Efficiency tests in the Spanish futures markets

The Spanish futures markets, the MEFF RENTA FIJA, and the MEFF RENTA VARIAB LE, are among the fast-growing futures markets in the world. These markets are known for their cutting-edge technological innovations related to tradi ng, providing information, clearing, and settlement. The growing importance of these markets for both foreign and domestic investors motivated the exa mination of their efficiency. Test results from serial correlations, unit r oot tests, and variance ratio tests overwhelmingly show that the random wal k hypothesis cannot be rejected, indicating that the MEFF markets are effic ient. (C) 1999 John Wiley & Sons, Inc.