History of Chicago Mercantile Exchange in Timeline

The Chicago Mercantile Exchange (CME) is a leading American derivatives marketplace headquartered in Chicago. It provides a platform for trading futures and options contracts across various asset classes, including agricultural products, energy, metals, and financial instruments. The CME plays a crucial role in price discovery and risk management for businesses and investors worldwide, allowing them to hedge against price fluctuations and manage market volatility. Its operations significantly impact global markets and the overall economy.

1919: Chicago Butter and Egg Board Restructured

In 1919, the Chicago Butter and Egg Board was restructured and renamed the Chicago Mercantile Exchange, reflecting a new focus on commodities beyond butter and eggs.

1972: CME Introduced First Financial Futures Market

In 1972, CME introduced the first financial futures market, offering contracts on seven foreign currencies.

1984: CME investigated by U.S. Government Accountability Office

In 1984, the CME was investigated by the U.S. Government Accountability Office, revealing potential for abuse within the open-outcry system.

1987: CME Globex Trading System Proposed

In 1987, the CME Globex Trading System was proposed as a global electronic trading platform for futures contracts.

1992: CME Globex Trading System Introduced

In 1992, CME introduced the Globex Trading System as the first global electronic trading platform for futures contracts.

September 1998: Launch of second generation CME Globex

In September 1998, the second generation of CME Globex was launched using a modified version of the NSC trading system, developed by Paris Bourse for the MATIF (now Euronext).

1999: CME Launched First Weather Products

The Chicago Mercantile Exchange launched its first weather products in 1999, offering futures on rainfall, snowfall, hurricanes, and temperature.

November 2000: CME Demutualizes

In November 2000, the Chicago Mercantile Exchange (CME) demutualized, changing its structure from a member-owned non-profit to a for-profit entity.

December 2002: CME Goes Public

In December 2002, the Chicago Mercantile Exchange (CME) went public, offering shares to investors.

October 19, 2004: One Billionth Transaction Recorded

On October 19, 2004, the one billionth transaction was recorded on the CME Globex Trading System.

October 17, 2006: CME announces merger with CBOT

On October 17, 2006, the Chicago Mercantile Exchange announced a merger with the Chicago Board of Trade in an $8 billion deal.

July 9, 2007: Shareholders approve CME and CBOT merger

On July 9, 2007, shareholders of both the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) approved the merger.

July 12, 2007: CME and CBOT merger deal closed

On July 12, 2007, the merger deal between the Chicago Mercantile Exchange (CME) and the Chicago Board of Trade (CBOT) closed, leading to the launch of CME Group.

July 2007: CME Merges with Chicago Board of Trade

In July 2007, the Chicago Mercantile Exchange (CME) merged with the Chicago Board of Trade (CBOT) to become a designated contract market of the CME Group Inc.

January 13, 2008: Electronic trading shifts onto CME Globex

On January 13, 2008, electronic trading at the Chicago Board of Trade shifted onto CME Globex.

August 18, 2008: Shareholders approve merger with NYMEX and COMEX

On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX.

2017: Agricultural contracts offered on various products

As of 2017, agricultural contracts were offered on products such as wheat, corn, soybeans, and lean hogs.

March 2020: Physical trading pits closed due to COVID-19 pandemic

In March 2020, CME Group closed most of its physical trading pits due to the outbreak of the COVID-19 pandemic.

2021: CME Group permanently closes physical trading pits

In 2021, CME Group announced that it would permanently close most of its physical trading pits, including those for grain trading.

2022: CME Group Offers Derivatives Products

As of 2022, CME operates under CME Group, which offers a number of derivatives products, including commodities, equity indices, foreign exchange, interest rates, and weather.