Market Microstructure of Stock Exchanges in the Visegrad Region : Facts and Comparative Analysis

After the collapse of communism in the countries of the Visegrad Region (the Czech Republic, Hungary, Poland, and Slovakia), a difficult task to transform their centrally planned economies to market economies arose. Creation of own stock markets was part of the transition process. Nowadays, after almost two decades from their establishment, these stock exchanges all operate in somewhat different way and hold different position within their home economies. Hence, the aim of this book is to compare these exchanges in comprehensible analysis. Throughout the book we shall not merely look at the exchanges' performance as at some ''black box", but the market microstructure attributes of these markets will be presented and discussed as well. The information provided herein may serve as a starting point for a more profound study of these markets, their interdependence, and integration. The understanding of the differences and common attributes of stock markets within one region might be beneficial not only for economists, but for regulators and policy making authorities as well.