International Commercial Exchange

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International Commercial Exchange

The International Commercial Exchange became a Designated Contract Market (DCM) in April of 1971. It was founded in 1970 by members of the New York Produce Exchange, and the two exchanges eventually merged. The International Commercial Exchange was the first exchange to trade currency futures. They launched on Apr. 23, 1970 thanks to the work of then exchange non-executive chairman Murray Borowitz, two years before the Chicago Mercantile Exchange (CME) listed its currency products.

With the Bretton Woods agreement still in effect, the exchange's attempt at listing currency futures may have been premature, however. The International Commercial Exchange ceased operations in 1973 and former International Commercial Exchange traders were granted certain trading privileges on the New York Mercantile Exchange (NYMEX). The exchange designation was never formally vacated but the exchange was not active on Apr. 21, 1975, the effective date of the CFTC Act of 1974 when the CFTC commenced operations.^[1]