Mathew Gladstein

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Mathew Gladstein
Occupation Options Pioneer
Location New York

The late Mathew "Mike" Gladstein was one of the early developers and traders of the Black-Scholes options valuation model, who was instrumental in the transition of the options market from a fragmented OTC market to a large, liquid publicly-traded market. [1]

He died June 18, 2013 at the age of 90.


Gladstein joined New York brokerage firm Donaldson, Lufkin & Jenrette (DLJ) in the early 1970s, just as the Chicago Board of Trade was making plans to open the Chicago Board Options Exchange, the first exchange for listed equity options. While at DLJ, he worked with Scholes and Robert Merton (both would later win Nobel prizes in economics for their work on options theory) to incorporate the pricing and hedging models into DLJ, and later, to popularize the use of options in the financial sector.


Gladstein attended City College of New York for two years, before enlisting in the U.S. Army Air Corps in 1939, where he served as a navigator/bombardier with the 15th Air Force in Italy. After the war, he continued his college education at Columbia University.


  1. Mathew Gladstein, Options Guru With Merton, Scholes, Dies. Bloomberg.