Finance History | CME Group — Eighty Merchants at 101 South Water Street
· 1848-4
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Finance History | CME Group — Eighty Merchants at 101 South Water Street
kevin
People treat CME Group as the Art Deco tower at 141 West Jackson that always cleared a futures book from an S and P 500 listing.
The first book was a grain board on the river.
On 3 April 1848 about eighty Chicago merchants organized the Chicago Board of Trade at 101 South Water Street. Thomas Dyer was the first president.
Forward corn showed up in the records by 1851. Standardized futures and a margin bond arrived in 1865 so a defaulting short could not walk away from a harvest price.
The present building opened in 1930 at the foot of LaSalle. CME and the Board of Trade merged in July 2007.
The mechanism is still the first one.
A miller who needed wheat in March and a farmer who had it in the field could lock a price if the exchange standardized the contract and held a performance bond.
A visitor on Jackson still sees Ceres on the roof. Water Street is gone. The board is how the book started.
Walk the sidewalk. This is an active exchange building. Do not photograph trading floors.
Photo: Chicago Board of Trade Building, Nikopoley, GFDL and CC licenses, via Wikimedia Commons.
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