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A commodity market is a market that trades in the primary economic sector rather than manufactured products, such as cocoa, fruit and sugar. Hard commodities are mined, such as gold and oil. Investors access about 50 major commodity markets worldwide with purely financial transactions increasingly outnumbering physical trades in which goods are delivered. Futures contracts are the oldest way of investing in commodities. Futures are secured by physical assets. Commodity markets can include physical trading and derivatives trading using spot prices, forwards, futures, and options on futures. Farmers have used a simple form of derivative trading in the commodity market for centuries for price risk management.
In economics, a commodity is an economic good or service that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them.
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts; that is, a contract to buy specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. These types of contracts fall into the category of derivatives. A counterpart to the futures market is the spot market, where trades occur immediately after a transaction agreement has been made, rather than at a predetermined time in the future. Futures instruments are priced according to the movement of the underlying asset. The aforementioned category is named "derivatives" because the value of these instruments are derived from another asset class.
The Chicago Mercantile Exchange (CME) is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an agricultural commodities exchange. Originally, the exchange was a non-profit organization. The Merc demutualized in November 2000, went public in December 2002, and merged with the Chicago Board of Trade in July 2007 to become a designated contract market of the CME Group Inc., which operates both markets. The chairman and chief executive officer of CME Group is Terrence A. Duffy, Bryan Durkin is president. On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX. CME, CBOT, NYMEX, and COMEX are now markets owned by CME Group. After the merger, the value of the CME quadrupled in a two-year span, with a market cap of over $25 billion.
The New York Mercantile Exchange (NYMEX) is a commodity futures exchange owned and operated by CME Group of Chicago. NYMEX is located at One North End Avenue in Brookfield Place in the Battery Park City section of Manhattan, New York City.
West Texas intermediate (WTI), also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing. This grade is described as light crude oil because of its relatively low density, and sweet because of its low sulfur content. It is the underlying commodity of New York Mercantile Exchange's oil futures contracts.
The Tehran Stock Exchange (TSE) is Iran's largest stock exchange, which first opened in 1967. The TSE is based in Tehran. As of May 2012, 339 companies with a combined market capitalization of US$104.21 billion were listed on TSE. TSE, which is a founding member of the Federation of Euro-Asian Stock Exchanges, has been one of the world's best performing stock exchanges in the years 2002 through 2013. TSE is an emerging or "frontier" market.
The Dalian Commodity Exchange (DCE) is a Chinese futures exchange based in Dalian, Liaoning province, China. It is a non-profit, self-regulating and membership legal entity established on February 28, 1993.
The Iranian Oil Bourse, International Oil Bourse, Iran Petroleum ExchangeKish Exchange or Oil Bourse in Kish also known as Iran Crude Oil Exchange, is a commodity exchange, which opened its first phase on 17 February 2008.
The term petrodollar warfare refers to the alleged motivation of US military offensives as preserving by force the status of the United States dollar as the world's dominant reserve currency and as the currency in which oil is priced. The term was coined by William R. Clark, who has written a book with the same title. The phrase oil currency war is sometimes used with the same meaning.
CME Group Inc. is a global markets company. The company offers futures contracts and options on futures using its CME Globex trading platforms, fixed income trading via BrokerTec and foreign exchange trading on the EBS platform. In addition, it operates a central counterparty clearing provider, CME Clearing. With a range of pre- and post-trade products and services underpinning the entire lifecycle of a trade, CME Group also offers optimization and reconciliation services through TriOptima, and trade processing services through Traiana.
Pakistan Mercantile Exchange Limited is Pakistan's first futures commodity market having its registered Head office in Karachi, Sindh. It is the only company in Pakistan to provide a centralized and regulated place for commodity futures trading and is regulated by Securities and Exchange Commission of Pakistan (SECP). It has started full trading activities on 11 May 2007.
Davoud Danesh-Jafari is an Iranian politician and economist who was minister of economy and finance affairs of Iran.
An exchange, or bourse also known as a trading exchange or trading venue, is an organized market where (especially) tradable securities, commodities, foreign exchange, futures, and options contracts are sold and bought.
Commodity trading in China has a short but high-growth history. With an increasing product variety and deepening liquidity pools, the mainland's futures market is playing an increasingly important role in serving the national economy.
The Onion Futures Act is a United States law banning the trading of futures contracts on onions as well as "motion picture box office receipts".
Hong Kong Mercantile Exchange was an electronic commodities exchange established in Hong Kong for the trading of commodity futures, options and other financial derivatives. The exchange was originally pitched as a platform to trade oil futures. In fact, it ended up trading mainly silver and gold futures.
Everette Bagby Harris, better known as E.B. Harris, was an American businessman. Harris served as President of the Chicago Mercantile Exchange from 1953 to 1978. During this time, he oversaw the diversification of the products traded on the exchange. He was previously the secretary of the Chicago Board of Trade.
References
- ↑ Gokay, Bulent (2006). Politics of Oil: A Survey. Oxford and New York: Routledge. ISBN 978-1-317-54248-3.
- ↑ Fazi, Elido (2012). Third World War?: A Geopolitical Reading of the Financial Crisis. Rome, Italy: Fazi Editore. ISBN 978-88-6411-637-2.
- ↑ Jonsson, David J. (2006). Islamic Economics and the Final Jihad: The Muslim Brotherhood to the Leftist/Marxist - Islamist Alliance. Maitland, FL: Xulon Press. pp. 299–301. ISBN 978-1-59781-980-0.
- ↑ Vassiliou, Marius S. (2009). Historical Dictionary of the Petroleum Industry. Historical Dictionaries of Professions and Industries. 3. Lanham, MD, Toronto and Plymouth, UK: Scarecrow Press. p. 164. ISBN 978-0-8108-6288-3.
- ↑ "Budget Review Commission of the Parliament Opposes Establishment of the Oil Bourse". Iran Mercantile Exchange. Retrieved 12 January 2020.
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