Secondary Strangled by Regulation

Secondary Strangled by Regulation


Colombia's capital markets may be flavor of the month for bankers, but local investors say outdated regulation does as much to inhibit growth – particularly in trading – as it does to feed it. The country's six pension funds – Colfondos, BBVA Horizonte, Porvenir, Protección, Santander and Skandia – manage $27 billion in contributions, close to 20% of the country's GDP in 2006. As such, they are the most relevant group of institutional investors, and bring the liquidity and demand domestic capital markets need to evolve. But as in even the region's most developed domestic markets, like Mexico, among the most disheartening issues for Colombian investors is a lack of s

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