August 2008
Intermediate to advanced
208 pages
6h 50m
English
book
Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
by Jamie Saettele
Content preview from Sentiment in the Forex Market: Indicators and Strategies to Profit from Crowd Behavior and Market Extremes
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Sentiment Indicators 71
HISTORY OF U.S. FUTURES TRADING
Futures trading has an extensive and interesting history. The modern his-
tory begins in Chicago in the 1840s. Chicago was a natural center for trans-
portation, distribution, and trading of agricultural produce because the city
is close to the Midwestern United States, where a great deal of the country’s
farmland is located. Shortages of agricultural produce led to violent fluctu-
ations in price which posed the risk of adverse price change to merchants.
The development of a market that enabled grain merchants and agricul-
ture companies to trade in futures contracts was a way for these entities to
hedge risk. In 1848, the Chicago Board of Trade (CBOT) was formed as the
world’s first futures exchange. The Chicago Produce Exchange was formed
in 1874 and was renamed the Chicago Mercantile Exchange (CME) in 1898
(currency futures trade on the CME). As mentioned, the CFTC regulates
futures trading in the United States but the commission was not formed
until 1974. Here are some important dates from the web site www.cftc.gov
regarding the history of futures trading before the creation of the CFTC.
1880s: The first bills are introduced in Congress to regulate, ban, or tax
futures trading in the U.S. Over the next 40 years, approximately 200
such bills will be introduced. ...
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