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In The Futures , Forbes magazine senior writer Emily Lambert tells
the rich and dramatic history of the Chicago Mercantile Exchange
and Chicago Board of Trade, the original futures market.
Commodities exchanges have become some of the largest financial
markets in our global economic system, yet the exchanges themselves
and the speculators who run them remain largely misunderstood, as
does their chief instrument: the futures contract. Lambert
describes the emergence of the futures business as a kind of
meeting place for gamblers and farmers that subsequently
transformed into a sophisticated electronic market, one where
contracts are traded at lightning-fast speeds. When Wall Street
adopted the futures contract without the rules and close-knit
social bonds that had made trading it in Chicago work so well,
however, the effects were disastrous. But, as Lambert argues, the
traditional futures market,with its written and cultural limits,can
serve as a useful example of how markets ought to work, thereby
becoming a tonic for our current financial ills.
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