Word: cbt
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Dates: during 1970-1979
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...soybean future, for example, theoretically bought the beans at $5 a bushel, and the price has risen to $6, he can cancel the contract by having the paper seller of the beans pay him his profit in cash. At the Mercantile Exchange, the Chicago Board of Trade (CBT)-where more than half the commodity action takes place-and other exchanges, such transactions are made in a bedlam of shouting and waving by "pit traders" who do the buying and selling for brokers forwarding orders from clients...
...value than the dollars needed to buy a future on them. More important, commodity prices are being rocketed upward by a huge increase in worldwide demand for U.S. farm products. "Our markets are coming out of the age of surpluses," which always had a potential to depress prices, says CBT Pit Trader Richard H. Mayer...
...three of every four amateur commodity players lose money in the long run. Yet the rewards for the winners-and the sheer excitement of the action-seem to hold a special fascination for younger speculators. "We have a new crew of investors, people not scarred by the Depression," says CBT Trader Mayer. 'They take chances because they want to live...
...purchased only through option brokers on individually negotiated deals. If the Securities and Exchange Commission grants approval, a new central market for such options will open next fall-not on Wall Street but on Chicago's La Salle Street, the home of the Chicago Board of Trade (CBT), the world's biggest commodities market. This month, CBT organized the Chicago Board Options Exchange to conduct regular daily trading in puts and calls...