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Chicago Butter And Egg Board
The Chicago Butter and Egg Board, founded in 1898, was a spin-off entity of the Chicago Produce Exchange. In the year 1919, it was re-organized as the Chicago Mercantile Exchange (CME). Roots of the Chicago Butter and Egg Board are traceable to the 19th century. Initially, the Chicago Butter and Egg Board traded only two types of contracts, butter and eggs. Over several decades, it evolved into the CME which traded futures contracts and options contracts on over 50 products, from pork bellies to eurodollars and stock market indices In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of the .... The butter and egg markets died out in the 1960s after the production of both commodities had become much less seasonal, which reduced both the price volatility and the need for inter-temporal signal ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chicago Mercantile Exchange
The Chicago Mercantile Exchange (CME) (often called "the Chicago Merc", or "the Merc") is a global derivatives marketplace based in Chicago and located at 20 S. Wacker Drive. The CME was founded in 1898 as the Chicago Butter and Egg Board, an agricultural commodities exchange. Originally, the exchange was a non-profit organization. The Merc demutualized in November 2000, went public in December 2002, and merged with the Chicago Board of Trade in July 2007 to become a designated contract market of the CME Group Inc., which operates both markets. The chairman and chief executive officer of CME Group is Terrence A. Duffy, Bryan Durkin is president. On August 18, 2008, shareholders approved a merger with the New York Mercantile Exchange (NYMEX) and COMEX. CME, CBOT, NYMEX, and COMEX are now markets owned by CME Group. After the merger, the value of the CME quadrupled in a two-year span, with a market cap of over $25 billion. Today, CME is the largest options and futures con ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Contracts
A contract is a legally enforceable agreement between two or more parties that creates, defines, and governs mutual rights and obligations between them. A contract typically involves the transfer of goods, services, money, or a promise to transfer any of those at a future date. In the event of a breach of contract, the injured party may seek judicial remedies such as damages or rescission. Contract law, the field of the law of obligations concerned with contracts, is based on the principle that agreements must be honoured. Contract law, like other areas of private law, varies between jurisdictions. The various systems of contract law can broadly be split between common law jurisdictions, civil law jurisdictions, and mixed law jurisdictions which combine elements of both common and civil law. Common law jurisdictions typically require contracts to include consideration in order to be valid, whereas civil and most mixed law jurisdictions solely require a meeting of the mind ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Butter
Butter is a dairy product made from the fat and protein components of churned cream. It is a semi-solid emulsion at room temperature, consisting of approximately 80% butterfat. It is used at room temperature as a spread, melted as a condiment, and used as a fat in baking, sauce-making, pan frying, and other cooking procedures. Most frequently made from cow's milk, butter can also be manufactured from the milk of other mammals, including sheep, goats, buffalo, and yaks. It is made by churning milk or cream to separate the fat globules from the buttermilk. Salt has been added to butter since antiquity to help to preserve it, particularly when being transported; salt may still play a preservation role but is less important today as the entire supply chain is usually refrigerated. In modern times salt may be added for its taste. Food colorings are sometimes added to butter. Rendering butter, removing the water and milk solids, produces clarified butter or ''ghee'', which is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Chicago
Chicago has played a central role in American economic, cultural and political history. Since the 1850s Chicago has been one of the dominant metropolises in the Midwestern United States, and has been the largest city in the Midwest since the 1880 census. The area's recorded history begins with the arrival of French explorers, missionaries and fur traders in the late 17th century and their interaction with the local Pottawatomie Native Americans. Jean Baptiste Point du Sable was the first permanent non-indigenous settler in the area, having a house at the mouth of the Chicago River in the late 18th century. There were small settlements and a U.S. Army fort, but the soldiers and settlers were all driven off in 1812. The modern city was incorporated in 1837 by Northern businessmen and grew rapidly from real estate speculation and the realization that it had a commanding position in the emerging inland transportation network, based on lake traffic and railroads, controlling acces ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1898 Establishments In Illinois
Events January–March * January 1 – New York City annexes land from surrounding counties, creating the City of Greater New York as the world's second largest. The city is geographically divided into five boroughs: Manhattan, Brooklyn, Queens, The Bronx and Staten Island. * January 13 – Novelist Émile Zola's open letter to the President of the French Republic on the Dreyfus affair, '' J'Accuse…!'', is published on the front page of the Paris daily newspaper '' L'Aurore'', accusing the government of wrongfully imprisoning Alfred Dreyfus and of antisemitism. * February 12 – The automobile belonging to Henry Lindfield of Brighton rolls out of control down a hill in Purley, London, England, and hits a tree; thus he becomes the world's first fatality from an automobile accident on a public highway. * February 15 – Spanish–American War: The USS ''Maine'' explodes and sinks in Havana Harbor, Cuba, for reasons never fully establishe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Commodity Exchanges In The United States
