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Introduction: The Interwar Coming of Age of Modern Futures Markets, Institutions and Governance

  • Rasheed SaleuddinEmail author
Chapter
Part of the Palgrave Studies in the History of Finance book series (PSHF)

Abstract

This introduction to the story of how US government and industry co-constructed many critical modern futures institutions and governance during the interwar years begins with a scene that took place in 1922. Soon after the first (grain—especially wheat and corn) futures regulation was passed, and anti-markets rhetoric was widespread, the Secretary of the dominant exchange, the Chicago Board of Trade, wrote to the directorate stating candidly that the legislation was as pro-futures as was possible, and that it was effectively authored by the futures industry in private collaboration with the US government. This chapter introduces a new archive, now once again inaccessible, and uses that record to argue that the behind-the-scenes negotiation and end results bore no resemblance to the public story of how futures markets were modernised and then regulated.

Keywords

Futures markets Grain futures Interwar Financial regulation Financial history 

Bibliography

Archives

  1. CME Archives at the Richard J. Daley Library Special Collections and University Archives, University of Illinois at Chicago.Google Scholar
  2. Records of the Commodity Futures Trading Commission (and the Former Commodity Exchange Administration and Grain Futures Administration), US National Archives and Records Administration, Kansas City, Missouri. Record Group 180.2: Records of the Commodity Exchange Administration and its Predecessors. Archival Research Catalogue Identification Number 4730947.Google Scholar
  3. Records of the Office of the Secretary of Agriculture, US National Archives and Records Administration, College Park, Maryland. Record Group 16.Google Scholar
  4. USDA History Collection. National Agricultural Library. Beltsville, Maryland.Google Scholar

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Copyright information

© The Author(s) 2018

Authors and Affiliations

  1. 1.Centre for Endowment Asset ManagementUniversity of CambridgeCambridgeUK

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