Joe Sullivan, also known as Joseph Sullivan III, was an American businessman who played a significant role in the founding of the Chicago Board Options Exchange (CBOE). CBOE, established in 1973, was the first marketplace dedicated to the trading of standardized options contracts and has since become one of the largest options exchanges in the world.
Joe Sullivan was born on September 5, 1929, in Evanston, Illinois. He earned his Bachelor's degree in economics from Loras College in Dubuque, Iowa. After college, Sullivan served in the United States Army during the Korean War.
Upon returning from his military service, Joe Sullivan worked in several financial services companies before joining the Chicago Board of Trade (CBOT) in 1968. At CBOT, Sullivan served as the Director of Research and was assigned the task of exploring the idea of creating a marketplace for options trading, which was then an emerging financial instrument.
Sullivan's research and vision led to the establishment of the Chicago Board Options Exchange in 1973. He became the first employee of CBOE and was appointed its first President, a position he held until 1979. Under his leadership, the CBOE developed and introduced standardized options contracts, which facilitated the growth of the options market and enabled investors to hedge risks more effectively.
During his tenure as CBOE's President, Sullivan worked on establishing the rules and regulations for the nascent options market, creating a robust trading infrastructure, and promoting the exchange to market participants. Sullivan's efforts were instrumental in the growth of the options market and the success of the CBOE.
After leaving the CBOE, Joe Sullivan continued to be involved in the financial industry, serving on various boards and advisory committees. He passed away on April 8, 2014, at the age of 84.
Joe Sullivan's vision, leadership, and dedication to innovation have left a lasting impact on the financial industry. His work in founding the CBOE and developing the options market has significantly shaped the landscape of modern finance.
Comments