This paper examines the relative liquidity and rate of price discovery on floor-based versus screen-based trading systems in the Japanese Yen, British Pound, and Euro foreign exchange futures markets traded on the Chicago Mercantile Exchange (CME). Intra-day data from January 2, 2003 through...

In this article the intraday price discovery process between regular index futures (floor trading) and E‐mini index futures (electronic trading) in the S&P 500 and Nasdaq 100 index futures markets is examined, using intraday data from the introduction of the E‐mini index futures to 2001....

A distinctive feature of present globalization is the development of international production sharing activities (i.e. production fragmentation). The recent developments in transportation and communication technologies led to a surge in intermediate goods trade. However, intermediate goods trade...