All sugar traders, even speculators who had never dealt in sugar before, immediately rushed in like sharks smelling blood.
Soon, a wooden board about three people tall on the west side of the trading hall bore the first contract, hung by the exchange's staff.
It was a cane sugar contract maturing in a month, quoted at 1 franc and 8 sous per pound.
According to the rules of the exchange, the "trading unit" for cane sugar was 10,000 pounds. This meant that the buyer could get 10,000 pounds of cane sugar spot within one month at a price of 180,000 francs.
Since the Dutch had created futures trading to sell tulips quite some time ago, followed by small-scale futures markets in England and Holland, people were very familiar with futures trading.
Consequently, all the merchants present immediately widened their eyes.