Financial Economist, Financial Sector Development, The World Bank
Adolfo Albo, Chief Economist for Latin America Economic Research Department, BBVA
Emiliano Gonzalez, Principal Economist, Foreign Affairs Department, Central Bank of Spain
Discussants
Rubens Sadenberg, Under-Treasurer of Brazil
Jose Rafael Brenes, General Manager, Central Bank of Costa Rica.
Alberto Garcia Roche, Managing Director, Head of the Markets Business in Brazil, JPMChase
The regional case module will start with an overview of the developments in the region, concerning domestic debt markets. Qualitative and quantitative debt market-related information about the countries in the region which have made the most progress in debt market development, as well as countries which show the most promise, will be presented.

4:45 pm
Coffee Break

5:00 pm
Regional Snapshot
Continued (see above)

6:30 pm
Reception/Dinner

Day 2 Day 1  Day 3
June 12, 2001

9:00 am
Building Supply for Government Debt Securities
Presenter
Clemente Del Valle, Lead Financial Specialist, Financial Sector Development, The World Bank
Discussants
Vincenzo la Via, Former Head of the Debt Office, Italian Treasury and CFO, BCI
Lucia Leitao, Head of Debt Management Department, Portuguese DMO (IGCP)
Federico Molina, Head of Debt Office, Argentina
This module looks at how to establish a debt management operation, and the elements needed to consolidate a policy of openness, transparency and fairness. It addresses the issue that building credibility carries initial costs, but is cost-effective in the long run. In addition, it looks at the policy issues regarding developing a benchmark yield curve, and the conceptional and operational aspects of the government acting as an issuer. Primary market development is also included in this session: key elements needed to build an efficient primary market, such as distribution channels, the design and marketing of government securities and the option of setting up a primary dealers dealer system and the design issues if this course is taken.

10:30 am
Coffee Break

10:45 am
Developing Efficient Secondary Markets
Presenter
Peter Dattels, Deputy Division Chief, Financial Institutions and Markets Division, Monetary and Exchange Affairs, IMF
Discussants
Brad Golding, Head, MTS Americas
Francisco Ybarra, Sales and Trading Head for Latin America, Citibank
Marcelo Salgado, Market Development Director, Bolsa de Valores do Rio de Janeiro
This module looks into the main components of a deep secondary market, such as transactions and trading procedures, market-making intermediaries, trading and information systems, and the links between different secondary markets.

12:15 pm
Lunch

1:45 pm
Building Demand for Government Debt Securities
Presenters
Alberto Musalem, Advisor, Financial Sector Development, The World Bank
Discussants
Walter Molano, Head of Research, BCP Securities Inc.
Carlos San Basilio, Spanish Treasury E-issuance
Rosario Martín Cabiedes, Deputy General Manager, Head of International Asset Management Development, BBVA
This module examines the key policy issues regarding expanding the investor base, and specifically looks at financial investors and non-financial investors in detail.

3:15 pm
Coffee Break

3.30 pm
Regional Dimension
The case of Latin America
Panel Discussion: Building Supply and Demand
Moderator
Fernando Montes-Negret, Sector Manager, The World Bank
Presenters
Juan Mario Laserna, Head of Debt Office, Ministry of Finance, Colombia
Fabio Barboza, Head of Treasury, Ministry of Finance, Brazil
Panelists
Jesús Bermudez, Debt Office Director, Venezuela
Axel Christensen, AFP Cuprum
Discussions about countries illustrating the effectiveness of putting in place a credible debt management strategy, successfully developing the benchmark yield curve, strengthening the primary market and introducing primary dealers that illustrate the issues related to the enhancement of securities demand

5:00 pm
Securities Settlement Infrastructure
Presenter
Massimo Cirasino, Financial Economist, WB
Discussants
Amarilis Sardenberg, Director of Operations, Câmara Brasileira de liquidação e Custódia (CBLC)
Orlando Marquez, Director of the Central Depository System, Central Bank of Colombia
Marcos Matsunaga, Vice President, Senior Customer Relations Officer, Clearstream International
Jesus Benito Naveira, Manager of Strategy and Promotion, Iberclear
Efficient infrastructure is essential for debt market development. This module covers securities accounts and depository systems, settlement procedures, and the use of the depository system as a source of statistics. How have different countries implemented securities accounts and depository systems? What are the settlement procedures used? What has been the experience of different countries in dealing with transition issues, installation of infrastructure, sequencing? The panel presentations can be in the form of country case studies or illustrations of issues by country examples.

Day 3 Day 1  Day 2
June 13, 2001

9:00 am
The Regulatory and Supervisory Framework
Presenter
Jose Antonio Alepuz, Senior Legal Counsel, The World Bank
Discussants
Tom Briggs, Advisor, the US Treasury TA
Pablo Gottret, Superintendent of Valores and Pensiones, Government of Bolivia
Carlos Castro Silvestre, General Manager of Funds and Intermediaries, CONASEV, Peru
This module will address the legal and regulatory framework for the government as an issuer, to ensure fiscal discipline and creditworthiness of the government. It will introduce legal frameworks for debt management, and subnational markets. Regulations regarding asset management for institutional investors will be described.

10:30 am
Coffee Break

10:45 am
Regional Dimension
The case of Latin America
Roundtable: Sequencing of Key Debt Market Reforms
Moderator
Patrick Conroy, Director, Financial Sector Development, The World Bank
Panelists
Jose Perez, Director General  BBVA, former Director General  of Bank of Spain
Alonso Garcia, Dirección General Credito Publico, México
Gerardo Rodríguez, Dirección General Credito Publico, México
Murna Morgan, Senior Director, Ministry of Finance Debt Management Unit, Jamaica
Conclusions reached in prior session will be assembled to lay out a path for debt market development, with emphasis on sequencing, the roles of the public and private sector, lessons to be drawn for Latin America from country experiences, and the future outlook.

1:00 pm
Closing Remarks

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