Recent studies at the Bank of Italy show that after the introduction of the euro the impact of oil price increases on inflation in Italy may have been reduced by ten times compared to the seventies.
Furthermore, trading during the Tokyo trading hours will create, in particular, significant scope for reducing transaction costs. Compared with the European trading hours, the bid-ask spreads will decrease significantly owing to the greater trading volume and higher level of market liquidity. We are taking advantage of this by shifting a part of our trading activity to this time zone. 5.