A peculiar carry over transaction facility has been associated with emerging markets of India and Pakistan. We show that the trading facility can be considered a market response to the information gaps in these markets. Information can be credibly transmitted through this trading facility....

A unique instrument has been associated with emerging markets of India and Pakistan. We show that the instrument can be considered a market response to the information gaps in these markets. The instrument may credibly transmit information and may eliminate information gaps. Hence, the birth of...