Abstract The economic contraction shows the restrictions in the markets for goods, services and employment, which, boosted by pandemic events such as covid-19, becomes a short and medium-term crisis, with marked long-term uncertainty. However, there are alternatives to deal with these, such as the inclusive reactivation of financial credit through Popular and Solidarity Economy. This research aims to explore the performance of the Ecuadorian popular and solidarity financial sector in periods of recession, and thus present evidence of its potential participation as an active agent in financing exit strategies from covid-19.

Resumen La contracción económica evidencia las restricciones en los mercados de bienes, servicios y empleo, lo cual, potenciado por el evento pandémico del covid-19, se transforma en crisis de corto y mediano plazo, con una marcada incertidumbre a largo plazo. No obstante, existen alternativas para afrontar la situación, tal como la reactivación inclusiva del crédito financiero a través de la Economía Popular y Solidaria (EPS). En esta investigación se explora el desempeño del crédito del sector financiero popular y solidario ecuatoriano en periodos de recesión y su potencial participación como agente activo en el financiamiento de estrategias de salida del covid-19.

Abstract This research addresses the development of crypto assets throughout history and their current relevance in international financial markets. It focuses on how they have been implemented in the Costa Rican market, as well as their impact on the current economy. Based on this economic framework, the issue of applicable legal regulation is addressed, especially whether they are subject to economic regulation by the State, either as an equivalent to money or as an investment mechanism. It is concluded that they have a relevant existence in the Costa Rican financial market, but despite this, there is no current legal framework that extends to their regulation.

Resumen Esta investigación aborda el desarrollo de los criptoactivos, a través de la historia, y su relevancia actual en los mercados financieros internacionales. Se concentra en cómo se han implementado en el mercado costarricense, además de sus repercusiones en la economía actual. A partir de este marco económico, se aborda la problemática sobre el marco legal aplicable, especialmente, si son objeto de regulación económica del Estado, sea como equivalente al dinero o como mecanismo de inversión. Se concluye que tienen una existencia relevante en el mercado financiero costarricense, pero, a pesar de ello, en Costa Rica, no existe un marco jurídico vigente que alcance para su regulación.

SIGNIFICANCE: The move away from LIBOR to new risk-free rates is crucial in finance. In this Commentary, I examine South Africa's readiness for transitioning from JIBAR to these new rates, especially regarding interest rate derivatives. I delve into how this shift impacts pricing, unique to South Africa's market. Using a mathematical model based on a 2 x 2 Wishart process, I analyse caplet pricing considering backward- and forward-looking rates. Comparing these caplet types reveals the complexities of pricing in this changing financial landscape. The insights shed light on challenges and opportunities for South Africa and the finance sector as JIBAR nears its end, emphasising the need for robust mathematical strategies in navigating this transition.

RESUMEN El mercado de valores en Ecuador se ha creado para negociar valores emitidos por PYMES, grandes empresas y organizaciones de la economía popular y solidaria, que cumplen los parámetros requeridos en la normativa que rige a este segmento. En tal sentido, las cooperativas de ahorro y crédito tienen la posibilidad de emitir títulos valores en dicho mercado para obtener financiamiento con un tratamiento diferenciado en costos y requerimientos. Por lo expuesto, la presente investigación tiene como objetivo: evaluar la factibilidad de captación de fondos externos en el mercado de valores para la COAC “1 de Julio” como mecanismo de mejoramiento de su rentabilidad. Para tal efecto, se aplicó un estudio no experimental, con alcance descriptivo- explicativo. Entre los resultados se determinó que la rentabilidad obtenida en los últimos años ha disminuido al igual que su liquides, debido a los altos costos operativos y financieros de sus actuales fuentes de financiamiento. La capacidad de los líderes de la cooperativa para tomar decisiones informadas y estratégicas se verá fortalecida a través de un enfoque educativo que promueva la resiliencia financiera y la adaptabilidad en un entorno económico dinámico. En este contexto, la educación financiera no solo se configura como una necesidad, sino como un habilitador clave para el mejoramiento de la rentabilidad y la sostenibilidad a largo plazo de la Cooperativa.

