The Chicago Board of Trade (CBOT), established in 1848, is the world's oldest futures and options exchange. More than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading. Volumes at the exchange in 2003 were a record breaking 454 million contracts. On 12 July 2007, the CBOT merged with the CME under the CME Group holding company and ceased to exist as an independent entity. (wikipedia.org)

The Chicago Board of Trade (CBOT) is a leading futures and futures-options exchange. More than 3,600 CBOT member/stockholders trade 50 different futures and options products at the CBOT by open auction and electronically. Volume at the Exchange in 2006 surpassed 805 million contracts, the highest yearly total recorded in its history.

In its early history, the CBOT traded only agricultural commodities such as corn, wheat, oats and soybeans. Futures contracts at the Exchange evolved over the years to include non-storable agricultural commodities and non-agricultural products. In October 2005, the CBOT marked the 30th anniversary of the the Exchange's first financial futures contract, based on Government National Mortgage Association mortgage-backed certificates. Since that introduction, futures trading has been initiated in many financial instruments, including U.S. Treasury bonds and notes, 30-Day Federal Funds, stock indexes, and swaps, to name but a few.

Another market innovation, options on futures, was introduced in 1982.  The CBOT added a new category to its diverse product mix in 2001 with the launch of 100 percent electronic Gold and Silver futures contracts.  Additionally, South American Soybean futures and Ethanol futures, the Exchange’s newest products, were introduced in 2005 in response to shifting trends in the global agricultural economy.

For decades, the primary method of trading at the CBOT was open auction, which involved traders meeting face-to-face in trading pits to buy and sell futures contracts. But to better meet the needs of a growing global economy, the CBOT successfully launched its first electronic trading system in 1994. During the last decade, as the use of electronic trading has become more prevalent, the Exchange has upgraded its electronic trading system several times. Most recently, on October 12, 2005, the CBOT successfully launched its newly enhanced electronic trading platform, e-cbot, powered by LIFFE CONNECT, by introducing a major API upgrade.

Whether trading futures and options on futures through an electronic platform or open auction, the CBOT’s primary role is to provide transparent and liquid contract markets for its member/stockholders and customers to use for price discovery, risk management and investment purposes. These futures markets also allow speculators throughout the world to interpret economic data, news and other information and use that information to make decisions about price and enter the futures markets as investors. Speculators bridge the gap between hedgers’ bids and offers, thereby making the market more liquid and cost effective.

Visit The Chicago Board of Trade (CBOT) Rulebook Download Page

You can view and download full publication in PDF format.

As independent exchanges for many years, CME and CBOT each developed its own set of rules. Now they have merged to form one company, CME Group, but remain separate self-regulatory organizations under a single Market Regulation Department.

To make it easy for you to know and follow the rules for each exchange, we have been working to harmonize the CME and CBOT rulebooks, making the rules parallel in structure, numbering and language where possible. 

CONTENTS
          o Chapter 1 Membership
          o Chapter 2 Government
          o Chapter 3 Exchange Committees
          o Chapter 4 Enforcement of Rules
          o Chapter 5 Trading Qualifications and Practices
          o Chapter 6 Arbitration
          o Chapter 7 Delivery Facilities and Delivery Procedures
          o Chapter 8 Clearing House and Performance Bonds
          o Chapter 9 Clearing Members

          o Chapter 10 Corn Futures
          o Chapter 10A Options on Corn Futures
          o Chapter 10B Mini-Sized Corn Futures
          o Chapter 11 Soybean Futures
          o Chapter 11A Options on Soybean Futures
          o Chapter 11B Mini-Sized Soybean Futures
          o Chapter 11C Soybean Board Crush Spread Options
          o Chapter 12 Soybean Oil Futures
          o Chapter 12A Options on Soybean Oil Futures
          o Chapter 13 Soybean Meal Futures
          o Chapter 13A Options on Soybean Meal Futures
          o Chapter 14 Wheat Futures
          o Chapter 14A Options on Wheat Futures
          o Chapter 14B Mini-Sized Wheat Futures
          o Chapter 15 Oat Futures
          o Chapter 15A Options on Oat Futures
          o Chapter 17 Rough Rice Futures
          o Chapter 17A Options on Rough Rice Futures
          o Chapter 33 South American Soybean Futures

