Recent Advances in the Literature: Asia–Pacific Derivative Markets

Although most researchers trace the origin of modern futures markets to the creation of the Chi- cago Board of Trade in the 1840s, Hamori et al. (Journal of Futures Markets, 2001, 21, 861) argue that modern futures markets originated with the establishment of the Dojima Rice Exchange in Osaka in the early 1700s. Yet, derivative markets based in the Asia–Pacific region have only recently become important from a global perspective as measured by relative trading volume. Not surprisingly, the recent sharp growth in trading volume has stimulated much research on deriva- tives traded on Asia–Pacific markets as well. This study discusses some of that recent research.