50 years ago, on April 23rd, 1973, the CBOE opened its doors and listed option trading began. For the first time, such things as standardized striking prices and expiration dates were available on an option contract.
The CBOE’s first President, Joe Sullivan, had done a tremendous amount of legwork, regulatory work, and arm-twisting (I’m sure) to get the exchange off the ground.
On that first day, call options (no puts) were traded on 16 stocks. We plan to publish various articles throughout the year, written by traders who remember the early days. The articles will be published periodically over the coming weeks on this dedicated page. The first article was written by me and is available now.