The chapter explores both the role of international organizations in promoting equity market finance and the circumstances of the international market for equities, which make a local market necessary. It pays particular attention to the role of the International Finance Corporation (a part of the World Bank Group) in fostering convergence in the market for transnational equities. This market is really only available to large, multinational firms and sophisticated institutional investors. Hence, national or local markets become necessary for the creation of certain securities, particularly those associated with privatization programs.
Keywords: international organizations, International Finance Corporation, World Bank, convergence, institutional investors, multinational corporations, privatization, equity markets,