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October 2, 1996, 3:30 p.m.

Telephone Interview with Mr. Vanderbujl

International Finance corporation-washington, D. C.

JV Observations: Mr. Vanderbujl spoke very fast and was very, very nervous. Whether or not that is is normal way of speaking, I do not know but all I could envision was a man sweating "bullets." He basically told me more than I asked to know.

JV: Mr. Vanderbujl, thank you for calling me. I was at the Media Breakfast yesterday and asked how IFC interacted with IOSCO. I was in Montreal about two weeks ago for that conference.

Mr. V: Yes, I was also at that Conference. IFC is an affiliated member of Iosco. We are the only non-voting member of the Emerging Markets Commiitee. Our involvement goes back to Latin America...David Gill at IFC...turned into an international organization...there were only developed country focus and then we added the emerging markets side to get them involved.--Have been supporting the emerging markets side....45 SEC organizations. ..only non-voting members and allowed thre because of setting up SECs. ...working Groups--No technical Committee...emerging markets Group...in parallel with technical committee..the subject and agenda is established by country. Show interest in given subject....
 

  • Work done by Chairman of SEC with input from others.
  • Investment management
  • Derivatives in Emerging Markets
  • Clearing and Settlements

    • We are in the corridor of putting people together and have an overview--we know the stock exchanges, industry people to cross-fertilize. ...Advisory and putting people together--spreading the gospel.

    JV: I asked about what the UN had written in UNDPHuman Development Report 1994 with regard to a global security and exchage commission. Was IFC that?

    Mr. V: Not IFC
     

  • neber came up on IOSCO
  • standardized as much as possible

    • JV: My whole question yesterday was to ask, "at what point does IFC adopt the regulatory standards which ISOCO is working on for the new stock exchanges they are setting up?

    Mr. V: IFC upholds IOCSO

    JV: Does IFC have a direct tie in with the BAL Committee (BIS Banking Committee)?

    Mr. V:  A: No direct interaction with BAL - No formal relationship. [We are involved] with anything with security markets:
     

  • working with: International Federation of Stock Exchanges
  • Working Group on Clearing and Settlements
  • SIBV(?) Best Practices on same subject
  • Malaysia to do clearing and settlement--seminar in March

    • [He will determine who is who in clearing and settlement]

    JV: Upon my return from the G-7 I flew with Pierre Franchotte from EuroClear who mentioned he was working on clearing and settlements. He talked about the need to change Section 8 of the U.S. Uniform Commercial Code....

    Mr. V: Euroclear is going on (global level), ours is more limited to domestic arena --In many Emerging Market countries clearing and settlements is a mess....an enlightment.....

    JV: Thank you Mr. V. I can see how IFC is advising. Thank you again.