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Thomas Peterffy (born 1944)[1] is a Hungarian-born American entrepreneur. He is the founder, chairman, and CEO of Interactive Brokers Group, Inc. and played a key role in founding the Boston Options Exchange. Peterffy worked as an architectural draftsman after immigrating to the United States and later became a computer programmer. In 1977, Peterffy purchased a seat on the American Stock Exchange and played an important role in developing the electronic trading of securities. He is the largest shareholder of his company, Interactive Brokers.[2]
Thomas Peterffy | |
|---|---|
| Born | 1944 |
| Citizenship | United States |
| Alma mater | Clark University |
| Occupation(s) | Founder, Chairman, and CEO of Interactive Brokers |
| Spouse | Divorced |
| Children | 3 |
Thomas Peterffy was born in 1944, at a hospital in Budapest in the Kingdom of Hungary. There was a Russian air raid that day (part of the Second World War), and thus Peterffy's birth took place in the hospital's basement.[3][4] He emigrated to the United States as a refugee in 1965 to escape communism.[5]: 19 Peterffy left his engineering studies when he emigrated. When he moved to New York City, he did not speak English.[6]
Peterffy began his career in the US as an architectural draftsman working on highway projects for an engineering firm. It was at this firm that he volunteered to program a newly-purchased computer, ultimately shaping the course of his future. Of his background in programming Peterffy said, "I think the way a CEO runs his company is a reflection of his background. Business is a collection of processes, and my job is to automate those processes so that they can be done with the greatest amount of efficiency."[3][4]
Peterffy left his career designing financial modelling software and bought a seat on the American Stock Exchange to trade equity options. During his career in finance, he has consistently pushed to replace manual processes with more efficient automated ones. He would write code in his head during the trading day and then apply his ideas to computerized trading models after hours. Peterffy created a major stir among traders by introducing handheld computers onto the trading floor in the early 1980s.[3][4] His business related to his AMEX seat eventually developed into Interactive Brokers.[3][4]
In 1999, Peterffy was influential in persuading the Securities and Exchange Commission (SEC) that US options markets could be linked electronically, which would ensure that investors receive the best possible options prices.[7] He has also testified before the United States Senate Banking Subcommittee on Securities, Insurance, and Investment about adding banking regulations.[3]
During the 2012 United States presidential campaign, Peterffy created advertisements in support of the Republican Party. Peterffy bought millions of dollars of air time on networks such as CNN, CNBC, and Bloomberg. The advertisements consisted of a minute-long spot narrated by Peterffy where he warns against growing socialism in the United States. The ads drew particular attention not only because Peterffy was not a presidential candidate, but also because he paid for the ads himself rather than through a "527 organization".[8][9]
Peterffy's ad received mixed responses. Joshua Green, writing for Bloomberg Businessweek, said "The ad, while slightly ridiculous, is deeply sincere and also quite affecting". Green also asked Peterffy whether the comparison between the United States and Hungary made in the ad was a fair one: "[Peterffy] couldn't really think that the U.S. was turning into socialist Hungary, could he? The government isn't suppressing speech and throwing political opponents in jail. No, he conceded, it wasn't. But it sure feels like that's the path we're on".[10] Politico reported that the ad was "being hailed as one of the best spots this election cycle", and said that it could have been influential in Ohio due to its large Hungarian population.[11]
Voter registration records in Connecticut show that Peterffy is registered as an independent voter.[8] Campaign contribution records show that he donated at least $60,000 to the Republican National Committee in 2011 and that over the past few years has mostly donated to Republican candidates.[9]
As of September 2013[update], Peterffy is the 147th wealthiest person in the world, the 50th richest in the United States,[3] and the 3rd richest in Connecticut.[12] As of November 2014[update], he has a net worth of $9.8 billion.[3] He is divorced with three children and is an avid equestrian.[3][13] He lives in Greenwich, Connecticut.[14]
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