Constructing Internet futures exchange for teaching derivatives trading in financial markets
Constructing Internet futures exchange for teaching derivatives trading in financial markets
复制标题
建设互联网期货交易所，教授金融市场衍生品交易
DOI：
10.1109/cie.2002.1186263
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发表时间：
2002
期刊：
影响因子：
--
通讯作者：
S. Yang
中科院分区：
文献类型：
--
作者：
A. Chen;Jyun;S. Yang
模拟和游戏被广泛接受为一种强大的教学和学习模式。在金融领域，向学生教授错综复杂的股市交易尤其如此。在本研究中，我们利用互联网技术的力量，设计一个功能齐全的互联网期货交易所。在学术研究方面，我们提供了一个例子，说明如何使用我们的互联网期货交易所作为研究平台，以解决市场透明度和领先者的问题。这本身就是一个重要的研究问题，因为市场透明度水平是有争议的辩论的核心。从受控实验室环境中收集的经验数据可能有助于解决争议。以前的实验室研究解决这个问题使用简化的金融交易所的代表性的基础上模拟证券的价值是随机选择的形式一些预定的分布。在本研究中，我们建构了一个功能完备的以真实的标的证券为基础的网上期货交易所，并在此交易所上进行了实验。我们得到的结果应该是更强大的比那些从简化的金融交易所在以前的研究中使用。我们还分析了市场透明度和领先者之间的关系。以前没有研究详细分析过这个问题。在我们的研究中，我们利用我们构建的功能齐全的互联网期货交易所，并收集经验数据下的替代交易所的设计和不同程度的透明度和领先者的参与。不同水平的领跑者参与对买卖价差和交易损益的影响可以进行测试。此外，可以测试不同水平的领跑者订单数量（订单大小）的影响。
Simulations and games are widely accepted as a powerful mode of teaching and learning. This is especially so in the field of finance in teaching students the intricacies of stock market trading. In this study, we leverage the power of Internet technology and design a fully functional Internet futures exchange. With respect to academic research, we provide an example of the use of our Internet futures exchange as a research platform to address the issue of market transparency and front runners. This, in itself is an important research question since market transparency level lies at the heart of controversial debates. Empirical data gathered from a controlled laboratory setting may help resolve the controversy. Previous laboratory studies addressing this issue use simplified representations of financial exchanges based on simulated securities whose values are chosen randomly form some predetermined distribution. For our study, we construct a fully functional futures exchange based on real underlying securities on the Internet and conduct our experiments on this exchange. Our obtained results should be more robust than those obtained from simplified financial exchanges used in previous studies. We also analyze the relation between market transparency and front runners. No previous research has been done analyzing this issue in detail. In our study, we make use of our constructed fully functional Internet futures exchange and gather empirical data under alternative exchange designs and varying levels of transparency and front-runner participation. The effect of varying levels of front runner participation on the bid-ask spread and on trading gains and losses can be tested for. Additionally, the effect of varying levels of front runner order quantity (order size) can be tested for.