The FOREX market is essentially a cash or spot market in which more than 90 percent of the trades are liquidated within 48 hours. Currency trades held longer than this are sometimes routed through an authorized commodity futures exchange such as the International Monetary Market (IMM). IMM was founded in 1972 and is a division of the CME Group, formerly the Chicago Mercantile Exchange. CME Group specializes in currency futures, interest rate futures, and stock index futures, as well as options on futures. Clearinghouses (the futures exchange) and introducing brokers are subject to more stringent regulations from the Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), and National Futures Association (NFA) agencies than the FOREX spot market (see www.cmegroup.com for more details).