Arias, DiegoFerreira Lamas, AlfredoKpaka, Musa2014-04-222014-04-222011-03-17https://hdl.handle.net/10986/18020A commodity exchange is a goods and financial market where different groups of participants trade commodities and commodity-linked contracts, with the underlying objective of transferring exposure to commodity price risks (UNCTAD). A commodity exchange that only trades goods is known as a physical or 'cash or forward' market, while the exchange that trades price derivatives is known as financial or 'futures and options' market (see Glossary for detailed definitions). Some agriculture commodity exchanges have both. Agricultural commodity exchanges date as far back as the early 18th century. Modern exchanges, notably the Chicago Board of Trade (CBOT) was created in 1848, recently merged with the Chicago Mercantile Exchange (CME), is one the oldest and most successful futures exchanges worldwide. Today several agricultural commodity exchanges exist throughout the Latin America and Caribbean (LAC) region. They facilitate trade and financial products in countries whose economies have a relatively large share of primary and secondary agricultural activities or either account for auctions on substantial food imports. This report looks at the current development of agricultural commodity exchanges in the LAC region and offers public policy recommendations that can foster the development of such exchange markets.en-USCC BY 3.0 IGOAGRICULTURAL ACTIVITIESAGRICULTURAL COMMODITIESAGRICULTURAL COMMODITYAGRICULTURAL POLICIESAGRICULTURAL POLICYAGRICULTURAL PRODUCTIONAGRICULTUREARBITRATIONAUCTIONSBANANASBASIS RISKBEEFBENEFICIARIESBROKERAGEBROKERAGE FIRMSBROKERAGE HOUSESBROKERSBUSINESS ENVIRONMENTCAPITAL CONTROLSCAPITAL REQUIREMENTSCASH FLOWCASH MARKETCASH MARKETSCASH TRANSFERCEREALSCLEARING HOUSECOCOACOMMERCECOMMODITIES EXCHANGESCOMMODITY BROKERAGECOMMODITY CONTRACTSCOMMODITY EXCHANGECOMMODITY EXCHANGESCOMMODITY FUTURESCOMMODITY MARKETSCOMMODITY OPTIONSCOMMODITY PRICECOMMODITY SECTORCOMMODITY TRADECOMPETITIVENESSCORNCOUNTRY TO COUNTRYCREDIT EXPOSURECREDIT LINESCREDIT RISKDAIRYDERIVATIVEDEVELOPING COUNTRIESDOMESTIC MARKETDOMESTIC MARKETSEGGSENABLING ENVIRONMENTENVIRONMENTAL SUSTAINABILITYEXCHANGE MARKETSEXPORTERSFINANCIAL CRISISFINANCIAL DERIVATIVEFINANCIAL EXCHANGESFINANCIAL EXPOSUREFINANCIAL INSTITUTIONSFINANCIAL INSTRUMENTSFINANCIAL INTERMEDIARIESFINANCIAL MANAGEMENTFINANCIAL MARKETFINANCIAL PRODUCTSFINANCIAL SECTORFINANCIAL SERVICEFINANCIAL SERVICESFOOD AIDFOOD IMPORTSFOOD MARKETSFOOD POLICYFOOD PRICEFOOD PRICESFOOD PRODUCTIONFOOD PRODUCTSFOOD RESERVESFOODSFOREIGN GOVERNMENTSFORWARD CONTRACTFORWARD CONTRACTSFORWARD MARKETFRUITFRUITSFUND MANAGERSFUTURE PRICEFUTURE PRICESFUTURESFUTURES CONTRACTFUTURES CONTRACTSFUTURES EXCHANGEFUTURES EXCHANGESFUTURES MARKETSGOVERNMENT GUARANTEEGOVERNMENT POLICIESGOVERNMENT SUPPORTGRAINSHEDGINGHOLDINGSINCOMEINSTITUTIONAL INVESTORSINSURANCEINTERNATIONAL BANKSINTERNATIONAL INVESTORSINTERNATIONAL LAWSINTERNATIONAL MARKETINTERNATIONAL MARKETSINTERNATIONAL STANDARDINTERNATIONAL TRADELEGAL FRAMEWORKSLENDING PORTFOLIOSLIBERALIZATION OF TRADELIQUID MARKETLOCAL EXCHANGEMAIZEMARKET ACCESSMARKET FAILURESMARKET INSTRUMENTSMARKET INTERMEDIARIESMARKET LIQUIDITYMARKET MECHANISMSMARKET PARTICIPANTSMARKET PRICEMARKET SIZEMARKETINGMATURITYMATURITY PERIODMEALMEATSMERCHANDISEMERCHANDISE TRADEMILLSMONEY MANAGERSNEW MARKETNEW MARKETSOATSOIL PRICESOPTION CONTRACTSORANGEORANGE JUICEPALM OILPAYMENT SYSTEMPEANUTSPENSIONPORKPORTFOLIOPOTATOPOTATOESPRICE CONTROLSPRICE DERIVATIVESPRICE FORMATIONPRICE INCREASESPRICE INDICESPRICE MOVEMENTSPRICE RISKPRICE RISKSPRICE SUBSIDYPRICE SUPPORTPRICE VOLATILITYPRIVATIZATIONPRODUCT QUALITYPUBLIC POLICIESPUBLIC POLICYPUBLIC-PRIVATE PARTNERSHIPSPURCHASINGREAL ESTATERED BEANSREGULATORY FRAMEWORKREPOSRESERVESRETURNRISK MANAGEMENTRURAL INFRASTRUCTURESECURITIESSHAREHOLDERSSHORT-TERM FINANCESOYBEANSOYBEANSSPREADSTANDARD CONTRACTSSTOCK EXCHANGESUGARSUGAR CANESUPERMARKETSUPERMARKETSSUPPLIERSSUSTAINABLE DEVELOPMENTSWAPSTAXTAX BENEFITSTAX INCENTIVESTRADE FINANCINGTRADE LIBERALIZATIONTRADESTRADINGTRADING SESSIONSTRANSACTIONTRANSACTION COSTTRANSACTION COSTSTRANSACTIONS COSTSTRANSPARENCYTRUST FUNDVEALVEGETABLESWAREHOUSEWAREHOUSE RECEIPTSWHEATWHOLESALERSWINE10.1596/18020