The European Central Bank (ECB) certainly remains on tenterhooks with about 30% of futures dealers pricing in a refi-rate (refinancing rate) cut on Thursday.

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The futures market was pricing in some chance of an interest-rate hike before the year is out.

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Also, ETFs can easily be arbitraged against futures contracts, thus making the pricing of both stocks and futures contracts more efficient.

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The structural changes wrought by financialization may change pricing in commodity futures markets.

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This data package, coupled with the intellectual property that enables appropriate time-delimited monopoly pricing to extract returns over time, is what creates the futures market for their currency.

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