In 1990, Nobel Laureate in Economics Merton Miller in assessing the financial landscape of that day called financial futures "the most significant innovation of the past two decades." He was right. Not only did this event initiate the transformation of futures from their traditional usage in agriculture, it vaulted futures markets to their present position in finance as one of the most efficient risk-management tools. They are indispensable to the mechanics of efficient capital markets.
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