Investment opportunities were expanding, too, notably in April 1973 when the new Chicago Board Options Exchange (CBOE), created and managed by the long-established Chicago Board of Trade, began trading options. Before this, options were traded only over the counter (OTC), meaning that would-be buyers or sellers had to use brokers to search on their behalf for someone to take the other side of the trade. It was inefficient, and the brokers charged the customers high fees.
Ah, explains earlier question I had about options vs selling short. Options too were very expensive.
