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題名 在貝里斯建立股票市場
Establishing a Stock Market in Belize
作者 馬卡洛
Martinez, Carlo Eduardo
貢獻者 蔡政憲
Tsai, Cheng-Hsien
馬卡洛
Carlo Eduardo Martinez
關鍵詞 股票市場
貝里斯
市場參與者
法規
投資者
Stock Market
Belize
Market Participants
Regulations
Investors
日期 2023
上傳時間 6-Jul-2023 16:34:26 (UTC+8)
摘要 Establishing a fully regulated and functional stock exchange is a complex undertaking. It requires the involvement of various market participants, such as market makers, stockbrokers, central counterparty models, central securities depositories, financial analysts, credit rating agencies, accounting firms, investment bankers, corporations, investment companies, and other financial intermediaries. Additionally, the implementation of computer infrastructure, networks, algorithms, and systems is necessary for the proper functioning of the stock market.
Despite the challenges involved, a stock market offers numerous benefits to the economy, particularly by enabling corporations to raise capital efficiently. Without access to affordable capital, local corporations find it difficult to compete with foreign counterparts.

To attract key international market participants, the government must invite them to establish local branches, offering incentives and tax breaks to make the move financially viable. Initially, these firms will need to bring in skilled professionals from abroad due to the specialized training and expertise required. However, in the long run, it will be essential for talent to emerge from the local university system. The establishment of a stock exchange in Belize has the potential to provide significant advantages to both citizens and corporations in the years to come. While there will undoubtedly be challenges and risks involved, the pursuit of development and prosperity justifies undertaking these endeavors.
參考文獻 2018 Investment Company Fact Book. (2018).
Angel, J. R. P., Harris, L., & Spatt, C. S. (2010). Equity Trading in the 21st Century. Social Science Research Network. https://doi.org/10.2139/ssrn.1584026
Bank for International Settlements. (2003). A glossary of terms used in payments and settlement systems. Retrieved April 11, 2023, from https://www.bis.org/cpmi/glossary_030301.pdf
Bannier, C. E., & Hirsch, C. R. (2010). The economic function of credit rating agencies – What does the watchlist tell us? Journal of Banking and Finance, 34(12), 3037–3049. https://doi.org/10.1016/j.jbankfin.2010.07.002
Berk, J., & DeMarzo, P. (2019). Corporate Finance, Global Edition (5th ed.). Pearson.
Bodie, Z., Kane, A., & Marcus, A. (2021). Investments (12th ed.). McGraw-Hill Education.
Boubakri, N., Ghoul, S. E., Simchi-Levi, D., Guedhami, O., & Kwok, C. C. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41, 123–138. https://doi.org/10.1016/j.jcorpfin.2016.08.008
Clement, M. B., & Tse, S. Y. (2005). Financial Analyst Characteristics and Herding Behavior in Forecasting. Journal of Finance, 60(1), 307–341. https://doi.org/10.1111/j.1540-6261.2005.00731.x
Dickinson, K. (2015). Financial Markets Operations Management. John Wiley & Sons.
Gomber, P., Sagade, S., Theissen, E., Weber, M., & Westheide, C. (2017). COMPETITION BETWEEN EQUITY MARKETS: A REVIEW OF THE CONSOLIDATION VERSUS FRAGMENTATION DEBATE. Journal of Economic Surveys, 31(3), 792–814. https://doi.org/10.1111/joes.12176
Haynes, R. K., & Onur, E. (2020). Precedence rules in matching algorithms. Journal of Commodity Markets, 19, 100109. https://doi.org/10.1016/j.jcomm.2019.100109
International Financial Services Commission Act, Chapter 272 (2020). (n.d.). Retrieved April 11, 2023, from https://www.belizefsc.org.bz/wp-content/uploads/2022/02/Cap-272-International-Financial-Services-Commission-Act.pdf
Janeˇcek, K., & Kabrhel, M. (2007). Matching Algorithms of International Exchanges. Retrieved April 11, 2023, from https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=6d920528fc5a3a25cb7a627b93ae3e7d5789bde8
Joia, L. A., Gutman, L. F. D., & Moreno, V. (2016). Intention of use of home broker systems from the stock market investors’ perspective. The Journal of High Technology Management Research, 27(2), 184–195. https://doi.org/10.1016/j.hitech.2016.10.008
Lins, K. V., Strickland, D., & Zenner, M. (2005). Do Non-U.S. Firms Issue Equity on U.S. Stock Exchanges to Relax Capital Constraints? Journal of Financial and Quantitative Analysis, 40(1), 109–133. https://doi.org/10.1017/s0022109000001769
Maurer, R., Mitchell, O. S., & Warshawsky, M. J. (2012). Reshaping Retirement Security.