ABSTRACT The securities market in Ecuador has been created to trade securities issued by SMEs, large companies and organizations of the popular and solidarity economy, which meet the parameters required by the regulations governing this segment. In this sense, savings and credit cooperatives have the possibility of issuing securities in this market to obtain financing with a differentiated treatment in terms of costs and requirements. Therefore, the purpose of this research is to evaluate the feasibility of raising external funds in the securities market for COAC 1 de Julio, as a mechanism for improving its profitability. For this purpose, a non-experimental study was applied, with a descriptive-explanatory scope. Among the results, it was determined that the profitability obtained in recent years has decreased as well as its liquidity, due to the high operating and financial costs of its current sources of financing.

PURPOSE: Bank reputations took a severe knock following the global financial crisis of 2007-2009. To get the global banking industry back on its feet, regulations existing at the time were strengthened and new ones were introduced. While the industry has come a long way in clawing back its reputation, research on the present state of reputations of some global banks suggests that these reputations are still underpinned by national regulators. In the South African context, it is not clear to what extent bank reputations are underpinned by the reputation of the main banking regulator: the South African Reserve Bank (SARB). This article looks at perceptions of private banking customers to ascertain whether they believe that bank reputations derive from the reputation of the regulator DESIGN/METHODOLOGY/APPROACH: A quantitative research methodology was applied. Purposive sampling was used to collect data from 111 banking customers using a Likert scale. Four hypotheses on reputation-regulation relationships were then tested using the non-parametric Wilcoxon Signed Rank test. Findings/results: The results show that regulation plays no role in how private banking customers perceive bank reputations. PRACTICAL IMPLICATIONS: This study highlights that there is little scope for banks to accrue 'reputational rent' by free riding on the reputation of the regulator. Banks must therefore take steps to proactively engage in their own reputation building exercises ORIGINALITY/VALUE: This research is the first to look at the reputation-regulation interface in the local banking industry from private banking customers' perspective. It highlights that each bank must work hard to build the reputation it desires.

BACKGROUND: Corporate risk management theory argues that effective hedging with derivatives should reduce earnings volatility and enhance firm value. However, studies that have examined the relationship between the use of derivatives and earnings volatility, particularly from developed markets have reported mixed results. AIM: This study investigates the relationship between corporate risk management practices such as the use of derivatives and earnings volatility. More specifically, it examines whether the use of derivatives by non-financial firms listed on the JSE has an effect of smoothing earnings volatility. SETTING: The setting includes 135 JSE listed non-financial companies during the period 2005-2021. METHOD: Firm level data were obtained from financial data depositories, IRESS and Thomson Reuters Datastream. This study made use of panel estimated generalised least squares method (period seemingly unrelated regression) regression model in the analysis. RESULTS: The findings of this study contradict the prediction of corporate risk management theory. The empirical findings showed that derivatives use measured by a dichotomous variable was positively associated with earnings volatility, meaning that derivatives were not effective in smoothing earnings volatility. However, when derivatives use is measured by a continuous variable, the empirical findings showed a weak association. CONCLUSION: The present study rejects the null hypothesis based on the results of the regression models. However, the results of this study do not suggest that JSE listed firms are ineffective in managing risks and cannot conclude that these firms used derivatives for speculative purposes, exposing themselves to additional risks and volatility. CONTRIBUTION: The findings of this study add to the body of knowledge on corporate risk management practices and their impact on earnings volatility and on firm value.

BACKGROUND: Gains in improving bank efficiency have widely been regarded as one of the most effective means of ensuring sustainability in a financial system. AIM: It is proposed in this article to measure monetary policy impulses and the dynamic panel data model to examine the linear relationship. SETTING: The nexus between financial structure and monetary policy impulses is analysed, considering 21 sub-Saharan African (SSA) nations during the time period from 2011 to 2022 METHOD: The Vector Autoregressive (VAR) analysis is employed to measure monetary policy impulses and the dynamic panel data model to examine the linear relationship. RESULTS: A significant positive association between competition in the banking system and monetary policy impulses was found. Monetary policy impulses are inversely and significantly related to financial development. Also, the size of the central bank has a significant positive influence on the effectiveness of monetary policy. CONCLUSION: The financial structure has a significant role to play in the monetary transmission mechanism and credit markets help propagate and amplify shocks to the macro-economy. CONTRIBUTION: The relationship between financial structure and monetary policy is not a one-way street as these variables tend to influence one another. Empirical literature on the subject is not very recent and come to differing conclusions, hence the rationale for conducting this article in SSA, employing both the structural VAR model and the dynamic panel data model.

