Several unique insights are documented based on a study of copper futures contracts traded in the U.S. and China. Based … on our unique measures, we present evidence that the U.S. gold and silver futures markets reflect a fully arbitraged … market and U.S. copper nearly so. In contrast, the Chinese gold and silver futures markets appear to reflect an unarbitraged …

.By studying 3-months LIBOR futures, this paper evaluates the consequences four scandal-related events have had on liquidity and …

the role of derivatives securities during the crisis. Once the role of futures contracts is understood, the paper examines … whether derivatives trading by either domestic or non-resident investors, or both together, exerted a destabilizing influence …

futures prices, both during the earlier period of 1985-2002 and during the spike. The dynamics of the term structure changed …

operate. Because speculative trading cannot easily be observed, it is difficult to assess speculators’ contribution, if any …-oil futures markets. The paper is exploratory, with focus on measuring and assessing the tendency of speculators to herd (trade in …

significance. We consider relations of the GKO market with currency (spot and forward) markets, stock market, and GKO futures … costs. The GKO nonzero risk premium was estimated as the costs of position hedging in the GKO futures market. The procedure …

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 …

simulating a trading strategy based on under- and over-pricing, and examining the informational content of the volatility implied … by option prices. The final group focuses on the social costs and/or benefits that arise from derivatives trading. The …