Chicago Mercantile Exchange

The futures market was originally created and developed as a place for traders to avoid and reduce losses caused by fluctuations in supply and demand for primary commodities, which are prone to price fluctuations due to weather and other factors. However, after the United States suspended the exchange of gold for the dollar in 1971 and the foreign exchange market moved to a floating exchange rate system, the objects of trade have expanded significantly to include financial products such as currencies and bonds in addition to the traditional commodities. In particular, in the United States, after the transition to a floating exchange rate system, the International Monetary Market (IMM) was established as a division of the Chicago Mercantile Exchange in 1972, and foreign currencies such as the British pound, the West German mark, and the Japanese yen were listed. Since then, products such as Treasury bills (TBs), Treasury bonds, and certificates of deposit (CDs) have appeared throughout the 1970s, and in the 1980s, Eurodollar interest rates and stock price indexes (so-called financial derivatives, derivatives). This trend has spread worldwide, as seen in the launch of the London Financial Futures Exchange in 1982, and is dramatically changing the face of international financial markets.

*Some of the terminology references "Chicago Mercantile Exchange" are listed below.

Source | Heibonsha World Encyclopedia 2nd Edition | Information

…先物市場は，もともと天候要因などによって需給のバランスが崩れやすく，その結果価格変動が大きい一次産品を中心に，業者間でその変動による損失を回避･軽減する場として発生･発達してきたものだが，1971年のアメリカによる金とドルの交換停止によって為替市場が変動相場制に移って以降，従来の一次産品を中心とする〈商品〉のほか，通貨･債券などその取引対象は〈金融商品〉にまで大きく広がってきた。とくにアメリカでは変動相場制移行後，72年シカゴ･マーカンタイル取引所Chicago Mercantile Exchangeの一部門として国際通貨市場International Monetary Market(IMM)が設けられ，イギリス･ポンド，西ドイツ･マルク，日本円など外国通貨が上場されて以降，70年代を通じて財務省証券(TB)，同債券，譲渡性預金(CD)，80年代に入ってユーロダラー金利，株価指数といった商品（いわゆる金融派生商品，デリバティブ）が登場している。このような動きは82年のロンドンでの金融先物取引所発足など，世界的に飛火する傾向をみせ，国際金融市場の様相を大きく変えつつある。…

※「Chicago Mercantile Exchange」について言及している用語解説の一部を掲載しています。

出典｜株式会社平凡社世界大百科事典 第２版について | 情報