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Can an EFP Transaction on Chinese Government Bond Futures be Used to Open New Positions?
2019-09-02

An investor who enters into an EFP transaction on Chinese government bond futures may close out or open positions in the futures market. Therefore, the EFP as a trading mechanism has the same effect on open interest as the centralized trading, i.e., the EFP may result in an increase, a decrease or no change in the market-wide open interest.