01741cas a2200253 a 4500 AALejournalIMF000267 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451941579 1018-5941 BD-DhAAL BD-DhAAL Ito, Takatoshi. Race to the Center : Competition for the Nikkei 225 Futures Trade / Takatoshi Ito, Wen-Ling Lin. Washington, D.C. : International Monetary Fund, 1996. 1 online resource (50 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper examines the impact of changes in margin requirements on returns, transaction volumes, and price volatility of Nikkei 225 futures on the Osaka Securities Exchange (OSE) and the Singapore International Monetary Exchange (SIMEX). An increase in margin requirement on one exchange is shown to reduce trading volume in the implementing exchange and to shift trade to the competing exchange. Price volatility or returns are not systematically affected by changes in margin requirements. The loss of OSE's market share of Nikkei futures trade is partly due to the increased transactions costs (relative to SIMEX), including the margin requirement. Mode of access: Internet Lin, Wen-Ling. IMF Working Papers; Working Paper ; No. 1996/117 Full text available on IMF http://elibrary.imf.org/view/journals/001/1996/117/001.1996.issue-117-en.xml IMF e-Library