financial markets department working paper 02 e 2 bank of japan cpo box 30 tokyo 103 8660 june 18 2002 market microstructure and spread pattern in the jasdaq jun uno juno tamacc chuo u ac jp takeshi shimatani boj or tokiko shimizu sachiko mannen nqi co translated by suematsu note papers series are circulated order to stimulate discussion comments views expressed those authors do not necessarily reflect this is an english translation a japanese original released march abstract firms listed on can select either driven hereafter od system where formal makers involved maker mm for trading stocks how differences systems affect pricing liquidity key issue study examines
