Although in developed countries the futures markets have been in existence since mid-nineteenth century, they are relatively new in the developing countries. In the late twentieth and early twenty first century, many new futures exchanges were established in developing countries and in the...

Futures markets have seen a phenomenal success since their inception both in developed and developing countries during the last four decades. This success is attributable to the tremendous leverage the futures provide to market participants. This study contributes to the literature by analyzing...