Chicago Board of Trade
The Chicago Board of Trade (CBOT), established in 1848, is the world's oldest derivatives exchange. It is a global commodity futures exchange trading Treasury bonds, corn, soybean, wheat, mini-sized Dow, gold, silver and more. In its early history, the CBOT traded only agricultural commodities such as corn, wheat, oats and soybeans. Futures contracts at the exchange evolved over the years to include non-storable agricultural commodities and non-agricultural products like gold and silver. The CBOT's first financial futures contract, launched in October 1975, was based on Government National Mortgage Association (GNMA or Ginnie Mae) mortgage-backed certificates. Since that introduction, futures trading has been initiated in many financial instruments, including U.S. Treasury bonds and notes, stock indexes, and swaps, to name but a few. Another market innovation, options on futures, was introduced in 1982.