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.1112345678910CtCt2Ct=Ct311Ct+Ct0-Ct3+Ct+Ct+Ct123XYZ–100-333XYZ–100-3100XYZ41314151..19987P21616)1()()(21dNXedNSCrTtt−−=)2(),/())2/()/(ln(1221TddTTrXSdtσσσ−=++==tCtSX(.)N17)3())(1()1)((21dNXedNSPrTtt−−−=−–)4()()(21mrTMTttdNXedNeSC−−−=η18)5(,)2/()/ln(1221TddTTrXSdMMtMσσση−=+−+=)(1MTdNeη−192021222322024–25’262742843KeithK.H.ParkandStevenA.SchoenfeldThePacificRimFsandOptionsMarketsChicgoProbusP.utureublishing199245645http:/()///1998171,6721,637,4474,29049,88262,0800.6710.7%3.4%1999171,5662,197,9725,31569,807209,2100.894.3%6.4%2000181,5444,188,70213,90588,088462,4940.483.7%8.5%2001312,4064,001,0147,896.788,848231,6571.084.6%2.2%307200161999-20012000/20011999/20001998/199977.978.074.08.515.417.513.56.68.5100.0100.0100.066.154.757.116.128.419.717.816.823.2100.0100.0100.072.8n.a.n.a.2.1n.a.n.a.25.1n.a.n.a.100.0100.0100.073.672.369.412.63.92.913.823.727.7100.0100.0100.075.875.072.09.217.418.315.07.79.7100.0100.0100.0*90.4--9.6--100.0100.0100.0*86.7n.a.n.a.13.3n.a.n.a.100.0100.0100.031198619871988198919901991199219932.82.83.5456.98.412.1175.6186.6127.8161.9190195222.266.5199419951996199719981999200020011220.416.417.417.427.127.751.282102.373.380.591.3122.9177.5390.13219861987198819891990199119921993223.5209.9370.1508.8749.81272.61620.32670.58655.4103619335.317076.622440.124675.933082.910215.4199419951996199719981999200020012921.93200.43805.84568.45580.45258.65876.311969.514262.212132.312988.316165.118352.2139131701841869.891999-2001OTC101999.6.11999.12.12000.6.12000.12.12001.6.1131315271306155515561932882312291501313152713061555155641748846956353733434103536373839404142434445461019901045.9199114519925368.8794.091993183383375.4719942913690.62680326.788127.6319953233474.27849150.324035.8119965309842.371222425.0821332.16199775417529.231950.521294.851548.31199885119505.652522.22840.14991.57199994926610.923080.32945.172000108848090.943791.642102.0878107.042001116043522.25218.011168.1138305.28474849505152—53—5455565758596061123456789101112ABCDEFGHIJKLMNOPQRSTUVWXABCDEFGHIJKLM5105205101102101511521520120220251252253013023035135235401402404514524550150250551552556016026065165265NOPQRSTUVWXYZ7017027075175275801802808518528590190290951952951002003007.512.517.522.5131-4-7-102-5-8-113-6-9-124992112IBM47UAL58GM3625GeneralElectricGE10575,80,8510511025DellComputerDELL)200CBS(CBSIncCBS),2.5106062100,1030100510302.533541H40140240N701702701D4Q5)133(45)FFordMotorEKEastmanKodak)LUV(SouthwestAirlines)LOQLotusDevelopmentLOTSAAQAppleComputerAAPLIBM470IBMDN425AAQPE6115IBMIBM6115630.010.01()5,00025,00010,00030,000()1,0005,000()2255101020205050100100200200300300500AB()()0.100.200.501.000.502.001.005.002.505.0010.005.0020.00()10123023045302.00T+1T+25.001.002002410.25%50.00200241AB641[].M.Anthony.M.Santomero.F.(David.F.Babbel)20002000412199819981113199419941214[].J..G20002000615199519955161999199941719941994918200149[].1997199712110199319935111[]J..1995199510112[].(Scott.slutsky)2000200011(slewl@aol.com/vantagecorp.com)13[].199871141994199411115199819987116200120171993199318[].200020008119[].1999Riskandregulationinglobalsecuritiesmarkets19999120199719966121199419943122.(Walliam.Sharpe)199219928123199719971165242001200121251998199871262000200012127200120019281996199631292000200071303119921992813220002000413320002000113419981998113519991999313619981213940[].199819987141[].199720001142[].M.1998()19983143[]..200119987144[].A.JosephA.Walker1998—199841451998199811462000200011664719971997514819991999491999199911150[].(Zvi.Bodie).(Alex.Kane).(Alan.Marcus)1999(Investments)199981511995199555220002000415319951995915419961996116-855120015156200120015720012000/012001112~200020011126020012001410http//’Connor1999TheCross-SectionalRelationshipBetweenTradingCostsandLead/lagEffectsinStock&OptionMarketsTheFinancialReviewVol.34Iss.4November1999.65Dong-HyunA.JacobB.MatthewP.R.RobertWhitelaw1997OptimalRiskManagementUsingOptionNBERWorkingPaperNo.W6158.6766ZhiWuChenYaleUniversityPengXiongBeijingUniversity2001DiscountsOnIlliquidStocksEvidenceFromChinaYaleICFWorkingPaperNo.00-56.67Basle1995TheBISstatisticsoninternationalbankingandfinancialmarketactivityBankforInternationalSettlementsBISMonetaryandEconomicDepartmentAugust1995.68BankforInternationalSettlements2001CentralbanksurveyofforeignexchangeandderivativesmarketactivityinApril2001:preliminaryglobaldateBISPressRelease9October2001.69BankforInternationalSettlements2001TheglobalOTCderivativesmarketatend-June2001SecondpartofthetriennialCentralBankSurveyofForeignExchangeandDerivativesMarketActivityBISPressRelease20December2001.70BankforInternationalSettlements2001BISQuarterlyReview