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The market for futures contracts on Canadian bankers' acceptances

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Abstract

The Montreal Exchange introduced futures contracts on 3-month Canadian bankers' acceptances, known as BAX, in 1988. In this article, the author explains the nature of this new instrument, which is bought and sold on the floor of the Exchange, and its role in hedging, speculation, and arbitrage. She briefly reviews the technical aspects of the market and explains the difference between BAX contracts and forward rate agreements. She also examines the market's rapid growth and its relationship to the market for treasury bills.

Suggested Citation

  • Nancy Harvey, 1996. "The market for futures contracts on Canadian bankers' acceptances," Bank of Canada Review, Bank of Canada, vol. 1996(Autumn), pages 19-36.
    • Handle: RePEc:bca:bcarev:v:1996:y:1996:i:autumn96:p:19-36
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    1. Ruan, Qingsong & Zhou, Mi & Yin, Linsen & Lv, Dayong, 2021. "Hedging effectiveness of Chinese Treasury bond futures: New evidence based on nonlinear analysis," Physica A: Statistical Mechanics and its Applications, Elsevier, vol. 565(C).

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    JEL classification:

    • G10 - Financial Economics - - General Financial Markets - - - General (includes Measurement and Data)

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