新興國家股票市場市場微結構之探討 / Emerging markets has being more attractive for investors recently. Moreover, information on these markets is limited especially in the case of Panama. In order to provide investors with information on how to trade in this market, we introduce the trading and communication system of Bolsa de Valores de Panamá. By analyzing the volatility and trading volume of stocks during a period of three months, we conclude that the continuous market might not be suitable for this stock exchange and that government and the private sector should work strategically to increase the liquidity and participants within this market.