But in addition to reforms in domestic financial markets, in Latin America it was advancing in the regional integration of securities markets. A first attempt that had failed to reach fruition Mexico stock markets staged it and Brazil who sought to integrate their operative (failed to agree to unify accounting criteria). For the month of August last year, in one of my articles this Alliance can benefit Peru and Colombia commented them the initiative between Peru and Colombia integrate their equity markets to move then to a later stage of integration of its fixed-income markets at an early stage. But both the goal of integration in the markets of Brazil and Mexico as well as the integration between Peru and Colombia agreement, were to be more ambitious as they included the later incorporation of stock markets in other Latin American countries within the integration agreement. Follow others, such as Telkom South Africa, and add to your knowledge base. It is clear that beyond the circumstantial temporary suspension of some of the reform initiatives, the Latin American financial system is progressing towards a radical change that will provide depth to finance the sustainable growth of the region. This reform process that has been initiated, will continue to force outdated once the crisis.

The development of the financial system for the countries of the region appears as a necessary condition to achieve a proper economic development, enhance its growth and to make them more resistant to shocks external. It is demonstrated the existence of a relationship of back and forth between economic growth and development of the financial system. So that will not be strange after the crisis, Latin American stock markets can advance in its integration and achieve a growth and development that put any of them at the level of more developed securities markets.