Definition of Chicago Board Of Trade (CBOT)

one of the world's leading and most liquid derivatives exchanges. CBOT volume in 2004 totaled nearly 600 million contracts, representing about 15% of the total global listed futures and options on futures trades executed during that year. The CBOT continued to achieve record volume and open interest growth in 2005, while maintaining a sharp focus on providing the marketplace with cutting-edge technology and launching global outreach initiatives. With its diverse mix of more than 50 financial, equity, and commodity futures and options on futures products, the CBOT advances into the future on the strength of its market integrity and the deep, liquid, and transparent trading environment that the Exchange provides. Formed in 1848 as a centralized marketplace for the grain trade, during the last 157 years the CBOT's products line has grown to include contracts on agricultural commodities, such as corn, soybeans, wheat, and rough rice; and financial instruments such as U.S. Treasury bonds and notes, 30-Day Federal Funds, Dow Jones stock indexes, and swaps. In 2004, the CBOT launched 100 oz. Gold and 5,000 oz. Silver futures contracts traded exclusively through its on-line platform. In 2005, the CBOT introduced two new contracts- South American Soybean futures and Ethanol futures-as an innovative and proactive response to shifting trends in the global agricultural economy. Intently focused on expanding the distribution of its products through a variety of global outreach efforts, the CBOT has entered into memoranda of understandings with seven different exchanges located in the Pacific Rim and Latin America. These arrangements are intended to facilitate cooperative programs and potential joint business projects in strategic markets. The CBOT also established a telecom hub in Gibraltar, with a second hub planned in Singapore in the latter half of 2005, to enable customers located remotely to connect directly to the CBOT. Approximately 3,000 members trade the CBOT's products through its open auction and electronic trading platforms. The CBOT's electronic trading platform powered by LIFFE CONNECT will be further improved in 2005 with enhancements that are expected to extend its electronic trading hours to 22 hours per day for financial, equity, and metals contracts. The CBOT has also deployed new technology to its open auction platform, creating greater efficiencies in the trading environment through the use of electronic terminals and hand-held devices. The CBOT's open auction trading platform is available Monday through Friday, 7:20 A.M. to 2 P.M. (financial); 9:30 A.M. to 1:15 P.M. (agricultural); and 7:20 A.M.-3:15 P.M. (equities). The CBOT's electronic trading platform (prior to the enhancements) is available as follows: 6 P.M.-4 P.M. (financial); 6:30 P.M.-6 A.M. (agricultural); 6:15 P.M.-4 P.M. (equities); 6:16 P.M.-4 P.M. (metals). www.cbot.com.