Thomas Peterffy is the 23rd richest person in the world, a chief architect of modern finance, and has one of the most remarkable stories in business. Yet he remains virtually unknown.
Born in a Budapest basement during a Soviet bombing raid in September 1944, his father left when he was 2, his mother couldn't hold a job, and for the first 20 years of his life, Peterffy lived in fear of starvation as an โenemy of the communist state.โ
At 21, he escaped to New York. Within a year, he was drafted to fight in Vietnam. A sympathetic NYU dean saved him from the war. A chance encounter with programming opened the door to everything else.
Over the next three decades, he transformed Wall Street's chaotic trading floors into computerized markets that worked on math. He invented options pricing theory before the Black-Scholes model, a handheld computer before the iPad, and the first automated trading system in Wall Street history. His firm, Timber Hill, became the largest options market maker on Earth.
In 1993, he launched Interactive Brokers to give ordinary investors the same technological advantages he had built for himself. That business is now worth over $100 billion, and Peterffy owns 70% of it. It operates with higher profit margins than Visa while offering some of the lowest trading costs in the industry.
The man who grew up where markets were forbidden devoted the rest of his life to building systems so everyone could participate in capitalism. At 80, he's still working on that mission every day.
Thomas Peterffy is one of the most important people in finance, and you can learn about him in @domcooke's latest profile.
This catching a train a minute before departure is going to make me regret something big some day.
I just had 3 mins from Platform 6 to Platform 1 and I didn't give up. Here I am inside train just before door closes.
Thank you @Strava ๐ญ