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Betreiben Indexfonds Agrarspekulation? Erläuterungen zum Geschäftsmodell und zum weiteren Forschungsbedarf

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  • Prehn, Sören
  • Glauben, Thomas
  • Pies, Ingo
  • Will, Matthias Georg
  • Loy, Jens-Peter
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    Abstract

    Indexfonds sind aufgrund ihrer Terminmarktgeschäfte mit Agrarrohstoffen ins Zentrum öffentlicher Aufmerksamkeit und Kritik geraten. Hierzu kursieren in den Medien zahlreiche Falschinformationen, deren Korrektur sich durch klar identifizierbare Forschungslücken der empirischen Literatur verzögert hat. Gleichwohl können folgende Erkenntnisse helfen, die Debatte zu versachlichen: Indexfonds folgen einer passiven Handelsstrategie. Sie zeichnen einen Markttrend nach. Hiervon geht eine preisstabilisierende Wirkung aus. Deshalb ist zu befürchten, dass regulatorische Einschränkungen der Geschäftsaktivität von Indexfonds in Form von strengen Positionslimits oder Preislimits der Funktionsweise von Terminmärkten nicht zuträglich, sondern abträglich sind. -- Huge number of transactions of index funds on agricultural futures markets have been criticized by the media and many other stakeholders. The criticism is often based on wrong information. To correct this information it is partly needed to fill some gaps by future research in this field. However, the following research lays out the basis for an objective discussion based on the current knowledge which shows that index funds follow a passive trade strategy that likely stabilizes prices. Therefore, trade restrictions by position or price limits may significantly harm the functioning of futures markets and will likely not solve the problem of volatile futures and cash market prices.

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    Bibliographic Info

    Paper provided by Leibniz Institute of Agricultural Development in Central and Eastern Europe (IAMO) in its series IAMO Discussion Papers with number 138.

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    Date of creation: 2013
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    Handle: RePEc:zbw:iamodp:138

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    Related research

    Keywords: Warenterminmärkte; Preisbildung; Indexfonds; Regulierungen; futures; pricing; index funds; regulation;

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