This is a study by the World Federation of Exchanges in cooperation with consulting firm Olivier Wyman.
The report, entitled Enhancing Liquidity in Emerging Market Exchanges, is designed to provide regulators and exchange operators in emerging markets with ideas around how to grow and enhance market liquidity - liquidity levers - and a potential framework for which of those levers may work best at which stage of market development. Many emerging markets suffer from low levels of liquidity, effectively placing a constraint on economic and market development. Liquidity is positively associated with broader market development, and often creates a virtuous circle, resulting in encouraging effects for the underlying economy.
Read the full report here