cents per contract, or a cash equivalent of $35 per contract. ; In the Japanese yen futures pit, dual traders also obtain … their customers' trades, which does not happen in the Japanese yen futures. Finally, dual traders do not appear to be …

assumptions such as lognormality. ; I apply this technique to estimate the joint risk-neutral density of euro-dollar and yen-dollar … nonparametric marginals. The nonparametric euro-yen risk-neutral density has greater volatility, skewness, and kurtosis than the … density based on a lognormal dependence function. In a comparison of pricing accuracy for euro-yen futures options, I find …

status of these roles. The U.S. dollar continues to be the dominant currency across various uses. Yet, such a role may change … over time. If this occurs, there could be consequences for seignorage returns, U.S. funding costs, the dollar’s value, U …

Following a scarcity of dollar funding available internationally to financial institutions, in December 2007 the …. These central banks had the capacity to use the swap facilities to provide dollar liquidity to institutions in their … jurisdictions. This paper presents the developments in the dollar swap facilities through the end of 2009. The facilities were a …

This paper examines the determinants of cross-border flows of U.S. dollar banknotes, using a new panel data set of … degree of competition with the euro, and the history of macroeconomic instability over the previous generation. We find no …

account adjustment could occur through a sudden and disruptive depreciation of the dollar and a sharp drop in U.S. consumption … position reflects sizable capital gains stemming from strong foreign equity markets and a weaker dollar - conditions that could …