Globex

The CME (Chicago Mercantile Exchange) is a Chicago based fiscal & product derivative exchange. CME was established in 1898 as an exchange specifically for commodities related to agriculture. Initially, it was a non-profit corporation. In 2002, CME decided to go public. In 2007 it got combined with Chicago Board of Trade and became a legalized designated commodity market.

Platforms for Trading

Trading in CME Globex is primarily done in 2 different procedures;

  • Open outcry
  • CME Globex

The ratio of exchange of commodities and financial trading in CME Globex to Open Outcry is 80-20.

Open Outcry

In this format of trading, it is done in an amphitheatre alike surrounding where brokers communicate verbally and through hand-signals. Although it might sound a bit traditional form of trading but historic data has proved that it is one of the most efficient ways of trading.

CME Globex

Serving as the backbone of CME, it controls almost 80% of the trading. It s virtually open all the time. This allows traders to trade from the booths or from the comfort of their respective house or office. It closed its billionth transaction in 2004. Globex is designed in such a way that it completely protects its traders from fraudulent activities.

Conclusion

CME is a giant corporation for financial transactions which uses the most updated technology for trading and CME Globex serves to be the biggest electronic trading mechanism.

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