The pronounced inflow of financial capital from index investors over the last 15 years and the accompanying substantial fluctuations in commodity futures markets have aroused public and academic interest. A common accusation made in this context is that commodity index traders (CITs) negatively influence the quality of commodity futures markets and keep them far from fundamentally justified price levels. In this paper, we focus on quantifying market efficiency, and investigate empirically the suggested effect of CITs over the period from 1999 to 2019 for 34 commodity futures markets. In contrast to recent studies, we find empirical evidence that the financialization positively affected the market efficiency of indexed commodity futures markets. Consistently, we observe that the degree of commodity index trader activity is associated with higher degrees of informational efficiency.

过去15年来，指数投资者金融资本的显着流入以及随之而来的商品期货市场的大幅波动引起了公众和学术界的兴趣。在这种情况下，一个常见的指责是商品指数交易商（CIT）对商品期货市场的质量产生负面影响，使其远离基本合理的价格水平。在本文中，我们重点关注量化市场效率，并实证研究了 1999 年至 2019 年期间企业所得税对 34 个商品期货市场的建议影响。与最近的研究相反，我们发现经验证据表明金融化对指数化商品期货市场的市场效率产生了积极影响。我们一致观察到，商品指数交易者的活动程度与较高的信息效率相关。