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Book Cover
Author Itō, Takatoshi, 1950-

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]
Online access available from:
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Description 1 online resource (49 pages) : illustrations
Series IMF working paper ; 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 Print version record
Subject Chicago Mercantile Exchange.
Ōsaka Shōken Torihikijo.
Singapore International Monetary Exchange.
Margins (Futures trading)
Stock index futures -- Japan.
Stocks -- Prices.
Form Electronic book
Author Lin, Wen-Ling.
International Monetary Fund. Research Department.
ISBN 1455284734