An option on birthdays
As Chicago Board Options Exchange celebrated its 30th
anniversary last week with a degree of fanfare (well, OK, the
ringing of the opening bell by Mayor Daley), another
anniversary passed by with rather less attention. For last week
saw the 25th anniversary of the start of equity options trading
in the UK. London Traded Options Market (LTOM) began trading at
London Stock Exchange on 21st April 1978 and a gang of the
faithful gathered a City watering hole to mark the occasion on
St George's Day last week. To those who have been around long
enough, many of the names there would have been familiar -
Richard Harris, Suzie Weston, Collette Martin and Steve Hills,
to name but a few. Of course, as anybody who knows anything
about London's options business will remember, LTOM was bought
from the stock exchange by Liffe for the princely sum of
£4 eleven years ago. One Liffe wag is said to asked on
the handing over of the cheque, "Do we get any change?"
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