In recent decade, there are significant growths on Asian equity markets, especially the economic emergence in China and India accelerates this trend. Therefore, this thesis uses market microstructure to review the development in six Asian equity markets, to observe that if they have sound trading mechanisms, such as automated trading systems and clearing and settlement systems, and proper policy tools to avoid stock price volatility behind the fast growths in equity markets. 　This thesis is divided into six chapters. Chapter one is the Research Motivation and Objective. Chapter two is the Literature Review. Chapter three is the Profiles of six Asian Equity Markets. Chapter four is the Market Mechanisms of six Asian Countries. Chapter five is the Controls on Market Volatility. Chapter six is the Conclusions. 　The research results indicated that China’s market is displaying many of the classic warning signs of a bubble, India’s low turnover implies that inefficiencies remain due to the high proportion of untraded companies, and it also has the highest transaction cost within six countries. All six Asian stock exchanges have adopted the latest risk management concepts and trading technique to improve their operations. Equity markets in Singapore and Korea are mature and stable in any dimension, and Thailand has sufficient room to grow. China and India are inferior to Japan in both Securities Borrowing and Lending and Settlement Guarantee Funds. They should strengthen the soundness of market structures, so that they can deal with any different trading and settlement risks efficiently when volatility happens, and to ensure that trading can be done smoothly.