돈육 선물거래 실패의 원인과 교훈 = The Failure of Lean Hog Futures : Reasons and Lessons

다국어 초록 (Multilingual Abstract)

Lean hog futures, the first agricultural futures contract in Korea, is destined to end in failure due to the lack of liquidity. The primary objective of thisstudy is to explore the reasons for the failure of lean hog futures and to draw lessons from the failure of lean hog futures market. This study used the augmented Black(1986) model to determine the relationship between trading volume and price variability of the cash market, size of the cash market, and basis risk. The results show that cash price variability failed to increase the trading volume, while the basis risk decreased the trading volume. This study emphasizes the incorporation of cash-market trade practices into fu-tures contract design and the industry support, market-making efforts(priming the pump), and education and public relations for the introduction of new futures contracts.