Once an obscure subfield of finance, Market Microstructure has emerged as a major stream of finance. In its narrowest sense, microstructure might be defined as the study of the level and the source of transactions costs associated with trading. It examines the organizational structure of exchanges and how the specific market structure enhances the efficiency, transparency and information dissemination of security trading. In a broader sense, this field has opened new methods and directions from which to examine pre-existing theories and puzzles in finance, in both the investments and corporate finance areas. It has seemingly created the most innovative and popular link between the two areas. In such, it.
