We investigate the informational content of options-implied probability density functions (PDFs) for the future price …

We compile and analyze detailed information on the debt structure and interest rate derivative positions of … difference in derivative positions. In particular, among derivative users, smaller firms tend to have relatively more interest … derivatives. On the other hand, we find that a large fraction of the change in derivative positions over time cannot be explained …

various futures margins from Chicago Mercantile Exchange (CME) Group. We first find that CME Group raises margins quickly …