Product Innovation and Industry Growth

In the last decades of the 20th century, the financial futures industry undergoes rapid change and unprecedented growth worldwide. CME, CBOT and NYMEX introduce a wide range of new contracts in interest rates and stock indexes that play an increasingly vital role in global finance. Chicago Board Options Exchange (CBOE) is founded by CBOT based on the principles of the Black-Scholes model, the product of Nobel laureates Myron Scholes, Fischer Black and Robert Merton.