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Commodity Trading Manual
By: Chicago Board Of Trade, The

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The 1998 edition of the Commodity Trading Manual, the first and most accessible guide to the futures industry, continues to provide new industry professionals and potential end users with a comprehensive overview of the market.

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Jacket Description:
The 1998 edition of the Commodity Trading Manual, the first and most accessible guide to the futures industry, continues to provide new industry professionals and potential end users with a comprehensive overview of the market. The CTM looks both at futures' past, from ancient Greece to old Chicago, and futures' future, with updated coverage of major industry trends-the rise of new and international markets, OTC derivatives, and electronic trading. Chapters end with annotated bibliographies for more information.
The CTM gives the inside look on day-to-day exchange operations and five cash market chapters provide a solid grasp of the market fundamentals. A glossary, a directory of major futures exchanges worldwide, and specifications for the most actively traded futures and options contracts are included.

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Table of Contents:


Chapter 1 Futures' Past: Development of the Marketplace 1
Old Chicago 4
Forwards to Futures 5
Financial Revolution 7
Financial Innovation 10
International and Electronic Connections 12
Further Reading 13

Chapter 2 Why Futures? Overview of Futures Trading 15
Price Theory 16
Cash Transactions 20
Futures Contracts 21
Price Discovery 23
Hedging 23
Speculating 25
Clearing and Margining 26
Further Reading 27

Chapter 3 Futures Exchanges: Auction in
Action 29
Exchange Structure 30
Exchange Floor Operations 31
The Auction: Who and How 34
Price Discovery, Price Reporting 36
Market Data 37
Read All About It 42
Further Reading 42

Chapter 4 Futures Commission Merchants: Putting
the Customer First 45
Customer Operations 46
Margins 50
Orders 51
Order Routing 53
Other FCM Services 56
Further Reading 57

Chapter 5 Clearing Operations: Preserving Market Integrity I 67
The Clearinghouse Guarantor 68
The Clearing Process 70
Clearing Margins 71
Guarantee Funds 73
Facilitating Delivery 73
Providing Market Information 75
Further Reading 76

Chapter 6 Market Regulation: Preserving Market Integrity II 77
Exchange Regulation 78
Federal Regulation: The Commodity Futures
Trading Commission 84
Industry Regulation: The National Futures
Association 89
Further Reading 92


Chapter 7 Hedging in the Futures Markets: Managing Risk 95
Who Hedges with Futures 96
The Cash-Futures Relationship 97
Price Relationships: Grains 102
Price Relationships: Debt Instruments 102
Delivery: Cash and Futures Link 106
Basic Hedging Strategies 108
Further Reading 115

Chapter 8 Speculating in the Futures Markets: Providing Liquidity 117
Speculative Types 119
What Speculators Must Know 120
Long Corn in 1975 122
Long Bonds in the 1987 Crash 125
Short Gold 128
Further Reading 129

Chapter 9 Price Analysis: Fundamental and
Technical Approaches 131
The Fundamental Approach 132
The Technical Approach 140
A Cautionary Note 157
Further Reading 157

Chapter 10 Spreading: From Butterflies to the Crush 159
Ag Market Spreads 162
Financial Market Spreads 169
Further Reading 175

Chapter 11 Options on Futures: More Trading Dimensions 177
Option Basics 178
Option Pricing 180
Option Strategies 183
Further Reading 192


Chapter 12 Agricultural Markets: Grains, Oilseeds, Livestock 197
Grains 198
Oilseeds 210
Livestock 218
Further Reading 225

Chapter 13 Financial Markets: Debt Instruments,
Stock Indexes, Currencies 227
Financial Markets Overview 228
Debt Instruments 232
Equity Securities 253
Foreign Exchange 261
Further Reading 266

Chapter 14 Metals Markets: Gold, Silver, Copper, Platinum 269
Gold 270
Silver 275
Copper 278
The Platinum Group 281
Further Reading 283

Chapter 15 Forest, Fiber, and Food Markets: Lumber, Cotton, Orange Juice, Sugar, Cocoa, Coffee 285
Lumber 286
Cotton 287
Orange Juice 290
Sugar 293
Cocoa 295
Coffee 298
Further Reading 300

Chapter 16 Energy Markets: Crude Oil, Heating Oil, Gasoline, Natural Gas, Electricity 301
Crude Oil 303
Gasoline 309
Heating Oil 311
Natural Gas 313
Electricity 315
Further Reading 317


Chapter 17 Competition, Complementarity, Convergence: OTC, International, and Electronic Markets 321
OTC Markets 323
International Growth 330
Electronic Exchanges 333

Directory of Futures Exchanges 337
Synopsis of U.S. Futures Exchanges 343
Top-Traded Contracts 354
Contract Specifications 361

Glossary 374


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