With a collective history of innovation, including the birth of futures trading, CME Group is responsible for key developments that have built today’s futures industry. These include the standardization of futures contracts, the formation of the clearing process, and the creation of financial futures, cash-settlement and electronic trading. We have demonstrated ongoing leadership in developing creative products, breakthrough trading technology and a superior business model through a continuing series of firsts. 

1848: CBOT creates the world’s first futures exchange, based in Chicago.

1851: CBOT offers earliest “forward” contract ever recorded; forward contracts begin to gain popularity among merchants and processors.

1865: CBOT formalizes grain trading with the development of standardized agreements called “futures” contracts, world’s first such agreements.

1865: CBOT creates world’s first futures clearing operation when it begins requiring performance bonds, called “margin,” to be posted by buyers and sellers in its grain markets.

1870: CBOT develops first octagonal futures trading pit.

1885: To accommodate rapid growth of futures trading, CBOT constructs a new building at LaSalle and Jackson, Chicago’s tallest building and first commercial structure with electric lights.

1898: Chicago Butter and Egg Board, predecessor of Chicago Mercantile Exchange, opens in Chicago.

1919: Chicago Butter and Egg Board becomes Chicago Mercantile Exchange.

1926: CBOT founds Board of Trade Clearing Corporation to guarantee its trades.

1961: CME launches first futures contract on frozen, stored meats – frozen pork bellies.

1964: CME launches first agricultural futures based on non-storable commodities – live cattle

1968: CBOT begins trading its first non-grain-related commodity, futures on iced broilers.

1969: CBOT begins trading its first non-grain product, with a silver futures contract.

1972: CME launches first financial futures contracts, offering contracts on seven foreign currencies.

1975: CBOT launches first interest rate futures, offering contracts on the Government National Mortgage Association.

1981: CME launches first cash-settled futures contract, Eurodollar futures.

1982: CME launches first successful stock index futures contract, S&P 500 Index futures.

1982: CBOT launches first options on futures contract, for U.S. Treasury Bond futures.

1987: CME pioneers electronic futures trading with conceptualization and initiation of development of CME Globex platform.

1992: First electronic futures trades are made on CME Globex electronic trading platform.

1997: CME develops and launches the first mini-sized, all electronic futures contracts, E-mini S&P 500 futures.

1999: CME launches first weather-based futures contracts.

2000: CME membership agrees to de-mutualize and become a publicly traded exchange.

2002: CME becomes first U.S. exchange to go public; stock is listed on New York Stock Exchange.

2003: CBOT agrees to have CME Clearing clear its products, resulting in extensive capital efficiencies for market participants.

2005: CBOT demutualizes and becomes publicly traded company, listed on New York Stock Exchange.

2006: CBOT and CME sign an agreement to merge into a single company pending regulatory and shareholder approval.

2007: CME and CBOT officially merge to form CME Group, Inc., world’s largest and most diverse derivatives exchange.