The validation of artificial stock markets is usually carried out with the help of the stylized facts of the capital markets. The quality benchmark is how many of these stylized facts and how closely the stylized facts are replicated with the help of artificial markets usually consisting of heterogeneous interacting agents. The validation of the artificial stock markets has been achieved with quite different kinds of models that exhibit different assumptions. Since empirical data from the order books of markets like the NYSE exist and are extensively studied within the theory of market microstructures, it seems natural to verify the order books of artificial stock markets for statistical regularities. This approach could be instrumental in completely redesigning artificial markets. The necessity to produce the stylized facts and a realistic order book could be the basis of modifying the typical fundamental/trend agents further and incorporating new kinds of behaviors that have not been used before. 

Only a minority of artificial stock markets use an order book, among which are the model of Bak et al. (1997), the Genoa stock market (Raberto et al. 2003) and the Frankfurt Artificial Stock Market (FASM) (Hein et al. 2007). The FASM is publicly available and uses a batch double order book. It is intended to use the FASM for order book simulations to collect data that may or may not be statistically similar to empirical order books with regard to order volume distribution, order execution and the volatility of prices. 

The FASM order book is discussed in relation to agent behavior to demonstrate how the order flow is aggregated within the order book. Due to the batch double auction of the FASM only some properties of empirical order books will be tested until the continuous double auction is implemented. The probability distribution of the order volume within the daily order books, the relation between unexecuted orders and the volatility of prices and the volume of traded shares in relation to the moving average volatility of prices will be analyzed. The traditional fundamental/noise trader model seems not to be sufficient to reproduce adequate order books. It may be necessary to expand the agent behavior by introducing, for example, agent reactions to inventory levels of securities, asymmetric agent information and risk dependent bid-ask spreads. 

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