Global Coverage
Experience described across Australian, Asian, U.K., and U.S. futures
environments.
About FMRA
Economics-led futures market expertise with international depth.
Futures Markets Research Associates Pty Ltd (FMRA), Melbourne, Australia, is a team of professional economists which focuses on quantitative research, product development and education in futures markets.
All members of the team are Ph D trained in economics/finance or econometrics from major universities, and collectively they have more than 70 years experience in the analysis of futures markets.
Their research and consulting experience covers futures markets in U.S.A., U.K., Asia and Australia, and includes markets for agricultural commodities, metals, livestock, energy, currencies and other financial futures markets. Previous work by members of FMRA includes consulting to international organizations, feasibility studies for new futures exchanges/contracts, design and delivery of futures education programs, and modeling and forecasting prices and volatility in spot and futures markets.
Advanced Training
The team is positioned around PhD-level economics, finance, and econometrics expertise.
Consulting Work
Capabilities include exchange feasibility work, market consulting, and analytical program design.
Risk Insight
Research themes center on price behavior, volatility, liquidity, and market uncertainty.
Director - Barry A. Goss
Barry Goss is Founding Director, Futures Markets Research Associates Pty Ltd, Australia.
Previously he was Reader in Economics and Director of the Derivatives Research Unit at Monash University. He has a Ph D in economics from the London School of Economics, and BCom (Hons) from the University of Melbourne.
His visiting appointments include University of Illinois at Urbana-Champaign, University of Cambridge UK, European University Institute Florence, Queen Mary College London, Universitè Catholique de Louvain, LUISS University Rome, and University of Bologna. He has been a consultant to the State Government of Victoria, the World Bank Washington DC, Wheelock Marden Hong Kong, and to other entities on the establishment and performance of futures markets. He also has lectured on the history of economic thought at the University of Manchester UK, and Monash University.
He has published papers on futures markets for currencies, interest rates, non-ferrous metals, grains, electricity, live cattle, wool and other financial instruments. His books include (ed.) Debt, Risk and Liquidity in Futures Markets (2008, paperback 2014), (ed.) Models of Futures Markets (2000, paperback 2016), (ed.) Rational Expectations and Efficiency in Futures Markets (1992, paperback 2016), (ed.) Futures Markets: Their Establishment and Performance (1986, paperback 2013), Economia dei Mercati a Termine (with B.S. Yamey) (1981), (ed.) The Economics of Futures Trading (with B.S. Yamey) (1976, 2nd ed 1978), and The Theory of Futures Trading (1972, paperback 2013).
Core Capabilities
Built around research, modeling, and practical market design.
Recent increases in volatility have led to increased uncertainty for investors, and have resulted in wide variations in liquidity.
These changes have threatened investors with increased transaction costs, and have emphasized the importance of effective risk management.
In this environment, FMRA seeks to fulfill the evolving needs of futures market participants, and to take on board lessons from recent financial events and crises.In particular, Futures Markets Research Associates has the following objectives:
Original Research
Model development for spot and futures markets, with emphasis on prices, volatility, and structural behavior.
Product Development
Derivative and market concepts aimed at reducing uncertainty, improving information, and supporting risk management.
Consulting & Delivery
Feasibility studies, exchange-related analysis, and tailored education for a range of industry audiences.
Market Context
Volatility, liquidity variation, and transaction-cost pressure shape the brief.
FMRA's mission is framed around a market environment where volatility raises investor uncertainty, liquidity conditions become less stable, and transaction costs become harder to manage. FMRA translates that framing into a clear proposition: provide better information, stronger models, and more actionable market tools.
Uncertainty
Interpret shifts in market conditions with research-backed modeling.
Liquidity
Assess liquidity cost dynamics rather than relying on volatility alone.
Risk Management
Support planning with concepts designed to hedge or clarify future trading conditions.
Product Themes
Examples of financial product concepts highlighted by FMRA.
Two-Asset Futures Contract
A combined contract concept intended to help participants manage related exposures within a single structure and with lower transaction friction.
Liquidity Index
A market measure intended to improve visibility into liquidity cost conditions and support transaction planning under changing market depth.
Option on Liquidity
A derivative idea aimed at helping investors cap uncertainty around future liquidity costs when a major transaction is anticipated.
Education & Research
Training programs and research models for varied audiences and market types.
FMRA provides a wide range of educational resources and research initiatives aimed at enhancing market understanding and participant capabilities.
Short-form workshops and tailored course delivery
Seminars, conference participation, and publication-led expertise
Modeling across commodities, metals, energy, FX, and financial futures
Volatility and liquidity analysis informed by intraday and HFT datasets