The Chicago Board of Trade (CBOT) NYSE: CME, established in 1848, is the world's oldest futures and options exchange. More than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading. Volumes at the exchange in 2003 were a record breaking 454 million contracts. On 12 July 2007, the CBOT merged with the CME and ceased to exist as an independent entity.

The concerns of U.S. merchants to ensure that there were buyers and sellers for commodities have resulted into forward contracts to sell and buy commodities. Still, credit risk remained a serious problem. The CBOT took shape to provide a centralized location, where buyers and sellers may meet and negotiate and formalize forward contracts.

In 1864, the CBOT listed the first ever standardized "exchange traded" forward contracts, which were called futures contracts. In 1919, the Chicago Butter and Egg Board[1], a spin-off of the CBOT, was reorganized to enable member traders to allow future trading, and its name was changed to Chicago Mercantile Exchange (CME).

On 19 October 2005, the initial public offering (IPO) of 3,191,489 CBOT shares was priced at $54.00 (USD) per share. On its first day of trading the stock closed up +49% at $80.50 (USD) on the NYSE.

In 2007, the CBOT and the CME merged to form the CME Group.

The pit is a raised octagonal structure where open-outcry trading takes place. The CBOT trading floor contains many such pits.

The steps up on the outside of the octagon and the steps down on the inside give the pit something of the appearance of an amphitheater, and allow hundreds of traders to see and hear each other during trading hours. The importance of the pit and pit trading is emphasized by the use of a stylized pit as the logo of the CBOT. "The Pit" is also the title and subject of a classic novel (1903) by Frank Norris [3].

Trades are made in the pits by bidding or offering a price and quantity of contracts, depending on the intention to buy (bid) or sell (offer).

This is generally done by using a physical representation of a trader's intentions with his hands. If a trader wants to buy ten contracts at a price of eight, for example, in the pit he would yell "8 for 10", stating price before quantity, and turn his palm inward toward his face, putting his index finger to his forehead denoting ten; if he were to be buying one, he would place his index finger on his chin. If the trader wants to sell five contracts at a price of eight, they would yell "5 at 8", stating quantity before price, and show one hand with the palm facing outward, showing 5 fingers. The combination of hand-signals and vocal representation between the way a trader expresses bids and offers is a protection against misinterpretation by other market participants.

Sportsbook News

Marlins could start season without No. 2 starter Johnson

JUPITER, Fla. -- The Foorida Marlins are preparing for the likelihood that right-hander
Josh Johnson won't be ready when the season starts April 2.

Grapefruit League action starts Wednesday, but Johnson, penciled in as the No. 2 starter, hasn't even thrown off a mound at full speed since September. He's experienced some soreness in his right forearm.

MySportsbook.com have the Marlins listed with baseball betting lines at +800 to win the NL East this season .

''You guys know the math. If he's not on the hill then he becomes an opening day roster issue,'' manager Fredi Gonzalez said Saturday. ''We're borderline now.''

Johnson, who finished 12-7 with a 3.10 ERA in 2007, was supposed to throw on flat ground Saturday. That was canceled when he woke up with pain.

He played catch on Wednesday with no pain but felt discomfort in a throwing session on Thursday. He's expected to try again Sunday.

''Like we always said from the very beginning, we're going to take it easy on him,'' Gonzalez said. ''He didn't feel right, so we shut him down. We're going to take it back to step one and see where we're at.''

Among the candidates to take Johnson's spot in the rotation are left-hander Chris George and right-handers Yusmeiro Petit and Jose Garcia.

Right-hander Sergio Mitre, who missed most of last season with arm and shoulder problems, also is behind.

With Johnson's status doubtful, Gonzalez said right-hander Ricky Nolasco will stay in the rotation and no longer will be considered a candidate for closer.

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