Who could trade on an exchange centuries ago? In 19th-century London, professional networks and merchant reputation determined access; in Amsterdam, roles of traders and intermediaries gradually separated; on the 19th-century American commodity exchanges, the right to trade directly depended on exchange membership.
Over time, mere presence in the trading hall became insufficient: rules, dues, admission procedures for new participants, and the rights and duties of members emerged. The trading floor itself gained such value that it could be bought and transferred.
How access rules to trading venues changed—from European merchant communities to the Chicago Board of Trade and the New York Mercantile Exchange—we describe in the cards. Additionally, links to our social channels are available: VKontakte, Zen and T-Pulse.