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MARKET ARCHITECTURE OF SELECTED STO
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ITABLE OF CONTENTSList of Figures .
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IIIList of Figures 1Figure 1: Equit
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VTable 33: Criteria for Auction Ext
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11 Introduction1.1 Motivation and O
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3Figure 2: World Equity Market Capi
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51.2 Course of ExplorationThis thes
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72.2 The selected Stock ExchangesHa
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92.2.2 The National Stock Exchange
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112.2.3 The São Paulo Stock Exchan
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13Table 3: São Paulo Stock Exchang
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15Table 4: Shanghai Stock Exchange
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17Table 5: Istanbul Stock Exchange
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19Table 6: Warsaw Stock Exchange St
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212.3 Organizational StructureTable
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232.5 Exchange RatesFor the purpose
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25compensation of this service, the
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273.3.2 Brokered MarketsIn a broker
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30price and quantity (Cohen and Sch
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32However, the impact of electronic
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343.6 Orders and Order Books3.6.1 T
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36“Minimum Fill” (or “Minimum
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38Figure 9: Order RoutingExchangeEx
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40Figure 11: Order Book in an Order
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42all exchanges. Generally, more th
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44and decide if a parallel trading
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46groups of similar liquidity (see
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48Order TypesGenerally, there are t
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50The Trading DayTable 18: Opening
- Page 60 and 61: 52Matching and uncrossingAs already
- Page 62 and 63: 54Figure 14: Volatility Bands at th
- Page 65 and 66: 57Table 24: Market Types and Order
- Page 67 and 68: 59The three stages of price variati
- Page 69 and 70: 61according to price/time priority
- Page 71 and 72: 63The Trading DayTable 29: Opening
- Page 73 and 74: 65Additionally, there are special a
- Page 75 and 76: 67Table 34: Discretionary Trading H
- Page 77 and 78: 69Order Entry ParametersThe rules o
- Page 79 and 80: 71Trading unitsPrices of B-shares o
- Page 81 and 82: 73Market ParticipantsISE members au
- Page 83 and 84: 75The Trading DayTable 39: Opening
- Page 85 and 86: 774.6 The Warsaw Stock ExchangeIn t
- Page 87 and 88: 79Must-be-filled orders can be plac
- Page 89 and 90: 81Figure 19: Trading Phases of the
- Page 91 and 92: 83executable at a determined price
- Page 93 and 94: 854.7 The Dubai International Finan
- Page 96 and 97: 88The Trading DayTable 52: Opening
- Page 98 and 99: 905 ConclusionThe ever-increasing n
- Page 100 and 101: 92Table 56: Synoptical Table of Mar
- Page 102 and 103: 94Trades effected through the Elect
- Page 104 and 105: 967 ReferencesLiteratureBARUCCI, E.
- Page 106 and 107: 98GIRIDHAR, G., 2004. Market Micros
- Page 108 and 109: 100PECHLANER, V. M., 2001. An Analy