A brief, fun history on commodites
Sumer is thought to be the world’s oldest civilization that traded commodities somewhere between 4500 and 4000 BC
Sumer is thought to be the world’s oldest civilization that traded commodities somewhere between 4500 and 4000 BC
The Amsterdam Stock Exchange in 1530 is often called the world’s first stock exchange. However, before it was a stock exchange, it operated as a market for the exchange (we know this from Tulip Mania)
BUT earliest RECOGNIZED futures trading exchange is Dojima Rice Exchange, established in 1710 in Japan for the purpose of trading rice future. (You traders may recognize the doji name..candlestick patterns came from here)
Moving ahead..US had the earliest OFFICIAL commodity exchange in Chicago, formed in 1848. The CBOT arose in the aftermath of railroads and the telegraph connecting the agricultural marketplace hub of Chicago with New York and other cities in the eastern U.S.
1970s saw a large expansion in the futures trading markets. The CME started offering futures trading in foreign currencies. NYMEX began offering trading in various financial futures, including U.S. Treasury bonds and eventually futures in stock market indexes.
End.
Market for commodities..ergh
