By the 12 century, this kind of transaction had developed on a large scale in Britain, France and other countries with a high degree of specialization.
157 1 year, the Royal Exchange of London was established in Britain.
1848, 82 businessmen in Chicago initiated the establishment of the Chicago Board of Trade (CBOT), and futures trading in the modern sense appeared for the first time.
At 185 1, the Chicago Board of Trade (CBOT) launched a forward contract.
1865, Chicago Board of Trade (CBOT) introduced standardized contracts and implemented margin system.
In 1882, the Chicago Board of Trade (CBOT) allows the exemption of performance liability through hedging.
1883 The Chicago Board of Trade (CBOT) established a clearing association to provide hedging tools for exchange members.
1925, the Chicago Board of Trade (CBOT) established the settlement company (BOTCC), and the settlement institution in the modern sense took shape.
1872, NYMEX was established.
In May, 1874, Chicago Mercantile Exchange (CME) came into being. From June 5438 to February 2002, the Chicago Mercantile Exchange Holding Company was officially listed on the new york Stock Exchange, and the Chicago Mercantile Exchange changed from a non-profit organization with membership to a profit-making company.
From 65438 to 0969, CME became the largest meat and livestock futures trading center in the world.
In 2007, CBOT and CME merged to form CMEGroup. The group has become the largest futures trading place in the world.
1876 65438+February, produced by London Metal Exchange [LME]. LME was named London Metal Exchange Company at that time, and the earliest metal futures trading was born here.
1899 London metal exchange introduces two rounds of trading every morning and afternoon to copper and tin trading.
1920, lead and zinc were also officially listed and traded on the London metal exchange.
1933, the New York Mercantile Exchange was founded, and its trading varieties included gold, silver, COMEX and aluminum.
1974, the New York Mercantile Exchange launched gold trading.
1994, NYMEX and COMEX merged to form the New York Mercantile Exchange (NYMEX), which owns the largest gold futures contract in the world, and its trading is conducted in the New York Mercantile Exchange branch.
1972 In May, the International Money Market Division (IMM) established by Chicago Mercantile Exchange (CME) launched the first foreign exchange futures listed on financial futures.
1975 10, Chicago Board of Trade (CBOT) listed the National Mortgage Association (GNMA) bond fraud contract, becoming the first exchange in the world to launch interest rate futures contracts. 1In August, 977, the American long-term treasury bond futures contract was listed on the Chicago Board of Trade (CBOT).
1982 In February, the Kansas Futures Exchange (KCBT) developed the value line composite index futures contract, which was the first exchange to trade stock indexes.
On June 1 98265438+1October1,the American long-term treasury bond futures option contract was listed on the Chicago Board of Trade (CBOT), which triggered another revolution in futures trading.
1976, the Hong Kong Futures Exchange (HKFE) was established. On March 6th, 2000, Stock Exchange of Hong Kong Limited (SEHK) and Hong Kong Futures Exchange Limited (HKFE) were demutualized and merged with Hong Kong Securities Clearing Company Limited (HKSCC) to form the Stock Exchange of Hong Kong (HKEx).
1980 London International Petroleum Exchange (IPE) was established. London International Petroleum Exchange is the most important trading place for energy futures and options in Europe. It was originally a non-profit organization. On June 23rd, 1988, IPE launched Brent crude oil futures contract, one of the three international benchmark crude oils. In April 2000, IPE was reorganized and became a profitable company. In June, 20001,IPE was acquired by IntercontinentalExchange, Inc. and became a wholly-owned subsidiary of the company established under the laws of Delaware in the eastern United States.
1 984165438+1October1,Tokyo Industrial Products Exchange (TOCOM) was established, also known as Tokyo Commodity Exchange. Its predecessor was Tokyo Textile Exchange, which was established at 195 1, Tokyo Rubber Exchange at 1952 and Tokyo Gold Exchange at 1982.
1998 established NYBOT, which was formed by the merger of NewYorkCottonExchange and CoffeeSugarCocoaExchange. The newly established New York Futures Exchange has a membership system, and its members are also members of the original two exchanges, including 450 cotton members and 500 coffee, sugar and cocoa members. At present, the New York Futures Exchange is the only exchange in the world that trades cotton futures and options.
1984, Singapore International Financial Exchange (SIMEX) was established, which is the first financial futures exchange in Asia. 1986, Singapore international financial exchange launched the Nikkei 225 index futures before Japan, which became the main place for international financial institutions to trade the Nikkei 225 index, creating a precedent for futures trading based on other countries' stock indexes.
1February 1999, Korea Futures Exchange (KOFEX) was established in Busan. On June 65438+1October 19, 2005, three existing exchanges in Korea-Korea Stock Exchange, Growth Enterprise Market (Kosdaq) and Futures Exchange-merged to form Korea Stock and Futures Exchange (KRX), with its headquarters in Busan, where the futures exchange is located. KRX is a comprehensive financial market.
The Establishment and Development of China Futures Market
199010 June 12, the State Council, a grain wholesale market in Zhengzhou, China, approved the launch of a futures trading mechanism based on spot trading as the first commodity futures market in China. 1On May 28th, 993, futures trading was officially launched. 1In August, 998, ZCE was identified by the State Council, China as one of the three major futures exchanges in China, and it was under the vertical management of the China Securities Regulatory Commission.
1991June 10, Shenzhen Nonferrous Metals Exchange was announced and officially opened on June 1992 1 day.
On May 28th, 1992, the Shanghai Metal Exchange opened. August 1998 was renamed Shanghai Futures Exchange (SHFE) after rectification.
1September 1992, the first futures brokerage company, Guangdong Wantong Futures Brokerage Company, was established. At the end of the same year, China International Futures Brokerage Company was established.
On February 28th, 1993, Dalian Commodity Exchange (DCE) was established.
1993165438+1October 4th, the State Council issued the Notice on Stopping the Blind Development of the Futures Market, which started the first clean-up and rectification work, and finally 15 exchanges were identified as pilot exchanges.
1 August 9981day, the State Council issued the Notice of the State Council on Further Rectifying and Regulating the Futures Market, and started the second rectification work. 15 exchanges were compressed and merged into three, and the trading varieties were reduced accordingly.
1On June 2, 1999, the State Council promulgated the Provisional Regulations on the Administration of Futures Trading, and the corresponding Measures for the Administration of the Qualifications of Senior Managers and Futures Practitioners of Futures Exchanges, Futures Brokerage Companies (revised in 2002) were also promulgated and implemented.
1999,1February 25, 1999, People's Republic of China (PRC) criminal law amendment was passed, and crimes in the futures field were included in the criminal law.
On February 29th, 2000, 65438+ China Futures Association was established, which also marked the formation of the three-level supervision system of China futures market.
On September 8, 2006, China Financial Futures Exchange (CFFE) was established in Shanghai with a registered capital of 500 million yuan. With the consent of the State Council and the approval of China Securities Regulatory Commission, the financial futures exchange is jointly established by Shanghai Futures Exchange, Zhengzhou Commodity Exchange, Dalian Commodity Exchange, Shanghai Stock Exchange and Shenzhen Stock Exchange. 201April 16 Stock Index Futures was officially traded.