摘要
具有相同标的资产铜期货合约的伦敦金属交易所(LME)与上海期货交易所(SHFE)之间的竞争日趋激烈,对比分析了这两个市场在铜价格发现过程中的贡献度。结果表明,价格发现主要由LME决定,随着SHFE期铜市场的发展和完善,它在价格发现过程中的地位也得到了逐步提高。
The competition is increasing between the London Mental Exchanges and the Shanghai Futures Exchanges for listing the similar copper futures contracts. The distribution degrees of the price discovery process are contrasted between the two markets in the paper. The results show that price discovery primarily are originated from the London Mental Exchanges, and with the development of the Shanghai Futures Exchanges' copper futures markets, it plays a more and more important role in the price discovery process.
出处
《系统工程理论方法应用》
2004年第6期481-484,489,共5页
Systems Engineering Theory·Methodology·Applications
基金
国家杰出青年基金资助项目(70025303)
关键词
铜
期货交易所
价格发现
copper
futures exchanges
price discovery
