Open and organized marketplace where ownership titles to standardized quantities or volumes of certain commodities (at a specified price and to be delivered on a specified date) are traded by its members. Although samples of the commodities are physically examined and graded, physical delivery of the commodity rarely occurs because the delivery contracts are usually exchanged or closed out (traded out) before their expiration date. Commodity exchanges are divided roughly into three main types: metals exchanges, fuels exchanges, and soft (agricultural) commodity exchanges. Other exchanges deal in currencies and commodity indices. Also called commodity futures market or commodity market.