Key objectives: Identify major stages of transformation of U.S.10Y Treasury futures trading from open-outcry to Globex electronic. Examine major features of institutional changes at each stage of this transformation.
Orlowski, Lucjan T. and Bluford Putnam. "Innovation in Treasury Futures: Examining Volatility Patterns Before and After the Shift From Open-Outcry to Electronic Trading." Market Risk and the Impact of Financial Volatility Luxembourg May 2012.