The US rules that shaped today's capital markets - opinion

Author: | Published: 30 Nov 2012
Phillip Fletcher

Milbank Tweed Hadley & McCloy's Phillip Fletcher outlines how the Naughty Nineties expanded access to capital markets 

1990 brought in what many have termed, from a regulatory perspective, as the Naughty Nineties, but the constructive highlights of the year were the expanded access to capital markets provided by two major legal innovations.

Brady Bonds The 1980s debt crisis left many developing countries with major sovereign debt problems. The original tonic featured ad hoc programmes of fresh loans and commitments from debtors to structural adjustments. By 1989, with the debt overhang still immovable, the IMF and World Bank endorsed the Brady Plan, which called for debt...