Dual Trading in Futures Markets
研究期货市场中经纪人同时为客户和自己交易（双重交易）的影响，发现不知情客户在双重交易中获利更高，而知情客户则相反，并检验了抢先交易的效果。
With dual trading, brokers trade both for their customers and for their own account. We study dual trading and find that customers who are less likely to be informed have higher expected profits with dual trading while customers who are more likely to be informed have higher expected profits without dual trading. We also examine the effects of frontrunning. We test the major empirical implications of our model. Consistent with the model, dual traders earn higher profits than non-dual traders, and customers of dual-trading brokers do better than customers of non-dual-trading brokers.