1166 The Journal of Finance Panel A:Treasury Bond Futures 2.0 15 1 0.5 0 ++++++++++++++++++++++++++H++++H+++++H 密8器g8经888888昌目的图程3的图器器器8器88群图强程昌 Time-of-Day Panel B:Eurodollar Futures 0.4 03 02 0.1 0H+H++H+++++++H+H+H+H+H Time-of-Day 2.0 Panel C:Deutschemark Futures 1.5 1.0 0.5 Time-of-Day Figure 1.Intraday return volatility.Standard deviations of five-minute returns calculated across daily observations from November 7,1988 through November 29,1991 are reported.The reported standard deviations are the calculated value times 103 and the times shown are interval ending times in eastern time