Wholly owned subsidiary of Chicago Merchandise Exchange Holdings
ChicagoCommodity tradingChicago Mercantile Exchange Holdings Inc（NYSE: CME), which is a component company of Russell 1000 (R) Index.CME was founded in 1874, its predecessor was agricultural productsexchange, created by a group of agricultural product dealers, the main commodities listed on the exchange at that time werebutterEggs, poultry and other agricultural products that are not resistant to storage.More than 3600CBOTMembers trade 50 different futures and options products.In 2003, the ExchangevolumeIt reached a record 454 million contracts.
In the early days of the exchange, CBOT only traded agricultural products, such as corn, wheatoatsAnd soybeans.After years of development, futures contracts of the Exchange now include non preserved agricultural products andNon-agriculturalProducts such as gold and silver.CBOT No. 1Financial futures contractsLaunched in October 1975, the contract is based on the National Mortgage AssociationMortgage-backed securitiesFutures contracts.With the introduction of the first kind of financial futures contract, futures trading has gradually been introduced to a variety of differentfinancial instruments, including the US TreasuryMedium and long-term bonds、Stock indexandInterest rate swapEtc.the other onefinancial innovation ，Futures options, launched in 1982.
In the past 150 years, CBOTtransaction modebyOpen outcryTrading means that traders buy and sell futures contracts face to face on the trading floor.However, in order to meet the needs of global economic growth, CBOT successfully launched the first electronictrading system 。In the past decade, withElectronic transactionsWith the increasing popularity of its use, the Exchange has upgraded its electronic trading system several times.Recently, in January 2004, CBOT launched anotherLIFFENew electronic trading system supported by CONNECT trading technology.
Launch new products in CBOTtrading system At the same time, the exchange also completedClearing businessConversion of.ChicagoCME began to provide clearing and related business services for all CBOT products in January 2004.The CME/CBOT joint clearing network will have twoleading role The clearing network has improved its businessbondAnd capital efficiencyFutures BrokerAnd futures productsend userThe benefits are considerable.
Whether it's electronic trading orOpen outcryThe main role of CBOT is to provide customers with a transparent andLiquidityThe role of this market isPrice discovery、risk management And investment.farmer, companies, small enterprisesowner, FinanceService ProviderInternational trading institutions and other individuals or institutions canHedgingThe process ofManage Price, interest rate, andexchange-rate risks。Hedging is achieved byfutures marketHold equal but opposite positions to offsetSpot marketIntrinsic positionprice risk Operation of.HedgerUse the CBOT futures market to protect its business to avoid the adverse impact that adverse price changes may have on its earnings.
The futures market also allows the globalspeculatorDetermine the transaction price and whether to enter the market as an investor by explaining and using economic data, news and other information.Speculators fill the gap in the hedger's bid and offer price, thus making the market more liquid andcost efficiency 。variousMarket participantsAll have different opinions and contactsMarket information, resulting from the transactions of market participantsPrice discoveryAnd provideguide price。
In 2004, the Exchange made settlement payments of about $1.5 billion every day. As of December 31, 2004, it managed $44.1 billion of collateral deposits, of which $3.1 billion was pledged by non CME productsbond。
organization structure
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Chicago Mercantile Exchange
The Chicago Mercantile Exchange has 2724 members, including Chicago MercantileExchange member625 people, 812 people in the International Monetary Market Division, 1287 people in the Index and Option Market Division, and 867 staff in the Exchange (non exchange members).The highest governing body of the Exchange is the Board of Directors, which is composed of 25 directors and has several special committees.
Board officials: Chairman, First Vice Chairman, Second Chairman, SecretarytreasurerSpecial lawyerexecutive committeechairman.
There are four committees under the transaction, namely, agricultural consultants, the United States flexible exchange rate consortium, approved delivery facilities, agricultural products arbitration, financial arbitration, building improvement and real estate, business operationbutterTrading, fattening cattle trading, live cattle tradingClearing houseCommodity agency/customer complaint, computerized transaction restructuring system, fund raising, educationshare index, execution, financefinancial futures Planning consultant and on-site brokerQualification examinationOn site communication and agricultural productsFloor trading, financial futures over-the-counter trading, over-the-counter broker activity monitoring, over-the-counter services, foreign exchangeforest product, goldInterest rate futures, lease, live pigMember Services、Membership. Member vacancy distribution, new contract promotion, options, license management, trading pool supervision, pork products,public affairs, Restaurants and Clubs, Pushellstock market indexTrading supervision and price limit for the fluctuation of the Pushell stock index.
