After decades of development and reform, the Chicago Board of Trade has formed a modern futures trading market model. 185 1, Chicago Board of Trade launches forward contracts; 1865, the Chicago Board of Trade introduced standardized contracts and implemented a margin system. 1882, which allows the exchange to exempt the performance liability through hedging; 1883, the clearing association was established. The implementation of standardized contracts, margin system, hedging mechanism and unified settlement, these historic institutional innovations, mark the establishment of modern futures market.