English Abstract: The study analyzes fundamentals of market microstructure in stock markets by utilizing theoretical and empirical literature and case studies such as market crash of 1987, also known as Black Monday, and the 2010 flash crash. The study further discusses how algorithmic trading...

This paper aims to prove, by Arrow impossibility theorem of choice, why three fundamental problems which are issues for Turkey, Russia, Armenia, Azerbaycan-neglecting regions’s other less problematic subjects and countries of Caucas- can not be solved. This study shows that when these...