National Museum of Australia; c=AU; o=Commonwealth of Australia; ou=National Museum of Australia. (n.d.-b). First stock exchange. National Museum of Australia. https://www.nma.gov.au/defining-moments/resources/first-stock-exchange#:~:text=First%20stock%20exchanges&text=The%20Dutch%20East%20India%20Company,Indies%2C%20present%2Dday%20Indonesia
NYSE Listed Company Manual, Section 902.03 Fees for Listed Equity Securities. (n.d.). Retrieved April 11, 2023, from https://www.sec.gov/rules/sro/nyse/2022/34-94378-ex5.pdf
Population, total - Belize | Data. (n.d.). https://data.worldbank.org/indicator/SP.POP.TOTL?locations=BZ
Securities Industry Act (2021). (n.d.). Retrieved April 11, 2023, from https://www.belizefsc.org.bz/wp-content/uploads/2021/12/Securities-Industry-Act-No-46-of-2021-30-11-2021.pdf
Shorter, G. W., & Miller, R. S. (2014). Dark Pools in Equity Trading: Policy Concerns and Recent Developments [September 26, 2014]. Library of Congress. Congressional Research Service. https://www.hsdl.org/?view&did=758168
Slovin, M. B., Sushka, M. E., & Hudson, C. D. (1990). External monitoring and its effect on seasoned common stock issues. Journal of Accounting and Economics. https://doi.org/10.1016/0165-4101(90)90023-w
The History of NYSE. (n.d.). https://www.nyse.com/history-of-nyse
Voss, C. A. (2000). Developing an eService Strategy. Business Strategy Review, 11(1), 21–34. https://doi.org/10.1111/1467-8616.00126
描述 碩士
國立政治大學
國際經營管理英語碩士學位學程(IMBA)
110933057
資料來源 http://thesis.lib.nccu.edu.tw/record/#G0110933057
資料類型 thesis
dc.contributor.advisor 蔡政憲zh_TW
dc.contributor.advisor Tsai, Cheng-Hsienen_US
dc.contributor.author (Authors) 馬卡洛zh_TW
dc.contributor.author (Authors) Carlo Eduardo Martinezen_US
dc.creator (作者) 馬卡洛zh_TW
dc.creator (作者) Martinez, Carlo Eduardoen_US
dc.date (日期) 2023en_US
dc.date.accessioned 6-Jul-2023 16:34:26 (UTC+8)-
dc.date.available 6-Jul-2023 16:34:26 (UTC+8)-
dc.date.issued (上傳時間) 6-Jul-2023 16:34:26 (UTC+8)-
dc.identifier (Other Identifiers) G0110933057en_US
dc.identifier.uri (URI) http://nccur.lib.nccu.edu.tw/handle/140.119/145806-
dc.description (描述) 碩士zh_TW
dc.description (描述) 國立政治大學zh_TW
dc.description (描述) 國際經營管理英語碩士學位學程(IMBA)zh_TW
dc.description (描述) 110933057zh_TW
dc.description.abstract (摘要) Establishing a fully regulated and functional stock exchange is a complex undertaking. It requires the involvement of various market participants, such as market makers, stockbrokers, central counterparty models, central securities depositories, financial analysts, credit rating agencies, accounting firms, investment bankers, corporations, investment companies, and other financial intermediaries. Additionally, the implementation of computer infrastructure, networks, algorithms, and systems is necessary for the proper functioning of the stock market.
