The International Monetary Market (IMM), a related exchange created within the old
Chicago Mercantile Exchange
The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an ...
and largely the creation of
Leo Melamed
Leo Melamed (born March 20, 1932) is an American attorney, finance executive, and a pioneer of financial futures. He is the chairman emeritus of CME Group (formerly the Chicago Mercantile Exchange).
Personal life
Melamed was born Leibel Melamd ...
, was one of four divisions of the
CME Group
CME Group Inc. (Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, The Commodity Exchange) is an American global markets company. It is the world's largest financial derivatives exchange, and trades in asset clas ...
(CME), the largest
futures exchange
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity o ...
in the United States, for the trading of
futures contracts and
options on futures. The IMM was started in December 1971,
foreign exchange futures was started on May 16, 1972, and the IMM was merged into the CME in 1986. Two of the more prevalent contracts traded are
currency future
A currency future, also known as an FX future or a foreign exchange future, is a futures contract to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date; see Foreign ex ...
s and
interest rate future
An interest rate future is a financial derivative (a futures contract) with an interest-bearing instrument as the underlying asset. It is a particular type of interest rate derivative.
Examples include Treasury-bill futures, Treasury-bond future ...
s, specifically, 3-month
Eurodollar time deposits and 90-day U.S.
Treasury bills. The other two CME divisions includes the Index and Option Market (IOM) and Growth and Emerging Markets (GEM). All products fall under one of these three divisions.
[http://www.cmegroup.com/company/membership/files/ProductListingByDivision.pdf ]
See also
*
List of futures exchanges
This is a list of notable futures exchanges. Those stock exchanges that also offer trading in futures contracts besides trading in securities are listed both here and the list of stock exchanges.
Africa Kenya
* Nairobi Securitie ...
*
IMM dates
Notes
External links
Chicago Mercantile Exchange website
Futures exchanges
1971 establishments in Illinois
Settlement (finance)
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