By Michael Fitzgerald and Taisa Markus, Partners,
Milbank, Tweed, Hadley & McCloy LLP
Despite recent ups and downs related to the global credit
crisis, Latin American equity capital markets have grown
explosively in the last two decades. There is a strong
sense that Latin American equity capital markets are in the
process of decoupling from U.S. financial markets even if
regional economies remain to a great degree affected by the
There are a number of events and developments that have come
together to support this trend. Growing economic liberalization
and sound fiscal and monetary policies in most countries in the
region, the economic expansion in the region, globalization,
the emergence of China and other Asian economies as important
trading partners in addition to the United States, the recent
run up in commodity prices, relative political stability and an
improved regulatory climate are perhaps the most
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