By Jack D. Glen
Read Online or Download An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation)) PDF
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Extra info for An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation))
NASDAQ (over-the-counter) exchange is an example of an (electronic) dealer system. By contrast, in order-book systems traders place their quotes in (manual or electronic) order books, and then arriving orders are matched and transacted. Investor orders determine the prices at which transactions occur in order-book systems. The Tokyo Stock Exchange is an example of an order-book system. The New York Stock Exchange is a hybrid system, with market specialists who both make the market and process a public order book.
For example, liquid markets have lower transaction costs, especially bid/ask spreads and, as a result, the observed sequence of trading prices will be less volatile as the natural bouncing of transactions between the bid and ask occurs over time. Similarly, in an efficient market, new information will be correctly and quickly incorporated into price and even though that may entail price jumps, price overshooting and deviations from the equilibrium price are reduced in efficient markets. Thus, holding all else constant, liquid and efficient markets will be less volatile than illiquid and inefficient markets.
Instruments traded include all shares and debt instruments traded on the BC, as well as foreign exchange. Aggregate statistics for the Chilean market are presented in Table 2. Among other things, the table documents the rapid growth in market share that BEC has captured from BC following its introduction. 7 Trading on the BEC occurs Monday through Friday between the hours of 9:30 am and 4:30 pm. Normal trading is continuous during those hours. In addition to normal trading, BEC operates a series of electronic auctions at different times of the day.
An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation)) by Jack D. Glen