Abstract
Dividing the 223 largest traders of heating oil futures between June 1993 and March 1997 into 11 different line‐of‐business groupings, we document their trading activity. We find substantial and significant differences between the 11 trader types in their propensity to take long, short, or spread positions; the terms‐to‐maturity of their holdings; their turnover rates; and the size of their positions. We also find that both trading volume and open‐interest positions are dominated by potential hedgers but that it is not appropriate to treat traders whom the Commodity Futures Trading Commission classifies as commercials as hedgers.
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