The Market for Equity Options in the 1870s

Kairys, Joseph P, and Valerio, Nicholas,

Journal of Finance, 1997, vol. 52, issue 4, 1707-23

Abstract: The introduction of exchange-traded options in 1973 led to explosive growth in the stock options market, but put and call options on equity securities have existed for more than a century. Prior to the listing of option contracts, trading was conducted in an order-driven over-the-counter market. From 1873 to 1875, quotes for options contracts were published weekly in The Commercial and Financial Chronicle during a period that saw extensive marketing efforts by a number of brokerage firms. In this article, the authors examine these quotes to determine why this seemingly sophisticated market existed for only a brief period in financial history. Copyright 1997 by American Finance Association.

Date: 1997
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