Market microstructure is a field of study within finance that examines how market participants interact with each other and how this interaction affects the price formation process and market liquidity. This research area focuses on the underlying mechanisms of financial markets, including the impact of market design, trading rules, information asymmetries, and the behavior of different types of market participants such as traders, market makers, and institutional investors. Market microstructure research helps to understand the functioning of financial markets, the efficiency of price discovery, and the impact of trading mechanisms on market stability and efficiency.