Now in its fifth year, the "Emerging Markets Series" from the World Bank, International Monetary Fund, and Brookings Institution offers financial policymakers and practitioners a unique resource. Drawn from the proceedings of the 2003 Financial Markets and Development conference, this volume brings together financial sector experts and leaders from around the world to explore such questions as: what are the key factors threatening the development and survival of stock exchange in developing countries? What domestic strategies are needed to protect the future of local markets? Should exchanges consider linkages or alliances? Should exchanges merge with, or buy up, other exchanges? What about demutualization? This volume provides practical guidance on strategies such as nurturing issuers, improving rules and institutions, addressing regulatory challenges and sequencing reforms. The contributors address a variety of country experiences and suggest steps that policymakers and practitioners in emerging markets can take to promote an orderly transition toward efficient, well-regulated, and accessible capital markets.