An organization operating under a set of bylaws aimed at promoting trade in one or more commodities by providing services and rules for the conduct of trade
Organized market for the purchase and sale of enforceable contracts to deliver a commodity (such as wheat, gold, or cotton) or a financial instrument (such as U.S. treasury bills) at some future date. Such contracts are known as futures and are bought and sold in a competitive auction process on commodity exchanges (also called futures markets). The largest futures and futures-options exchange is the Chicago Board of Trade