🔗 The Onion Futures Act
🔗 United States
🔗 Finance & Investment
The Onion Futures Act is a United States law banning the trading of futures contracts on onions as well as "motion picture box office receipts".
In 1955, two onion traders, Sam Siegel and Vincent Kosuga, cornered the onion futures market on the Chicago Mercantile Exchange. The resulting regulatory actions led to the passing of the act on August 28, 1958. As of January 2020, it remains in effect.
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