Early Life
Thomas Peterffy was born in Budapest, Hungary, on September 30, 1944, during a Russian air raid. After the failure of the Hungarian Revolution in 1956, his father emigrated to the United States. Peterffy followed suit in 1965, arriving in New York City with no English skills or money. He had a single suitcase containing a change of clothes and a surveying handbook.
Rise to Success
Peterffy started his career as an architectural draftsman and later learned computer programming. He then worked at a Wall Street consulting firm, building trading models. In 1977, he purchased a seat on the American Stock Exchange, and he became a market maker. He developed the first electronic trading platform for securities. He founded Interactive Brokers in 1993, which expanded to serve over 2.4 million customer accounts, including hedge funds and trading shops.
Key Business Strategies
Peterffy revolutionized financial trading through technology. He introduced handheld computers to the trading floor. Peterffy's company, Interactive Brokers, focuses on providing trading platforms and services to sophisticated investors, offering direct market access and competitive pricing. The company has consistently been at the forefront of trading innovation.
Philanthropy
Peterffy is involved in philanthropy, with his giving focused on education, particularly in finance and engineering, and environmental conservation. Through the Peterffy Foundation, he supports institutions like the University of Connecticut. He also contributes to land preservation efforts in Florida.