Early Life
Thomas Peterffy was born in Budapest, Hungary, on September 30, 1944, during a Russian air raid. His father emigrated to the United States after the failure of the Hungarian Revolution in 1956. Peterffy left his engineering studies in Hungary and emigrated to the United States in 1965 to join his father in New York. He initially worked as an architectural draftsman.
Rise to Success
In 1977, Peterffy purchased a seat on the American Stock Exchange. He played a key role in developing the first electronic trading platform for securities. Peterffy founded T.P. & Co in 1978 and Timber Hill Inc., in 1982. In 1993 he launched Interactive Brokers, an electronic brokerage firm.
Key Business Strategies
Peterffy's business strategy focused on technological innovation and automation to streamline trading processes. He consistently replaced manual processes with more efficient automated ones and introduced handheld computers onto trading floors in the 1980s. His commitment to a low-cost, high-speed trading platform has been a core aspect of Interactive Brokers' success.
Philanthropy
Peterffy is involved in philanthropy and has made donations to various causes. He is also known for his conservative political views.