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Jack D. Glen - An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation))

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title An Introduction to the Microstructure of Emerging Markets Discussion - photo 1

title:An Introduction to the Microstructure of Emerging Markets Discussion Paper (International Finance Corporation) ; No. 24
author:Glen, Jack D.
publisher:World Bank
isbn10 | asin:0821331108
print isbn13:9780821331101
ebook isbn13:9780585269580
language:English
subjectStock exchanges--Developing countries.
publication date:1994
lcc:HG5993.G55 1994eb
ddc:332.64/09172/4
subject:Stock exchanges--Developing countries.
Page i
An Introduction to the Microstructure of Emerging Markets Discussion Paper International Finance Corporation - image 2
International Finance Corporation
Discussion Paper Number 24
An Introduction to the Microstructure of Emerging Markets
Jack Glen
An Introduction to the Microstructure of Emerging Markets Discussion Paper International Finance Corporation - image 3
Page ii
Copyright 1994
The World Bank and International Finance Corporation
1818 H Street, N.W.
Washington, D.C. 20433, U.S.A.
All rights reserved
Manufactured in the United States of America
First printing November 1994
The International Finance Corporation (IFC), an affiliate of the World Bank, promotes the economic development of its member countries through investment in the private sector. It is the world's largest multilateral organization providing financial assistance directly in the form of loan and equity to private enterprises in developing countries.
To present the results of research with the least possible delay, the typescript of this paper has not been prepared in accordance with the procedures appropriate to formal printed texts, and the IFC and the World Bank accept no responsibility for errors. Some sources cited in this paper may be informal documents that are not readily available. The findings, interpretations, and conclusions expressed in this paper are entirely those of the author and should not be attributed in any manner to the IFC or the World Bank or to members of their Board of Executive Directors or the countries they represent. The World Bank does not guarantee the accuracy of the data included in this publication and accepts no responsibility whatsoever for any consequence of their use.
The material in this publication is copyrighted. Requests for permission to reproduce portions of it should be sent to Director, Economics Department, IFC, at the address shown in the copyright notice above. The IFC encourages dissemination of its work and will normally give permission promptly and, when the reproduction is for noncommercial purposes, without asking a fee. Permission to copy portions for classroom use is granted through the Copyright Clearance Center, Inc., Suite 910, 222 Rosewood Drive, Danvers, Massachusetts 01923, U.S.A.
The complete backlist of publications from the World Bank, including those of the IFC, is shown in the annual Index of Publications, which contains an alphabetical title list (with full ordering information) and indexes of subjects, authors, and countries and regions. The latest edition is available free of charge from the Distribution Unit, Office of the Publisher, Department F, The World Bank, 1818 H Street, N.W., Washington, D.C. 20433, U.S.A., or from Publications, The World Bank, 66, avenue d'Ina, 75116 Paris, France.
ISSN: 1012-8069
Jack Glen is a senior economist in the Economics Department of the International Finance Corporation.
Library of Congress Cataloging-in-Publication Data
Glen, Jack D., 1953
An introduction to the microstructure of emerging markets / Jack
D. Glen.
p. cm. (Discussion paper / International Finance
Corporation, ISSN 1012-8069 ; no. 24)
Includes bibliographical references.
ISBN 0-8213-3110-8
1. Stock exchangesDeveloping countries. I. Title. II. Series.
Discussion paper (International Finance Corporation) ; no. 24.
HG5993.G55 1994
332.64'09172'4dc20 94-42334
CIP
Page iii
Contents
Foreword
v
Acknowledgments
vii
Abstract
ix
I. Introduction
1
II. Financial Markets
2
III. Market Microstructure Theory
3
IV. The Markets
7
Picture 4
Trading Mechanisms
8
Picture 5
Information Systems
9
V. Summary
11
References
12
Bolsa Electronica de Chile (BEC)
13
Picture 6
Orders
14
Picture 7
Auctions
14
Picture 8
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