1848-1864 | 1865-1956 | 1956-1987 | 1992-1998 | 2000-2007
1848
On April 3, 1848, the Chicago Board of Trade (CBOT) was officially founded by 83 merchants at 101 South Water Street. Thomas Dyer is elected the first president of the CBOT.
1849-50
"To arrive" contracts come into use for future delivery of flour, timothy seed and hay.
1851
The earliest "forward" contract for 3,000 bushels of corn is recorded. Forward contracts gain popularity among merchants and processors.
1852
The Exchange moves to Clark and South Water streets.
1856
Rising from an 1851 total of 38 members, 122 new members are admitted in 1856. The Exchange moves to South Water and LaSalle streets.
1859
Exchange receives charter from State of Illinois. Exchange is mandated to set standards of quality, product uniformity and routine inspections of grain.
1861
The Civil War begins. CBOT finances formation of three regiments and an artillery battery for the Union Army. CBOT adopts gold coin as its standard of value.
1865
CBOT formalizes grain trading by developing standardized agreements called "futures contracts." CBOT also begins requiring performance bonds called "margin" to be posted by buyers and sellers in its grain markets.
CBOT moves to its first permanent home, Chamber of Commerce Building, on corner of LaSalle and Washington streets.
1866
First trans-Atlantic cable laid, facilitates communication between Chicago and foreign markets; transmission of message cut from three days to three hours.
1868
CBOT Board of Directors states any members engaging in a transaction to corner a market would be expelled from trading.
1870
Early version of octagonal trading pit introduced; present type patented in 1878.
1871-1872
The Great Chicago Fire destroys CBOT's first building and with it all records therein. The Exchange closed October 9-10, opens two weeks after fire. A 90-ft by 90-ft, wigwam at Washington and Market streets becomes Exchange's temporary quarters.
1873
During the Financial Panic of 1873, the CBOT remains open despite large financial institution failures.
1875
Chicago newspapers voice CBOT's sentiment against state grain inspection, favor Board of Trade inspection; Exchange felt that state politicians, unfamiliar with grain business and antagonistic toward grain dealers, were diverting grain from Chicago by misgrading.
1876
First appearance of a "bucketshop" in Chicago (such a shop was dishonest, executing orders and anticipating profit from market price changes adverse to the customer's interest.)
1877
Futures trading becomes more formalized and "speculators" enter the picture.
1885
As a result of the explosive growth of futures, the CBOT erects a new building at LaSalle Street and Jackson Boulevard, Chicago's tallest building at the time. It's the city's first commercial structure with electrical lighting.
1893
The Exchange galleries are opened to the public for first time in honor of World's Columbian Exposition in Chicago.
1897
Wheat prices rise from 60 cents a bushel to $1.00 and William Jennings Bryan states higher prices due to crop shortages in India and Europe are not political events.
1909
The CBOT organizes the largest meeting ever of grain exchanges, some 20 exchanges meet at the Board of Trade in the U.S.
1912
Under auspices of the CBOT Grain Inspection Committee, improvements are made in inspection and grading, including civil service examinations.
1914
World War I begins.
1916
War grinds on; corn reaches $1.05 per bushel, highest since Civil War.
1917-20
War makes the market unstable; wheat trades at $3.25 per bushel, highest ever paid for a future delivery.
Grain trade and railroads nationalized during and for a period after the end of World War I on November 11, 1918.
1922
The federal government establishes the Grain Futures Administration to regulate grain trading.
1923
The U.S. Supreme Court upholds the Capper-Tincher Act (Grain Futures Act), to eliminate price manipulation and other trade abuses.
1924
The U.S. government discusses assuming power to set daily trading limits; called by Exchange President Frank L. Carey a deplorable, unhealthy restriction of supply-demand freedom.
1925
The CBOT Board of Directors is given authority to declare an emergency situation and establish daily price limits. CBOT has one of its most successful years; 26.9 billion bushels of grain traded.
1926
Board of Trade Clearing Corporation founded to guarantee trades made on the CBOT.
1929
Exchange outgrows its building, temporarily relocates to quarters at Clark and Van Buren streets while new building is erected at the LaSalle and Jackson site.
CBOT seat sells for $62,500, a record at the time.
1930
CBOT moves into 45-story new home at LaSalle and Jackson; building was tallest in Chicago, dominating skyline.
1936
CBOT launches Soybean futures contracts.
1940
During World War II, Paris falls to the German army and open wheat futures shrink 37 million bushels in six days of liquidation and prices decline.
1950-51
The CBOT completes the Soybean complex with the introduction of Soybean Oil and Soybean Meal futures.
