25.4 Lessons learnt

What have we learnt?

• The foundation of the option market was laid in 1920 by a man called Jesse Livermore speculating on moves on the stock market without owning the stocks.
• Initially, it was only possible to trade call options as put options had not been standardized yet. 
• In the beginning, the market was confronted with a lot of resistance, mainly due to the lack of an obvious calculation of a fair price of an option.
• The market became more regulated and official in 1973 in Chicago.