Winnipeg Commodity Exchange
Encyclopedia
The Winnipeg Commodity Exchange is the former name of a derivatives market
Derivatives market
The derivatives market is the financial market for derivatives, financial instruments like futures contracts or options, which are derived from other forms of assets....

 based in Winnipeg, Manitoba, Canada
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...

 now known as ICE Futures Canada. Futures and options contracts are electronically traded in western barley
Barley
Barley is a major cereal grain, a member of the grass family. It serves as a major animal fodder, as a base malt for beer and certain distilled beverages, and as a component of various health foods...

 and canola
Canola
Canola refers to a cultivar of either Rapeseed or Field Mustard . Its seeds are used to produce edible oil suitable for consumption by humans and livestock. The oil is also suitable for use as biodiesel.Originally, Canola was bred naturally from rapeseed in Canada by Keith Downey and Baldur R...

 (rapeseed).

The WCE began its existence as the Winnipeg Grain & Produce Exchange in 1887. In 1904, it introduced its first futures contracts. It was, and remains, Canada's only commodity futures exchange
Futures exchange
A futures exchange or futures market is a central financial exchange where people can trade standardized futures contracts; that is, a contract to buy specific quantities of a commodity or financial instrument at a specified price with delivery set at a specified time in the future. These types of...

. It also formerly operated the Canadian Financial Futures Market.

In December 2004, WCE converted from the traditional "open outcry
Open outcry
Open outcry is the name of a method of communication between professionals on a stock exchange or futures exchange. It involves shouting and the use of hand signals to transfer information primarily about buy and sell orders...

" method of trading to an electronic trading format. This made it the first commodity futures exchange in North America to go fully electronic. Until December 2007, futures were traded on the platform of the Chicago Board of Trade
Chicago Board of Trade
The Chicago Board of Trade , established in 1848, is the world's oldest futures and options exchange. More than 50 different options and futures contracts are traded by over 3,600 CBOT members through open outcry and eTrading. Volumes at the exchange in 2003 were a record breaking 454 million...

.

Since September 2007, the WCE has been a subsidiary of the Atlanta-based IntercontinentalExchange
IntercontinentalExchange
IntercontinentalExchange, Inc., known as ICE, is an American financial company that operates Internet-based marketplaces which trade futures and over-the-counter energy and commodity contracts as well as derivative financial products...

 (ICE). Its quotes are now traded on the ICE platform.

Buildings

The Winnipeg Commodity Exchange buildings past and current, have been located within downtown Winnipeg
Downtown Winnipeg
Downtown Winnipeg is centred around Portage Avenue and Main Street, and is bounded by the Assiniboine River on the south, Colony and Balmoral Streets on the west, Notre Dame Avenue, Princess Street, and Logan Avenue on the north, and the Red River on the east. It includes the Exchange District,...

.

The first Commodity Exchange building was located on Princess Street and was constructed in 1899. The façade is now part of the Red River College
Red River College
Red River College of Applied Arts, Science and Technology is located in Winnipeg. The College offers degree, diploma, certificate, and apprenticeship programs in the applied arts, applied sciences, and various trades. The university press, The Projector, is a member of CUP.-Campus:It has a number...

 Princess St. Campus.

The second building was located at 167 Lombard St. and was constructed in 1906. It is still in use as office space, and known as the Grain Exchange Building.

The Winnipeg Commodity Exchange then moved to the Commodity Exchange Tower at 360 Main St. in 1979. The tower has since been re-named 360 Main Street in 2008 after the Winnipeg Commodity Exchange was absorbed into an American trading exchange.

The present 360 Main Street is home to the Underground Shops of Winnipeg Square
Winnipeg Square
Winnipeg Square is a mall in Winnipeg, Manitoba, Canada. It was built in 1979 by Trizec Corporation in downtown Winnipeg. In 2009, the mall at Portage and Main is home to 45 stores and restaurants...

. Locally, the building is also known as the Trizec Building since it was originally developed by Trizec.

The building was completed in 1979 and is the third tallest building in the city, at 117 m (384 ft) with 31 floors. The construction of the building originally planned to have a twin with a hotel in the middle. The foundation for the other buildings were completed but the second tower and hotel were never built.

External links

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