The development of the international futures market has generally gone through the process from commodity futures to financial futures, with the increasing variety and scale of transactions.

(1) Commodity futures-futures contracts with physical goods as the subject matter.

1, agricultural futures: 1848 Chicago Board of Trade (CBOT) was born, 1865 standardized contract was launched.

1. Grain futures-wheat, corn and soybean

2. Cash crops-cotton, coffee and cocoa

3. Livestock and poultry products-butter, eggs, live pigs, live cattle and pork bellies.

4. Forest products-wood, natural rubber

2. Metal futures: London Metal Exchange (LME), founded in 1876, is a pioneer in metal futures trading. At that time, the name was London Metal Trading Company, which was mainly engaged in futures trading of copper and tin.

1. London metal exchange (lead copper (international pricing power), tin, lead, zinc, aluminum, nickel and silver.

2. the New York Mercantile Exchange-gold (1974, with international pricing power), silver, copper and aluminum.

3. Energy futures: crude oil, gasoline, heating oil and propane.

1. the New York Mercantile Exchange

2. London International Petroleum Exchange

(2) Financial futures

At present, financial futures have occupied a dominant position in the international futures market.

1, foreign exchange futures (the first financial futures)

1972 In May, CME established the International Money Market Department (IMM) and launched the foreign exchange futures contract for the first time.

2. Interest rate futures

1975 10, the Chicago Board of Trade (CBOT) listed the National Mortgage Association bond (GNMA) futures contract, which is the first interest rate futures contract in the world.