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| Tekijä: | Chow, E. Lee, J. Shyy, G. |
| Otsikko: | trading mechanisms and trading preferences on a 24-hour futures market: a case study of the floor/GLOBEX switch on MATIF |
| Lehti: | Journal of Banking and Finance
1996 : DEC, VOL. 20:10, p. 1695-1714 |
| Asiasana: | FINANCE BANKING TRADE |
| Kieli: | eng |
| Tiivistelmä: | MATIF is the only major exchange offering a 24-hour non-interrupted trading cycle accommodating two distinct non-overlapping trading mechanisms. The authors find that trading volume on the floor is significantly higher than that on GLOBEX around the switch of trading mechanism. GLOBEX is mainly used by institutions to hedge their cash positions. The higher trading volume on the floor may be attributed to several factors: trade immediacy vs. transaction cost, liquidity trading by locals, inertia to trade under a new mechanism, and transparency vs. anonymity. |
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