The Chicago Mercantile Exchange is the largest financial and commodity derivative exchange in the U.S. The Chicagoe based exchange may also be called "the Chicago Merc," or "the Merc."
The CME trades several types of financial instruments including: interest rates, equities, currencies, and commodities. The Chicago Mercantile Exchange has the largest number of futures and options contracts outstanding on any futures exchange in the world.
Trading is conducted in two ways; an open outcry format and the CME Globex electronic trading platform. Approximately 70 percent of total volume at the exchange occurs electronically on CME Globex.
Additional meaning of Chicago Mercantile Exchange:
The CME was founded in 1898 as the Chicago Butter and Egg Board.
Originally, the exchange was a non-profit organization. The exchange
demutualized in November 2000, went public in December 2002, and it
merged with the Chicago Board of Trade in July 2007 to become a
designated contract market of the CME Group Inc. The Chief Executive
Officer of CME Group is Craig S. Donohue. On August 18, 2008
shareholders approved a merger with the New York Mercantile Exchange
(NYMEX) and COMEX. The Merc, CBOT, NYMEX and COMEX are now markets owned
by the CME Group.