A core theme of the annual IOSO Conference in Rio De Janeiro is the development of market based financing. It is all part of a strategy to rejuvenate and rapidly expand the capital markets, linked to a re-conception of regulatory purpose. Market-based financing reduces reliance on a globally constrained banking sector and fiscally challenged states.

Ongoing investigations into market conduct scandals such as the manipulation of the London Interbank Offered Rate and global FX markets, however, highlight the political risks associated with the development of capital markets. In advance of the Rio conference, CIFR Researcher, Professor Justin O'Brien reports from Brazil on the future of financial regulation.

The 39th Annual Conference of the International Organization of Securities Commisions (IOSCO) took place on September 28th, 2014 to October 2nd, 2014 in Rio de Janeiro.