This article LTG
Goldrock introduces the Chicago Commodity Exchange ~
Chicago Commodity Exchange is Chicago
Mercantile Exchange Holdings Inc. (NYSE:
CME) wholly -owned subsidiary, the latter is Russell
1000 (R)
INDEX ingredient company.CME was founded in 1874, and its predecessor was an agricultural exchange. It was created by a group of agricultural dealers. At that time, the main products listed on the exchange were butter, eggs, poultry, and other impatient agricultural products.More than 3600 CBOT members trades 50 different futures and options products.In 2003, the trading volume of the exchange reached a record of 454 million contracts.On March 20, 2020, the Chicago Commodity Exchange raised the melting mechanism of US crude oil futures and Brent crude oil futures from 7%to 15%.
In the early days of the exchange, CBOT traded agricultural products, such as corn, wheat, oats and soybeans.After years of development, the exchange contracts of the exchange now include non -residential agricultural products and non -agricultural products, such as gold and silver.CBOT's first financial futures contract was launched in October 1975. The contract is a futures contract based on the Government National Mortgage Association mortgage guarantee securities.With the introduction of the first financial futures contract, futures transactions have gradually been introduced to a variety of different financial instruments, including the US Treasury medium- and long -term bonds, stock price indexes and interest rate swaps.Another financial innovation and futures options were launched in 1982.
In the past 150 years, CBOT's main trading method is to publicly call a public price transaction, that is, traders face -to -face trading futures contracts in the trading venue.However, in order to meet the needs of global economic growth, CBOT successfully launched the first electronic trading system in 1994.In the past ten years, with the increasing popularity of electronic transactions, the exchange has upgraded the electronic trading system several times.Recently, in January 2004, CBOT launched another new electronic trading system supported by the leading LIFFE Connect trading technology.
While CBOT launched a new trading system, the exchange has also completed the conversion of the liquidation business.The Chicago Commercial Exchange (CME) began to provide liquidation and related business services to all CBOT products in January 2004.The CME/CBOT joint liquidation network combines two dominant financial institutions. The liquidation network improves business, margin and capital efficiency, so that the end users of futures brokers and futures products benefit.
Whether it is electronic transactions or public prices, the main role of CBOT is to provide customers with a transparent and liquid contract market. The role of the market is price discovery, risk management and investment.Farmers, companies, small business owners, financial service providers, international trading institutions and other individuals or institutions can manage prices, interest rates, and exchange rate risks through a process called hedging.The hedging preservation is the operation of the internal price risk of the spot market's position by holding the same but the opposite position in the futures market.The hedging person who uses the CBOT futures market to protect its business to avoid adverse price changes that may not affect its surplus.
The futures market also allows global speculators to determine and use economic data, news and other information to determine the transaction price and whether to enter the market as investors.The speculators fill the gap of the sale price of the hedids, so the market has higher liquidity and cost efficiency.Various market participants have different opinions and contact different market information. The transactions of market participants have led to price discovery and providing benchmark prices.
In 2004, the exchange paid about 1.5 billion US dollars per day. As of December 31, 2004, the mortgage deposit it managed was $ 44.1 billion, of which $ 3.1 billion was a deposit for non -CME products.
