The commodities listed in table 16- 1 are traded in some commodity exchanges in the United States and Canada (see table 16-2). Although the exchanges are well organized and can operate effectively, they (these transactions) are still conducted by bidding and gestures in public auctions.

The largest commodity exchange is the Chicago Board of Trade (CBT), and the second largest is the Chicago Mercantile Exchange (CME). Although some exchanges are targeted, such as new york Cotton Exchange, most exchanges can trade many assets. For example, the Chicago Board of Trade can trade corn, oats, soybeans, wheat, silver and government bonds.

Commodity trading was initiated by the Commodity Futures Trading Commission (CFCT), a federal standards organization established by Congress in 1975. CFTC and the Securities and Exchange Commission have held many judicial debates on the rules of financial futures.