Late-mover advantages and disadvantages in China's futures market.

Purpose: This article aims to provide an in-depth analysis of the late-mover advantages and disadvantages of China's futures market. Design/methodology/approach: This paper reviews the establishment and evolution of China's futures market via historical and comparative analysis, deeply analyzing the market's late-mover advantages and disadvantages. Findings: The establishment and evolution of China's futures market as a late-mover enjoys benefits in overall design, pilot, and post-development. However, it also suffers disadvantages brought by institutional transformations, advantage enjoyment, catch-up strategies, and international integration. Originality/value: This paper is the first to systematically explore the laws affecting the formation of the price system in China's futures market. The findings of this research provide important policy implications for the development of China's futures market and references for other developing countries. [ABSTRACT FROM AUTHOR]