Despite the challenges involved, a stock market offers numerous benefits to the economy, particularly by enabling corporations to raise capital efficiently. Without access to affordable capital, local corporations find it difficult to compete with foreign counterparts.

To attract key international market participants, the government must invite them to establish local branches, offering incentives and tax breaks to make the move financially viable. Initially, these firms will need to bring in skilled professionals from abroad due to the specialized training and expertise required. However, in the long run, it will be essential for talent to emerge from the local university system. The establishment of a stock exchange in Belize has the potential to provide significant advantages to both citizens and corporations in the years to come. While there will undoubtedly be challenges and risks involved, the pursuit of development and prosperity justifies undertaking these endeavors.		en_US
dc.description.tableofcontents Introduction 1
Stock Exchange Market Participants 5
1 Regulators and Securities Regulations 5
1.1 Securities Industry Act 5
1.2 International Financial Services Commission Act 15
2 Regulated Stock Exchange 18
2.1 Regulated Markets 18
2.2 Stock Exchange 23
3 Market Intermediaries 31
3.1 The Clearing House and the Central Counterparty Model 31
3.2 Market Makers 35
3.3 Stock Market Brokers 36
4 Central Securities Depository 37
5 Financial Analysts, Credit Rating Agencies, and Accounting Firms 40
5.1 Financial Analysts 40
5.2 Credit Rating Agencies 41
5.3 Accounting Firms 42
6 Equity Issuers 43
6.1 Corporations 43
6.2 Investment Bankers 44
7 Investors 45
7.1 Investment Companies 45
7.2 Financial Intermediaries 47
7.3 Corporations and Individual Investors 48
Discussion and Recommendations 49
References 56		zh_TW
dc.format.extent 622427 bytes-
dc.format.mimetype application/pdf-
dc.source.uri (資料來源) http://thesis.lib.nccu.edu.tw/record/#G0110933057en_US
dc.subject (關鍵詞) 股票市場zh_TW
dc.subject (關鍵詞) 貝里斯zh_TW
dc.subject (關鍵詞) 市場參與者zh_TW
dc.subject (關鍵詞) 法規zh_TW
dc.subject (關鍵詞) 投資者zh_TW
dc.subject (關鍵詞) Stock Marketen_US
dc.subject (關鍵詞) Belizeen_US
dc.subject (關鍵詞) Market Participantsen_US
dc.subject (關鍵詞) Regulationsen_US
dc.subject (關鍵詞) Investorsen_US
dc.title (題名) 在貝里斯建立股票市場zh_TW
dc.title (題名) Establishing a Stock Market in Belizeen_US
dc.type (資料類型) thesisen_US
dc.relation.reference (參考文獻) 2018 Investment Company Fact Book. (2018).
Angel, J. R. P., Harris, L., & Spatt, C. S. (2010). Equity Trading in the 21st Century. Social Science Research Network. https://doi.org/10.2139/ssrn.1584026
Bank for International Settlements. (2003). A glossary of terms used in payments and settlement systems. Retrieved April 11, 2023, from https://www.bis.org/cpmi/glossary_030301.pdf
Bannier, C. E., & Hirsch, C. R. (2010). The economic function of credit rating agencies – What does the watchlist tell us? Journal of Banking and Finance, 34(12), 3037–3049. https://doi.org/10.1016/j.jbankfin.2010.07.002
Berk, J., & DeMarzo, P. (2019). Corporate Finance, Global Edition (5th ed.). Pearson.
Bodie, Z., Kane, A., & Marcus, A. (2021). Investments (12th ed.). McGraw-Hill Education.
