دانلود مقاله ISI انگلیسی شماره 101662
ترجمه فارسی عنوان مقاله

تعویض و مبادله آینده: یک جهت جدید برای تحقیقات کالایی

عنوان انگلیسی
Integrating swaps and futures: A new direction for commodity research
کد مقاله سال انتشار تعداد صفحات مقاله انگلیسی
101662 2017 45 صفحه PDF
منبع

Publisher : Elsevier - Science Direct (الزویر - ساینس دایرکت)

Journal : Journal of Commodity Markets, Available online 12 June 2017

پیش نمایش مقاله
پیش نمایش مقاله  تعویض و مبادله آینده: یک جهت جدید برای تحقیقات کالایی

چکیده انگلیسی

This paper introduces new regulatory data that provides unprecedented visibility into swaps positions of dealers and their counterparties. Our analysis suggests that, contrary to common perception, commercial end-users have a larger footprint in the WTI crude oil swaps space than financial end-users do. Commercial end-users’ swaps exposure is larger than their futures exposure, and they are net short in both markets. Financial end-users are smaller in swaps than in futures and are net long in both. Dealers perform a substantial amount of intermediation among market participants. We conclude that joint examination of swaps and futures data facilitates many new directions for commodity research.