RESEARCH REPORT
1
2
3
...66 4
2006 2005 1
2
3
4
20 90 5
1997 10 SETS Securities Electronic Trading System 1997 NASDAQ 2003 11 SETSmm Liquidity Providers 1998 Euronext 2001 2001 ETFs Liquidity Supplier 6
1 2 7
8
90 1996 15 1998 10 Xetra Designed Sponsor 30 MannVenkataraman Waisburd2002 Euronext Paris 1995 1998 56 4% 9
10
11
12
2005 5 4 4 1 13
14 1 (arket aker) 2. 3. 6. 4. 1. 2. 3. 5. 6. () * 6. 6.3.2.
15
16
17
18
19
20
21
NASDAQ 5 22
2004 11 23
24
25
NASDAQ LSE 26
27
28
29
30
31
32
33
34
35
36
A Emerging Stock 1997 NASDAQ 1962 2 1989 12 NASDAQ 1994 7 11 1 Emerging Stock 2002 1 2 37
38
39
律 行 40
41
A.2 A.3 42
B 43
易 路 路 易 44
45
46
47
48
49
FIX 50
51
52
53
9600 bps async port 9600 bps async port 9600 bps async port 54
55
料 料異 立 料異 立 六 立 料異 立 異 料 56
57
58
59
C 1 2 3 4 5 5-1 6 7 8 9 60
10 11 12 13 14 15 16 17 18 19 20 21 61
22 23 24 25 26 27 28 62
29 30 31 32 33 34 35 36 63
37 38 39 40 41 42 43 44 45 64
65