Futures trading is the result of the historical development of human trade (barter trading, spot trading, forward trading and futures trading). In order to promote the development of commercial activities, human beings have been constantly exploring new trading methods. At first, the way of human commercial transaction was barter, and the real spot transaction began with money as a means of paying for goods. Since the spot transaction with money as the means of payment, commerce has become an independent activity and has been further developed. The scope of commodity trading has been further expanded and the scale of trading has become larger and larger. Large-scale commodity trading places have appeared in some ancient civilizations such as Greece and Rome. At that time, the Roman Parliament Square was the central trading place for bulk commodities. /kloc-After the 20th century, this centralized trading place developed in scale and specialization in Britain, France and other countries, and a new trading mode-forward contract trading was born. 125 1 year, Britain allows foreign businessmen to participate in its seasonal trade fairs. Later, trade requires the signing of documents in advance, the way of goods, the variety, quantity, price, advance payment and other contents of the list. On this basis, the phenomenon of buying and selling documents and contracts appeared. 157 1 year, Britain established the world's first centralized commodity market-the Royal Exchange of London, and then Amsterdam, the Netherlands also established the first grain exchange. /kloc-there was also a tulip option trading market in Amsterdam, the Netherlands in the 0/7th century, and a commodity exchange appeared in Paris, France in the 0/8th century. In the east, there are also trading methods with the budding nature of futures. The rice exchange was established in Osaka, Japan in the17th century, and there was speculation in buying and selling rice coupons. The value of rice coupons at that time had the function of changing with the rise and fall of rice prices. 1730 this transaction method has been recognized by the government and named as "book settlement meter" transaction. "Young crops" trading mode also appeared in China in Song Dynasty.

1848 CBOT exit 1, 19. In 1930s and 1940s, Chicago developed into an important food distribution center in the United States because of its unique geographical location, such as its proximity to the Midwest Plain and Lake Michigan. Due to poor traffic conditions, limited storage capacity and other reasons, a large number of cereals are listed every year, and merchants cannot purchase in large quantities, so that the price of cereals falls again and again. Every spring, due to the shortage of cereals, the price soars. 2. In order to solve the business risks caused by the sharp price fluctuation, some businessmen set up warehouses on the main roads in this area on the one hand to expand the purchase volume in the listing season, on the other hand, they signed supply contracts with grain processors and sellers in the next spring, so as to determine profits through joint production and sales. Forward contract transaction has become an important way for grain merchants to solve practical contradictions. 3. In order to effectively carry out trading activities, 82 merchants spontaneously set up a chamber of commerce organization-Chicago Board of Trade 1848. In the early stage of development, the main task of the exchange is to provide some services in transportation, warehousing and price information to facilitate members' transactions. The forward contract transactions of trading products will not be provided until 185 1. 4. Several problems to be solved in the process of forward contract transaction. The specific contents of the transaction include quality, grade, price, quantity, delivery time, etc. When the situation or price of both parties changes, it is difficult to transfer the contract to others, and whether the contract can be executed depends on the reputation of the other party to ensure that the cost of executing the contract is high and the execution risk is high. These were the main problems at that time. In order to solve these problems, the Chicago Board of Trade introduced standardized contracts as trading products in 1865, and implemented a deposit system, charging both parties with a deposit not exceeding 10% of the contract value as performance guarantee. 1882 Chicago Board of Trade allows hedging to cancel performance. Clearing Association appeared in 1883, providing hedging tools for exchange members. 1925 the Chicago board of trade clearing company was established, and all transactions were settled through the clearing company. At this point, futures trading has completed an important institutional innovation, marking the real birth of futures trading in the modern sense.