April marks the 40th anniversary of CBOE and the options industry. As part of our month-long anniversary celebration, we revisit WGN’s Orion Samuelson’s interviews with several long-time CBOE traders who share their colorful stories about life in the pits and trading “The Chicago Way.”
For native New Yorker Mike Gallagher, leaving Wall Street for LaSalle Street seemed like a crazy idea. While fellow New Yorkers assumed he was headed for the “corn and wheat” pits, it was a new, upstart exchange — CBOE — that drew the young trader to Chicago. Despite predictions that CBOE would “never make it” and he would “be back in New York in five years,” Mike happily remains in Chicago — and on the CBOE trading floor — more than three decades later. He shares his views on the evolution of the business and VIX’s impact on volatility emerging as a new asset class.
Be sure to visit the CBOE 40 hub daily as new Trader Talk interviews will be added throughout the month.