Editing Currency future (section)

==History==
Currency futures were first created in 1970 at the International Commercial Exchange in New York.  But the contracts did not "take off" because the [[Bretton Woods system]] was still in effect.  On 15 August 1971, President [[Richard Nixon]] abandoned both the [[gold standard]] and the system of [[fixed exchange rate]]s.  Some commodity traders at the [[Chicago Mercantile Exchange]] (CME) did not have access to the inter-bank exchange markets in the early 1970s, when they believed that significant changes were about to take place in the currency market.  The CME established the [[International Monetary Market]] (IMM) and launched trading in seven currency futures on May 16, 1972.

The CME actually now gives credit to the International Commercial Exchange (not to be confused with  ICE) for creating the currency contract, and state that they came up with the idea  independently of the International Commercial Exchange.   Today, the IMM is a division of CME. In the fourth quarter of 2009, [[CME Group]] FX volume averaged 754,000 contracts per day, reflecting average daily notional value of approximately $100 billion. Currently most of these are traded electronically.<ref>{{cite web |url=http://www.cme.com/about/press/cn/05-91June2005Volume13808.html |title=CME June 2005 volume |archive-url=https://web.archive.org/web/20060111014110/http://www.cme.com/about/press/cn/05-91June2005Volume13808.html |archive-date=January 11, 2006 |date=July 1, 2005 |publisher=CME}}</ref>

Other [[futures exchange]]s that trade currency futures are [[Euronext.liffe]]<!-- , [[Tokyo Financial Exchange]] [http://www.tfx.co.jp/en/] This is FX spot. Daily futures means spot trading. --> and [[Intercontinental Exchange]] [http://www.theice.com].