Emerging markets do not generally exhibit any characteristics which are not present in developed markets, rather, the usual challenges seen in developed markets are amplified, sometimes considerably. Most financial theories are based on a utopic set of market characteristics which collectively constitute a "perfect market". However, reality interferes with this to a greater or lesser degree depending on which part of the world you operate in. This article explores those differences and provides some insight as to how professionals, working in an imperfect market, manage to overcome some, if not all, of these challenges.