Exchange traded contracts for difference: Design, pricing, and effects
研究了差价合约（CFD）这一金融创新的合约设计与定价，利用澳大利亚证券交易所的独特交易数据检验理论定价关系，为推出新衍生品合约提供设计启示。
Abstract Contracts for Difference (CFDs) are a significant financial innovation in the design of futures contracts. Over‐the‐counter trading in the UK is significant and has created controversy, but there is no published academic research into the design, pricing, and effects of CFDs. This study analyzes CFD contract design and pricing. It uses a unique database of trades and quotes on exchange traded equity CFDs introduced by the Australian Securities Exchange to test theoretical pricing relationships, and draws out implications for successful design and trading arrangements for the introduction of new derivative contracts. © 2010 Wiley Periodicals, Inc. Jrl Fut Mark