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

Example text

The BEC is a completely automated exchange with computer facilities located in central Santiago. 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.

First, information arrives over time and can only be incorporated into the market price once it has been revealed through the orders that are placed and the resulting transactions. Similarly, information is often spatially dispersed. Traders on the floor may have important information unavailable to investors deciding what type of order to place and at what price. For these reasons, actual market prices can differ substantially from the true price, introducing unwanted volatility into the market.

But this theory takes the market as a black box where information goes in and an efficiently determined price comes out. Increasingly, microstructure theory highlights the importance of stock market institutional features and trading mechanisms as important determinants of market behavior. These new theories suggest that policy makers and market administrators, through their choice of trading systems and other institutional features, can influence trading and price behavior. To the extent this also translates into more efficient determination of prices and lower transaction costs, then all concernedboth investors and securities issuersare better off.

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