An Introduction to the Microstructure of Emerging Markets by Jack D. Glen

By Jack D. Glen

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Extra info for An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation))

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Madhavan, Ananth, 1993, Trading Mechanisms in Securities Markets, Journal of Finance. H. and A. van Agtmael, 1993, The World's Emerging Stock Markets, Probus, Chicago. World Bank, 1994, Financial Flows and the Developing Countries, International Economics Department. Page 13 Bolsa Electronica De Chile La Bolsa Electronica de Chile (BEC) began operations in 1989 as a competitor to the much older Bolsa de Comercio (BC). The BEC is a completely automated exchange with computer facilities located in central Santiago.

The individual auctions are used for blocks in excess of 350 million pesos and for auction types 11, 12 and 13. All other auctions are concurrent. Page 15 All auctions consist of three steps: inscription or entry, dissemination of information, and bidding. The time involved for each step depends on the auction type. Normal continuous trading takes place during the auction procedure. For concurrent auctions, the inscription period begins at 9:30 am and lasts until the dissemination period begins, which differs for each auction type.

But market structure imposes constraints on trades regardless of the number of potential traders. For example, markets are open only during certain hours and days of the week. Even when open, some markets allow trades to occur only during periodic auctions, rather than continuously throughout the day. By limiting the number of trading hours and the manner in which traders meet, either continuously or at infrequent auctions, market microstructure has a direct impact on the liquidity of the market.

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