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  • Internationalization of futures markets: Lessons from China

    Author(s)
    Fan, JH
    Fernandez-Perez, A
    Indriawan, I
    Todorova, N
    Griffith University Author(s)
    Todorova, Neda
    Fan, John H.
    Year published
    2020
    Metadata
    Show full item record
    Abstract
    We examine the impact of internationalization on the quality of Chinese iron ore and PTA futures markets, by comparing the trading activities, costs and volatilities before and after the event. Using a difference-in-difference framework, we find that internationalization improves the market quality for PTA, while the opposite effect occurs with iron ore futures. This difference is caused in part by the activities of hedgers and speculators, while decreases in the iron ore market quality are largely explained by the erosion of locational arbitrage opportunities. Since the effects of internationalization differ across commodities, ...
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    We examine the impact of internationalization on the quality of Chinese iron ore and PTA futures markets, by comparing the trading activities, costs and volatilities before and after the event. Using a difference-in-difference framework, we find that internationalization improves the market quality for PTA, while the opposite effect occurs with iron ore futures. This difference is caused in part by the activities of hedgers and speculators, while decreases in the iron ore market quality are largely explained by the erosion of locational arbitrage opportunities. Since the effects of internationalization differ across commodities, its success must be assessed case by case.
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    Journal Title
    Pacific-Basin Finance Journal
    Volume
    63
    DOI
    https://doi.org/10.1016/j.pacfin.2020.101429
    Subject
    Accounting, Auditing and Accountability
    Banking, Finance and Investment
    Publication URI
    http://hdl.handle.net/10072/397849
    Collection
    • Journal articles

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