"As economic models of development fail to specify when countries should establish stock markets, determining when Myanmar will establish a stock exchange has turned into a guessing game among analysts of its transitional economy. Growth rates and income standards, while relevant, are not the primary factors that determine an optimal time for start-up. For Myanmar, the right time will depend on the degree to which a proper regulatory environment is put into place and actual, not rhetorical, commitments to capital markets are made. Clearly stated rules and regulations for companies that desire to be listed need to be established and the investment community must be convinced that these regulations will be enforced. There will be a need to introduce international accounting standards and specific legal procedures for handling such issues as bankruptcy proceedings. The rights of the stockholder also need to be defined..."