1952
The Exchange joins American Red Cross to obtain blood donors for American forces in Korea.
1956
The CBOT hires its first paid, non-member president. Robert C. Liebenow, 34. He is the youngest person to hold the post of CBOT president. At the same time, Julius Mayer is elected the first CBOT Chairman.
CBOT introduces the industry's first examination for commodity brokers.
1963
CBOT closes for funeral of President Kennedy on November 25.
1966
CBOT introduces the first examination in the futures industry for commission house representatives.
1967
New, fast, automatic electronic price display boards are installed on the walls above the trading floors, replacing chalkboard markers and Morse code telegraph clicks. Price reporting time is cut to seconds.
1968
Iced broilers, the CBOT's first non-grain related commodity, begins trading.
CBOT names its first public directors: John Hopkins University President Milton S. Eisenhower; former Bureau of the Budget Director Charles L. Schultze; and Inland Steel Chairman Joseph I. Block.
1969
CBOT begins trade in first non-grain product, with a Silver futures contract.
On July 29, 1969, Carol J. Ovitz, Assistant Vice President of Mitchell Hutchins & Company, becomes the first woman member of the Exchange.
1973
Members of the CBOT start Chicago Board Options Exchange (CBOE), the world's first stock options exchange.
The government establishes the Commodity Futures Trading Commission to regulate the futures industry.
1974
CBOT starts trade in 3 Kilo Gold futures on December 31.
1975
CBOT launches first interest rate futures contract, Government National Mortgage Association futures; sets stage for a huge increase in trading volume, a new era of growth and trading instruments for futures exchanges around the world.
1977
CBOT launches the U.S. Treasury Bond futures contract; becomes most actively traded contract in the world.
October 1977, The Prince of Wales visits the CBOT.
1979
CBOT begins trade in 100 troy oz Gold futures on February 20.
1980
CBOT closes Jan 7-8 by CFTC order; to suspend trading after President Carter places embargo on grain shipments to Soviet Union.
1982
CBOT launches first options on futures contract, for U.S. Treasury Bond futures on October 1.
CBOT completes its annex to the original 1930 building, which houses a new agricultural trading floor, then the world's largest at 32,000 sq. feet.
Exchange launches 10-Year Treasury Note futures contracts on May 3.
1984
CBOT launches trading in Soybean futures-options.
1986
The CBOT saluted Vietnam war veterans during their parade down LaSalle Street.
CBOT trade volume tops 100 million contracts for the first time, sets world record.
1987
CBOT markets remain open throughout October stock market crash. The CBOT is the only major exchange in the world to operate without interruption during the financial crisis.
1988
Fed Fund futures begin trading May 3.
1991
CBOT welcomes President George Bush; first U.S. President to visit the Exchange.
Peggy A. Ogorek is the first woman elected CBOT Director.
1992
CBOT closed April 13-14, due to the Chicago River tunnel flood.
Soviet President Mikhail Gorbachov visit the CBOT on May 7, 1992.
1993
CBOT administers first cash SO2 emission allowance auction for the Environmental Protection Agency.
1994
CBOT launches Project A, its after-hours electronic trading system for futures and futures-options.
1995
Members approve trading of agricultural products on Project A during off-exchange hours.
CBOT launches its Internet site.
1996
Vice President Gore is special guest at Exchange's Democratic Senatorial Campaign reception during 1996 Democratic National Convention in Chicago.
1997
CBOT launches the CBOT Dow Jones Industrial Average Index® futures and options on futures contracts.
CBOT opens the world's largest trading floor, 60,000 sq. ft. for financial futures and futures-options on February 18, 1997.
1998
On April 3, the CBOT celebrates its 150th Anniversary.
On September 28, the Board of Directors establishes side-by-side open outcry and electronic trading for financial contracts, providing trading opportunity for those members and firms who wished to trade on the CBOT’s electronic trading system during the day.
2001
Chicago's four financial exchanges close on Wednesday, September 12 in recognition of the tragic events of September 11.
CBOT launches 10-Year Interest Rate Swap futures.
2003
On November 25, 2003, the CBOT transitions to its new electronic trading platform, powered by LIFFE Connect and its agreement with the Chicago Mercantile Exchange (CME) to provide clearing and related services for all CBOT products
2005
On March 23, the CBOT successfully launched its Ethanol futures contract.
On April 14, the CBOT announced that an overwhelming 99 percent of the votes were cast in favor of the CBOT’s restructuring proposal, which includes the demutualization of the Exchange into a for-profit, stock-based holding company and for-profit, membership exchange subsidiary.
