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From the Desk of the Chief Editor

Derivatives, which were introduced with the objective of hedging, cause movements in stock markets making them volatile. Derivatives make markets volatile, which is a common belief and this belief, has been supported by many researches done in past. The present study makes an attempt to assess the impact of BSE returns, stock options and stock futures in causing volatility on Bombay Stock Exchange for the period 2003 to 2013. Many tests like Unit Root, F-Test, Wald Test and White Test were applied and the results were that BSE returns did not affect Volatility whereas Stock Options and Index Options did have some (minor) affect in causing volatility for the period under study. Results of the study confirm that options, be it stock option or index option have very less impact in causing volatility on BSE.