The Chicago Board of Trade was founded by 82 grain traders. Since its establishment, the trading rules have been continuously improved. 1865 forward contract was replaced by standard futures contract, and the deposit system was implemented.

Characteristics of modern futures trading system;

Futures trading must be conducted in a futures exchange. The futures exchange implements the membership system, and only members can enter the market for trading. Those off-site customers can only entrust trading agents, that is, futures brokerage companies to participate in futures trading. Therefore, the futures market is a highly organized market, and strict management system is implemented, and futures trading is finally completed in the futures exchange.