Boubakri, N., Ghoul, S. E., Simchi-Levi, D., Guedhami, O., & Kwok, C. C. (2016). Cross-listing and corporate social responsibility. Journal of Corporate Finance, 41, 123–138. https://doi.org/10.1016/j.jcorpfin.2016.08.008
Clement, M. B., & Tse, S. Y. (2005). Financial Analyst Characteristics and Herding Behavior in Forecasting. Journal of Finance, 60(1), 307–341. https://doi.org/10.1111/j.1540-6261.2005.00731.x
Dickinson, K. (2015). Financial Markets Operations Management. John Wiley & Sons.
Gomber, P., Sagade, S., Theissen, E., Weber, M., & Westheide, C. (2017). COMPETITION BETWEEN EQUITY MARKETS: A REVIEW OF THE CONSOLIDATION VERSUS FRAGMENTATION DEBATE. Journal of Economic Surveys, 31(3), 792–814. https://doi.org/10.1111/joes.12176
Haynes, R. K., & Onur, E. (2020). Precedence rules in matching algorithms. Journal of Commodity Markets, 19, 100109. https://doi.org/10.1016/j.jcomm.2019.100109
International Financial Services Commission Act, Chapter 272 (2020). (n.d.). Retrieved April 11, 2023, from https://www.belizefsc.org.bz/wp-content/uploads/2022/02/Cap-272-International-Financial-Services-Commission-Act.pdf
Janeˇcek, K., & Kabrhel, M. (2007). Matching Algorithms of International Exchanges. Retrieved April 11, 2023, from https://citeseerx.ist.psu.edu/document?repid=rep1&type=pdf&doi=6d920528fc5a3a25cb7a627b93ae3e7d5789bde8
Joia, L. A., Gutman, L. F. D., & Moreno, V. (2016). Intention of use of home broker systems from the stock market investors’ perspective. The Journal of High Technology Management Research, 27(2), 184–195. https://doi.org/10.1016/j.hitech.2016.10.008
Lins, K. V., Strickland, D., & Zenner, M. (2005). Do Non-U.S. Firms Issue Equity on U.S. Stock Exchanges to Relax Capital Constraints? Journal of Financial and Quantitative Analysis, 40(1), 109–133. https://doi.org/10.1017/s0022109000001769
Maurer, R., Mitchell, O. S., & Warshawsky, M. J. (2012). Reshaping Retirement Security.
National Museum of Australia; c=AU; o=Commonwealth of Australia; ou=National Museum of Australia. (n.d.-b). First stock exchange. National Museum of Australia. https://www.nma.gov.au/defining-moments/resources/first-stock-exchange#:~:text=First%20stock%20exchanges&text=The%20Dutch%20East%20India%20Company,Indies%2C%20present%2Dday%20Indonesia
NYSE Listed Company Manual, Section 902.03 Fees for Listed Equity Securities. (n.d.). Retrieved April 11, 2023, from https://www.sec.gov/rules/sro/nyse/2022/34-94378-ex5.pdf
Population, total - Belize | Data. (n.d.). https://data.worldbank.org/indicator/SP.POP.TOTL?locations=BZ
Securities Industry Act (2021). (n.d.). Retrieved April 11, 2023, from https://www.belizefsc.org.bz/wp-content/uploads/2021/12/Securities-Industry-Act-No-46-of-2021-30-11-2021.pdf
Shorter, G. W., & Miller, R. S. (2014). Dark Pools in Equity Trading: Policy Concerns and Recent Developments [September 26, 2014]. Library of Congress. Congressional Research Service. https://www.hsdl.org/?view&did=758168
Slovin, M. B., Sushka, M. E., & Hudson, C. D. (1990). External monitoring and its effect on seasoned common stock issues. Journal of Accounting and Economics. https://doi.org/10.1016/0165-4101(90)90023-w
The History of NYSE. (n.d.). https://www.nyse.com/history-of-nyse
Voss, C. A. (2000). Developing an eService Strategy. Business Strategy Review, 11(1), 21–34. https://doi.org/10.1111/1467-8616.00126		zh_TW