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Anthony "Tony" J. Saliba (born May 5, 1955) is a trader, author, and entrepreneur in Chicago, Illinois, who currently serves as CEO of Liquid Mercury, Vice Chairman of The Board of Managers at Matrix Executions, CEO of Option Technologies Solutions International, and Founder and CEO of Fortify Technologies. [1]
Saliba grew up in the Chicago area. He attended Highland Park High School in Highland Park, Illinois, where he competed in wrestling, track, and cross country, edited the school newspaper, and graduated in 1973. His interest in trading began in high school when he caddied for grain traders.
In 1977, he graduated as an Evans Scholar at the Kelley School of Business at Indiana University with a B.S. in accounting.
Saliba began his career as a stockbroker at a small firm in Indianapolis, Indiana in 1977. In 1979, after learning about the opportunities that existed in options trading, he became a clerk at the Chicago Board Options Exchange (CBOE). After a few months of clerking, a chance encounter on the floor with a trader who he had once caddied for sparked a fateful partnership. The terms of their agreement were simple: Saliba contributed his now-extensive trading knowledge while his acquaintance provided $50,000 in capital. Saliba was soon able to buy out his partner and began building his own trading network. By 1987, he was a director on the CBOE board with 27 traders working for him. In 1989, Saliba was the only options trader profiled in Jack Schwager’s Market Wizards, [2] a classic trading book that features interviews with exceptionally successful traders. He served on CBOE’s Board of Directors until 1990.
In 1989, he founded International Trading Institute, Ltd., [3] a training institution for derivatives traders that built and delivered the first options simulator and pioneered training professional traders and market makers worldwide, and has continued to do so for 30 years.
In 1992, Saliba founded his first company, First Traders Analytical Solutions, LLC, [4] to provide options traders with technological solutions to route and execute trades.
In 1999, Saliba founded and ran LiquidPoint, [5] a trading platform, broker and solution provider that sold to Convergex Group, LLC for a mid-nine-figure sum. He was made executive managing director of Convergex after the acquisition. He is a founding member of Saliba Partners, LLC, [6] a CBOE options trading firm. He also founded Efficient Capital Management, [7] a portfolio investment firm, in 1999.
In 2011, he founded Fortify Technologies, a firm that operates outside of the trading industry. In 2014, he made an overseas investment by purchasing the Lough Erne Resort in Belfast, Northern Ireland. [8] In 2015, he founded Saliba Venture Management, LLC (Saliba Ventures), [9] which offers finance, strategy, and product consulting services.
He served on the board of the Chicago Stock Exchange (CHX) from 2016 until 2018. [10]
Saliba has served as CEO of Matrix Execution Technologies since 2017. [11] Matrix Executions, which formed as a joint venture with Investment Technology Group (ITG), was created as an agency broker-dealer and trading technology provider in 2018. [12] [13]
Saliba is a board member of the advisory committees of the Reagan Legacy Foundation, The Heritage Foundation, [14] and The American Spectator magazine, and an adviser to the Gary Sinise Foundation. [15]
He is a co-owner of the Elite Football League of India [16] and director of the Western Golf Association's Evans Scholars Foundation, [17] which awards college scholarships to caddies from modest means.
Saliba is the author of three books:
TradeStation Group, Inc. is the parent company of online securities and futures brokerage firms and trading technology companies. It is headquartered in Plantation, Florida, and has offices in New York; Chicago; Richardson, Texas; London; Sydney; and Costa Rica. TradeStation is best known for the technical analysis software and electronic trading platform it provides to active traders and certain institutional trader markets. TradeStation Group was a Nasdaq GS-listed company from 1997 to 2011, until it was acquired by Monex Group, a Tokyo Stock Exchange-listed parent company of one of Japan's leading online securities brokerage firms.
Blair Hull is an American businessman, investor, and Democratic politician.
The Chicago Board Options Exchange (CBOE), located at 433 West Van Buren Street in Chicago, is the largest U.S. options exchange with an annual trading volume of around 1.27 billion at the end of 2014. CBOE offers options on over 2,200 companies, 22 stock indices, and 140 exchange-traded funds (ETFs).
The S&P 100 Index is a stock market index of United States stocks maintained by Standard & Poor's.
VIX is the ticker symbol and the popular name for the Chicago Board Options Exchange's CBOE Volatility Index, a popular measure of the stock market's expectation of volatility based on S&P 500 index options. It is calculated and disseminated on a real-time basis by the CBOE, and is often referred to as the fear index or fear gauge.
Options Clearing Corporation (OCC) is a United States clearing house based in Chicago. It specializes in equity derivatives clearing, providing central counterparty (CCP) clearing and settlement services to 16 exchanges. It was started by Wayne Luthringshausen and carried on by Michael Cahill. Its instruments include options, financial and commodity futures, security futures, and securities lending transactions.