On June 9, the CBOT celebrated the 75th anniversary of the Exchange’s landmark building; CBOT rededicates two statues that once stood at the entrance of the original CBOT building completed in 1885.
On October 19, CBOT Holdings, Inc., has its Class A common stock listed on the New York Stock Exchange at a price of $54.00 per share.
2006
The CBOT announced that the Exchange achieved the highest yearly total volume recorded in its history, with more than 674 million contracts traded in 2005.
On January 6, 2006, U.S. President George W. Bush toured the CBOT agricultural trading floor, becoming the second U.S. Chief Executive to visit the Exchange.
On April 26, 2006, the CBOT announced that it will increase global access to its benchmark Agricultural products by offering trading of CBOT full-sized, physically delivered Agricultural futures contracts on its electronic trading platform during daytime trading hours. Trading is expected to begin on August 1, 2006.
August 1, 2006, marked the CBOT's historic launch of electronic agricultural futures trading side-by-side with the open auction market during daytime trading hours.
On September 26, Singapore Exchange and Chicago Board of Trade commenced the first day of trade for the Joint Asian Derivatives Exchange (JADE). JADE a market division of SGX Derivatives Trading Ltd., launched its debut in commodities futures trading with TSR 20 Rubber futures contract.
On October 17, 2006, the Chicago Mercantile Exchange Holdings Inc. and the CBOT Holdings, Inc. announced that they signed a definative agreement to merge the two organizations to create the most extensive and diverse global derivatives exchange.
On November 7, 2006, the CBOT announced that it successfully launched open auction trading of its options on Full-sized Gold (100 oz.) and Silver (5,000 oz.) futures contracts.
On December 18, 2006, the CBOT announced that it has successfully launched clearing services for two new over-the-counter (OTC) Ethanol Calendar Swap contracts with the clearing of 60 contracts last week.
On December 21, 2006, CBOT Holdings and CME Holdings have filed a preliminary joint proxy and registration statement on Forms S-4 with the U.S. Securities and Exchange Commission relating to the proposed merger of the two companies.
2007
On Janaury 2, 2007, the CBOT announced that it set a new record for annual trading volume, with 805,884,413 contracts.
CBOT Holdings, Inc. announced its best year in company history, with revenue of $169.3 million for the fourth quarter 2006 on January 31, 2007.
On February 5, 2007, the CBOT launched the electronically-traded DJUSRE Index futures contract designed to allow market participants to capitalize on changes in the real estate sector of the stock market.
On February 26, 2007, CBOT Holdings, Inc., announces that it will hold special meetings for the CME merger vote on April 4.
On March 1, 2007, CBOT Holdings, Inc. filed a brief challenging CBOE's attempt to terminate Exercise Rights.
On March 15, 2007, CBOT Holdings, Inc. received unsolicited, non-binding proposal letter from IntercontinentalExchange to merge with CBOT Holdings..
On March 19, 2007, CBOT Board of Directors authorized the company to begin discussions with IntercontinentialExchange, Inc., relating to ICE's announced proposal.
On March 31, 2007, the CBOT postpones the Special Meeting for the CME merger to give Board of Directors sufficient time to complete their review of ICE's proposal.
On May 1, 2007, CBOT Holdings, Inc., following its annual meeting of stockholders, announced that Charles P. Carey was re-elected as a director and reappointed to serve a third two-year term as Chairman of the Board.
On May 11, 2007, Chicago Mercantile Exchange Holdings Inc. (NYSE, NASDAQ: CME) and CBOT Holdings, Inc. (NYSE: BOT) announced that they have revised the terms of their definitive merger agreement and recommendation that CBOT Holdings shareholders vote in favor of the merger agreement with CME.
On May 15, 2007, CBOT Holdings sets record date for Jul 9 meeting to vote on CME Merger.
On June 11, 2007, CME and CBOT received Department of Justice Clearance to proceed with merger.
On June 14, 2007, CBOT Holdings, Inc. (NYSE: BOT) announced that its Board of Directors had carefully reviewed the revised proposal from IntercontinentalExchange, Inc. (ICE) and concluded that it is not superior to the revised CME merger agreement.
On June 14, 2007, the CME, CBOT revised the merger agreement to provide increased value and delivers one-time cash dividend to all CBOT shareholders and guarantee for holders of CBOE exercise rights.
On July 9, 2007, the Chicago Mercantile Exchange Holdings Inc. (NYSE/Nasdaq: CME) and Chicago Board of Trade Holdings, Inc. (NYSE: BOT) completed the merger of their companies, creating the world's largest and most diverse exchange.
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