          o Chapter 16 Denatured Fuel Ethanol Futures
          o Chapter 16A Standard Options on Denatured Fuel Ethanol Futures
          o Chapter 16B Cash-Settled Options on Denatured Fuel Ethanol Futures (Clearing Only)
          o Chapter 16C Denatured Fuel Ethanol Forward Month Swaps (Clearing Only)
          o Chapter 16D Cash-Settled Options on Denatured Fuel Ethanol Forward Month Calendar Swaps (Clearing Only)
          o Chapter 16E New York Harbor ('NYH') Denatured Fuel Ethanol Basis Swaps (Clearing)
          o Chapter 16F Gulf Coast ('GC') Denatured Fuel Ethanol Basis Swaps (Clearing Only)
          o Chapter 16G Los Angeles ('LA') Denatured Fuel Ethanol Basis Swaps (Clearing Only)

          o Chapter 26 CBOT Dow Jones Industrial Average Index Futures ($10 Multiplier)
          o Chapter 26A CBOT Dow Jones Industrial Average Index ($10 Multiplier) Futures Options
          o Chapter 27 CBOT Dow Jones Industrial Average Index Mini-Sized Futures ($5 Multiplier)
          o Chapter 27A CBOT Dow Jones Industrial Average Index ($5 Multiplier) Futures Options
          o Chapter 28 CBOT Dow Jones Industrial Average Index Futures ($25 Multiplier)
          o Chapter 29 CBOT Dow Jones-AIG Excess Return Commodity Index Futures
          o Chapter 30 CBOT Dow Jones US Real Estate Index Futures
          o Chapter 34 Single Stock Futures
          o Chapter 35 Narrow Based Stock Index Futures
          o Chapter 37 Credit Default Swap Index Futures

          o Chapter 18 U.S. Treasury Bond Futures
          o Chapter 18A Standard Options on U.S. Treasury Bond Futures
          o Chapter 18B Flexible Options on U.S. Treasury Bond Futures
          o Chapter 19 Long-Term U.S. Treasury Note Futures (6 1/2 to 10-Year)
          o Chapter 19A Standard Options on Long-Term U.S. Treasury Note Futures
          o Chapter 19B Flexible Options on Long-Term U.S. Treasury Note Futures
          o Chapter 20 Medium-Term U.S. Treasury Note Futures (5-Year)
          o Chapter 20A Standard Options on Medium-Term U.S. Treasury Note Futures
          o Chapter 20B Flexible Options on Medium-Term U.S. Treasury Note Futures
          o Chapter 21 Short-Term U.S. Treasury Note Futures (2-Year)
          o Chapter 21A Standard Options on Short-Term U.S. Treasury Note Futures
          o Chapter 21B Flexible Options on Short-Term U.S. Treasury Note Futures
          o Chapter 22 30-Day Federal Fund Futures
          o Chapter 22A Standard Options on 30-Day Federal Fund Futures
          o Chapter 22B Binary Options on the Target Federal Funds Rate
          o Chapter 23 10-Year Interest Rate Swap Futures
          o Chapter 23A Options on 10-Year Interest Rate Swap Futures
          o Chapter 24 5-Year Interest Rate Swap Futures
          o Chapter 24A Options on 5-Year Interest Rate Swap Futures
          o Chapter 25 30-Year Interest Rate Swap Futures
          o Chapter 36 CBOT Mini-Sized Three-Month Eurodollar Time Deposit Futures
          o Chapter 38 7-Year Interest Rate Swap Futures

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