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本文概述了市场微现结构理论，内容主要包括：１．交易机制。其主要功能就是把投资者的潜在需求转化为价格和成交量。本部分主要比较了不同的交易机制在价格发现和流动性上的效率。２．市场结构与设计。它比较了不同结构市场的运行效率。３．透明度。它是指市场参与者观察有关交易过程信息的能力。本部分比较了不同程度的透明度对信息效率和流动性的影响。
This article outlines the theory of market micro-structure, which mainly includes: 1. Trading mechanism. Its main function is to convert the potential needs of investors into price and volume. This section mainly compares the efficiency of different trading mechanisms in price discovery and liquidity. 2. Market Structure and Design. It compares the operating efficiencies of different structured markets. 3. transparency. It refers to the ability of market participants to observe information about the transaction process. This section compares the impact of varying degrees of transparency on information efficiency and liquidity.