Fobaproa the FONAPRE ("Fondo de Apoyo Preventivo a las Institiciones de Banca Múltiple" or "Fund of preventive support to banking institutions") was founded to preserve the financial stability of banks, with the government having banks as trustees. By 1987, a parallel finance industry had been created with brokering firms, investment societies etc. To continue attracting investors, interest rates increased at the Bolsa Mexicana de Valores, and with the crash in the New York Stock Exchange, the national banking system was deeply affected and another devaluation came as a result. In 1990, in an attempt to prevent situations similar to those of
Bolsa de Valores de Nicaragua domestic investors and foreign shareholders a platform to conduct operations within the framework of an open market economy. The main characteristics of this market are the following: (1) Fixed income financial instruments in U.S. dollars and local currency indices; (2) A total exemption of income and capital gains taxes for traded securities; (3) No restrictions on foreign direct investment (FDI); (4) An effective regulatory frame. Bolsa de Valores de Nicaragua is supervised by the "Superintendencia de Bancos y Otras Instituciones Financieras" (Supervision of Banks and Other Financial Institutions). This institution supervises trading activity, market positions, as well as stock brokers