New technologies present new challenges. Other experts warned of the challenges of competing in an increasingly complex global environment. Issuers will raise capital whenever it is cheapest, and investors will invest their money wherever it is most profitable and transaction costs are low. They built a market tailored to the needs of clients and intermediaries by embedding the concept of price-time priority for orders entered onto the exchange's order book, while still allowing for a flexible upstairs trading regime. Gilberto Mifano, CEO of Bovespa, said that the ingredients for a successful securities market are a healthy macroeconomic environment, a proper legal and regulatory framework, good infrastructure, and efficient and reliable clearance and settlement systems.
Investors are willing to pay more for better corporate governance.
Daniel Marx, Argentina's secretary of finance, said macroeconomic reforms have gone a long way toward creating an environment for capital markets growth in the region, despite daunting challenges and competition ahead. Security is the first thing we must provide. An integrated approach to market reforms is needed, according to Marx. If we don't do it all, we won't have a market. But you can't do it all in a single day.