Since 1880, regular weekly meetings of grain merchants and millers have taken place in Munich for the purpose of grain trading and the associated arbitration. In 1921, the "Munich Commodity Exchange" was established for these trading and arbitration activities in Munich, Swabia, and Upper Bavaria. After World War II, in 1948, it was re-established as the "Bavarian Commodity Exchange." Since then, the Bavarian Commodity Exchange in Munich has been the place where agricultural products for Southern Bavaria are traded and listed – and since 1972, also light heating oil. In the summer of 2007, the Bavarian Commodity Exchange Munich merged with the Landshut Commodity Exchange. The resulting large Southern Bavarian exchange is called the "Bavarian Commodity Exchange Munich-Landshut." Today, trading activity on all exchanges—including the Munich Commodity Exchange—has receded significantly due to consolidation in the agricultural sector and the replacement of trade based on samples with trade based on laboratory values transmitted electronically. However, price quotations remain highly important. These are quotations of actual regionally traded prices for prompt delivery. They are crucial for all sellers, buyers, and likely also producers in the region, because the information needs of these market participants are not satisfied by prices quoted in London or Chicago for futures contracts. A merchant will not cover everything they have or need through futures trading—they wouldn't be a merchant if they didn't trade a substantial portion of their goods or demand on the prompt markets. Exchange events such as the annual European Commodity Exchange or the International Bavarian Commodity Exchange in Munich are also becoming increasingly important. These agricultural trade fairs serve to showcase products and to establish and strengthen personal relationships among the participating merchants. The financial scale of most transactions in the agricultural sector and the associated risks make it essential to gain personal insights into the business partners with whom one trades throughout the year. This is achieved at regional and national commodity exchange days and at the "specialized exchanges," which are held in Munich approximately every six weeks and feature presentations on current industry topics. Finally, the Arbitration Court of the Bavarian Commodity Exchange is a well-known institution far beyond Bavaria. Its arbitrators are experienced businesspeople and lawyers who have been familiar with the trade and practices of the agricultural sector for many years and can render decisions more effectively, quickly, and cost-efficiently than state courts, or recommend appropriate settlements. For Bavaria, as for any other region, the existence and functioning of a commodity exchange, its quotations, and the arbitration courts are of paramount importance, also for reasons of competition. Without these institutions, the prices for Bavarian harvests would be quoted elsewhere, and Bavarian merchants would have to appear before arbitration courts outside of Bavaria. These institutions are not available. Membership in the Bavarian Commodity Exchange is generally open to any reputable businessperson – whether trader, agent, bank, or processor. Currently, there are efforts underway to also allow large agricultural operations or producer cooperatives to participate in the exchange.