Chicago Board of Trade is the most representative agricultural product exchange in the world. 1848, Chicago Board of Trade was established by 83 grain traders. 1865 forward contract was replaced by standard futures contract, and the deposit system was implemented. 2006 10 17 Chicago Mercantile Exchange (CME) and Chicago Board of Trade (CBOT) announced that they had reached a final agreement on the merger, and the two exchanges merged into the Chicago Stock Exchange Group, the largest derivatives exchange in the world.