Currency futures contracts (called IMM contracts or international monetary market futures) were created at the Chicago Mercantile Exchange in 1972.These contracts were created for the market professionals, who at that time, accounted for 99% of the volume generated in the currency markets.
While some intrepid individuals did speculate in currency futures, highly trained specialists dominated the pits.
Rather than becoming a hub for global currency transactions, currency futures became more of a sideshow (relative to the cash markets) for hedgers and arbitragers on the prowl for small, momentary anomalies between cash and futures currency prices.
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