Lecture 18 Forwards Futures Yale University演讲18向前和期货耶鲁大学.pptVIP

Lecture 19: Forwards Futures First Futures Market: Osaka Begun at Dojima, Osaka, Japan, in 1670s. World’s only futures market until 1860s. Dojima was center for rice trade, with 91 rice warehouses in 1673. Dojima futures exchange had precise definitions of quality, delivery date and place, experts who evaluated rice quality, and clearinghouses for contracts. Trading floor, daily resettlement, burning fuse, and watermen Function of Osaka Futures Market Japan had sophisticated financial contracts before the futures market, partly under influence of Dutch. Rice bills and silver bills were kinds