Futures markets were started in Osaka, Japan in the 1600s to create an authoritative and meaningful market price for agricultural products, using standardized contracts. Since then, futures markets have been copied around the world to allow the hedging various future risks, financial and other. In the United States, the Chicago Mercantile Exchange and the Chicago Board of Trade have been the most popular futures trading markets. Although futures markets are changing and becoming more electronic, they are still important risk management tools for farmers and present financial opportunities for all manner of hedgers and arbitrageurs.
As one of the world's great universities, Yale traces its roots back to the early 1640s when colonial clergyman sought to establish a school in order to continue the tradition of European education within the Americas. Yale has now grown to educate over 11,000 students from over 100 countries on a 310-acre campus in New Haven, Connecticut. Within the school's 260 buildings are over 2,000 undergraduate programs in 65 departments taught by a distinguished faculty. As Academic Earth's first partner school, Yale has been a leader within the space of OpenCourseWare by consistently delivering on its esteemed mission to expand access to educational materials for all who wish to learn.