Securities markets are a barometer for the economic progression of any country. The quest to harness the maximum benefits that such markets afford has led governments to enact specific legislation and develop appropriate policies. Despite enacting legislation in 1970, it was only in 1993 that the Zambian securities market was established. Simultaneously, the Securities Act 1993 was also enacted. However, it was replete with shortcomings, leading to its repeal and replacement by the Securities Act 2016 (amended by the Securities (Amendment) Act21 of 2022; hereinafter the Securities Act 2016 as amended). The Securities Act 2016 as amended has for the most part been hailed as a progressive piece of legislation that has incorporated global best practices aimed at enhancing the securities market. There is optimism that the Securities Act 2016 as amended has breathed new life into the securities industry which was seemingly ailing and on life support. It remains questionable, however, whether the Securities Act 2016 as amended enhances the performance of the securities market by effectively fostering fair and efficient trading and ensuring financial integrity, or if it simply reiterates the problems of its predecessor or worse still creates new challenges. In this article the author critically assesses the Securities Act 2016 as amended to ascertain the extent to which it conforms to the IOSCO Principles 2017 and the practices of other countries such as Kenya, whose Capital Markets Act Chapter 485 offers greater clarity.

Abstract The demand to build an increasingly inclusive school is one of the most important challenges today worldwide. The case of Chile is unique, since for decades the educational system has been regulated as a market, which has generated as one of its negative effects a permanent tension between the market and school inclusion, since the principles that both promote in everyday practice are in conflict. The objective of this study was to know the beliefs held by school principals from different regions of Chile regarding inclusion policies. In methodological terms, a qualitative study was developed, which, in a first phase, consisted of applying 50 semi-structured interviews to these actors, while in the in-depth phase, a multiple case study was carried out with 4 participants through observations. non-participants and in-depth interviews. Among the most outstanding results are the beliefs of the principals who associate inclusion policies with a significant increase in their bureaucratic work, on the other hand, they declared that in daily management tasks they prioritize the demonstration of educational quality over the school inclusion and finally, from their beliefs, they propose that inclusion policies are costly in financial and symbolic terms, since diverse students are expensive to educate and represent a danger to the prestige of their schools in the respective local school markets.

Resumo A exigência de construir uma escola cada vez mais inclusiva é um dos desafios mais importantes em todo o mundo hoje. O caso do Chile é único, pois durante décadas o sistema educacional foi regulado como uma mercadoria, o que gerou uma tensão permanente entre o mercado e a inclusão escolar, uma vez que os princípios que ambos promovem na prática diária se contradizem. Portanto, o objetivo deste estudo foi conhecer as crenças dos diretores escolares de diferentes regiões do Chile em relação às políticas de inclusão. Em termos metodológicos, foi desenvolvido um estudo qualitativo que, numa primeira fase, consistiu na aplicação de 50 entrevistas semiestruturadas a estes atores, enquanto na fase de aprofundamento foi desenvolvido um estudo de casos múltiplos com quatro participantes através de não observações. e entrevistas em profundidade. Dentre os resultados, destacam-se as crenças dos gestores que associam as políticas de inclusão ao aumento significativo do seu trabalho burocrático; Por outro lado, declararam que nas suas tarefas diárias de gestão priorizam a demonstração da qualidade educativa em detrimento da inclusão escolar; Finalmente, com base nas suas crenças, propõem que as políticas de inclusão são dispendiosas em termos financeiros e simbólicos, uma vez que a educação de diversos alunos é dispendiosa e representa um perigo para o prestígio das suas escolas nos mercados escolares locais.

Resumen La demanda por construir una escuela cada vez más inclusiva es uno de los desafíos más importantes en la actualidad a nivel mundial. El caso de Chile es singular, ya que por décadas el sistema educativo ha sido regulado como una mercancía, lo que ha generado una permanente tensión entre el mercado y la inclusión escolar, ya que los principios que ambos promueven en la práctica cotidiana se contraponen. Por eso, el objetivo de este estudio fue conocer las creencias que sostienen los directores escolares de distintas regiones de Chile en torno a las políticas de inclusión. En términos metodológicos, se desarrolló un estudio cualitativo que, en una primera fase, consistió en la aplicación de 50 entrevistas semiestructuradas a estos actores, mientras que en la fase de profundización se desarrolló un estudio de casos múltiples a cuatro participantes a través de observaciones no participantes y entrevistas en profundidad. Entre los resultados se destacan las creencias de los directivos que asocian a la políticas de inclusión con un aumento significativo de su trabajo burocrático; por otra parte, declararon que en las tareas de gestión cotidiana priorizan la demostración de calidad educativa sobre la inclusión escolar; finalmente, desde sus creencias proponen que las políticas en materia de inclusión son costosas en términos financieros y simbólicos, ya que los estudiantes diversos son costosos de educar y representan un peligro para el prestigio de sus escuelas en los mercados escolares locales.

