Ventura, André; Garcia, Marcio Gomes Pinto - Departamento de Economia, Pontifícia Universidade … - 2009
In light of the market microstructure literature, we have compared the two main FX markets in Brazil: the spot market and the futures market (the next to mature contract). Our objective is to identify in which market FX rate is determined. We analyze FX markets at its micro level: its...