The Bitcoin futures market has grown rapidly since its 2017 introduction. Along with enabling institutional traders to access a regulated cryptocurrency product, provide means improve efficiency by shorting Bitcoin. We examine trading behavior in utilizing the Commodity Futures Trading Commission Commitment of Traders report. Leveraged money tend hold largest positions, be net short, and their ...

The purpose of this primer is to clarify some of the key characteristics of the over-the-counter (OTC) derivatives markets. A clearer picture of these markets will help legislators and regulators write better legislation and rules for the prudential regulation of OTC derivatives markets. (Note that this Primer is followed by a short list of key definitions used to describe OTC derivatives marke...

Understanding the microstructure of the financial market requires the processing of a vast amount of data related to individual trades, and sometimes even multiple levels of quotes. Analyzing such a large volume of data requires tremendous computing power that is not easily available to financial academics and regulators. Fortunately, public funded High Performance Computing (HPC) power is wide...