market architecture of selected stock exchanges in ... - Gilles Daniel
market architecture of selected stock exchanges in ... - Gilles Daniel
market architecture of selected stock exchanges in ... - Gilles Daniel
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II3.3.2 Brokered Markets......................................................................................................... 273.3.3 Dealer Markets/ Quote-Driven Markets ...................................................................... 273.3.4 Auction Markets/ Order-Driven Markets ..................................................................... 273.3.5 Hybrid Market.............................................................................................................. 283.4 PRICE DISCOVERY ............................................................................................................. 293.4.1 Call Auction ................................................................................................................. 293.4.2 Cont<strong>in</strong>uous Auction...................................................................................................... 303.4.3 Mixed Systems .............................................................................................................. 303.5 ELECTRONIC VS. FLOOR TRADING..................................................................................... 313.6 ORDERS AND ORDER BOOKS ............................................................................................. 343.6.1 Types <strong>of</strong> Orders............................................................................................................ 343.6.2 Order Rout<strong>in</strong>g .............................................................................................................. 373.6.3 Order Book................................................................................................................... 383.7 TRADING INTERRUPTIONS AND MARKET CLOSURES ......................................................... 414 RULES AND MARKET MECHANISM ON THE SELECTED STOCK EXCHANGES 454.1 THE JOHANNESBURG STOCK EXCHANGE........................................................................... 454.2 THE NATIONAL STOCK EXCHANGE OF INDIA..................................................................... 564.3 THE SÃO PAULO STOCK EXCHANGE.................................................................................. 604.4 THE SHANGHAI STOCK EXCHANGE ................................................................................... 684.5 THE ISTANBUL STOCK EXCHANGE .................................................................................... 724.6 THE WARSAW STOCK EXCHANGE ..................................................................................... 774.7 THE DUBAI INTERNATIONAL FINANCIAL EXCHANGE ........................................................ 855 CONCLUSION.........................................................................................................................906 APPENDIX ...............................................................................................................................937 REFERENCES .........................................................................................................................96