Skip to main content

International Competitiveness of U.S. Futures Exchanges

  • Chapter

Abstract

Futures exchanges are business organizations providing transaction services and associated clearing and settlement services in a wide variety of products ranging these days from agricultural products (corn, soy beans, beef cattle) to precious metals (gold, silver, platinum) to petroleum products (heating oil, gasoline) and, most important currently, to financial instruments (stock indexes, Treasury bonds, foreign currencies). A breakdown of the futures exchange industry by location and type of product traded for the three years 1980,1985, and 1990 is presented in table 1.

Keywords

  • Future Market
  • Future Contract
  • Market Maker
  • International Competitiveness
  • Spot Market

These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

This is a preview of subscription content, access via your institution.

Buying options

Chapter
USD   29.95
Price excludes VAT (USA)
  • DOI: 10.1007/978-94-011-3876-5_11
  • Chapter length: 22 pages
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
eBook
USD   109.00
Price excludes VAT (USA)
  • ISBN: 978-94-011-3876-5
  • Instant PDF download
  • Readable on all devices
  • Own it forever
  • Exclusive offer for individuals only
  • Tax calculation will be finalised during checkout
Softcover Book
USD   139.99
Price excludes VAT (USA)
Hardcover Book
USD   189.00
Price excludes VAT (USA)

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

References

  • Carlton, Dennis. “Futures Markets: Their Purpose, Their History, Their Growth, Their Successes and Failures.” Journal of Futures Markets4, 3 (1984): 237–271.

    CrossRef  Google Scholar 

  • Froot, Kenneth A., James F. Gammill, Jr., and Andre F. Perold. “New Trading Practices and the Short-Run Predictability of the S&P 500 Index.” Working paper, Harvard Business School, 1990.

    Google Scholar 

  • Grossman, Sanford and Merton H. Miller. “Liquidity and Market Structure.” Journal of Finance43, 3 (July 1988): 617–633.

    CrossRef  Google Scholar 

  • Grundfest, Joseph A. “Securities Markets in International Perspective.” In this issue.

    Google Scholar 

  • Hsieh, David and Merton H. Miller. “Margin Regulation and Stock Market Volatility.” Journal of Finance 44 (March 1990): 3–29.

    CrossRef  Google Scholar 

  • Jordan, James V. and George L. Morgan. “Default Risk in Futures Markets: The Customer-Broker Relationship.” Journal of Finance45 (July 1990): 909–933.

    CrossRef  Google Scholar 

  • Kupiec, Paul. “Initial Margins Requirements and Stock Returns Volatility: Another Look.” Journal of Financial Services Research3 (December 1989): 287–301.

    CrossRef  Google Scholar 

  • Schaede, Ulrike. “Forwards and Futures in Tokugawa-Period Japan: A New Perspective on the Dojima Rice Market.” Working paper, Universitaet Marburg, May 1988.

    Google Scholar 

  • Schwert, G. William. “Stock Market Volatility.” Financial Analysts Journal(1990, forthcoming).

    Google Scholar 

  • Telser, Lester and Harlow Higginbotham. “Organized Futures Markets: Costs and Benefits.” Journalof Political Economy85 (October 1977): 969–1000.

    CrossRef  Google Scholar 

  • Telser, Lester. “Margins and Futures Contracts.” Journal of Futures Markets1 (1981): 225–253.

    CrossRef  Google Scholar 

Download references

Author information

Authors and Affiliations

Authors

Editor information

Editors and Affiliations

Rights and permissions

Reprints and Permissions

Copyright information

© 1990 Springer Science+Business Media New York

About this chapter

Cite this chapter

Miller, M.H. (1990). International Competitiveness of U.S. Futures Exchanges. In: Kosters, M.H., Meltzer, A.H. (eds) International Competitiveness in Financial Services. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-3876-5_11

Download citation

  • DOI: https://doi.org/10.1007/978-94-011-3876-5_11

  • Publisher Name: Springer, Dordrecht

  • Print ISBN: 978-94-010-5725-7

  • Online ISBN: 978-94-011-3876-5

  • eBook Packages: Springer Book Archive