An institution formed to supply an excludable public good, characterized by its ability to exclude non-members, thereby allowing efficient provision of the good to its members.
The exchange formed in 2007 through the merger of the Chicago Board of Trade and the Chicago Mercantile Exchange, providing a wide range of futures and options products.
A group of individuals or firms who have separate objectives but unite to adopt strategies or advocate policies. Often seen in government entities requiring support from multiple political parties.