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News
 Ukraine Securities Regulators Participate at the SEC International Institute
The FMI/USAID Ukraine Capital Markets Project provided support and sponsorship for a delegation of senior officials from the Securities and Stock Market State Commission of Ukraine (SSMSC) to participate at the U.S. Securities and Exchange Commission’s (SEC) annual International Institute for Securities Market Development in Washington D.C., April 7–17, 2008. The Institute is the SEC’s flagship global training program which brings together senior-level securities regulators from emerging markets and U.S. regulators and securities markets professionals.
The delegation included SSMSC Commissioners, Chief of Staff, and Department Heads, as well as other Government of Ukraine representatives, and USAID and Capital Markets Project personnel. A total of seventeen members, and the largest delegation ever of non-English speakers to attend the Institute.
They participated in a series of SEC lectures, panels, and workshops on the core topics of securities regulation: insider trading, market manipulation, corporate governance, disclosure, inspections and compliance, and other market development/enforcement issues. This included a lecture by Robert Strahota, FMI adviser to the Capital Markets Project and former-SEC Assistant Director of the Office of International Affairs, who is well-known to the SSMSC.
Members of the delegation also attended a formal reception hosted by FMI, at Union Station in Washington D.C., which brought together officials from USAID, World Bank, SEC, and other donor institutions, and FMI leadership and staff.
SEC Chairman Christopher Cox made the Institute’s closing remarks and presented all attendees with Certificates. The participation of the SSMSC delegation at the Institute is part of a partnership between USAID, SEC, the World Bank, SSMSC, and the FMI/USAID Capital Markets Project, to strengthen the regulation and operation of Ukraine’ securities markets.
FMI has worked continuously in Ukraine since 1996, implementing a series of capital markets development projects for USAID. For more information securities market reform in Ukraine, go to the FMI/USAID Ukraine Capital Markets website http://www.capitalmarkets.kiev.ua.
 FMI/USAID Capital Markets Project and U.S. SEC officials assess Ukraine’s Securities Laws
FMI/USAID Ukraine Capital Markets Project provided support and funding for two U.S. Securities & Exchange Commission (SEC) officials to travel to Kyiv to assess Ukraine’s progress on the development of its securities laws and regulations.
In January, Ester Saverson and Katherine Martin of the SEC’s Office of International Affairs held meetings with Ukraine’s Securities and Stock Market State Commission (SSMSC) and key capital market participants on the current state of the capital markets development in Ukraine, and made recommendations on strengthening the securities market.
FMI/USAID Ukraine Capital Markets Project also provided support and funding to representatives from the Polish Financial Supervision Authority (KNF) to travel to Kyiv in January to meet with the Financial Services Regulatory to discuss a possible “twinning” partnership. This is part of a multi-year plan to provide technical assistance to the securities regulator under the joint World Bank/USAID Programmatic Technical Assistance Partnership.
For more on the FMI/USAID Ukraine Capital Markets Project.
 FMI's paper "Permit Foreign Ownership of Indian Commodity Futures Exchanges" published in India's Commodity Vision journal
FMI's paper "Permit Foreign Ownership of Indian Commodity Futures Exchanges" was published in the January 2008 issue of the quarterly journal Commodity Vision. It advises the Government of India to permit a certain foreign ownership of Indian commodity futures exchanges, as economic development is enhanced by a nation’s capacity to acquire foreign investment.
In 2007, the paper was circulated to senior policy makers in the Government of India (GoI). At the time, the GoI had not established rules on the permissible level of foreign ownership of Indian commodity futures exchanges, and the regulator approved foreign investments on a case by case basis. On January 30, 2008, the GoI declared a 49% cap on foreign ownership of India’s commodity futures exchanges in line with the paper’s recommendations.
For a copy of "Permit Foreign Owernship of Indian Commodity Futures Exchanges" click here.
FMI Welcomes Ann Berg
Ann Berg will serve as Of Counsel and assist FMI in developing commodity futures markets around the world. Ms. Berg has over 30 years experience as a leading expert in commodities both as a grain exporter and commodity futures trader on the CBOT where she was twice elected to the Board of Directors. Ann previously worked on FMI’s USAID-funded India Commodity Futures Market Project (2006-2007). For more on Ms. Berg, please visit the FMI Team.
