The market for futures contracts on Canadian bankers' acceptances

Nancy Harvey
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Nancy Harvey: Bank of Canada, https://www.bankofcanada.ca/

Bank of Canada Review, 1996, vol. 1996, issue Autumn, 19-36

Abstract: The Montreal Exchange introduced futures contracts on 3-month Canadian bankers' acceptances, known as BAX, in 1988. In this article, the author explains the nature of this new instrument, which is bought and sold on the floor of the Exchange, and its role in hedging, speculation, and arbitrage. She briefly reviews the technical aspects of the market and explains the difference between BAX contracts and forward rate agreements. She also examines the market's rapid growth and its relationship to the market for treasury bills.

JEL-codes: G10 (search for similar items in EconPapers)
Date: 1996
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Persistent link: https://EconPapers.repec.org/RePEc:bca:bcarev:v:1996:y:1996:i:autumn96:p:19-36

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