The Chicago Mercantile Exchange (CME) was created in 1898 under the original name of the Chicago Butter and Egg Board as these were the only traded products back then. The title was changed to the present Chicago Mercantile Exchange in 1919. Over the following decades, the exchange greatly increased the number of its traded products. For example, pork belly futures were introduced in 1961; live cattle futures in 1964; foreign currency futures in 1972 and stock index futures in 1982.
The CME launched GLOBEX in 1992 by introducing its clients to electronic trading. However, this innovation was not intended to totally replace the standard manual systems but instead to complement them. On its very first trading day, the GLOBAX processed just over 2,000 future contracts. A major update was made in 1998 resulting in the launch of GLOBAL2 which now performs about 50% of the entire CME daily trading volume.
The CME evolved into a profit institution in 2000 and a year later attained the status of the largest exchange dealing in future contracts within the USA. In 2002, the CME became the first major US exchange to distribute its own shares which are now quoted on both the NASDAQ and the New York Stock Market. The ticker symbol used is CME.
Perhaps the primary attribute of the CME group is its constant drive for innovation. The exchange has always adopted the belief that supporting an entrepreneurial spirit and encouraging new concepts would be its central formula for success. As such, the CME based its philosophy about the primary concepts that new ideas and products can generate a brighter and more prosperous future. As such, the CME has always instigated aggressive promotional campaigns to ensure that all its innovations acquire as far-reaching audiences as possible.
Consequently, the CME launched its now revered Group Center for Innovation (CFI) in 2003. The main mission of the CFI is to identify the primary stimuli behind the process of innovation as well as studying it in action. The CFI is responsible for developing and promoting creative thinking by communicating examples across diverse industries.