In economics, a commodity is an economic good, usually a resource, that has full or substantial fungibility: that is, the market treats instances of the good as equivalent or nearly so with no regard to who produced them. The price of a commodity good is typically determined as a function of its market as a whole: well-established physical commodities have actively traded spot and derivative markets. The wide availability of commodities typically leads to smaller profit margins and diminishes the importance of factors (such as brand name) other than price. Most commodities are raw materials, basic resources, agricultural, or mining products, such as iron ore, sugar, or grains like rice and wheat. Commodities can also be mass-produced unspecialized products such as chemicals and computer memory. Popular commodities include crude oil, corn, and gold. Other definitions of commodity include something useful or valued and an alternative term for an economic good or service avail ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Services Companies Established In 1898
Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of financial economics bridges the two). Finance activities take place in financial systems at various scopes, thus the field can be roughly divided into personal, corporate, and public finance. In a financial system, assets are bought, sold, or traded as financial instruments, such as currencies, loans, bonds, shares, stocks, options, futures, etc. Assets can also be banked, invested, and insured to maximize value and minimize loss. In practice, risks are always present in any financial action and entities. A broad range of subfields within finance exist due to its wide scope. Asset, money, risk and investment management aim to maximize value and minimize volatility. Financial analysis is viability, stability, and profitability assessmen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Margin (finance)
In finance, margin is the collateral that a holder of a financial instrument has to deposit with a counterparty (most often their broker or an exchange) to cover some or all of the credit risk the holder poses for the counterparty. This risk can arise if the holder has done any of the following: * Borrowed cash from the counterparty to buy financial instruments, * Borrowed financial instruments to sell them short, * Entered into a derivative contract. The collateral for a margin account can be the cash deposited in the account or securities provided, and represents the funds available to the account holder for further share trading. On United States futures exchanges, margins were formerly called performance bonds. Most of the exchanges today use SPAN ("Standard Portfolio Analysis of Risk") methodology, which was developed by the Chicago Mercantile Exchange in 1988, for calculating margins for options and futures. Margin account A margin account is a loan account with a br ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Food Grading
Food grading involves the inspection, assessment and sorting of various foods regarding quality, freshness, legal conformity and market value.Saravacos, George D.; Maroulis, Zacharias B. (2011''Food Process Engineering Operations'' CRC Press. pp. 198-199. Sivasankar, B. (2002)Processing and Preservation'' PHI Learning Pvt. Ltd. pp. 175-177. Food grading is often done by hand, in which foods are assessed and sorted. Machinery is also used to grade foods, and may involve sorting products by size, shape and quality. For example, machinery can be used to remove spoiled food from fresh product. By food type Beef Beef grading in the United States is performed by the United States Department of Agriculture's (USDA) Agricultural and Marketing Service. There are eight beef quality grades, with U.S. Prime being the highest grade and U.S. Canner being the lowest grade. Beef grading is a complex process. Beer In beer grading, the letter "X" is used on some beers, and was traditional ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Butter
Butter is a dairy product made from the fat and protein components of churned cream. It is a semi-solid emulsion at room temperature, consisting of approximately 80% butterfat. It is used at room temperature as a spread, melted as a condiment, and used as a fat in baking, sauce-making, pan frying, and other cooking procedures. Most frequently made from cow's milk, butter can also be manufactured from the milk of other mammals, including sheep, goats, buffalo, and yaks. It is made by churning milk or cream to separate the fat globules from the buttermilk. Salt has been added to butter since antiquity to help to preserve it, particularly when being transported; salt may still play a preservation role but is less important today as the entire supply chain is usually refrigerated. In modern times salt may be added for its taste. Food colorings are sometimes added to butter. Rendering butter, removing the water and milk solids, produces clarified butter or ''ghee'', which is a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scarcity
In economics, scarcity "refers to the basic fact of life that there exists only a finite amount of human and nonhuman resources which the best technical knowledge is capable of using to produce only limited maximum amounts of each economic good."Samuelson, P. Anthony., Samuelson, W. (1980). Economics. 11th ed. / New York: McGraw-Hill. If the conditions of scarcity didn't exist and an "infinite amount of every good could be produced or human wants fully satisfied ... there would be no economic goods, i.e. goods that are relatively scarce..." Scarcity is the limited availability of a commodity, which may be in demand in the market or by the commons. Scarcity also includes an individual's lack of resources to buy commodities. The opposite of scarcity is abundance. Scarcity plays a key role in economic theory, and it is essential for a "proper definition of economics itself."Montani G. (1987) Scarcity. In: Palgrave Macmillan (eds) ''The New Palgrave Dictionary of Economics''. Palgrav ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Stock Market Index
In finance, a stock index, or stock market index, is an index that measures a stock market, or a subset of the stock market, that helps investors compare current stock price levels with past prices to calculate market performance. Two of the primary criteria of an index are that it is ''investable'' and ''transparent'': The methods of its construction are specified. Investors can invest in a stock market index by buying an index fund, which are structured as either a mutual fund or an exchange-traded fund, and "track" an index. The difference between an index fund's performance and the index, if any, is called ''tracking error''. For a list of major stock market indices, see List of stock market indices. Types of indices by weighting method Stock market indices could be segmented by their index weight methodology, or the rules on how stocks are allocated in the index, independent of its stock coverage. For example, the S&P 500 and the S&P 500 Equal Weight both covers the sam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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