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, allow traders to speculate on the price movements of these assets or to hedge against potential losses. Futures exchanges provide a regulated environment that ensures transparency and fairness in trading. They facilitate price discovery and help manage risk by allowing participants to lock in prices for future transactions. Major examples of futures exchanges include the Chicago Mercantile Exchange and the Intercontinental Exchange.