Contract Specifications

A futures contract is a contract to buy or sell a specific commodity of standardized quality at a certain date in the future and at a market-determined price (the Futures price). Futures contracts are typically traded on exchanges. CME Group comprises of four independent exchanges – Chicago Mercantile Exchange (CME), The Chicago Board of Trade (CBOT), the New York Mercantile Exchange (NYMEX), and the Commodity Exchange (COMEX). Trades are primarily executed electronically, but there are still trades being executed on the exchange trading floor.