ANÁLISE DO PROCESSO DE FINANCEIRIZAÇÃO NO MERCADO FUTURO BRASILEIRO DE BOI GORDO.

Among the agricultural commodities traded in the futures Market in Brazil, the contract for live cattle is what comes with higher growth in trading volume. In addition, there is a significant increase in the price of the commodity in the spot market. The growing volume of trading is explained by the fact that not only attract hedgers, but also other types of participants, called speculators. In light of the foregoing, this study aimed to evaluate the process of financialization of the Brazilian futures market cattle. To this end, we compared the hedge ratio given in the literature and hedge ratio practiced in the market. The results show that the ratio of hedge practiced in the market has overcome the optimal hedge ratio proposed in the literature from 2006, warning signs of possible existence of a process of financialization. [ABSTRACT FROM AUTHOR]