CBOE Memories: Trading Places

April marks the 40th anniversary of CBOE and the options industry.  As part of our month-long anniversary celebration, we’ve invited the CBOE community to share their memories of CBOE and four decades of options trading.  These are their stories…

I started on the CBOE floor in July of 1978.  The trading floor on the 7th floor of the Board of Trade building had been constructed over the Board of Trade trading area. There were only five stocks that had puts and no index options in those early days. The floor was loud, crowded and hot. By 1983 the dress code was waived almost daily because of the heat.

The move in 1984 to the new building was a big improvement.  The OEX was just getting going and was a huge success for the CBOE.  The new floor while much bigger than the old one soon filled up.  Runners, clerks and traders were everywhere. The floor was constantly covered with paper.

The 1990s brought the introduction of the electronic book and hand held terminals for market makers. Some were resistant to these changes but over the years as volume exploded the amount of physical paper was greatly reduced.  There have been huge changes at the exchange since those early days but CBOE continues to be the leader in the options industry.

T. C.

Be sure to visit the CBOE 40 hub daily as new memories will be added each day.