Editing Futures contract (section)

==Origin==
The [[Dōjima Rice Exchange]], first established in 1697 in [[Osaka]], is considered by some to be the first [[futures exchange]] market, to meet the needs of [[samurai]] who—being paid in rice—needed a stable conversion to coin after a series of bad harvests.<ref>
{{Cite journal
 | doi=10.1016/0378-4266(89)90028-9
 | last1=Schaede
 | first1=Ulrike
 | author-link = Ulrike Schaede
 | title=Forwards and futures in Tokugawa-period Japan: A new perspective on the Dōjima rice market
 | journal=Journal of Banking & Finance
 | volume=13
 | issue=4–5
 |date=September 1989
 | pages=487–513
 }}</ref>

The [[Chicago Board of Trade]] (CBOT) listed the first-ever standardized 'exchange traded' forward contracts in 1864, which were called futures contracts. This contract was based on [[grain]] trading, and started a trend that saw contracts created on a number of different standardized futures contracts based on [[Commodity|commodities]], as well as a number of futures exchanges set up in countries around the world. By 1875 cotton futures were being traded in [[Bombay]] in India and within a few years this had expanded to futures on [[Vegetable fats and oils|edible oilseeds complex]], raw [[jute]] and jute goods and [[bullion]].<ref name="Inter-Ministerial task force chaired by Wajahat Habibullah">{{cite web |url=http://www.fmc.gov.in/htmldocs/reports/rep03.htm |title=Convergence of Securities and Commodity Markets report |author=Inter-Ministerial task force (chaired by Wajahat Habibullah) |publisher=[[Forward Markets Commission (India)]] |date=May 2003 |access-date=August 5, 2010 |url-status=dead |archive-url=https://web.archive.org/web/20100112225929/http://fmc.gov.in/htmldocs/reports/rep03.htm |archive-date=January 12, 2010 }}</ref>  In the 1930s two thirds of all futures was in wheat.<ref>{{cite book |last1=Otter |first1=Chris |title=Diet for a large planet |date=2020 |publisher=University of Chicago Press |location=Illinois |isbn=978-0-226-69710-9 |page=71 }}</ref>

The 1972 creation of the [[International Monetary Market]] (IMM) by the [[Chicago Mercantile Exchange]] was the world's first financial futures exchange, and launched [[currency future]]s. In 1976, the IMM added [[interest rate future]]s on US [[treasury bills]], and in 1982 they added [[stock market index future]]s.<ref>{{Cite news |last=Fowler |first=Elizabeth M. |date=1976-01-07 |title=Treasury Bills Bow on Futures Market, Sharing a Gold‐Trading Pit |url=https://www.nytimes.com/1976/01/07/archives/treasury-bills-bow-on-futures-market-sharing-a-goldtrading-pit.html |access-date=2025-04-29 |work=The New York Times |language=en-US |issn=0362-4331}}</ref>