This year, we’re celebrating 40 years of The Options Institute, Cboe’s education team dedicated to delivering trusted financial education, custom programming and experiential learning opportunities for investors of all backgrounds.
In 1985, Cboe established The Options Institute (OI), marking the industry’s first in-house team focused exclusively on options education. The initial strategy concentrated on in-person learning opportunities like training courses, seminars and events for experienced market participants, including brokerage professionals and floor traders. As technology and the markets evolved over time, the OI adapted their efforts to meet the learning needs and goals of new audiences like the growing wave of individual retail investors connecting through online trading platforms.
Spencer Doar, host of Cboe’s Tales of the Tape podcast, sat down with Deb Peters and Marty Kearney, two of the OI’s formative leaders and instructors, for a lively conversation right on the Cboe trading floor. Looking back on their unique vantage points, they discussed several topics, including their prolific careers in the industry, the OI’s efforts to help grow the options market and early ways the OI innovated with customized educational offerings tailored for specialized audiences.
Deb’s OI Origin Story
Deb Peters began her career in options trading at the Chicago Board Options Exchange in June 1973, just as the market was launching. She later moved on to work for additional firms, continuing her focus on options. Deb played a key role in the early days of The Options Institute, helping administer exams to the first traders as a requirement to participate on the Cboe trading floor.
Marty’s OI Origin Story
Marty Kearney began trading on the Cboe floor in early 1981 and continued his career as a trader for more than a decade. He started with Cboe in 1996, working with The Options Institute team for almost twenty years. Marty’s diverse background as an individual investor, floor trader, brokerage firm owner and Cboe associate shaped his perspective on the options industry, allowing him to better understand and navigate the unique needs of market participants.
Developing the First OI Courses
The first educational courses offered by The Options Institute were multi-day classes tailored to specific audiences including retail brokers, institutional investors and floor traders. Institutional classes introduced index options more prominently, while retail broker sessions focused on integrating options with customer stock positions. Traders were required to complete a week-long training and pass a 100-question exam before joining the trading floor. The OI also customized programs for member firms, often traveling to deliver specialized courses to large professional groups.
Tailoring Educational Programming for Customers
Providing custom educational materials for different trading firms was a big focus during the early years of the OI. The team modified the curriculum, sometimes focusing on index options, while other times emphasizing Cboe’s VIX index products. Many brokers were new to options, and each firm imposed different rules and limitations. The OI had flexibility to adapt the material, ensuring content met client needs while navigating different investment goals and risk appetite.
Trader Badges and Mock Trading
There were several ways to engage students beyond classroom discussions. In-person participants received personalized trading badges instead of paper name tags and attended mock trading exercises on the Cboe trading floor. Actual market makers, firm floor brokers and book staff helped coach students who were assigned different trading positions. These in-person experiences were highly popular and helped build strong connections across the trading community.
Evolving Options Education with the Market
Over the decades, education and the work of the OI helped increase understanding and shape perceptions about risk, options-based strategies and their utility for investors. As technology evolved, so did trading operations and educational methods – from the introduction of online resources to the proliferation of digital materials and on-demand webcasting. The options industry and its educational tools have come a long way.
Embark on Your Own Learning Journey with The OI
The Options Institute continues to engage students of all backgrounds with exciting new ways to learn about options, derivatives, investing and more. Featuring learning paths and on-demand content for students, traders and investors of all levels, the new Options Institute Learning Portal is best-in-class education at your fingertips.
From foundational classes like Options 101 to advanced courses examining volatility, dispersion, digital assets and more, The OI offers trusted educational programming for curious minds, no matter your experience level. Create a free account and get access to real-world, unbiased and tailored derivatives education built to power up your investor IQ.
Check out The Options Institute Learning Portal now!
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