海外期货概况（地区篇）之四：北美

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The report introduces the development history, major exchanges, core products, market structure, and volume - price characteristics of the North American futures market. The US futures market has Chicago and New York as its dual cores, with a complementary and comprehensive variety of functions. The Canadian futures market, centered around the Montreal Exchange, is smaller in scale but provides risk - management tools for local investors and operates stably [1][2]. 3. Summary by Directory 3.1 Development History 3.1.1 United States - The US futures market has a "dual - core driven" pattern of CME and ICE. CME Group has strengthened its system - important position through energy derivatives pricing and technological innovation, while ICE Futures US has become a global pricing benchmark in the soft - commodity field [8]. - Chicago is the origin of the US futures market. The development of commodity futures was promoted by its position as a transportation hub and agricultural center. The CBOT, established in 1848, marked the birth of modern agricultural futures trading. The CME, founded in 1898, transformed into a leading financial derivatives exchange in the 20th century, launching foreign exchange and interest - rate futures. In 2007, CME and CBOT merged, and in 2008, CME Group acquired NYMEX and COMEX, becoming a comprehensive trading platform [9]. - The US government's regulatory framework evolution also influenced market development. The 1922 "Grain Futures Act" brought futures trading under unified regulation, and the 1974 establishment of the CFTC regulated both commodity and financial futures markets [10]. - New York is the second core of the US futures market. The New York Cotton Exchange in 1870 started futures trading in New York. The development of energy and metal futures, such as the launch of WTI crude oil futures by NYMEX in 1983 and the establishment of COMEX as a global metal derivatives pricing center, contributed to its growth. ICE, founded in 2000, promoted the electronic trading of energy futures and formed a dynamic pricing mechanism [11]. 3.1.2 Canada - The development of the Canadian futures market is centered around the Montreal Exchange (MX). MX, formerly the Montreal Stock Exchange, started as a securities exchange in 1874. In 1975, it launched Canada's first stock options. In 1982, it was renamed MX, focusing on options and futures. In the 21st century, it went through adjustment and transformation, and since 2020, it has been upgraded to a "North American - characteristic derivatives hub" [15][16]. 3.2 Futures Products 3.2.1 United States - CME (Chicago Mercantile Exchange): It offers equity futures (e.g., S&P 500 index futures), commodity futures (covering agriculture, energy, and cryptocurrencies), and exchange - rate futures (the world's largest regulated FX futures market) [20][21][23]. - CBOT (Chicago Board of Trade): Specializes in interest - rate futures (e.g., 10Y and 2Y US Treasury bond futures) and commodity futures (corn, soybeans, and wheat futures) [24][25][26]. - NYMEX (New York Mercantile Exchange): A global center for energy and some metal futures, with WTI crude oil futures as one of the global oil - pricing benchmarks [27]. - COMEX (New York Commodity Exchange): Focuses on metal futures and options, being a global pricing center for precious and industrial metals, such as gold and copper futures [28]. - ICE (Intercontinental Exchange): Covers equity futures (e.g., MSCI emerging - market index futures), commodity futures (Brent crude oil, natural gas, and agricultural products), and exchange - rate futures (with the US dollar index futures as the core) [29][30][32]. 3.2.2 Canada - MX (Montreal Exchange): Provides equity futures (e.g., S&P/TSX 60 index futures) and interest - rate futures (Canadian government bond futures and CORRA futures) [34][35][36]. 3.3 Volume - Price Overview - From 2012 to 2024, the trading volume of North American futures derivatives generally showed an upward trend with fluctuations. In 2025, the overall trading volume of the six major North American exchanges remained high. Interest - rate derivatives are the core driving force, followed by stocks, stock index futures, and US - dollar - related currency derivatives. Emerging categories are expanding rapidly [37]. - In terms of energy, NYMEX and ICE are dominant; in agriculture, products like corn, soybeans, etc., are actively traded; in metals, COMEX's gold futures have high trading volume. Overall, the North American futures market is characterized by interest - rate product dominance, followed by energy and agriculture, with stable precious metals and currencies, and rapid growth in emerging categories [38]. - In terms of open - interest amounts, the E - mini S&P 500 and 10 - year US Treasury bond futures are the mainstays of the North American derivatives market. The E - mini S&P 500 shows an upward - trending and volatile pattern, and the 10 - year US Treasury bond futures maintain a high open - interest scale [38]. 3.4 Appendix: North American Futures Exchanges' 2025 Futures Trading Volume Ranking - CME: The trading volume of stock index products is 813,667,719, short - term interest - rate futures (STIRS) is 607,317,183, etc., with a total trading volume of 1,623,724,330 [46]. - CBOT: The trading volume of medium - term interest - rate futures (2 - 10 years) is 875,104,350, long - term interest - rate futures (> 10 years) is 143,363,588, etc., with a total trading volume of 1,314,723,478 [47]. - NYMEX: The trading volume of West Texas Intermediate (WTI) crude oil is 157,735,117, natural gas is 92,166,306, etc., with a total trading volume of 350,951,301 [49]. - ICE: The trading volume of natural gas is 136,932,054, stock index products is 31,665,405, etc., with a total trading volume of 240,545,798 [50]. - COMEX: The trading volume of gold is 68,242,447, copper is 13,883,451, etc., with a total trading volume of 96,761,551 [52]. - MX: The trading volume of medium - term interest - rate futures (2 - 10 years) is 50,756,344, short - term interest - rate futures (STIRS) is 23,876,422, etc., with a total trading volume of 84,199,074 [51].