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Additional info for An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation))
The discussion that follows is very general in nature. For details on the individual markets, the interested reader is referred to the individual market annexes. Trading Mechanisms A trading mechanism is a procedure which transforms individual orders into transactions. In the traditional Waltasian auction, all buyers and sellers meet simultaneously and price discovery continues until a market-clearing price is obtained; at that point the auction is over. The result is a price that reflects all information available to the participants, as reflected in their orders.
The card is delivered to the exchange officials through a slot in a card holding bin. As time permits, these cards are then fed into an optical scanner and read into the exchange computer system. Cards may be rejected by the computer system for two reasons: the scanner is unable to read them properly, or the price and quantity involved exceed certain parameters. Inability to read the cards occurs when they are inaccurately completed, but corrections are easily made manually following a visual check of the card by the attending exchange official.
Direct trades must be announced on the floor and taken to auction. Finally, a broker with a position that needs to be filled can enter that position into the system as an order by means of an order card that is scanned by the computer. These orders can be placed during the normal trading session, as well as during the 15 minute pretrading order entry session. Once entered, the order is displayed on the video screens that surround the trading floor and any trader on the floor can take the order by contacting the originating trader.