Business and Personal Finance Dictionary

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• FUTURES EXCHANGE
  
  Traditionally, futures contracts and options on those contracts have been bought and sold on a futures exchange, or trading floor, in a defined physical space. In the US, for example, there are currently futures exchanges in Chicago, Kansas City, Minneapolis, New York, and Philadelphia. As electronic trading of these products expands, however, buying and selling doesn't always occur on the floor of an exchange, so the term is also being used to describe the activity of trading futures contacts.
  
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