Are single stock futures used as an alternative during a short‐selling ban?
研究卖空禁令期间个股期货市场的变化，发现交易量显著增加、价差收窄，且市场质量未受影响，对理解期货作为卖空替代工具有参考价值。
The response of the single stock futures (SSF) market to a short‐selling ban is investigated. The hypothesis is that traders use SSF as a substitute instrument for short‐selling. A significant increase in SSF trading activity is documented, accompanied by narrower spreads. SSF market volatility did not react during the ban, which suggests that the increased trading activity did not weaken SSF market quality. The quality of the underlying market during the ban period is also assessed, with the results suggesting that changes in SSF market activity had neither positive nor negative effects on the stocks’ liquidity, volatility, and volume.