The study examines the research literature pertaining to the informational content of open interest and transaction volume in a systematic manner. Our review upheld their informational role in estimating the price of the underlying stock in future, in predicting future volatility and in ascertaining the market behaviour around corporate/macro-economic announcements with mixed directional effect. Further, through well-defined inclusion/exclusion criteria, we choose 38 research works to uncover the factors and conditions upon which open interest and transaction volume are more informative via meta-regression. The temporal and spatial factors indicate that open interest and transaction volume are more informative in an emerging market as compared to a developed market.

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