Chapter | 14COMMODITIES
Each day, the Chicago Mercantile Exchange facilitates millions of trades in commodities that range from lean hogs to lumber. This exchange serves as a central clearing point for various commodities, but more active exchanges are found in urban and rural centers around the globe. In each one, just about anything can be traded. The information is disseminated fairly, and the markets are always liquid. Derivatives rarely displace physical items, and the market is as efficient as a market can be. Unfortunately, trades can go awry when someone delivers a spoiled shipment of milk or fails to pay. In such cases, the regulatory authority will blow her whistle, grab the culprit by the ear, and drag him to the principal’s office. ...
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