Bolsa de Valores de Nicaragua and issuers of securities. The specific regulatory frame of exchange activity is conformed by Presidential Decree 33-93 or "Reglamento General sobre Bolsas de Valores" (General Stock Market Regulations). The president of the exchange as of 2006 is Dr. Raúl A. Lacayo Solórzano. Bolsa de Valores de Nicaragua Bolsa de Valores de Nicaragua (Stock Exchange of Nicaragua, or BVDN) was created in 1994 and is the only stock exchange operating in Nicaragua. The exchange is the result of private sector initiatives encouraging the country's market liberalization programmes, which began in 1990. Trading operations officially began on January 31, 1994, and as
Bolsa de Valores de la República Dominicana was originally known as the "Bolsa de Valores de Santo Domingo Inc". In 1997, as a result of the fact that its activities extended into other cities of the country, it changed its name to "Bolsa de Valores de la República Dominicana". This means that the market is still relatively new, and the concept of both an equity and capital market is just coming into consciousness. Despite the limitations resulting from inadequate legislation, transactions at the BVRD grew steadily during the 1990s. There are twenty brokerage houses registered at the BVRD. Thirteen belong to financial groups and only seven are