The Journal of Futures Markets, Vol. 20, No. 1, 1 (2000)Q 2000 by John Wiley & Sons, Inc. CCC 0270-7314/00/010001-01

Editor’s Note

As we begin the year 2000 and the 20th volume of The Journal ofFutures Markets, it is natural to reflect on the past and assess the pros-

pects for the future. This special issue of The Journal of Futures Marketsprovides a retrospective view of research on futures and other derivative

securities and markets. It contains six articles that were previously pub-

lished in The Journal of Futures Markets that the founding editor, Dr.

Mark J. Powers, thought were especially significant. As you may know,

Mark edited the Journal for the first 17 years of its existence. Mark limited

his list to articles published during his tenure. Selecting articles for in-

clusion in this special issue was a difficult process given the large number

of excellent possibilities. I should point out that space limitations pre-

cluded us from publishing all of the articles that Mark suggested for

inclusion in this special issue.

This issue begins with a brief essay by Mark on his thoughts on past

research in the field. A later issue of the Journal will provide a prospective

view of research on futures and other derivative securities and markets

The current affiliations and titles of the authors of the reprinted

articles are also included. Whether it is for the first time or the second,

I believe that you will enjoy reading these important contributions to the

financial economic literature.

Robert I. Webb

Editor