Joseph Ritchie, better known as Joe Ritchie, was an options and commodities trader. In 1977, he founded Chicago Board Crushers, later renamed Chicago Research and Trading (CRT) and served as the head of Fox River Partners at the time of his death. Ritchie had ten children and was married to Sharon Ritchie, for over fifty years.
Option strategies are the simultaneous, and often mixed, buying or selling of one or more options that differ in one or more of the options' variables. Call options, simply known as Calls, give the buyer a right to buy a particular stock at that option's strike price. Opposite to that are Put options, simply known as Puts, which give the buyer the right to sell a particular stock at the option's strike price. This is often done to gain exposure to a specific type of opportunity or risk while eliminating other risks as part of a trading strategy. A very straightforward strategy might simply be the buying or selling of a single option; however, option strategies often refer to a combination of simultaneous buying and or selling of options.
CME Group Inc. is a financial services company. Headquartered in Chicago, the company operates financial derivatives exchanges including the Chicago Mercantile Exchange, Chicago Board of Trade, New York Mercantile Exchange, and The Commodity Exchange. The company also owns 27% of S&P Dow Jones Indices. It is the world's largest operator of financial derivatives exchanges. Its exchanges are platforms for trading in agricultural products, currencies, energy, interest rates, metals, futures contracts, options, stock indexes, and cryptocurrencies futures.
In finance, an option is a contract which conveys to its owner, the holder, the right, but not the obligation, to buy or sell a specific quantity of an underlying asset or instrument at a specified strike price on or before a specified date, depending on the style of the option. Options are typically acquired by purchase, as a form of compensation, or as part of a complex financial transaction. Thus, they are also a form of asset and have a valuation that may depend on a complex relationship between underlying asset price, time until expiration, market volatility, the risk-free rate of interest, and the strike price of the option. Options may be traded between private parties in over-the-counter (OTC) transactions, or they may be exchange-traded in live, public markets in the form of standardized contracts.
Susquehanna International Group, LLP (SIG) is a privately held, global trading and technology firm. SIG comprises a number of affiliated entities specializing in trading and proprietary investments in equities, fixed income, energy, commodity, index and derivative products, private equity and venture capital, research, customer trading and institutional sales.
Investment Technology Group, Inc. was a United States-based multinational agency brokerage and financial markets technology firm aimed at a hedge fund and asset management clientele. One of the first suppliers of electronic trading services, ITG launched the industry’s second anonymous electronic trade matching system, POSIT, in 1987. ITG has since expanded its business to include tools for portfolio management, pre-trade analysis, order management, trade execution, and post-trade evaluation.
Flash trading, otherwise known as a flash order, is a marketable order sent to a market center that is not quoting the industry's best price or that cannot fill that order in its entirety. The order is then flashed to recipients of the venue's proprietary data feed to see if any of those firms wants to take the other side of the order.
R. Scott Morris is an American author, financial engineer and quantitative consultant. He is president of Morris Consulting, LLC, Chief Investment Strategist of Blackthorne Capital Management, LLC, and was CEO of the Boston Options Exchange from 2006 to 2008. He has also was a Managing Director of Goldman Sachs and Partner at Hull Trading Company.
Peter F. Borish is chairman and CEO of Computer Trading Corporation (CTC), an investment and advisory firm. Borish sits on the board of CIBC Bank USA. He is also a partner in Adam Hoffman's natural gas options trading team at Torsion Technologies, LLC. and a Partner of Quantrarian Asset Management
IMC Financial Markets, sometimes referred to as IMC Trading, is a proprietary trading firm and market maker for various financial instruments listed on exchanges throughout the world. Founded in 1989 as International Market makers Combination, the company employs over 1100 people and has offices in Amsterdam, Chicago, Sydney, Hong Kong, Mumbai and other places.
Interactive Brokers LLC (IB) is an American multinational brokerage firm. It operates the largest electronic trading platform in the United States by number of daily average revenue trades. The company brokers stocks, options, futures, EFPs, futures options, forex, bonds, funds, and some cryptocurrencies.
Tom Sosnoff is an entrepreneur, options trader, co-founder of Thinkorswim and tastytrade, and founder of Dough, Inc. He was senior vice president of trading and strategic initiatives at TD Ameritrade. Sosnoff promotes option trading as a financial strategy for the individual investor.
Cboe Global Markets is an American company that owns the Chicago Board Options Exchange and the stock exchange operator BATS Global Markets.
A condor is a limited-risk, non-directional options trading strategy consisting of four options at four different strike prices. The buyer of a condor earns a profit if the underlying is between or near the inner two strikes at expiry, but has a limited loss if the underlying is near or outside the outer two strikes at expiry. Therefore, long condors are used by traders who expect the underlying to stay within a limited range, while short condors are used by traders who expect the underlying to make a large move in either direction. Compared to a butterfly, a condor is profitable at a wider range of potential underlying values, but has a higher premium and therefore a lower maximum profit.
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