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, specify the price and date for the transaction, allowing traders to hedge against price fluctuations or speculate on future price movements. Futures exchanges provide a regulated environment that ensures transparency and fairness in trading. They facilitate price discovery and risk management, enabling businesses and investors to manage their exposure to market volatility. Examples of well-known futures exchanges include the Chicago Mercantile Exchange and the Intercontinental Exchange.