Microstructure of the First Organized Futures Market: The Dojima Security Exchange from 1730 to 1869 - Yasuo Takatsuki; Takashi Kamihigashi; | Foyles Bookstore
Close
Enter your search into one or more of the boxes below:
You can refine your search by selecting from any of the options below:
Search
Microstructure of the First Organized Futures Market: The Dojima Security Exchange from 1730 to 1869
Foyalty 270

Microstructure of the First Organized Futures Market: The Dojima Security Exchange from 1730 to 1869 (Hardback)

£90.00
Awaiting publication

Synopsis

This book is the first comprehensive account of the rules and practices the microstructure of the Dojima Security Exchange (DSE), the world's first futures market. Despite worldwide interest in the DSE and its relevance to modern financial markets, it is only briefly touched upon as the earliest example of a futures market in most of the existing literature in English. Until the publication of this book, there has been no comprehensive account in English of the rules and practices of the DSE.



The DSE emerged in Osaka, Japan, around the turn of the eighteenth century. In Tokugawa Japan (1603-1867), the shogunate and local lords levied taxes in rice and exchanged rice for currency in rice markets to finance their expenditures. Osaka had the biggest rice market in Japan throughout the Tokugawa period, and most local lords stored rice in their own warehouses in Osaka, selling rice at auctions. Successful bidders received "rice certificates" instead of rice itself, and each rice certificate could be exchanged for a pre-specified quantity of rice any time before its expiration at the issuer's warehouse. These certificates were actively traded in the DSE.



The spot market in the DSE was the market for exchanging rice certificates. In turn, the futures market was the market for the trading of nominal rice derived from one of the representative rice certificates among about 30 brands. There is no physical delivery of rice in the spot market and there is no physical delivery of rice or rice certificate in the futures market-even on the maturity date. All the futures trades at the DSE should be settled by simply paying or receiving the payoff defined as the difference in price between the time of selling (buying) and buying back (selling back). The futures trade was called 'Cho-Ai-Mai', which literally means 'the rice trades on the book', and implies that there is no physical delivery of rice or rice certificate.

BusinessEconomicsEconomic historyBusinessEconomicsMacroeconomicsBusinessFinance & accountingFinanceHistory & Politics Publisher: Springer Verlag, Singapore Publication Date: 14/07/2023 ISBN-13: 9789812878199  Details: Type: Hardback Format: Books
Availability: Awaiting publication Pre-Order

More books by Yasuo Takatsuki

More books by Takashi Kamihigashi

Leave Review

Delivery Options

All delivery times quoted are the average, and cannot be guaranteed. These should be added to the availability message time, to determine when the goods will arrive. During checkout we will give you a cumulative estimated date for delivery.

 

Location 1st Book Each additional book Average Delivery Time
Free UK Standard Delivery on Orders Over £25 (2nd Class)     3-5 Days
UK Standard Delivery (2nd Class) £2.99 £0.00 3-5 Days
UK 1st Class Delivery £3.99 £0.00 2-3 Days

Click & Collect / 
Delivery to a Foyles Bookshop

 

Free Free Click and Collect and Delivery to Store is available for all our shops. Collection times will vary depending on availability of items. Individual despatch times for each item will be given at checkout.
Please wait for order arrival confirmation email before making a journey to collect.
UK Courier* £7.95 £0.00 1 Working Day
Western Europe Airmail** £9.00 £1.00 7-8 Days
Rest of World Airmail*** £12.50 £1.00 7-10 Days

* For courier service please contact the Charing Cross Road store

** Includes Austria, Belgium, Cyprus, Czech Republic, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta, The Netherlands, Portugal, Spain, Sweden, Switzerland

*** We are currently unable to delivery to the following countries - Afghanistan, Bangladesh, Ghana, Iraq, Lebanon, Macao, Pakistan, Puerto Rico, Saint Barthelemy, Turkey, Uzbekistan, Virgin Island US

Given the unfolding situation across Ukraine, with regret we have now suspended orders placed from, or to be delivered to, both Russia and Ukraine. Thank you for your patience and understanding. 

For goods delivered outside of the UK, the consignee (ie the person to whom the consignment is sent) will be the declarant and importer into the country for which the consignment is destined. The consignee will be responsible for both customs clearance and payment of customs duties and local taxes where required.

Customs Charges - if you are ordering goods for delivery outside of the UK, please note that your consignment may be subject to VAT (Value Added Tax), other taxes, customs duties and/or fees levied by the destination country. Any such charges levied in relation to customs clearance must be borne by you. It is accepted by you that Foyles has no control over additional charges in relation to customs clearance. Foyles recommend that you check with your local customs officials or post office for more information regarding importation taxes/duties that may be applicable to your online order.

Delivery Help & FAQs

A Year of Books Subscription Packages 

Delivery is free for the UK. Western Europe costs £60 for each 12 month subscription package purchased. For the Rest of the World the cost is £100 for each package purchased. All delivery costs are charged in advance at time of purchase. For more information please visit the A Year of Books page.
 

Returns Information

If you are not completely satisfied with your purchase*, you may return it to us in its original condition with in 30 days of receiving your delivery or collection notification email for a refund. Except for damaged items or delivery issues the cost of return postage is borne by the buyer. Your statutory rights are not affected.

* For Exclusions and terms on damaged or delivery issues see Returns Help & FAQs

You might also like

Modeling Foreign Exchange Options: A...
(Hardback)
Uwe Wystup
 
 
£70.00
 
Macroeconomic Forecasting Using...
(Paperback)
Apurv Jain
 
 
£76.95
 
Corruption and International Trade: A...
(Hardback)
Indira Carr
 
 
£95.00
 
Debt Reckoning: Professionalism and...
(Hardback)
Jonathan B. Justice
 
 
£80.00
 
© W&G Foyle Ltd