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Exchanges to the Rescue

The futures industry responds with revolutionary risk management tools, advancing from physical commodities to financial and energy instruments in 1972 and 1978, respectively. A pivotal change is at hand, as world markets shift to demand an array of more complex risk management products.

CME pioneers foreign currency trading with the creation of the International Monetary Market. CBOT creates the Chicago Board Options Exchange, the world’s first exchange for stock options. NYMEX develops gasoline, crude oil and heating oil futures, the world’s first energy futures contracts.

In response to the energy crisis of the 1970s, NYMEX introduces the No. 2 Heating Oil contract, 1978