The MidAmerica Commodity Exchange (MACE, MidAm) was founded as “Pudd’s Exchange” in a field on the corner of LaSalle and Washington streets in 1868. In 1880, it was incorporated as the Chicago Open Board of Trade. The exchange became known as the MidAmerica Commodity Exchange in 1973, and kept the name after it became affiliated with the Chicago Board of Trade in 1986.
The exchange offered smaller versions of contracts offered by the Chicago Board of Trade, thus allowing individuals with smaller assets to trade and gain experience before trading larger amounts. Contracts ranged from 1/2 to 1/5 of the regular CBOT contracts and consisted of many of the same futures and options contracts: grains, livestock, metals, foreign currencies, etc.
Though MACE was smaller than the prominent Chicago commodity exchanges, it was the first to institute many policies and contracts that were emulated by the larger exchanges. It was the first exchange to introduce a third party clearing house and customer margin requirements. In 1977, the Commodity Futures Trading Commission forced a restructuring of the exchange, including the implementation of an effective rule enforcement program, and a $50,000 penalty.
MidAm acquired the Chicago Rice and Cotton Exchange (CRCE) in December 1985. Previously CRCE had been the New Orleans Cotton Exchange (NOCE), which was established in 1981 and moved to Chicago in 1983. The CRCE was dissolved in 1991.
The exchange continued to function after affiliating with CBOT, with members retaining access to MidAm original contracts, or contracts that originated from a MidAm contract. The CBOT administration took over the day-to-day operations of the exchange and a MidAm Advisory Committee was elected from the MACE membership. The MidAmerica Commodity Exchange was ultimately dissolved in 2003.
The MidAmerica Commodity Exchange collection ranges from 1880-2003 and includes pamphlets, reports, legal files, rulebooks, annual reports, meeting minutes, contract applications, correspondence, press releases, ledgers, newsletters, notices, and multimedia. Records from the Chicago Open Board of Trade & the Chicago Rice and Cotton Exchange/New Orleans Cotton Exchange are also present.