The impacts of trade types on price fluctuation and volumes :the Brent crude oil market

• Main Authors: Ya-Hui Chen, 陳雅慧
• Other Authors: Huei-chu Liao
• Format: Others
• Language: zh-TW
• Published: 2004
• Online Access: http://ndltd.ncl.edu.tw/handle/83486624505638108144

碩士 === 淡江大學 === 經濟學系碩士班 === 94 === There are many works operated by the electronic system in the daily life with the technical progress, because the electronic system can reduce the probability of the human errors. So, the International Petroleum Exchange (IPE) changed their price transaction way from open outcry into electronic trade system in April 7, 2005. I wander if different trade systems will have influences on International Petroleum Exchange (IPE). This research selects the prices and volumes data of IPE as the sample to analyze the differences between open outcry and electronic trade system. The results are as follows: 1.We have no obvious evidences to show the change of transaction system will have influences on the opening price fluctuation degree and the sustainability of IPE. 2.We have obvious evidences to show the change of transaction system will increase the closed price fluctuation degree and the sustainability of IPE. 3.We have no obvious evidences to show the change of transaction system will have influences on the volumes fluctuation degree of IPE. 4.We have obvious evidences to show the change of transaction system will increase the volumes fluctuation sustainability of IPE. Above results imply current high fluctuations of the international crude oil prices may be due to the generality of the international crude oil futures markets. Since New York Mercantile Exchange (NYMEX) also will adopt the electronic trade system comprehensively in the near future, the international crude oil prices might have a huger fluctuations.