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...

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...