Title: An Empirical Study on the Price Discovery Function of the National Debt Futures Market in China
Abstract: The introduction of bond futures is significant to China's financial market. The function of price discov-ery is the basis for using the hedging and arbitrage effectively. In this paper, the test method of the price discovery function of futures market is drawn by many scholars at home and abroad. The most active bond futures contracts of TF1506 and 02 bond(13) spot data is selected. The results show that Bond futures prices and spot prices have a long-term stable equilibrium relationship. The fluctuation of national debt futures price can lead to the fluctuation of spot price. The price of the futures market is not the reason for the change in the spot price. It has an important reference value to the government,the institution and the investor.
Publication Year: 2016
Publication Date: 2016-01-01
Language: en
Type: article
Access and Citation
AI Researcher Chatbot
Get quick answers to your questions about the article from our AI researcher chatbot