Abstract Purpose The purpose of this research is to investigate whether using an accounting fundamental strategy can provide valuable information about the value of a business and generate positive excess buy-and-hold returns on stocks in the Euronext 100 index. Theoretical framework The theoretical framework of the study is based on the combination of valuation theory and accounting research. We rely on fundamental analysis as a stock valuation method, which involves looking at both quantitative and qualitative information in a company's economic and financial records. Design/methodology/approach We examine the relevance of growth and earnings response coefficients, as well as Piotroski's F-scores and Lev and Thiagarajan's L-scores in predicting future stock returns. The analysis covers the years 2000 to 2020. Findings The study finds that accounting fundamental signals provide value-relevant information to investors and have a significant and positive relationship with future buy-and-hold market returns, resulting in high-scoring portfolios achieving significant average annual market excess returns. Practical & social implications of research The results of the study have practical implications for investors who use fundamental analysis as an investment strategy. The results indicate that accounting fundamentals provide value-relevant information to investors and can lead to positive excess buy-and-hold returns. Originality/value The study contributes to the understanding of the role of fundamentals in firm valuation and provides fresh insights into binary models and fundamental analysis applied to European markets. In addition, the study tests the robustness of fundamental strategies using fixed effects regression analysis.

RESUMEN La deuda con intereses crece de forma exponencial como una curva ascendente. La economía no financiera de la producción y el consumo crece más lentamente conforme el ingreso se desvía para solventar los gastos de la deuda. El crac financiero ocurre cuando una gran parte de la economía no puede pagar el servicio de su deuda programada. Ese momento llegó para la economía de Estados Unidos en 2008, pero fue minimizado por un rescate bancario, seguido de un auge de 14 años porque la Reserva Federal incrementó la liquidez mediante su política de tasa de interés cero (zirp, Zero Interest-Rate Policy). La inundación de los mercados de capital con crédito fácil quintuplicó los precios de las acciones y generó el auge del mercado de bonos más grande en la historia de Estados Unidos, pero no reanimó la inversión de capital tangible, los salarios reales ni la prosperidad de la economía no financiera en general. El abandono de la zirp en 2022 causó un descenso de los precios de los bonos y puso punto final al auge del mercado de valores y de los precios de los bienes raíces. El gran aumento de la deuda de esos 14 años confrontó drásticos cargos de tasas de interés crecientes y en la primavera de 2023 un número importante de bancos quebró, pero los depósitos de sus clientes fueron rescatados por la fdic y la Reserva Federal. La pregunta abierta es si ahora la economía de Estados Unidos experimentará el crac financiero que fue pospuesto desde 2009 en adelante por la vasta expansión de deuda de la zirp que ha acrecentado el peso de la deuda de la economía.

ABSTRACT Interest-bearing debt grows exponentially, in an upsweep. The non-financial economy of production and consumption grows more slowly as income is diverted to carry the debt overhead. A crash occurs when a large part of the economy cannot pay its scheduled debt service. That point arrived for the U.S. economy in 2008, but was minimized by a bank bailout, followed by a 14-year boom as the Federal Reserve increased bank liquidity by its Zero Interest-Rate Policy (zirp). Flooding the capital markets with easy credit quintupled stock prices and engendered the largest bond market boom in U.S. history, but did not revive tangible capital investment, real wages or prosperity for the non-financial economy at large. Reversing the zirp in 2022 caused bond prices to fall and ended the run up of stock market and real estate prices. The great 14-year debt increase faced sharply rising interest charges, and by spring 2023 a number of banks failed, but all their depositors were bailed out by the Federal Deposit Insurance Corporation (fdic) and Federal Reserve. The open question is now whether the U.S. economy will face the financial crash that was postponed from 2009 onwards by the vast expansion of debt under zirp that has added to the economy’s debt burden.

