CME Chairman Leo Melamed addresses the membership on opening day of the IMM, 1972

The Birth of Financial Futures

Catalyzed by the collapse of Bretton Woods, and in the spirit of the Chicago School of Economics, CME unveils a revolutionary solution. Validated by a commissioned paper from Milton Friedman, under the leadership of Leo Melamed, CME launches the International Monetary Market (IMM), a futures market in seven foreign currencies. The era of financial futures instruments is born.

Leo Melamed cuts ribbon commemorating the opening of revolutionary International Monetary Market on May 16, 1972

Currency trading on opening day of the International Monetary Market, May 16, 1972