Finance History | Cboe — Nine Hundred Eleven Contracts in a Smoking Lounge
· 1973-4
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Finance History | Cboe — Nine Hundred Eleven Contracts in a Smoking Lounge
kevin
People treat Cboe as a data company that always lived in an index ticker.
The first floor was a converted smoking room.
On 26 April 1973 the Chicago Board Options Exchange opened inside the Chicago Board of Trade Building at 141 West Jackson. The date marked the Board of Trade's 125th birthday. Joseph W. Sullivan, hired by the Board of Trade to carry the idea past the SEC, was the new exchange's president.
Until a few months earlier the room had been a musty members' lounge off the commodity floor. Eight booth-like posts now held CRT screens. Sixteen New York-listed stocks were posted. About two hundred members crowded in.
By the close they had bought and sold 911 call contracts. That was more than many of the grain traders in the next room expected from a securities experiment.
Options until that morning were over-the-counter bargains. Terms were negotiated one contract at a time. Cboe standardized the strike, the expiry and the clearing. The Black-Scholes-Merton formula, published the same year, gave the posts a price to argue from.
The exchange later moved across LaSalle to 400 South LaSalle in 1984, then sent offices to the Old Post Office and brought a smaller floor back into the Board of Trade Building. The first tape still belongs to the lounge on Jackson.
Photo: public facade of the Chicago Board of Trade Building, via Wikimedia Commons.
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