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Capital Market Reform in Malaysia*
Capital market reform in Malaysia

The deepening of capital markets expands the conduits for capital flows and, in so doing, can magnify the consequences arising from the transmission of financial contagion, regardless of whether they emanate from external or domestic sources. The Asian financial crisis of 1997–98 brought home the recognition across the region of the need for strengthening regulatory and institutional capacity to ensure resilience to volatile movements of capital flows. Adequate safeguards in the form of regulatory oversight over intermediary and market conduct and the ring-fencing of assets and liquidity obligations are, therefore, necessary tools in maintaining orderly markets and investor confidence.

In this context, it should be noted that the emergence of Asian capital markets and the establishment of ...

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