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A trader x27 s guide to futures thought leadership with a global perspective

A Trader ? s Guide to Futures Thought Leadership with a Global Perspective CME GROUP EDUCATION How the world advances Ccmegroup com education TABLE OF CONTENTS SECTION What Are Futures SECTION Who Trades Futures SECTION Why Trade Futures SECTION How Does a Trade Work SECTION How Do I Get Started SECTION Futures Quiz introduction A Trader ? s Guide to Futures CME Group o ?ers the widest range of tradable products available anywhere ?? all on a single platform interest rates stock indexes currencies agriculture energy metals industrial and precious and alternative investment products such as weather and real estate In more than countries our centralized global exchange delivers transparent pricing and equal access virtually around the clock With the backing of CME Clearing the leading derivatives clearing facility in the world the ?nancial integrity of our markets is unsurpassed CThis is your introductory guide to trading futures If you ? re a trader who is interested in branching out from equities or cash FX into futures this guide will provide a great starting point If you already know something about futures trading you can jump to any chapter for a review or to the back of the booklet and test your knowledge in our Futures Quiz Ccmegroup com education SECTION What Are Futures In the United States trading futures began in the mid- th century with the establishment of central grain markets where farmers could sell their products either for immediate delivery also called the spot or cash market or for forward delivery These forward contracts were private contracts between buyers and sellers and became the forerunner of today ? s exchange-traded futures contracts Both forward contracts and futures contracts are legal agreements to buy or sell an asset on a speci ?c date or during a speci ?c month Where forward contracts are negotiated directly between a buyer and a seller and settlement terms may vary from contract to contract a futures contract is facilitated through a futures exchange and is standardized according to quality quantity delivery time and place The only remaining variable is price which is discovered through an auction-like process that occurs on the Exchange trading oor or via CME Globex CME Group ? s electronic trading platform CCME group Education Section Although trading began with oor trading of traditional agricultural commodities such as grains and livestock exchange-traded futures have expanded to include metals energy currencies equity indexes and interest rate products all of which are also traded electronically Agriculture Interest Rates Energy Metals Equity FX De ?nition futures Standardized contracts for the purchase and sale of ?nancial instruments or physical commodities for future delivery on a regulated commodity futures exchange forward contract A private cash- market agreement between a buyer and seller for the future delivery of a commodity at an agreed upon price In contrast to futures contracts forward contracts are not standardized and are non-transferable spot market A market where cash transactions for the physical or actual commodity occur CME Globex The