The Clearing Association in Futures Markets: Guarantor and Regulator
Article Abstract:
Clearing House corporations are puzzling to many. Their purpose is investigated, and their regulations and practices are examined. A hypothetical example of nine parties is used to illustrate such operations. In the example, all transactions are considered as part of the same futures contract. The positions of the parties are described, and the Futures Commission Merchants (FCM) are figured to have a net long of ten contracts in an omnibus arrangement. Margins are not able to protect clients in all situations. Six United States Clearing Houses are compared as well as one in England. Tables of related comparative data, including considerations of organizational structure and financial regulations are highlighted. Members' liability and insurance issues are analyzed.
Publication Name: Journal of Futures Markets
Subject: Business, general
ISSN: 0270-7314
Year: 1983
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Memories, heteroscedasticity, and price limit in currency futures markets
Article Abstract:
An investigation of the time series property of four actively traded currency futures revealed that the German mark, Swiss franc, British pound and Canadian dollar demonstrated short-term price dependence. The heterogeneous traders hypothesis and the transaction efficiency hypothesis provided for the existence of short-term price dependence in currency futures markets. Price limit rules have proved to be ineffective in controlling short-term price dependence, by delaying the price adjustment process.
Publication Name: Journal of Futures Markets
Subject: Business, general
ISSN: 0270-7314
Year: 1992
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Searching for fractal structure in agricultural futures markets
Article Abstract:
The processes that yield futures returns for agriculture have a fractal structure. Experimental results revealed that asset returns for six agricultural futures are fractal and are characterized by fine structure, local and global irregularities, self-similarity, and noninteger dimension. The fractal returns in agriculture suggest that the market efficiency theory, and the random walk behavior of asset returns in particular, is special and may not always be applicable to other futures prices.
Publication Name: Journal of Futures Markets
Subject: Business, general
ISSN: 0270-7314
Year: 1997
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