An innovator of the first order

A few years back when we were working on a special issue regarding leaders of the derivatives industry it occurred to me that I couldn’t name the man or men responsible for the creation of listed options. I knew the Chicago Board of Trade created the Chicago Board Options Exchange and then spun it off to avoid dealing with Securities and Exchange Commission but I couldn’t name the man responsible. When asking other industry leaders they quickly let me know it was the O’Connor brothers. 

The development of options occurred during what could be described as a period of unprecedented financial innovation. We know of Leo Melamed’s work creating the International Monetary Market  and Richard Sandor’s work on interest rate futures and  Leslie Rosenthal, Barry Lind and John Geldermann  are familiar industry icons. But it was harder to name the “father” of listed options. There was one of course, Edmund O’Connor, but he did not seek attention. His story is as impressive in its up from the bootstraps origins as any other and the O’Connor brand is as solid as it comes.

In the last few months Futures  profiled several managers who got their  start or spent some time at O’Connor. While I am sure that not every successful option trader has at one time worked at O’Connor, sometimes it sure feels like it. Edmund O’Connor passed away last week. He was one of the giants of our industry.

About the Author
Daniel P. Collins

Editor-in-Chief of Futures Magazine, Daniel Collins is a 25-year veteran of the futures industry having worked on the trading floors of both the Chicago Board of Trade and Chicago Mercantile Exchange. Dan joined Futures in 2001 and in 2005 he was promoted to Managing Editor, responsible for overseeing all the content that went into Futures and Dan’s incisive reporting and no-holds barred commentary places him among the most recognized national media figures covering futures, derivative trading and alternative investments.

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