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In the past decade, many of the world's largest financial exchanges have demutualized, i.e., converted from mutual, not-for-profit organizations to publicly-traded, for-profit firms. In most cases, these exchanges have substantial responsibilities with respect to enforcing various "trade...
Persistent link: https://www.econbiz.de/10013133603
We examine the effect of price limits on futures contracts where there exist options contracts on those futures that have no price limits. We establish that when options are trading, the futures price implied by put-call parity provides an accurate prediction of the unconstrained futures price....
Persistent link: https://www.econbiz.de/10012732966
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In the past decade, many of the world's largest financial exchanges have converted from mutual, not-for-profit organizations to publicly-traded, for-profit firms. In most cases, these exchanges have substantial responsibilities with respect to enforcing various regulations that protect investors...
Persistent link: https://www.econbiz.de/10012760370
On June 25, 2012 the Chicago Board of Trade (CBT) changed the procedure for determining reference (settlement) prices for their corn futures contract. Prior to the change, settlement prices were based on prices in trades executed on the exchange floor during the final minute of the floor trading...
Persistent link: https://www.econbiz.de/10013017764
This paper examines the incentives to voluntarily centrally-clear swaps. It takes advantage of changes brought about by a regulation that mandated exchanging collateral on uncleared swaps to analyze the determinants of traders' clearing decisions. Using unique regulatory data, it finds that the...
Persistent link: https://www.econbiz.de/10013295851
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Some of the world's largest futures exchanges impose daily limits on the price movements of individual contracts. Using data from three of the most active US commodity futures contracts, we show that these price restrictions are largely ineffective because traders are able to take similar...
Persistent link: https://www.econbiz.de/10013131781
This paper develops a model of competition among multiproduct retailers that is consistent with observed pricing regularities, e.g., virtually all products have large mass points in their price distributions and most deviations fall below the mass point. The basis of the model is that, because...
Persistent link: https://www.econbiz.de/10014055348