Table 2: Statistical description of conditional correlation of market noises between spot and futures markets.

Correlation of market noisesMean Standard deviationMaximum Minimum

−0.32220.09870.0321−0.7470
−0.34510.0960−0.0291−0.7596
−0.37040.0958−0.0131−0.7662
−0.45800.0937−0.1914−0.8179
−0.53690.0865−0.2759−0.8539