Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café
This study discusses the competition between futures exchanges as evaluated by their users, in particular hedgers, choosing alternative contracts based on costs and benefits of hedging. Focusing on Brazilian hedgers, two alternative exchanges supplying coffee futures contracts are evaluated: the Co...
| Main Authors: | , , |
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| Format: | Article |
| Language: | Portuguese |
| Published: |
Universidade de São Paulo
2000-04-01
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| Series: | Economia Aplicada |
| Subjects: | |
| Online Access: | https://www.revistas.usp.br/ecoa/article/view/218776 |
| _version_ | 1827763449779716096 |
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| author | Sérgio G. Lazzarini Maria Sylvia M. Saes Douglas Nakazone |
| author_facet | Sérgio G. Lazzarini Maria Sylvia M. Saes Douglas Nakazone |
| author_sort | Sérgio G. Lazzarini |
| collection | DOAJ |
| description |
This study discusses the competition between futures exchanges as evaluated by their users, in particular hedgers, choosing alternative contracts based on costs and benefits of hedging. Focusing on Brazilian hedgers, two alternative exchanges supplying coffee futures contracts are evaluated: the Coffee, Sugar and Cocoa Exchange (CSCE), and the Brazilian Commodities and Futures Exchange (BM&F), the latter with contracts more specifically designed to the physical, temporal and locational characteristics of the Brazilian coffee. Results suggest that liquidity is the most important factor influencing the negotiation of contracts on the CSCE market by Brazilian traders, even though there is evidence that hedging effectiveness tends to be higher for the BM&Fcontract. An analysis ofthe future price bias ("risk premium") embodied in the contracts did not allow us to reject the hypothesis that there is no significant difference between the exchanges with regard to this aspect. Institutional and dynamic issues are also briefly discussed.
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| first_indexed | 2024-03-11T10:52:28Z |
| format | Article |
| id | doaj.art-c9436b46572b470385a84352317cd39e |
| institution | Directory Open Access Journal |
| issn | 1413-8050 1980-5330 |
| language | Portuguese |
| last_indexed | 2024-03-11T10:52:28Z |
| publishDate | 2000-04-01 |
| publisher | Universidade de São Paulo |
| record_format | Article |
| series | Economia Aplicada |
| spelling | doaj.art-c9436b46572b470385a84352317cd39e2023-11-13T16:10:26ZporUniversidade de São PauloEconomia Aplicada1413-80501980-53302000-04-0142Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de caféSérgio G. Lazzarini0Maria Sylvia M. Saes1Douglas Nakazone2John M. Olin School of Business-Washington UniversityFaculdade de Ciências Econômicas de São PauloUniversidade de São Paulo. Faculdade de Economia, Administração e Contabilidade This study discusses the competition between futures exchanges as evaluated by their users, in particular hedgers, choosing alternative contracts based on costs and benefits of hedging. Focusing on Brazilian hedgers, two alternative exchanges supplying coffee futures contracts are evaluated: the Coffee, Sugar and Cocoa Exchange (CSCE), and the Brazilian Commodities and Futures Exchange (BM&F), the latter with contracts more specifically designed to the physical, temporal and locational characteristics of the Brazilian coffee. Results suggest that liquidity is the most important factor influencing the negotiation of contracts on the CSCE market by Brazilian traders, even though there is evidence that hedging effectiveness tends to be higher for the BM&Fcontract. An analysis ofthe future price bias ("risk premium") embodied in the contracts did not allow us to reject the hypothesis that there is no significant difference between the exchanges with regard to this aspect. Institutional and dynamic issues are also briefly discussed. https://www.revistas.usp.br/ecoa/article/view/218776transaction costsfutures exchangeshedging effectivenesscoffee market |
| spellingShingle | Sérgio G. Lazzarini Maria Sylvia M. Saes Douglas Nakazone Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café Economia Aplicada transaction costs futures exchanges hedging effectiveness coffee market |
| title | Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café |
| title_full | Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café |
| title_fullStr | Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café |
| title_full_unstemmed | Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café |
| title_short | Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café |
| title_sort | competicao entre bolsas de futuros o caso da bm f e da csce no mercado de cafe |
| topic | transaction costs futures exchanges hedging effectiveness coffee market |
| url | https://www.revistas.usp.br/ecoa/article/view/218776 |
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