John Echeverri-Gent has a fascinating article Politics of market microstructure [pdf] about the reforms of the Indian equity market. It is forthcoming in a book: India's Economic Transition: The Politics of Reform, edited by Rahul Mukherji, Oxford, 2007.
One interesting sequel waiting to be written is about the commodity futures market, and another is about the currency and fixed income market. While on this subject, also see this article.
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