Execution quality in open-outcry futures markets

2005 ◽  
Vol 25 (11) ◽  
pp. 1067-1092 ◽  
Author(s):  
Alexander Kurov
Keyword(s):  
Futures Markets ◽  
Open Outcry

scholarly journals The Future of Price: Communicative Infrastructures and the Financialization of Indian Tea

2015 ◽  
Vol 31 (1) ◽  
pp. 4-29 ◽  
Author(s):  
Sarah Besky
Keyword(s):  
Futures Markets ◽  
Digital Technologies ◽  
Northeast India ◽  
Futures Contracts ◽  
Face To Face ◽  
Tea Industry ◽  
Open Outcry ◽  
The Government ◽  
Derivatives Markets ◽  
Indian Tea

For more than 150 years, most tea grown on plantations in northeast India has been sold in open-outcry auctions in Kolkata. In this essay, I describe how, in 2009, the Tea Board of India, the government regulator of the tea trade, began to convert auctioning from a face-to-face outcry process to a face-to-computer digital one. The Tea Board hoped that with the implementation of digital technologies, trade would soon revolve around the buying and selling of futures contracts, not individual lots of tea. Despite these efforts, the tea industry has thus far resisted all attempts at financialization. That so prominent a commodity as tea has yet to be financialized provides a unique opportunity to examine the how of financialization—the governmental and technical steps that precede futures and other kinds of derivatives markets. Futures markets rely on a standardized notion of price and of the material things being priced. The story of Indian tea’s resistance to financialization shows how such standardization requires not just a disentangling of commodities at the level of productive infrastructure (that is, the separation of individual trader and thing being traded) but also a reworking of the communicative infrastructure of trading. In this essay, I analyze this reworking by examining the effort to reform how tea is priced at auction. Specifically, I describe a transition in tea valuation from socially embedded price stories to standardized price scenarios.

Do designated market makers improve liquidity in open-outcry futures markets?

2004 ◽  
Vol 24 (5) ◽  
pp. 479-502 ◽  
Author(s):  
Yiuman Tse ◽  
Tatyana Zabotina
Keyword(s):  
Futures Markets ◽  
Market Makers ◽  
Open Outcry

Price Dynamics in the Regular and E-Mini Futures Markets

2004 ◽  
Vol 39 (2) ◽  
pp. 365-384 ◽  
Author(s):  
Alexander Kurov ◽  
Dennis J. Lasser
Keyword(s):  
Futures Markets ◽  
Price Discovery ◽  
Futures Contracts ◽  
Price Dynamics ◽  
Price Leadership ◽  
Index Futures ◽  
Empirical Results ◽  
Informed Traders ◽  
Open Outcry ◽  
Informational Advantage

AbstractThis paper examines the price dynamics in the S&P 500 and Nasdaq-100 index futures contracts. By utilizing transactions data with attached trader type identification codes, we are able to analyze price dynamics for trades initiated by exchange locals and off-exchange customers. The empirical results show that price discovery appears to be initiated in the E-mini index futures contracts and that trades initiated by exchange locals seem to be more informative than those initiated by off-exchange traders. Furthermore, results show that exchange locals appear to make informed trades on the E-mini contracts around large trades that occur on the open outcry floor. We maintain that the exchange locals' ability to observe pit dynamics may contribute toward explaining the price leadership of the Emini contracts. Overall, the results are consistent with the notion that exchange locals are informed traders who derive their informational advantage from the proximity to order flow.

Electronic versus open outcry trading in agricultural commodities futures markets

2011 ◽  
Vol 20 (1) ◽  
pp. 28-36 ◽  
Author(s):  
Valeria Martinez ◽  
Paramita Gupta ◽  
Yiuman Tse ◽  
Jullavut Kittiakarasakun
Keyword(s):  
Futures Markets ◽  
Agricultural Commodities ◽  
Open Outcry
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