Chicago Board of Trade
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| Type | Public (NYSE: BOT) |
| Founded | 1848 |
| Location | Chicago, Illinois |
| Key people | Bernard W. Dan, President & CEO Charles P. Carey, Chairman |
| Industry | Business Services |
| Products | Futures exchange |
| Revenue |  $380,193 million USD (2004) |
| Employees | Unknown |
| Website | www.cbot.com |
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The Chicago Board of Trade (CBOT) NYSE: BOT, established in 1848, is the world's oldest futures and options exchange. More than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading. Volumes at the exchange in 2003 were a record breaking 454 million contracts.
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History
The concerns of US merchants to ensure that there were buyers and sellers for commodities have resulted into forward contracts to sell and buy commodities. Still, credit risk remained a serious problem. The CBOT took shape to provide a centralized location, where buyers and sellers may meet and negotiate and formalize forward contracts.
In 1865, the CBOT listed the first ever standardized “exchange traded” forward contracts, which were called futures contracts. In 1919, the Chicago Butter and Egg Board[1], a spin-off the CBOT, was reorganized to enable member traders to allow future trading, and its name was changed to Chicago Mercantile Exchange (CME).
Since 1930, the Chicago Board of Trade has been operating from 141, W. Jackson Boulevard, Chicago. It is housed in a building designed by architects Holabird & Root. On 4 May 1977, the Chicago Board of Trade Building was designated a Chicago Landmark[2]. The Art Deco building is capped by a statue of the goddess Ceres in reference to the exchange's heritage as a commodity market. It is faceless because its sculptor, John H. Stoors, believed that the forty-five story building would be sufficiently taller than any other nearby structure and as a result that no one would be able to see the sculpture's face, anyway. Today the Board of Trade Building is closely joined by numerous skyscrapers in the heart of Chicago's busy Loop commercial neighborhood.
On 19 October 2005 the IPO of 3 191 489 CBOT shares was priced at $54.00 (USD). On it's first day of trading the stock closed up +49% at $80.50 (USD). on the NYSE.
News lines
- On October 22, 1981, trading was halted on the Chicago Board of Trade and the Philadelphia Stock Exchange after anonymous callers said bombs had been placed in those buildings.
See also
External links
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