Manipulation of Cash-Settled Futures Contracts.

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Pirrong, Craig;
  • Journal: Journal of Business, volume 74, issue 2 April, pages 221-44
  • Identifiers: doi: 10.1086/209671

Replacement of delivery settlement of futures contracts with cash settlement is frequently proposed to reduce the frequency of market manipulation. This article shows that it is always possible to design a delivery-settled futures contract that is less susceptible to co... View more
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