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E-book
Author Itō, Takatoshi, 1950- author.

Title Race to the center : competition for the Nikkei 225 futures trade / prepared by Takatoshi Ito and Wen-Ling Lin
Published [Washington, D.C.] : International Monetary Fund, Research Dept., ©1996

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Description 1 online resource (49 pages) : illustrations
Series IMF working paper, 2227-8885 ; WP/96/117
IMF working paper ; WP/96/117.
Summary Annotation This paper examines the impact of changes in margin requirements on returns, transaction volumes, and price volatility of Nikkei 225 futures on the Osaka Securities Exchange (OSE) and the Singapore International Monetary Exchange (SIMEX). An increase in margin requirement on one exchange is shown to reduce trading volume in the implementing exchange and to shift trade to the competing exchange. Price volatility or returns are not systematically affected by changes in margin requirements. the loss of OSEs market share of Nikkei futures trade is partly due to the increased transactions costs (relative to SIMEX), including the margin requirement
Bibliography Includes bibliographical references (pages 47-49)
Notes Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL
English
digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL
Print version record
Subject Ōsaka Shōken Torihikijo.
Singapore International Monetary Exchange.
Chicago Mercantile Exchange.
Chicago Mercantile Exchange.
Ōsaka Shōken Torihikijo.
Singapore International Monetary Exchange.
Stock index futures -- Japan
Margins (Futures trading)
Stocks -- Prices.
Margins (Futures trading)
Stock index futures.
Stocks -- Prices.
SECURITIES.
STOCK MARKETS.
JAPAN.
SINGAPORE.
Japan.
Form Electronic book
Author Lin, Wen-Ling, author.
International Monetary Fund. Research Department, issuing body.
ISBN 1455284734
9781455284733
1462337813
9781462337811
9781451941579
1451941579