1974•American Journal of Agricultural EconomicsRequires access

Market Liquidity in the FCOJ Futures Market

Ronald Wayne Ward

Abstract

Abstract Speculation is essential for maintaining liquidity within futures markets. Deviations in speculative trading about a liquidity level may, however, distort market price performance. The liquidity level for FCOJ futures has been derived. Speculation in excess of liquidity occurred infrequently and such excesses showed only limited effects on price performance.

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Key concepts: Market liquidity, Speculation, Futures contract, Futures market, Liquidity crisis, Market impact, Economics, Accounting liquidity