Chicago Board of Trade - Investment & Finance Definition
The oldest futures exchange in the United States, which began trading futures contracts in 1865. The oldest continually traded contracts on the CBOT are corn and wheat futures, both traded since 1877. The CBOT trades a variety of futures and options contracts. Agricultural futures and options include wheat, corn, oats, soybeans, soybean meal, soybean oil, and rough rice. Financial futures and options are traded on the U.S. Treasury bond, 10-year Treasury notes, 5-year Treasury notes, 2-year Treasury notes, and 30-day Fed Funds rate. Stock index futures and options are traded on the Dow Jones Industrial Average. Trading occurs using open-outcry pit trading during regular trading hours. After hours, contracts can be traded on the CBOT’s Electronic Trading System.
The CBOT is governed by a board of directors that includes a chairman, a vice chairman, 11 member directors, 3 public directors, and the president. The exchange is managed by an executive staff headed by the president and chief executive officer.