MikeFarmer microscopic model is a powerful orderdriven model.It can reproduce many stylized facts.In the paper,the MikeFarmer model was introduced in detail.It was found that the distributions of returns obtained from the model at different timescales can be modeled as the powerlaw distribution in the tails,whose exponents are close to the wellknown cubic law.The reasons for the powerlaw distribution of returns and the clustering effect of volatilities were then studied and it was concluded that powerlaw tails are caused by the powerlaw tail in the distribution of market order prices and the clustering effects are related to the long memory in the time series of submitting order prices.The application of the model was briefly presented.