 FMI/PROCAFTA Train Nicaraguan Food Exporters on U.S. Labeling Requirements
In November, FMI’s USAID-funded PROCAFTA project provided technical assistance and training to local Nicaraguan food producers and small businesses on the labeling requirements and procedures to export products to the United States. U.S. Ambassador to Nicaragua Paul Trivelli delivered the training session’s closing remarks and awarded certificates to the trainees.
A number of Nicaraguan food products are not allowed to enter foreign markets because their labels do not meet customs standards. FMI/PROCAFTA experts assisted exporters in designing and producing their own labels and trademarks in accordance with international procedures and best practice.
Examples of draft labels designed by the Nicaraguan food product exporters include: Label #1, and Label #2.
FMI/PROCAFTA consultant and trademark registration expert Anup Engquist led the training and technical assistance activities.
For more information on the PROCAFTA project, please go to www.procafta.net.
 FMI retained by Financial Technologies (India) Ltd.
FMI has been retained by Financial Technologies (India) Ltd. (FTIL) and Multi Commodity Exchange of India Ltd. (MCX) to assist in development and expansion operations. FTIL, flagship company of Financial Technologies Group, is a US $3.2 billion company and a global leader in providing technology solutions and domain expertise for digital transactions and financial markets across all asset classes including equity, commodities, currency, and debt. MCX, an FTIL venture, is the leading Indian commodity futures exchange, with 72% market share.
Financial Technologies Chairman and Managing Director, Jignesh Shah, founded FTIL in 1995, and under his leadership, FTIL is ranked No. 1 by the Businessworld in their BW 500 annual ranking of Indian companies for delivering the highest shareholder return over the past three years. FMI specializes in capital markets development, commodity markets laws and regulations, and international economic development. Charles Seeger, FMI Chairman and CEO, will lead this representational effort.
For information on FTIL, click here or go to www.ftindia.com, and for information on MCX, go to www.mcxindia.com.
FMI/USAID Ukraine Capital Market Project assists
the Interregional Stock Union meet G30 recommendations
The FMI/USAID Ukraine Capital Markets Project held a ceremony on September 26th in Kyiv to mark the transfer of IT systems and equipment to the Interregional Stock Union (MFS). The ceremony symbolizes years of expert assistance by the Project helping the MFS meet international standards and G30 recommendations for clearing and settlement systems. The MFS depository is a key element Ukraine’s growing stock market infrastructure.
The ceremony was attended by: Earl Gast, Director of USAID Mission for Ukraine, Belarus and Moldova; Michel Noel, World Bank; Boris Tymonkin, Chairman of the MFS Supervisory Board and Chairman of Ukrsotsbank; Mykola Shvetsov, Chairman of the MFS Management Board; Volodymyr Kharytsky, the SSMSC Commissioner; Dr. Robert Bond, FMI President; MFS shareholders and other market participants; and Capital Markets Project representatives. National press also attended.
The FMI/USAID Capital Markets Project is assisting Ukraine develop a vibrant and effective financial sector, and reduce the costs and risks to a sound pension system. For more information, go to www.capitalmarkets.kiev.ua.
Click here to view the FMI/USAID Capital Markets Project press release for September 26, 2007 Transfer Ceremony (pdf).
FMI Summer 2007 Newsletter Available Online
 The Newsletter provides updates on FMI’s work around the world, with a lead article by FMI Chairman & CEO Charles Seeger entitled "Random Thoughts: Joint-Stock Companies, Property Rights, and Economic Progress." The Newsletter also features a piece by FMI Research Associate Christopher Thompson on trade agreements in Latin America, "A New Dawn for Latin America?"
Click here to view the FMI Summer 2007 Newsletter (pdf).
 FMI/USAID Capital Markets Project Takes Private Pension Funds to the Regions
The FMI/USAID Ukraine Capital Markets Project (CMP) held a series of regional roundtable events on the economic, tax, and social benefits that non-state pension funds provide private sector enterprises. The CMP organized roundtables in Kyiv, Donetsk, Lviv, and Odessa. Altogether, more than 300 participants from Ukrainian enterprises, private pension funds, asset management companies, media organizations, unions, and other associations participated.
For more information on the Roundtables for Private Pension Funds in Ukraine (pdf).
