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- In 1977, Hungarian-born Thomas Peterffy purchased a seat on the American Stock Exchange. A decade later, he developed a fully automated market-making system for stocks, options, and futures, an innovation that forever changed the trading floor and fast-tracked his career success.
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Nov 5, 2014 · Billionaire Thomas Peterffy led the electronic trading charge until the flash boys zapped his profits. At 70 he's rebuilding as a discount broker.
- Abram Brown
NPR's Planet Money profiles a Hungarian immigrant who pioneered computerized trading. Thomas Peterffy struggled for years and experimented with many techniques, including a typing robot.
Sep 30, 2021 · In 1977, Hungarian-born Thomas Peterffy purchased a seat on the American Stock Exchange. A decade later, he developed a fully automated market-making system for stocks, options, and futures, an innovation that forever changed the trading floor and fast-tracked his career success.
Recognized as an innovator of electronic trading, often credited for ushering Wall Street into the digital era. Inducted into the FIA Futures Hall of Fame in 2018, a distinction awarded to individuals who have made substantial contributions to the global futures and options industry.
He wrote code in his head during the trading day and then applied his ideas to computerized trading models after hours. Peterffy created a stir among traders by introducing handheld computers onto the trading floor in the early 1980s.
In 1977, after purchasing a seat on the American Stock Exchange and trading as an individual marker maker in equity options, Mr. Peterffy was among the first to apply a computerized mathematical model that would disseminate continuous bid and offer prices.
Aug 27, 2012 · Peterffy figured out how to use computers to calculate when financial instruments called options were overpriced or underpriced. But he had a problem. It was 1977, and people weren't yet...
