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Extra info for An Introduction to the Microstructure of Emerging Markets (Discussion Paper (International Finance Corporation))
For example, the BOVESPA stock index future is traded during the same hours that BOVESPA trades: 9:3013:00 and 15:0016:30. Gold contract trading hours, however, are set to match the trading period in New York. Most contracts begin trading around 10:00, and trading for most contracts closes between 16:00 and 17:00. There are 147 commodity brokerage houses that are members of the exchange, each of which is allowed 5 traders on the floor and an additional 4 runners. These houses are allowed to trade both for their own account and for customers, some for all contracts (65), others for only financial contracts (82) and agricultural contracts (36).
The JSE, which also has a manual order book that is in many ways similar to the one used by the ISE, maintains only the 2 best outstanding quotes at any time, together with the prior day's closing price. BOVESPA and BMV provide information on the last transaction and day's high and low transactions, but order-book information is limited to the single best outstanding quote, which is of limited value given the open-outcry nature of the markets. Page 10 The variety in information systems just described is a bit overwhelming, so summarizing the salient points may be helpful.
All services are provided through terminals, of which there are about 70, located throughout Chile, some quite distant from Santiago. Subscribers are mostly brokers, but also include some institutional investors. The Bolsa Electronica provides subscribers with two trading screens: one which displays only the best outstanding bid and ask quote for a stock; and one with all outstanding quotes, including order quantities. Also available is a complete list of the current day's trading activity, including price, time, quantity buyer/seller, delivery date and total value of each transaction.