2006 

• Annual EM Trading Volumes Surpass US$ 6.5 Trillion

• Brazil's Central Bank President Meirelles Addresses EMTA's Annual Meeting

• EMTA-Sponsored Benefits in London and NYC Raise Nearly $1 Million for EM Charities

• Felipe Calderon Elected President of Mexico, President Lula Re-Elected in Brazil

• EMTA Sponsors its First Annual Asian Forum

• EMTA Launches Series of Presentations on Local Markets and Investor Topics

• Brady Bonds Retired by Brazil, Nigeria, Panama, Philippines, Uruguay and Venezuela

• Russia Agrees to Prepay Soviet-Era Paris Club Debt in Full

• Iraq Issues Sovereign Bonds in Debt Restructuring

• EMTA Proposes Multilateral Facility to Settle Venezuela Warrant Claims

2005

• Annual EM Trading Volumes Reach US$ 5.485 Trillion

• Peruvian Finance Minister Fernando Zavala Addresses EMTA’s Annual Meeting

• Brazil Issues Real-Denominated Eurobond

• US Congress Ratifies Free Trade Agreement (CAFTA) with Costa Rica, Dominican Republic, El Salvador, Guatemala, Honduras and Nicaragua

• Brazil Issues $4.4 Billion in New A-Bonds in Exchange for Outstanding C-Bonds

• Chinese Central Bank Revalues Yuan, Replaces Dollar Peg with Peg to Basket of Foreign Currencies

• Argentina Completes Debt Exchange Offer with 76% Participation

• Standard & Poor's Joins Moody's and Fitch in Rating Russia Investment Grade

2004

• EMTA-Sponsored Industry Benefits Raise Over $600,000 in New York and London for Emerging Markets Charities

• Venezuelan Finance Minister Tobias Nobrega Addresses EMTA’s Annual Meeting

• Asian Currency NDF and Brazil NDF Architectures Revised

• EMTA Sponsors Industry Steering Group to Develop an Offshore Alternative to the Emerging Markets Clearing Corporation (EMCC)

• Germany Repackages Russian Paris Club Debt into Aries Credit-Linked Notes

• Poland, Czech Republic, Hungary and Others Join the EU

• EMTA Initiates Winter Forum in London

2003

• EMTA-Sponsored Industry Benefits Raise Over $320,000 in New York and London for Emerging Markets Charities

• Annual EM Trading Volumes Total Nearly US$4 Trillion

• Argentina’s Secretary of Finance Guillermo Nielsen Addresses EMTA Annual Meeting

• Renewed Confidence in Brazil/Low Interest Rate Environment Drive Year’s Market Strength

• Brazil, US Clash in FTAA Talks in Cancun; More Conciliatory in Miami

• Russia Receives Investment Grade Rating from Moody’s

• Argentina Gets 3-Year IMF Program; Dart Entity Obtains $725 Million Judgment; Initial Argentina Restructuring Terms Rejected by Creditors

• EMTA Architecture for ARS NDF’s Sets Standard for Lat Am NDF Market

• Mexico First Sovereign to Retire All of its Brady Bonds

• EMTA Develops EM Sovereign Bond Documentation Charts

• Mexico, Brazil and Others Issue NY Bonds with Collective Action Clauses (CAC’s); Sovereign Debt Restructuring Mechanism (SDRM) Shelved by Official Sector

• Marketable Bond Package (including CAC’s) Recommended by EMTA, Other Trade Associations

• 1st Non-Deliverable Forwards (NDF’s) and EM Credit Derivatives Volume Surveys Published by EMTA

2002

• Russia Receives Upgrades to BB from Standard & Poor's and Ba2 from Moody's

• EU Announces Accession Date of May 2004 for Ten New Member Countries Including Poland, Czech Republic and Hungary; 2007 Target Date for Romania and Bulgaria

• Argentina Defaults on World Bank Debt

• Continuing Political Turmoil in Venezuela Shuts Down Oil Exports, Causes Economic Deterioration

• US and Chile Reach Free Trade Agreement

• US Treasury Under Secretary John B. Taylor Addresses EMTA’s Annual Meeting

• Brazil Election and Economic Concerns Hang Over Markets.  Lula da Silva Elected Brazil's President

• Official and Private Sectors Debate Relative Merits of SDRM, Voluntary Collective Action Clauses

• Global Environment Encourages Greater Risk Aversion

• Mexico Redeems its Series B,C and D USD Discount Bonds

• Mexico is Upgraded to Investment Grade by S&P

• EMCC Consolidates with DTCC

• Argentina Devalues Peso

• EMTA Moves to 360 Madison Avenue

2001

• Annual EM Trading Volumes Rebound to U.S. $3.5 Trillion

• Large Bond Exchanges, Austerity Proposals, Return of Domingo Cavallo and Other Measures Fail to Stem Financial Crisis in Argentina. President De La Rua Resigns and Argentina Defaults on its External Debt

• Mexico’s Finance Minister Gil-Diaz Addresses EMTA’s Annual Meeting

• IMF Proposes Sovereign Debt Restructuring Mechanism

• Mexico Redeems its Series A USD Discount Bonds

• Paris Club Launches Website

• EMTA Calls for More Constructive Dialogue with Official Sector to Catalyze Private Capital Flows into the Emerging Markets