 FMI Trains FOR-Jordan Trainers
FMI President Robert Bond and Vice President Charles Seeger IV held a train-the-trainer session on FMI’s sofware on May 11, 2007 in Amman, Jordan. FMI provided the training as part of its agreement with Jordan’s Business Development Center to provide software development and training on the FOR-Jordan project. The BDC and FOR-Jordan have trained 90 new SME entrepreneurs in financial analysis in 2007, including 70 small businesses in Aqaba.
Dr. Bond and Mr. Seeger also met with Jordanian bankers interested in implementing GFB-2 as their risk management and credit rating system for SMEs. FMI is now offering GFB-2 on a renewable fee basis for commercial banks interested in lending profitably to SMEs. To contact FMI about GFB-2.
 FMI and Multi Commodity Exchange hold USAID sponsored Awareness Programs in India
The Multi Commodity Exchange of India and FMI’s Commodity Futures Markets Project conducted two programs for farmers in India. The purpose was to raise awareness of the benefits of commodity futures markets for agriculture. Over 600 farmers attended each. Speakers included MPs, union leaders, bankers, government representatives, and FMI staff.
FMI’s Commodity Futures Market Project is funded by the United States Agency for International Development (USAID) and is committed to improving the way commodity futures markets function in India.
For more on the Awareness Programs (pdf).
 FMI/PROCAFTA Support Nicaraguan Dairy Industry
Nicaragua’s dairy industry is poised for large scale growth as a result of the Central American Free Trade Agreement (CAFTA). This year CAFTA will allow local farmers to export more than 547,600 litters of milk products to the US tax free. FMI’s USAID-funded PROCAFTA project is helping Nicaraguan dairy farmers take advantage of this opportunity to promote trade and investment. In March, PROCAFTA successfully carried out a seminar on export strategies for milk producers in Nicaragua’s rural Chontales province.
The event was attended by more than 70 dairy farmers and exporters, officials from the Nicaraguan Ministries of Economy, Health, and Agriculture, and USAID representatives. This is the first of nine regional seminars PROCAFTA is organizing, with the active support of the Government of Nicaragua and private sector organizations.
For full article see Workshop on Practical Tools for taking Advantage of CAFTA/DR (pdf), or www.procafta.net.
 Awareness Program in Alwar, India
Over 600 million Indians are engaged in agriculture – 24% of the country's GDP. Commodity futures markets are key to helping these farmers manage price risk and discover the proper price of their crops. FMI's USAID-funded India Commodity Futures Market Project (CFMP) is helping raise awareness of the benefits of futures markets to the agricultural sector.
In February, 1,000 farmers attended an awareness program in Alwar, Rajasthan, on commodity futures markets. The successful program was organized by National Commodity and Derivatives Exchange of India (NCDEX). Also, in attendence were leaders of regional farmers' movements, members of the Government of India, and CFMP staff.
More on the India Commodity Futures Market Project.
 FMI/USAID hold Workshop on Nicaraguan Textiles Industry
Nearly one out of every five articles of clothing in an American’s closet is produced in Central America. The Central American Free Trade Agreement (CAFTA) has helped facilitate this trade by making the region a duty-free source of garments. On February 7th, FMI’s USAID-funded PROCAFTA project organized a Workshop on the Textile and Apparel Industries in Nicaragua to discuss Rules of Origin requirements and market opportunities for the region under CAFTA. The Workshop was widely attended by leaders across Nicaragua’s private sector as well as the Deputy Director of USAID/Nicaragua and other US Government officials.
For more information in Spanish, please go to www.procafta.net.
 FMI Hands Over FOR-Jodan Project
In December, FMI held a signing ceremony in Amman, Jordan, to mark the transfer of Financial Operations Results Project (FOR-Jordan) to the Business Development Center (BDC). Mr. Salem Al-Khazaaleh, Minister of Industry and Trade in Jordan, and David Hale, US Ambassador to Jordan, presided over the ceremony, which marked the end of the U.S. Department of State’s Middle East Peace Initiative (MEPI) funding to the FOR-Jordan project. FOR-Jordan will become an integral part of the BDC’s commitment to Jordanian SME development.
FMI will continue to assist FOR-Jordan in software development, upgrades, and trouble-shooting. FOR-Jordan has trained more than 200 participants from 170 SMEs as well as over 80 bankers from 17 banks in Jordan and the greater Middle East region.
