How to Make Money in Commodities

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VOLUME OF TRADING IN FUTURES 1957 THROUGH 1980

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    * Totals - Number of trades (Buys plus Sells) - i.e. Number of Contracts traded times two.
  ** Estimated
*** Note change of scale
Source: Futures Industry Association

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APPENDIX III:
CONTRACT MARKET DESIGNATIONS

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Commodity	Exchange1	Effective date2 of designation	Trading3 begun
Financial Instruments (Continued)
Long Term U.S. Treasury Bonds (15 years)	CBOT	Aug. 2, 1977	Aug. 22, 1977
U.S. Treasury Bills (90 days)	CME	Nov. 26, 1975	Jan. 6, 1976
U.S. Treasury Bills (1 year)	CME	Aug. 25 1978	Sept. 11 1978
Petroleum Products
Heating Oil (Rotterdam)	NYME	July 18, 1975	Oct. 23, 1974
Industrial Fuel Oil (Rotterdam)	NYME	July 18, 1975	Oct. 23, 1974
Liquid Propane	Petroleum	July 18, 1975	Feb. 1, 1971
Crude Oil	Petroleum	July 18, 1975	Sept. 10 1974

¹ The term "exchange" includes only those 11 exchanges which are designated as contract markets and presently have trading activity. The following abbreviations are used for convenience to indicate the respective exchange:

CME includes commodities traded on the International Monetary Market. That exchange merged with the CME on March 18, 1976.

² The term "effective date of designation" is the date upon which the exchange was authorized to begin trading in the contract, not the date of the issuance of the designation order.

If an exchange was previously designated by the Secretary of Agriculture as a contract market in a commodity and that designation was in effect on July 18, 1975, the Commission had not specifically designated them as such on July 18, 1975. Those designations continued in full force and effect by virtue of Section 411 of the Commodity Futures Trading Act of 1974. Prior to July 18, 1975, the commodities for which designation was granted by the Secretary of Agriculture were among the Isit of commodities explicitly set forth in section 2(a)(1) of the Commodity Exchange Act, as amended, ("Act"). (This listing was limited to the agricultural and animal or animal product commodities.)

On July 18, 1975, the Commission gave contract market designations to many of the exchanges which traded in previously unregulated commodities. See 41 FR 33854 (August 12, 1975). Prior to that date, the Commission had given provisional contract market designations to these exchanges on April 18, 1975 which designations were extended on May 5, 1975 to July 18, 1975. See 41 FR 17406 (April 18, 1975), 41 FR 19035 (May 1, 1975) and 41 FR 21769 (May 19, 1975).

The effect of the July 18, 1975 designations was to bring under Federal regulation all commodities for which a futures market was actively traded. Those previously unregulated commodities for which no contract market designation was granted on July 18, 1975, such as Comex's mercury and rubber contracts, were not permitted to continue futures trading after that date.

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³ The "trading begun" column indicates, according to data supplied by the exchanges, when trading began in a commodity.

In the case of copper, silver and zinc traded on Comex, trading was suspended for periods of time and then later resumed.

Comex silver trading was first suspended on August 9, 1934. Trading resumed on June 12, 1963. A second suspension took place on August 15, 1971. Trading resumed on August 19, 1971. In the case of Convex copper, trading was first suspended on May 5, 1941 and later resumed on July 15, 1947. A second suspension took place January 29, 1951. Trading resumed February 19, 1951. A third suspension followed on July 27, 1951. Trading resumed June 1, 1953. A fourth suspension occurred on August 15, 1971. Trading resumed on August 19, 1971. In the case of Convex zinc, trading was first suspended March 3, 1941. Trading resumed July 22, 1947. A second suspension occurred January 29, 1951. Trading resumed February 19, 1951. A third suspension followed on July 27, 1951, with a resumption of trading June 23, 1952. A fourth suspension occurred October 15, 1970, followed by a resumption of trading February 8, 1978.

⁴ MACE was previously named the Chicago Open Board of Trade until its name change, which was effective November 22, 1972. On January 8, 1973, the Commodity Exchange Authority amended its previous designation orders to show the name MACE instead of Chicago Open Board of Trade. The effective date of the amended order was November 22, 1972.

⁵ KCBT operated as an unincorporated association until it incorporated in 1973. The CEA designated KCBT a contract market in those commodities for which the association was previously designated, the effective date of the designation being July 1, 1973.

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APPENDIX IV:
FUTURES FACTS

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