Coordination committee: agricultural product transaction planning, facility coordinationfinancial instrumentsTransaction planning, international business planning, member coordination.
Senior staff: President and CEO, Executive Vice President and CEOBusiness Officer, Executive Vice President andchief economist And researchers, senior vice presidents (in charge of management, finance, government relations, legal and regulatory affairs, sales, business), vice presidents (in charge of audit, settlement, commodity research and sales, appeals, currency, financial management, financial researchChief Counsel- laws, government relationsinternational financial marketSalesLondonNew York Office, Management Information SystemMarket supervision, market segment transactions, public affairsSpecial plan、strategic plan）。
Company characteristics
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Chicago Mercantile Exchange
CBOTIs aSelf management、Self supervision, non-profit and unlisted Delaware companies providing services for members and individuals.CBOT has several different memberships, and members with different identities can participate in all or part of the exchangeListing transactionMarket.Among the 3600 members of CBOT, 1400 are plenipotentiary members who can participate in the trading of all contracts of the Exchange.
Exchangemanagement systemIncluding General ManagerCEO, Chairman, Vice Chairman and other 15 directors.
Although the CBOT Board of Directors hasstock exchangeCommittee（SEC）Submitted a preliminary proxy statement andProspectusBut the application has not yet taken effect, that is, the application has not been finally approved.When the application is finally approved and the above materials are distributed to members, CBOT recommends that members read the registration statement on the final Form S-4 concerning restructuring, including the final proxy statement and prospectus, and other documents that CBOT has submitted or will submit to the SEC, which have or will contain important investment decision information.When the Exchange gets these documents, members can ask for the final prospectus for freecopyOther information submitted by CBOT can be obtained from the SECOfficial websiteObtained on.This information does not constitute an inducement to buy or sell advice in certain statesSecurities LawIt is required to provide induced buying and selling suggestions before registration and qualification reviewIllegality。Pursuant to the Securities Act, Section 10 of 1933, as amended,Sale of securitiesIt is not allowed to sell at will except through the prospectus.
Financial instruments (indices andOptions marketSegment): Australian dollar, Canadian dollar, German mark, French franc, Japanese yen, British pound, Swiss franc, three-month Eurodollar, three-month U.S. government short-term treasury bill futures contracts, S and Pindex futures andOption contract。
Development status
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Chicago Mercantile Exchange
October 17, 2006 United StatesChicagoCommercial Exchanges (CME) andChicago Board of Trade(CBOT) announced that a final agreement had been reached on the merger, and the two exchanges were merged into the world's largestderivativeExchange - CME Group.
According to the terms of the agreement, CBOT sharesholderWill receive 0.3006 CMEs per shareCommon stock, or the equivalent amount of cash.
The merged company is called CME Group (Chicago Board of Trade Group), headquartered inChicago。Of the merged companyTotal assetsIt is estimated that it will reach US $25 billion, of which CME accounts for US $18 billion and CBOT accounts for about US $7 billion.Terrence A. Duffy, the former CME chairman, will become the chairman of the merged company. Charles P. Carey, the former CBOT chairman, is appointed as the vice chairmanCEOCraig S. Donohue became the CEO of the merged Exchange and Bernard WDan was assigned to supervise CBOT business until the merger was completed.The board of directors of the merged CME Group will be composed of 29 directors, 20 of whom will be appointed by CME and 9 of whom will be appointed by CBOT.
ConsolidatedExchange TradingThe variety will involve interest rate, foreign exchange, agricultural and industrial products, energy and other items such as weather indexDerivative products。CME said that two industry leadingCorporate mergerAs a company, it helps to consolidate its growth ability in an increasingly competitive environment.The merged company will become the most active exchange in the world, with an average of 9 million contracts being transacted every day,Transaction amountNearly $4.2 trillion.
The founding members of this joint venture include Lianbo, BlackRockBlue Mountains CapitalManagement company, D.EShaw Group and Pacific (601099Share bar, market, information,Main business）Investment management company5 giants.The Chicago Mercantile Exchange also mentioned in a statement on September 25 that Castle Investment Group will also be included, and several large banks will also become its founding members.
On February 7, 2020, the revenue of CME. US in Q4 is expected to be 11.6 billion dollars,EPSExpected $1.55.[3]
On February 12, 2020, the Chicago Mercantile Exchange (CME. US) Q4 revenue and EPS were lower than the expected daily average trading volumeYear on year decrease19%。[4]
Honors won
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On May 13, 2020, Zhishang was ranked 440th on the 2020 Forbes Global Enterprise 2000 List.[5-6]
In May 2021, Zhishang was ranked in the "2021 Forbes Global 2000"425 bits.[7]
