Advances in Risk Management

324 VOLATILITY TRANSMISSION PATTERNS BETWEEN THE USA AND SPAIN

Aspecial issue of theJournal of Risk and Uncertainty(2003, vol. 26, nos 2/3) deals with

the risks of terrorism with a special focus on September 11. A special issue of the

European Journal of Political Economy(2004, vol. 20, issue 2) deals with the economic

consequences of terror.

3. Before 17 January 2000 continuous trading was from 9:30 to 17:00 Spanish Time;
   therefore, the overlapping trading period was just one hour and a half. Additionally,
   the beginning of the daylight saving time in October for Spain and the USAcoincides.
   However, the end of this daylight saving time is the first Sunday of April in the USA
   and the last Sunday of March in Spain. Hence, during the last week of March, the
   markets overlap only for one hour.

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