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

By Jack D. Glen

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GUY P. PFEFFERMANN DIRECTOR, ECONOMICS DEPARTMENT & ECONOMIC ADVISOR OF THE CORPORATION Page vii Acknowledgments The author benefitted greatly from the information and guidance provided by individuals at each of the markets described in this paper. Specifically, the following individuals (and their affiliated institutions) made this research possible: Efrain Caro Razu (BMV), Grocios Soldevilla Canales (BMV), Jorge Munoz (BMV), Pedro Carvalho de Melo (BMF), Oscar Osvaldo Frick (BMF), Pitsanu Gauthavorn (SET), Chongrak Rarueysong (SET), Amarillis Prado Sardenberg (BOVESPA), Moema Unis (BOVESPA), Ali Ipek (ISE), Enrique Seguel Steuer (BEC) and Hadi Munadi (JSE).

Price Movement Limits As dictated by the Superentendencia de Valores y Seguros, which has national responsibility for regulating securities markets, price movements in the auction system are limited to 10 percent per day. Price movements in the normal trading system have no limits. Page 16 Bolsa De Mercadorias & Futuros (Sao Paulo Commodities & Futures Exchange) BM&F is a privately-owned nonprofit organization established for the trading of commodities and financial instruments. Commodities trading began in 1917 in Sao Paulo with the formation of the Sao Paulo Commodities Exchange.

New contracts are added periodically when a perceived need exists and approval is obtained from the regulatory authorities. 4 b). There are a number of different contracts and delivery dates traded in each of these major categories. S. dollars, live and feeder cattle, coffee and soybeans. S. dollars and options on futures are traded for arabica coffee. Forward contracts are traded for gold. The exchange operates Monday through Friday, but floor trading hours vary for each contract. For example, the BOVESPA stock index future is traded during the same hours that BOVESPA trades: 9:3013:00 and 15:0016:30.

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