This paper examines the impact from changing the trading mechanism at the Riga Stock Exchange (RSE). All three trading lists that once traded in a daily call auction followed by fixed price trading were transferred to a mechanism where the call auction is followed by continuous variable price...

Computerized order-driven trading systems have proven highly successful in developed market economies with deep and liquid markets, but is an electronic public order book the best choice for a transition economy? We examine the experience of three newly created stock exchanges in the formerly...