Volume and Open Interest
Volume and open interest studies trace their roots to commodity trading with passage of the Commodity Exchange Act on September 21, 1922. It was formerly titled the Grain Futures Act, but was amended in June 1936 to include other traded commodities such as wheat, rice, corn, oats, and other agricultural products (Bear, 1948).
The Chicago Board of Trade (CBOT), established in 1848, was mandated by the Agricultural Department to maintain volume and other extensive records for open inspection for at least three years. Commitment of Traders (COT) Reports today still maintain a three-year history for public view. The main purpose for the records was to maintain integrity of the markets due to the importance of agricultural ...
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