A CEPR/European Science Foundation Network in Financial Markets workshop on `Market Microstructure', took place in Konstanz on 25/26 March. The workshop was organized by Günter Franke, Professor of International Finance at the Universität Konstanz, and Marco Pagano, Professor of Economics at Università Bocconi, Milano, and Research Fellow in CEPR's International Macroeconomics programme. A full report will appear in issue no. 10 of the Newsletter of the ESF/CEPR Network in Financial Markets, July 1994. The following papers were presented:

`Asset Prices and Trading Volume in a Beauty Contest', Bruno Biais (Université de Toulouse) and Peter Bossaerts (California Institute of Technology, Pasadena)

`Insider Trading: Fundamentals-Information versus Trade-Information', Jean-Pierre Danthine (Université de Lausanne and CEPR) and Serge Moresi (Georgetown University)

`Some Remarks on Leland's Model of Insider Trading', Rafael Repullo (Centro de Estudios Monetarios y Financieros, Madrid, LSE and CEPR)

`Option Volume and Stock Prices: Evidence on Where Informed Traders Trade' David Easley and Maureen O'Hara (Cornell University) and P S Srinivas (Asian Development Bank)

`Intertemporal Information Aggregation', Gérard Gennotte (Institut d'Anàlisi Econòmica (CSIC), Barcelona, and CEPR) and Albert S Kyle (Duke University)

`The Effects of Market Transparency on the Efficiency of Asset Markets: Some Experimental Results', Wolfgang Gerke, Hendrik Garz and Uwe Schroeder-Wildberg (Universität Erlangen/Nürnberg)

`Bid-Ask Spreads with Indirect Competition among Specialists', Thomas Gehrig (Universität Basel and CEPR) and Matthew Jackson (Northwestern University)

`The Value of the Early Unwind Option in Futures Contracts with an Endogenous Basis', Wolfgang Bühler (Universität Mannheim) and Alexander Kempf (Zentrum für Europäische Wirtschaftsforschung, Mannheim)