Abstract Purpose This paper demonstrates that the effects of the presence of outside directors on the board of directors can be different across family vs. non-family firms, regarding the financial performance. We propose that the presence of outside directors in the board is relevant to explain the performance of family firms, because they better deal with mechanisms that reduce the type II agency conflicts. Theoretical framework Based on agency theory and its derivatives, we capture the specificities of family firms relative to non-family firms. Design/methodology/approach Drawing from an extensive and updated database of over 370 publicly listed companies in Brazil, this study conducted panel data regressions with fixed effects on three different response variables, in order to have a broader perspective and reduce the bias of the results. Moreover, we performed robustness tests with different measurement methods. In addition, we tested the selection of variables by addressing both internal and external validity criteria, in addition to convergent and nomological validity, according to the literature. Findings The empirical results indicate that there is a relationship between board independence and short-term financial performance for a cohort of family firms. Practical & social implications of research This research contributes to various stakeholders by providing relevant insights about an important ESG criterion, which opens up a path for further studies. Originality/value - This is a novel approach to relevant phenomena from the perspective of family firms compared to non-family firms. Also, this paper deepens the study of family businesses and considers different cohorts of firms.

Abstract Our goal is to study how stocks from Mexico and United States are interconnected. We apply a novel method based on a graphical model. We estimate partial correlations for every year of the period 2000-2020. Our results based on partial correlation matrices show a systematic level of inter-connectivity across countries that metrics from network theory confirm. An important difference between these countries is how sectors in each market are linked. Most sector graphs in the United States are densely interconnected. In contrast, sectors in Mexico present much less links. We then compare networks in the periods of the subprime mortgage crisis and the crisis triggered by the COVID-19 pandemic. The different propagation speeds of both crises are correctly captured by the metrics. A limitation is derived from information, and it is desirable to include actualized data in the study. The deployed novel method, which led to obtain new results, endow originality to the work. It is concluded that disaggregated data provides a promising venue of research.

Resumen Nuestro objetivo es estudiar como las acciones de México y Estados Unidos están interconectadas. Aplicamos un método novedoso basado en un modelo gráfico. Estimamos correlaciones parciales para cada año del período 2000-2020. Nuestros resultados basados en matrices de correlaciones parciales muestran un nivel sistemático de interconectividad entre países que métricas de la teoría de redes confirman. Una diferencia importante entre estos países es como los sectores en cada mercado se enlazan. La mayoría de los sectores en los Estados Unidos están densamente interconectados. En contraste, sectores en México presentan menos enlaces. Después comparamos redes en los períodos de la crisis hipotecaria subprime y la crisis originada por la pandemia COVID-19. Las diferentes velocidades de propagación de ambas crisis son correctamente capturadas por las métricas. Una limitación surge de la información y es deseable incluir datos actualizados. El novedoso método utilizado, que llevó a obtener nuevos resultados, dota de originalidad al trabajo. Se concluye que datos desagregados son una dirección de investigación prometedora.

Resumen El sector industrial desempeña un papel importante para la economía de México. El 32% del PIB proviene de empresas insertadas en el sector industrial, lo que genera un impacto positivo, pues en dichas organizaciones se crean nuevos empleos, nuevos ingresos, que ayudan al crecimiento económico. No obstante, las empresas del giro industrial necesitan adquirir recursos para poder desarrollarse, y una de las maneras de lograrlo es por medio del crédito bancario; en ese sentido, se torna una situación compleja debido al constreñimiento crediticio existente, derivada de una serie de sucesos en el sistema financiero y en el bancario, como la diversificación de mercados - banca múltiple - y las endebles regulaciones. Este artículo investiga las determinantes para que un crédito bancario otorgado sea destinado al sector industrial en México. Los datos cuantitativos corresponden al periodo 2008-2018; no obstante, la base del ENAFIN contiene datos del 2010 al 2018, generando una limitante para hacer más robusta la investigación. Los análisis de regresión empleados - PROBIT y TOBIT -, arrojan un pronóstico que cuando mejora la economía, se incrementa la probabilidad (94%) de que un crédito bancario aprobado sea otorgado a una empresa del sector industrial; por otra parte, un incremento de los montos de los créditos bancarios otorgados a otros rubros y una subida en el número de solicitudes de crédito hacen que disminuya la probabilidad (24% y 15%, respectivamente). Con base en estos resultados, se deriva la urgencia de las implicaciones políticas que ayuden a mejorar el vínculo del crédito bancario con las empresas del sector industrial.

