1865 was a fascinating year in world history. While the Chicago Board of Trade (CBOT) introduced standardized futures contracts, several other major political, economic, and scientific events were happening around the world.
🌍 Major Global Events in 1865
1. Futures Contracts Introduced in USA
- The Chicago Board of Trade (CBOT) standardized grain contracts.
- This is considered the birth of modern exchange-traded futures contracts.
- Farmers and grain merchants could lock prices before harvest.
Example: A wheat farmer could agree in June to sell wheat at a fixed price in September, reducing uncertainty.