A Futures Exchange is a marketplace where participants can buy and sell contracts for the future delivery of various assets, such as commodities, currencies, or financial instruments. These contracts, known as futures contracts, obligate the buyer to purchase, and the seller to sell, the underlying asset at a predetermined price on a specified date. This allows traders to hedge against price fluctuations or speculate on future price movements. Futures exchanges play a crucial role in the global economy by providing a platform for price discovery and risk management. Major examples of futures exchanges include the Chicago Mercantile Exchange (CME) and the Intercontinental Exchange (ICE). Participants range from individual traders to large institutions, all seeking to manage their exposure to market volatility.