History of Chicago Mercantile Exchange in Timeline

The Chicago Mercantile Exchange (CME) is a leading global derivatives marketplace based in Chicago. It provides a platform for trading a wide range of futures and options contracts across various asset classes, including agricultural products, energy, metals, interest rates, and currencies. The CME plays a crucial role in price discovery and risk management for businesses and investors worldwide. It's known for its innovation and technological advancements in electronic trading.

1919: Restructuring and Name Change to Chicago Mercantile Exchange

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

1972: Introduction of 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: Proposal of CME Globex Trading System

In 1987, the CME Globex Trading System was proposed.

1992: Introduction of CME Globex Trading System

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

September 1998: Launch of the second generation of 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: Launch of weather products

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

November 2000: The Merc demutualized

In November 2000, the Chicago Mercantile Exchange demutualized.

December 2002: The Merc went public

In December 2002, the Chicago Mercantile Exchange went public.

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 approved merger

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

July 12, 2007: Merger deal closed

On July 12, 2007, the Chicago Mercantile Exchange merger deal with the Chicago Board of Trade closed and the overarching holding company then launched as CME Group.

July 2007: Merger with the Chicago Board of Trade

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

January 13, 2008: Electronic trading shifted 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, CME Group shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX.

2017: Agricultural contracts offered

As of 2017, the Chicago Mercantile Exchange offered agricultural contracts on products such as wheat, corn, soybeans, and lean hogs. In metal futures, the CME trades precious metals, base metals, and ferrous metals.

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

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

2021: Permanent closure of 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 operates under CME Group

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.