 The DR-CAFTA Implementation Project and USAID Nicaragua hold Conference on “DR-CAFTA: A Tool for Growth,” October 4-5, 2006
The Conference presented and discussed strategies for Nicaragua to take advantage of the opportunities provided by DR-CAFTA. Key speakers included: the US Ambassador to Nicaragua, Paul Trivelli; the Government of Nicaragua Minister of Development, Industry and Commerce, Alejandro Arguello; the President of the Pellas Group, Carlos Pellas; and the USAID Nicaragua Mission Director, Alex Dickie. Present were leaders from Nicaragua’s government, private sector, academic institutions, and media, and representatives from international organizations and diplomatic missions.
Nicaragua Conference Report, October 2006
For additional information on the DR-CAFTA Implementation project please go to http://www.procafta.net.
 FMI/Ukraine Welcome Reception!
In November, the FMI/USAID Ukraine Capital Markets Project (CMP) held a reception at the A-House Art Gallery in Kyiv welcoming new senior staff. Over 80 guests attended, including Chairman Alyoshyna of the Financial Services Regulator, three Securities Commissioners, the heads of multiple brokerages and stock exchanges, and officials from USAID and other donor organizations. Nils Ekberg, a senior capital markets specialist, has joined the CMP as Chief of Party and will lead the Project’s efforts to develop a vibrant and efficient financial sector in Ukraine. Gary Hendricks, a pension policy and reform expert, has also joined the CMP in November as the Senior Pension Advisor.
For pictures of the Welcome Reception please download ReceptionPictures.zip.
 FMI President Robert Bond Presents SME Banking Strategy
Dr. Bond presented a summary of FMI’s small business financing experience to bankers at a seminar in Amman, Jordan on November 16th. He emphasized the accomplishments of FMI’s FOR-Jordan Project, the Global Financial Bridge® software that FMI has developed for SME financing and restructuring, and future plans to use the software to bridge the gap between SMEs and sources of capital. Global Financial Bridge® easily generates income statements, balance sheets, and financial ratios necessary for SMEs to access credit and capital from lenders or investors.
 Capital Markets Project and SSMSC sign Information Disclose Standards Agreement
The Chairman of the Ukrainian Securities and Stock Market State Commission (SSMSC), Anatoliy Balyuk, and USAID Capital Markets Project (CMP) Director, Ann Wallace, signed an agreement entitled the “Implementation of the International Information Disclosure Standards and Improvement of Corporate Governance Practice on the Stock Market of Ukraine.” The agreement will enhance cooperation between the SSMSC and CMP on implementing an advance electronic disclosure system in compliance with Ukrainian legislation and international standards.
For more information please read the full article, Kommersant (Ukraine), Nov 15, 2006 (pdf)
Or the Kyiv Post Article: U.S. backs disclosure project (pdf)
 Hotline Answers Ukrainians Calls on Pension Reform
Ukraine’s population is ageing rapidly. Presently 16.6 per cent of Ukrainians are over the age of 65; that is over 8 million people! The country’s pension system, however, has gone unreformed since the fall of the USSR. FMI’s Ukraine Capital Markets Project is working with the Ukrainian Government to build a new pension system that ensures long-term financial sustainability and adequate pension benefits for retired citizens. To help answer questions on the new system, FMI assists the Ukrainian Ministry of Labor in operating the Pension Hotline. The Hotline has operators that are certified lawyers with experience in social assistance and who on average answer 200 calls from across Ukraine per day!
Learn more about pension reforms in Ukraine.
Ask a question about pension reforms in Ukraine.
 FMC, US agency launches futures market programme
Financial Express article, as reported by the Indian Society for Sustainable Agriculture
NEW DELHI, OCT 13: The US has decided to help India in streamlining the commodity futures market and making its operations more transparent. The US Agency for International Development (USAID) and regulator of futures market in India, the Forward Markets Commission (FMC), launched a Rs 4.5-crore ($1 million) commodity futures market programme on Friday in the capital. USAID support will be used for technical assistance from Financial Markets International Inc (FMI) and the US Commodity Futures Trading Commission.
For the complete article go to: http://www.financialexpress.com/fe_full_story.php?content_id=143401
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