A futures exchange is a central marketplace with established rules and regulations where buyers and sellers meet to trade futures and options on futures contracts.
In recent years most futures exchanges ran trading floors and facilitated trading "pits" where floor traders and brokers would trade using the open outcry auction approach to price discovery. Recent years have seen the ascendance of electronic trading where orders are placed by customers and matched by computers at the exchange. The vast majority of futures trading and price discovery is now done via electronic means.
The five main futures exchanges are:
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