Option markets were a part of futures almost from the beginning. The options market grew out of the futures market and the innovative leadership from the Chicago Board of Trade and O'Connor brothers. Futures were created for producers and consumers of commodities to transfer their risk. Options are a more precise tool to transfer risk. They were first launched on equities in the smoking room of the CBOT, and the Chicago Board Options Exchange (CBOE) spun off as the leadership of the CBOT did not want the Securities and Exchange Commission (SEC)-which needed to have oversight over options on securities-to be too involved in their business.
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