trading landscape has become more fragmented. In order to analyze the positive and normative implications of these evolutions …, we study a framework that captures (i) exchanges’ incentives to invest in faster trading technologies and (ii) investors …’ trading and participation decisions. Our model predicts that regulations that protect prices will lead to fragmentation and …

functioning and governance of London futures markets, and in particular of the LME. This paper argues that futures market … been insufficiently active in attempting to eliminate manipulations, price discovery on futures markets generates an …

futures contracts. Their hedging demand is met by financial intermediaries who act as speculators, but are constrained in risk … 1980-2006, we show that producers’ hedging demand - proxied by their default risk - forecasts spot prices, futures prices …

Many questions about institutional trading can only be answered if one can track high-frequency changes in …. We infer daily institutional trading behaviour from the “tape”, the Transactions and Quotes database of the New York …

prices are usually close to the mean beliefs of traders. The key parameters driving trading behavior in prediction markets …

commodity-exporting countries. We show that the introduction of hedging instruments such as futures and options enhances …