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The International Monetary Market (IMM), a related exchange created within the old Chicago Mercantile Exchange and largely the creation of Leo Melamed, was one of four divisions of the CME Group (CME), the largest
futures exchange A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts defined by the exchange. Futures contracts are derivatives contracts to buy or sell specific quantities of a commodity or ...
in the United States, for the trading of
futures contract In finance, a futures contract (sometimes called a futures) is a standardized legal contract to buy or sell something at a predetermined price for delivery at a specified time in the future, between parties not yet known to each other. The asset ...
s and options on futures. The IMM was started in December 1971, foreign exchange futures was started on May 16, 1972, and the IMM was merged into the CME in 1986. Two of the more prevalent contracts traded are
currency future A currency future, also known as an FX future or a foreign exchange future, is a futures contract to exchange one currency for another at a specified date in the future at a price (exchange rate) that is fixed on the purchase date; see Foreign exc ...
s and interest rate futures, specifically, 3-month
Eurodollar Eurodollars are U.S. dollars held in time deposit accounts in banks outside the United States, which thus are not subject to the legal jurisdiction of the U.S. Federal Reserve. Consequently, such deposits are subject to much less regulation than ...
time deposits and 90-day U.S.
Treasury bills United States Treasury securities, also called Treasuries or Treasurys, are government debt instruments issued by the United States Department of the Treasury to finance government spending as an alternative to taxation. Since 2012, U.S. gov ...
. The other two CME divisions includes the Index and Option Market (IOM) and Growth and Emerging Markets (GEM). All products fall under one of these three divisions.http://www.cmegroup.com/company/membership/files/ProductListingByDivision.pdf


See also

*
List of futures exchanges This is a list of notable futures exchanges. Those stock exchanges that also offer trading in futures contracts besides trading in securities are listed both here and the list of stock exchanges. Africa Kenya * Nairobi Securities Ex ...
* IMM dates


Notes


External links


Chicago Mercantile Exchange website
Futures exchanges 1971 establishments in Illinois Settlement (finance) {{stockexchange-stub