• Горан Радивојац Faculty of Economics, University of Banja Luka


microstructure of financial market, regulation, financial crisis


Under crisis conditions stock exchange and stock market trading become the breaking point where interests of investors, issuers, speculators and hedgers meet. Adequate and reliable functioning of stock market and its market microstructure is essential for creation and maintenance of public trust in stock exchange, stock trading system and stock price of securities treaded on the market. The importance of microstructure of financial market is reflected in the fact that participants (individual and professional investors) react promptly to published stock prices, so malfunctioning of stock trading system can have very harmful consequences: not only for stock market but also for global real and financial sector. Modern market is dominated by the influence of information technologies; therefore it is necessary to consider all available models as well as experiences form leading financial markets in order to comment critically on so called „small” local financial markets and their future.


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How to Cite

Радивојац, Г. (2011). CHALLENGES OF STOCK MARKET TRADING UNDER CRISIS CONDITIONS. Acta Economica, 9(14), 123–146. Retrieved from



Review article