The development of the international futures market has generally experienced the process from commodity futures to financial futures, with the increasing variety of transactions and the expanding scale of transactions. Chicago Board of Trade was born in1848; With the expansion of spot production and circulation, new futures varieties appear constantly. The earliest metal futures exchange was born in London, England, and was established at1876; 1933 the New York Mercantile Exchange was founded, and 1974 gold futures contract was launched, which had certain influence on the international futures market in 1970s and 1980s. The oil crisis in the early 1970s brought great impact to the world economic market, and the prices of energy products such as oil fluctuated greatly, which directly led to the emergence of energy futures such as oil. 1972 in may, the Chicago mercantile exchange (CME) established the international money market department (IMM) and launched the foreign exchange futures contract for the first time. 1975 10 Chicago Mercantile Exchange launched the world's first interest rate futures contract. 1982 In February, the Kansas Futures Exchange launched a composite index futures contract, which made the stock price index also the object of futures trading. 1 9821June1day, the Chicago Board of Trade launched a long-term treasury bond futures option contract, which opened up a new world for other commodity futures and financial futures trading and triggered another revolution in futures trading. At present, CBOE is the largest options exchange in the world.