“I think the way a CEO runs his company is a reflection of his background. Business is a collection of processes.
“My job is to automate those processes so that they can be done with the greatest amount of efficiency.”
These are the words of Thomas Peterffy, the founder of trading platform Interactive Brokers. They tell of the 80-year-old’s origins as a computer programmer and systematic investor.
Peterffy began a career as an architectural draftsman working on highway projects after emigrating to the US from communist Hungary 1965. He gained professional experience in programming through volunteering to work on the office computer.
Peterffy long held an interest in trading, starting out by selling contraband gum to classmates at a 500% markup in Hungary. In the US, he saved up $36,000 to buy a seat on the American Stock Exchange and become an options trader.
He would trade during the day and develop computerised trading models in his spare time, a business which ultimately led to the establishment of Interactive Brokers in 1978.
The financial brokerage platform now operates on 150 exchanges in 33 countries and offers trading in 23 currencies. It has more than 1.75 million institutional and retail customers.
In 2007, Interactive Brokers listed as a public company through an initial public offering (IPO) on the US’s tech-focused Nasdaq stock exchange, with the sale of 10% of shares in the company,
In the view of The Good Money Guide, “Interactive Brokers is simply unmatched in terms of market access, account types and execution options for retail traders.
“It always has been and remains one of the cheapest trading and investing platforms globally.”
The platform stands out in a crowded industry for its innovative approach to the products and services it offers.
For example, in 2021 it launched cryptocurrency trading in the US, which was expanded to the UK earlier this year. And this year it also introduced election betting through Yes/No forecast contracts.
Thomas Peterffy Net Worth: $54 Billion
Peterffy’s near 75% stake in the company, which has a total market capitalisation of around $76 billion, has helped him amass more than $54 billion, making him the 26th richest man in the world according to Forbes, as of 17 November.
He is also a major landowner, owning 560,000 acres, mainly in the US state of Florida.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
