Figure 4
The vertical axis ranges from 0 to 300000 in increments of 100000 units. The horizontal axis shows the time series ranging from 01 April 2013 to 01 January 2020 in increments of 2 months. The graph shows two line curves: “Volume” (represented by the light blue) and “Open Interest” (represented by the orange line). The blue line shows a sharp initial peak in the first half of 2013, reaching over 200000, and then drops dramatically. From late 2013 onward, the volume remains at a much lower, more consistent level, mostly fluctuating below 100000 with occasional smaller spikes, such as one near the end of 01 October 2016. The orange line is significantly lower than the volume for most of the period. It shows a slight, gradual decline over the entire time frame, starting around 30000 to 40000 in 2013 and decreasing to below 20000 by the end of the series in 2020. Note: All numerical values are approximated.Volume and open interest. Source: Authors’ calculation