Financial futures refer to futures contracts with financial instruments or financial products as the subject matter. The subject matter of a contract is not physical objects, but financial instruments or financial products, such as foreign exchange, bonds and stock indexes. Financial futures trading came into being in the American futures market in 1970s. On May 1972, the Chicago Mercantile Exchange (CME) and the International Money Market (IMM) launched seven kinds of foreign exchange futures contracts, which marked the emergence of financial futures, a new futures product.