Abstract The industrial sector plays an important role for the Mexican economy. 32% of GDP comes from companies inserted in the industrial sector, which generates a positive impact, since new jobs and new income are created in these organizations, which help economic growth. However, the companies of the industrial turn need to acquire resources to be able to develop, and one of the ways to achieve it is through bank credit; In this sense, it becomes a complex situation due to the existing credit constraint, derived from a series of events in the financial and banking system, such as the diversification of markets - multiple banking - and weak regulations. This article investigates the determinants for a bank loan granted to be destined to the industrial sector in Mexico. The quantitative data correspond to the period 2008-2018; However, the ENAFIN database contains data from 2010 to 2018, generating a limitation to make the research more robust. The regression analyzes used - PROBIT and TOBIT - show a forecast that when the economy improves, the probability (94%) that an approved bank loan will be granted to a company in the industrial sector increases; on the other hand, an increase in the amounts of bank loans granted to other items and a rise in the number of credit applications make the probability decrease (24% and 15%, respectively). Based on these results, the urgency of the political implications that help improve the link of bank credit with companies in the industrial sector is derived.

Abstract: impact generated by the accelerated development of NFT’s creates a series of risks and legal problems, among which the legal, the impact on intellectual property, the protection of the purchasers of this type of tokens, fraud prevention and the possible impact of NFT’s on financial markets are the most important. The purpose of this document is to analyze whether the regulatory framework of the securities market is applicable to NFT’s based on the following assumptions: i) NFT’s, understood individually as a digital representation, cannot be considered as securities; ii) in States where the definition of securities includes the concept of “investment contract”, NFT’s could be considered as securities, as long as they meet the requirements of the Howey Test; iii) in States where there is no definition of investment contracts, NFT’s could be considered as securities, provided that they meet the requirements for such purpose-the existence of a negotiable right, issued in mass or in series within a public offering of securities, and that its purpose is to obtain resources from the public by way of investment-; and iv) that the recognition of NFT’s as securities would lead to the application of regulatory frameworks of the capital market in matters such as registration before the financial authorities, provision of information and investor protection schemes. This text will describe the origin and current scenario of NFT’s. Likewise, the different positions of supervisory and regulatory authorities at a global level will be analyzed with respect to these tokens; and, finally, some reflections will be made from the point of view of securities market regulation with respect to the aforementioned non-fungible tokens.

Resumen: El impacto generado por el acelerado desarrollo de los NFT crea una serie de riesgos y problemas jurídicos, entre los que se destacan su naturaleza, el impacto en materia de propiedad intelectual, la protección a los adquirentes de este tipo de tókenes, la prevención en materia de fraudes y el posible impacto de los NFT en los mercados financieros. Bajo estos antecedentes, la finalidad de este documento es la de analizar si el marco regulatorio del mercado de valores le es aplicable a los NFT con fundamento en los siguientes presupuestos: a) los NFT, entendidos de forma individual como una representación digital, no pueden ser considerados como valores; b) en los Estados en donde la definición de securities incluye el concepto de «contrato de inversión», los NFT podrían ser considerados valores, siempre y cuando cumplan los requisitos del test de Howey; c) en los Estados en donde no existe la definición de contratos de inversión, los NFT podrían ser considerados como valores, siempre y cuando cumplan los requisitos para tal fin -es decir, la existencia de un derecho negociable, emitido en masa o en serie dentro de una oferta pública de valores, y que tiene como finalidad obtener recursos del público a título de inversión-; y d) que el reconocimiento de los NFT como valores conllevaría a la aplicación de marcos regulatorios del mercado de capitales en temas como el registro ante las autoridades financieras, el suministro de información y los esquemas de protección a los inversionistas. Partiendo de este presupuesto, este artículo describirá el origen y panorama actual de los NFT. Posteriormente, se analizarán las diferentes posiciones de autoridades supervisoras y reguladoras a nivel global respecto a estos; y, por último, se realizarán algunas reflexiones desde la regulación del mercado de valores frente a los citados tókenes no fungibles.