Thomas Peterffy

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Thomas Peterffy
Peterffy pic.jpg
Occupation Chairman and CEO
Employer Interactive Brokers Group
Location Greenwich, US
Website www.interactivebrokers.com

Thomas Peterffy is the founder, chairman and chief executive officer of Interactive Brokers Group, Inc., the U.S.-based broker-dealer and proprietary trading business.[1][2]

He announced in January 2019 that he will step down as CEO in Q3 2019, concurrent with his 79th birthday, after running Interactive Brokers for 42 years. He appointed Milan Galik as CEO but will remain chairman.[3]

History

Peterffy emigrated from Hungary to the United States in 1965.[4] After working for 10 years as computer programmer, he became a member and options trader at the American Stock Exchange.

Peterffy developed hand-held computers as an aide to floor trading in the early 1980s, ahead of much of the rest of the industry. He established Timber Hill as a proprietary trading firm and used his technological edge to make it into a major market making firm.

When high-speed trading came along it squeezed the profit out of Timber Hill's computer-driven marketmaking operation, so Peterffy looked to develope his own discount brokerage.[5] He began developing a communications network in the 1980s for routing orders to exchanges and stock markets around the world, which became the foundation for Interactive Brokers Group, Inc. His smart order routing systems created a model for customer execution.[6][7]

Awards

Peterffy received the Joseph P. Sullivan Award at the 24th Annual Options Industry Conference in May 2006, and in 2007 he was inducted into the FIA Futures Hall of Fame.

In November of 2007, Peterffy received the American Hungarian Foundation George Washington Award.[8]

Articles

"Thomas Peterffy: Innovative Broker" by Jim Kharouf in CME Group Magazine www.cmegroup.com/magazine

Published Works, Statements & Speeches

  • Investment Strategy[9]
  • SPEECH OF THOMAS PETERFFY. BEFORE THE INTERNATIONAL OPTIONS MARKETS ASSOCIATION[10]
  • Statement of Thomas Peterffy Chairman, Interactive Brokers Group to SEC[11]

Registration Information

  • Thomas Pechy Peterffy - NFA ID 0258601
  • Interactive Brokers LLC - NFA ID 0258600
  • Timber Hill LLC - NFA ID 0264315

References

  1. Interactive Brokers Strategy:Turning Technology into a Competitive Advantage. FIA Magazine.
  2. The Wallendas Hit Wall Street. Forbes.
  3. Interactive Brokers Group Will Appoint Milan Galik as CEO; Thomas Peterffy, Founder, Will Step Down in Third Quarter of 2019 and Remain as Chairman of the Board. Press Release.
  4. See! The Street Was Paved With Gold. New York Times.
  5. Billionaire Thomas Peterffy Practically Invented Digital Trading. Now He Wants To Be Your Broker. Forbes.
  6. "Thomas Peterffy”. FIA.
  7. "About IB”. Interactive Brokers.
  8. American Hungarian Foundation George Washington Awards Dinner at New York's Waldorf Astoria. Embassy of Hungary.
  9. Investment Strategy. Interactive Brokers.
  10. SPEECH OF THOMAS PETERFFY. BEFORE THE INTERNATIONAL OPTIONS MARKETS ASSOCIATION. Interactive Brokers.
  11. Securities and Exchange Commission Hearings on Proposed Regulation NMS, April 21, 2004, Statement of Thomas Peterffy, Chairman, Interactive Brokers Group. U.S. Securities Exchange Commission.