He announced in January 2019 that he will step down as CEO in Q3 2019, concurrent with his 79th birthday, after running Interactive Brokers for 42 years. He appointed Milan Galik as CEO but will remain chairman.
Peterffy developed hand-held computers as an aide to floor trading in the early 1980s, ahead of much of the rest of the industry. He established Timber Hill as a proprietary trading firm and used his technological edge to make it into a major market making firm.
When high-speed trading came along it squeezed the profit out of Timber Hill's computer-driven marketmaking operation, so Peterffy looked to develope his own discount brokerage. He began developing a communications network in the 1980s for routing orders to exchanges and stock markets around the world, which became the foundation for Interactive Brokers Group, Inc. His smart order routing systems created a model for customer execution.
In November of 2007, Peterffy received the American Hungarian Foundation George Washington Award.
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