We conduct a clinical analysis of the CBOT full membership that provides holders with rights to trade any of the exchange’s contracts using a unique database of seat information from the period 1897–2020. We examine microstructure and asset pricing properties of seats including during periods before and following the CBOT’s transition from trading primarily agriculture futures to financial futures as well as periods before and following its demutualization at which time members experienced a separation in their ownership and trading rights. Our analysis adds an interesting dimension to the risk management literature and provides added insight into the market for exchange seats including their returns, turnover, and sensitivities to asset factor premia and to exchange volume.

我们对 CBOT 正式会员资格进行了临床分析，该会员资格为持有人提供使用 1897 年至 2020 年期间的席位信息的独特数据库交易任何交易所合约的权利。我们研究了席位的微观结构和资产定价特性，包括在 CBOT 从主要交易农业期货向金融期货过渡之前和之后的时期，以及在其股份化之前和之后的时期，当时成员的所有权和交易权分离。我们的分析为风险管理文献增加了一个有趣的维度，并提供了对交易所席位市场的更多洞察，包括其回报、营业额以及对资产因子溢价和交易量的敏感性。