John Board is Dean at the Henley Business School, University of Reading, UK, and was previously Director of the ICMA Centre, University of Reading, UK. His recent research has focused on the organisation and regulation of financial markets. Alfonso Dufour is Associate Professor of Finance at the ICMA Centre, University of Reading, UK. He has a background in financial econometrics and has conducted extensive research on market structures, intraday dynamics of asset prices, and liquidity. Yusuf Hartavi is currently pursuing his PhD in the area of market microstructure at the ICMA Centre, University of Reading, UK, having obtained an MSc in International Securities, Investment and Banking. He has held professional positions at UniCredit Group as an Internal Auditor and at Istanbul Development Agency, the local authority for regional development. Charles Sutcliffe is Professor of Finance at the ICMA Centre, University of Reading, UK. Previously he was Professor of Finance and Accounting at the University of Southampton; Visiting Professor at the London School of Economics and Political Science; and Northern Society Professor of Accounting and Finance at the University of Newcastle upon Tyne, UK. Stephen Wells is an independent Consultant in Financial Market Development. His interest focuses on equity and bond markets in developed and developing countries, with particular emphasis on markets for smaller companies.