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This is the story of the Perpetual Future - a financial derivative that went from being an obscure OTC-traded derivative that nobody cared about - to being the largest and most successful derivative in the crypto space, trading more than $18T annually.
Set up in 1877 to provide a venue for trade conducted among metal merchants in London, the LME was sold in 2012 to the operator of the Hong Kong stock exchange. In 2013, it was a defendant in lawsuits accusing Goldman Sachs, JP Morgan and Glencore-Xstrata of rigging the aluminium market.