“People need to be educated and told what derivatives can do.”
In the early 70s, the idea of listed options was presented to the New York Stock Exchange. When the exchange declined, the idea was brought over to Chicago. Dave Johnson, Director at Penson Worldwide, discusses the history of the futures industry, beginning with the opening of the CBOE. Johnson remembers regulatory issues the fledgling futures exchange encountered, as well as a financial crisis the industry overcame.