Exchange

Futures contracts for commodities are traded on one of 11 commodities exchanges in the United States, or on other exchanges throughout the world. Each futures contract is tied to the exchange that issued it. Exchanges specialize in various commodities, including currency and financial futures. For example, the Chicago Mercantile Exchange deals in meat, livestock, and currency, and the Minneapolis Grain Exchange focuses exclusively on grain. Other exchanges include the Chicago Board of Trade and boards of trade and exchanges in Philadelphia; Kansas City, Missouri; and New York City.

The COMMODITIES FUTURES TRADING COMMISSION, which was established pursuant to the Commodity Exchange Act (7 U.S.C.A. §§ 1 et seq., 4a(a)), regulates the activities of boards of trade, defined as associations or exchanges established to trade commodities futures. Private organizations such as the Chicago Board of Trade and the National Futures Association provide significant self-regulation to the commodities futures trading market.