• EMTA Calls for Greater Investor Rights, More Transparency at Paris Club

• Market Practice Separates Trading of Mexico Brady Bonds and VRR's

2000

• Arminio Fraga, President of the Central Bank of Brazil, and Daniel Marx, Secretary of Finance of Argentina, Address EMTA Annual Meeting

• Brazil Closes U.S. $5 Billion Exchange Offer

• Ecuador Reschedules 97% of its Brady Bonds

• Russia Completes London Club Restructuring

• Vicente Fox Elected President in Mexico's Most Open Election; PRI Turns Over Power After Seven Decades

• Ecuador Adopts Dollarization

• Mexico Upgraded to an Investment Grade Rating by Moody's

• EMTA Upgrades its Website, Adding New Developments and Key Industry Views Areas

• ECN's Introduce All-Electronic Trading of Brady Bonds and Eurobonds

1999

• Annual EM Trading Volumes Bottom Out at U.S. $2.2 Trillion

• U.S. Treasury Official Timothy Geithner and IMF Deputy Head Stanley Fischer Address EMTA Annual Meeting

• Emerging Markets Community Debates 'Burden-Sharing'

• Ecuador Defaults on its Brady Bonds and Convenes a Consultative Group Chaired by EMTA

• EMTA Helps Develop Cross-Product Netting Agreement with BMA and ISDA

• EMCC Reaches Critical Mass

• Brazil Effectively Devalues the Real/Market Confidence Restored Following Support Package

1998

• EM Trading Volumes Plummet in the Aftermath of the Russian Crisis

• Former U.S. Treasury Secretary Nicholas Brady Addresses EMTA Annual Meeting

• EMTA Develops Ruble/U.S.$ Exchange Rate in Collaboration with CME After Russian Ruble is Devalued and Russia Defaults on a Number of Debt Instruments

• Emerging Markets Community Debates Dollarization

• EMCC Launched in April

• EMTA Helps Develop 1998 FX and Currency Option Definitions in Collaboration with ISDA and FX Committee

• EMTA Introduces 'Batch Settlement' for Russian Loans

• Annual EM Trading Volume Reaches Nearly U.S. $6 trillion for 1997

• Russian Deputy Finance Minister Kasyanov Addresses EMTA Annual Meeting

• EMTA Netting Facility Helps to Close Russia VEB Debt Restructuring

• New EMTA Market Practices for Repos, Warrant Trades and Russian Loans

• South Korean Recovery Package Announced

• Asian Economic Crisis Begins

• Netting Facility Also Addresses Argentina Interest 'Tails'

1996

• EMTA Releases Feasibility Study for Emerging Markets Clearing Corporation (EMCC)

• EMTA Helps Launch the Loan Syndications and Trading Association (LSTA)

• Deputy Secretary of the Treasury Lawrence Summers Addresses EMTA Members 

• EMTA Issues Forms for Trading Russian Loans W/R (When-Restructured)

• Standard Terms for Loan Participations Developed

• EMTA Issues Clarification Statements on Polish Securities Markets

1995

• Mexican Rescue Package Stabilizes Markets

• Bond Markets Begin Settling on T+3 Basis

• EMTA Launches Match-EM Trade Comparison and Matching System

• EMTA Recommends Standard Terms for Assignments of Loan Assets

• Mexican Finance Minister Ortiz and Brazilian Finance Minister Malan Address EMTA Annual Meeting

• EMTA Moves to 63 Wall Street

• Revised EMBI and EMBI+ Indices Are Introduced

1994

• Emerging Markets React Negatively to General Interest Rate Increases

• EMTA Develops Facility for Multilaterally Netting Loan Trades

• Master Options Agreement Issued

• Brazil Introduces the Real Plan, Ending its Hyper-Inflation

• Brady Plan Rescheduling Completed for Brazil

• NAFTA Takes Effect

• EMTA Introduces Month-End Pricing Report

• Mexico Devalues Peso in December ("Tequila Crisis")

1993

• EMTA Adopts Code of Conduct for Trading EM Instruments

• When-Issued Trading Forms Recommended for Brazil Brady Bonds

• Market Practices Developed for EM Options

• EMTA Lobbies for Passage of NAFTA 

• Brady Plan Rescheduling Completed for Argentina

• EMBI Index Introduced by J.P. Morgan 

• EMTA Adopts Market Practices for Argentina Brady Bonds

• Argentina Finance Minister Cavallo Addresses EMTA Annual Meeting

• First EMTA Annual Volume Survey Shows 1992 EM Trading Volumes of U.S. $734 Billion

• Argentina Adopts the Convertibility Plan, Linking the Peso to the U.S. $ and Ending its Hyper-Inflation

• First EMTA Annual Meeting, with FRBNY President Gerald Corrigan as Keynote Speaker

• EMTA Issues First Market Practices

1990

• Brady Plan Restructurings Completed for Mexico and Venezuela

• Confirmation Forms Developed for Mexico and Venezuela Brady Bonds

• EMTA Formed in December 1990

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