《国际期货市场运作》课程教学课件（PPT讲稿）Chapter 3 The Modern Futures Exchange

Chapter 3 The Modern Futures Exchange

Chapter 3 The Modern Futures Exchange

Five are in New York: 1.The International Securities Exchange 2.The Coffee,Sugar and Cocoa Exchange 3.The Commodity Exchange,Inc.(COMEX) 4.The New York Cotton Exchange (NYCE) 5.The New York Mercantile Exchange (NYMEX)

◼ 1.The International Securities Exchange 2.The Coffee, Sugar and Cocoa Exchange 3. The Commodity Exchange, Inc.(COMEX) 4. The New York Cotton Exchange (NYCE) 5. The New York Mercantile Exchange (NYMEX) Five are in New York:

Four exchanges are in Chicago: 1.The Chicago Board of Trade (CBOT)is the world's oldest futures exchange. 2.Chicago Board Options Exchange(CBOE) 3.The Chicago Mercantile Exchange (CME) 4.The Mid-America Commodity Exchange (MidAm)

◼ 1. The Chicago Board of Trade (CBOT) is the world’s oldest futures exchange. 2. Chicago Board Options Exchange (CBOE) 3. The Chicago Mercantile Exchange (CME) 4. The Mid-America Commodity Exchange (MidAm) Four exchanges are in Chicago:

CBOT Building Features Strongly emphasized piers create vertical bands of windows which contribute to the pronounced verticality of the building

CBOT Building Features

This fine example of architecture of the late 1920's rises forty-five stories above Lasalle Street at Jackson Boulevard. This fine example of archite cture of the late 1920's risesforty-five stories above Lasalle Street at Jadson Boulevard

This fine example of architecture of the late 1920’s rises forty-five stories above Lasalle Street at Jackson Boulevard

Crowning the Board of Trade Building is a statue of“Ceresi”, the goddess of grain and harvest. The sculptor was John H.Stoors. Crowning the Board of Trade Building is a statue of "Ceres",the goddess of grain and harvest.The scultor was John H.Stoors

Crowning the Board of Trade Building is a statue of “Ceres” , the goddess of grain and harvest. The sculptor was John H. Stoors

The other three exchanges are located in ■1.Kansas City (the Kansas City Board of Trade-KCBT) 2.Minneapolis (the Minneapolis Grain Exchange-MGE) 3.Philadelphia (the Philadelphia Board of Trade-PBOT)

◼ 1. Kansas City (the Kansas City Board of Trade-KCBT) 2. Minneapolis (the Minneapolis Grain Exchange-MGE) 3. Philadelphia (the Philadelphia Board of Trade- PBOT) The other three exchanges are located in

LONGDON METAL EXCHANGE The London Metal Exchange (LME)is the world's premier non-ferrous metals market,with highly liquid contracts

LONGDON METAL EXCHANGE ◼ The London Metal Exchange (LME) is the world’s premier non-ferrous metals market, with highly liquid contracts

LONGDON METAL EXCHANGE MBF

LONGDON METAL EXCHANGE

Three Ways to Trade on the LME The LME system of fixed points clearly helps with the identification of the firms trading,it is only feasible because the Exchange has a small number of members permitted to take part in ring trading

Three Ways to Trade on the LME ◼ The LME system of fixed points clearly helps with the identification of the firms trading, it is only feasible because the Exchange has a small number of members permitted to take part in ring trading