This paper examines the relationship between stock ownership concentration and illiquidity, using comprehensive shareholding data from companies listed on the Australian Stock Exchange. Ownership concentration is positively related to illiquidity. Analysis of individual shareholder types extends...

This paper provides a review of the market microstructure of the Australian Stock Exchange, five Asian Stock Exchanges, four North American Stock Exchanges and eight European Stock Exchanges.The scope of this review is to present a broad overview of the microstructure of the eighteen selected...

This paper provides a review of the market microstructure of ten Asia-Pacific stock exchanges. Asia-Pacific exchanges face significant challenges in an increasingly global and competitive world equity market. These exchanges need to provide an efficient, fair and competitive trading environment...