Stock markets can be differentiated by their trading systems. These trading systems vary in the way transactions are handled, type of transactions made, type of information available to market participants, and the process of matching orders to sell and buy (Glen 1994). Trading systems can be classified by the method of matching the orders, . periodic vis–a vis continuous market, and also by the presence of a market maker, . continuous system with a monopolistic specialist vis-à-vis a competition continuous market. In a periodic call auction market, orders are accumulated for simultaneous clearing at a predetermined time.
