CAPITAL MARKETS
Building efficient markets that support long-term growth, financial sector stability, and accountability
FMI was founded as a capital markets firm, and supporting the development of strong, deep markets remains a cornerstone of our work in emerging markets around the world. FMI works with policymakers, regulators, and market actors to implement frameworks that encourage capital market development and greater market diversification, promoting investment, competitiveness, and generating new pools of capital. FMI understands that fair and efficient capital markets are critical to long-term financial stability, and that many emerging economies struggle to develop the thriving capital markets necessary to attract investment, manage risks, support pension funds, lower the cost of capital, and promote corporate transparency and accountability. FMI has worked with hundreds of central banks, government ministries, securities and commodities exchanges, and private sector banks and NBFIs on critical capital market development challenges. This work includes comprehensive financial sector reform and stability programs, developing central bank policy and regulations, assistance to market operators and supervisors, corporate governance reform, strengthening pension and insurance systems, and private bank resolution and restructuring.
FEATURED WORK
Supporting Financial Sector Development in Ukraine
FMI served as USAID’s primary international financial development advisor to the Government and National Bank of Ukraine for over two decades, focusing on financial crisis response, bank supervision, deposit insurance strengthening, government debt management, developing new financial instruments, financial regulation, and institutional capacity building. FMI helped establish Ukraine’s two primary financial market regulators and the Deposit Guarantee Fund, developed the framework for the country’s current securities market, pension system, and corporate governance structure, and introduced sweeping reforms to Ukraine’s legal environment for businesses.
Modernizing the Commodity Futures Market in India
FMI assessed the Indian commodity futures markets and recommended steps to further develop the contribution of these markets to growth in the agricultural sector. FMI subsequently implemented a multi-year program to strengthen the country’s regulatory and supervisory framework for commodity futures markets. FMI worked closely with the futures market regulator and leading Indian commodity and securities exchanges in developing the legal, policy, regulatory, and operational environment necessary for promoting a vibrant and safe commodity futures market, which still exists today.
Reforming Pension Systems and NBFIs in Kazakhstan
Over the course of seven multi-year project for USAID, the ADB, and local government institutions, FMI’s work in Kazakhstan has focused on pension asset channeling, pension reform, NBFI capacity building, and securities market development. FMI’s achievements include drafting regulations on NBFI activities, private pension fund creation, insurance industry development, bank insulation, and the development and implementation of a multi-tier pension system. FMI worked closely with the Government to modernize the state-run pension MIS and assist in the transition to a defined contribution pension system.
