According to paragraph 2, a Latin American capital market is

Source: www.economist.com (Adapted) Sep 9th, 2010

         Summit meetings involving Latin America´s presidents are so frequent these days that Mexico´s Mr Calderón has likened diplomacy in the region to a mountain range. Yet for all the talk of regional integration, political Latin America looks more divided than ever. Mr Chávez likes to threaten war against Colombia, which in turn accuses him of harbouring its FARC guerrillas. Sub-regional trade groups such as Mercosur and the Andean Community, which made progress in the 1990s, have stagnated or fallen apart.

       Yet while politicians bicker, corporate Latin America is quietly moving closer together. A growing army of multilatinas have expanded abroad. Some, like Embraer or Bimbo, have become global multinationals. Many others, including Chilean retailers and Brazilian banks and construction fi rms, have expanded within Latin America. Some Mexican fi rms, led by América Móvil, a telecoms giant, are moving into Brazil. Until recently such fi rms tended to list their shares in New York, but now a Latin American capital market is poised to emerge. In three to fi ve years there will be a seamless network of Latin American stock exchanges, including Mexico´s, reckons Mr Oliveira of BRAIN Brasil.

    The market-oriented reforms of the 1980s and 1990s, combined with a few years of commoditydriven prosperity, are transforming Latin American business.