Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café

Detalhes bibliográficos
Autor(a) principal: Lazzarini, Sérgio G.
Data de Publicação: 2000
Outros Autores: Saes, Maria Sylvia M., Nakazone, Douglas
Tipo de documento: Artigo
Idioma: por
Título da fonte: Economia Aplicada
Texto Completo: https://www.revistas.usp.br/ecoa/article/view/218776
Resumo: 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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spelling Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de cafétransaction costsfutures exchangeshedging effectivenesscoffee marketThis 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.Universidade de São Paulo, FEA-RP/USP2000-04-30info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionapplication/pdfhttps://www.revistas.usp.br/ecoa/article/view/21877610.11606/1413-8050/ea218776Economia Aplicada; Vol. 4 Núm. 2 (2000); 283-313Economia Aplicada; Vol. 4 No. 2 (2000); 283-313Economia Aplicada; v. 4 n. 2 (2000); 283-3131980-53301413-8050reponame:Economia Aplicadainstname:Universidade de São Paulo (USP)instacron:USPporhttps://www.revistas.usp.br/ecoa/article/view/218776/199881Copyright (c) 2000 Economia Aplicadahttp://creativecommons.org/licenses/by-nc/4.0info:eu-repo/semantics/openAccessLazzarini, Sérgio G. Saes, Maria Sylvia M. Nakazone, Douglas 2023-11-13T13:03:53Zoai:revistas.usp.br:article/218776Revistahttps://www.revistas.usp.br/ecoaPUBhttps://www.revistas.usp.br/ecoa/oai||revecap@usp.br1980-53301413-8050opendoar:2023-11-13T13:03:53Economia Aplicada - Universidade de São Paulo (USP)false
dc.title.none.fl_str_mv Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café
title Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café
spellingShingle Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café
Lazzarini, Sérgio G.
transaction costs
futures exchanges
hedging effectiveness
coffee market
title_short 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_sort Competição entre bolsas de futuros: o caso da BM&F e da CSCE no mercado de café
author Lazzarini, Sérgio G.
author_facet Lazzarini, Sérgio G.
Saes, Maria Sylvia M.
Nakazone, Douglas
author_role author
author2 Saes, Maria Sylvia M.
Nakazone, Douglas
author2_role author
author
dc.contributor.author.fl_str_mv Lazzarini, Sérgio G.
Saes, Maria Sylvia M.
Nakazone, Douglas
dc.subject.por.fl_str_mv transaction costs
futures exchanges
hedging effectiveness
coffee market
topic transaction costs
futures exchanges
hedging effectiveness
coffee market
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.
publishDate 2000
dc.date.none.fl_str_mv 2000-04-30
dc.type.driver.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
format article
status_str publishedVersion
dc.identifier.uri.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/218776
10.11606/1413-8050/ea218776
url https://www.revistas.usp.br/ecoa/article/view/218776
identifier_str_mv 10.11606/1413-8050/ea218776
dc.language.iso.fl_str_mv por
language por
dc.relation.none.fl_str_mv https://www.revistas.usp.br/ecoa/article/view/218776/199881
dc.rights.driver.fl_str_mv Copyright (c) 2000 Economia Aplicada
http://creativecommons.org/licenses/by-nc/4.0
info:eu-repo/semantics/openAccess
rights_invalid_str_mv Copyright (c) 2000 Economia Aplicada
http://creativecommons.org/licenses/by-nc/4.0
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
publisher.none.fl_str_mv Universidade de São Paulo, FEA-RP/USP
dc.source.none.fl_str_mv Economia Aplicada; Vol. 4 Núm. 2 (2000); 283-313
Economia Aplicada; Vol. 4 No. 2 (2000); 283-313
Economia Aplicada; v. 4 n. 2 (2000); 283-313
1980-5330
1413-8050
reponame:Economia Aplicada
instname:Universidade de São Paulo (USP)
instacron:USP
instname_str Universidade de São Paulo (USP)
instacron_str USP
institution USP
reponame_str Economia Aplicada
collection Economia Aplicada
repository.name.fl_str_mv Economia Aplicada - Universidade de São Paulo (USP)
repository.mail.fl_str_mv ||revecap@usp.br
_version_ 1800221693188243456

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