Early Life
Thomas Peterffy was born in Budapest, Hungary, on September 30, 1944, in a hospital basement during a Russian air raid. His father emigrated to the United States after the failure of the Hungarian Revolution in 1956. Peterffy followed suit in 1965, joining his father in New York City. He started his career as an architectural draftsman and later became a computer programmer. Peterffy enrolled at New York University but dropped out before completing his studies.
Rise to Success
In 1977, Peterffy purchased a seat on the American Stock Exchange for $36,000. He founded T.P. & Co. the following year, which later became Timber Hill Inc. and then Interactive Brokers. Peterffy played a crucial role in developing the first electronic trading platform for securities. He introduced handheld computers onto the trading floor in the early 1980s, which caused a stir among traders. Interactive Brokers went public in 2007. He stepped down as CEO of Interactive Brokers in 2019.
Key Business Strategies
Peterffy focused on automating trading processes, which significantly reduced transaction costs and accelerated processes. He built Timber Hill, which became a major market-making firm using technological advantages. Interactive Brokers offered investors a platform for accessing a wide range of assets with minimal commissions.
Philanthropy
Peterffy has been a donor to the Republican Party and conservative causes. He contributed $250,000 to Donald Trump's 2020 presidential campaign.