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Economic Perspectives, 16, 3rd, No. 4, July 1992
Derivative markets and competitiveness
This article explores the impact of the 1980s expansion on the derivative markets and its participants. In particular, the discussion focuses upon the growing importance of exchange competition and its impact on transaction costs and liquidity. This increase in competition is driving the continuing internationalization of national financial markets. At the same time, the growth of the exchange and OTC markets is forcing a restructuring of these markets.


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