Abstract
AbstractAccording to Michie one of the primary functions of a stock exchange is to provide a quick, persistent and constant demand for purchase and sale of security and to establish a liquid market (Michie 1987). In details the functions can be categorized as follows according to Michie (ibid).In short liquidity is a precondition to enable constant sale and purchase of securities and a smooth price building mechanism. This plus the regulation differentiates them from platforms. The NASDAQ explains liquidity in its glossary of financial terms as the ease with which securities can be bought and sold without wide price fluctuations.
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