Baltic Exchange, in the City of London, is the largest market in the world for chartering cargo space in ships. It also has an air division that deals in the chartering of air services, and it is an important international market for grain, seeds, and vegetable oils. The membership includes approximately 1,650 elected individuals and 500 elected companies with trade connections with every port in the world. Traditionally, members conducted all business on the trading floor. But today, transactions are made increasingly via telephone, fax, and the Internet. The exchange was founded in 1744. Its full name is the Baltic Mercantile and Shipping Exchange.