Figures from 1990 onwards include other forms of institutional saving outlined in IMF 1998 and include figures for France and Italy. See also BIS (June) 1998, p. 84. With around $ 1 to 2 trillion increase in the portfolios of the institutional investors each year during the 1990s, there was clearly great potential to fund flows to emerging markets, when attention turned to them.
Several initiatives to achieve an efficient and integrated market infrastructure are underway. Last November, for example, at the European Commission’s request, the relevant European industry associations and their members signed a “European Code of Conduct for Clearing and Settlement”.