The Impact of Introducing Nighttime Trading Hours: Revisiting the Chinese Commodity Futures Market

Lin Zhao

Chinese Economy, 2020, vol. 54, issue 2, 124-144

Abstract: Chinese futures exchanges began to implement nighttime trading hours in 2013. Years after, most Chinese commodity futures have adopted night trading session, and the Chinese market also has experienced fast development and become more accessible to foreign traders. Using daily data of commodity futures, we explore the influence of the nighttime trading policy on the price dynamics of the domestic Chinese futures market. Empirical results from this study suggest an improvement in the overall efficiency of Chinese commodity futures prices. In particular, the positive (negative) relationship between volatility and trading volume (open interest) becomes stronger after the launching of nighttime trading session.

Date: 2020
References: Add references at CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
http://hdl.handle.net/10.1080/10971475.2020.1830227 (text/html)
Access to full text is restricted to subscribers.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mes:chinec:v:54:y:2020:i:2:p:124-144

Ordering information: This journal article can be ordered from
http://www.tandfonline.com/pricing/journal/MCES20

DOI: 10.1080/10971475.2020.1830227

Access Statistics for this article

More articles in Chinese Economy from Taylor & Francis Journals
Bibliographic data for series maintained by Chris Longhurst ().