April is National Financial Literacy Month. As investors all over the world discover the immense utility of options trading, we’re taking time to reflect on Cboe’s decades-long efforts to provide world-class educational programming to market participants of all backgrounds. Celebrating its 40^th anniversary this year, The Options Institute is Cboe’s education team, dedicated to advancing investors’ understanding of derivatives, financial markets and responsible, informed decision-making.

Rooted in Education

In 1973, the Chicago Board Options Exchange, now Cboe®, introduced the world to listed options, revolutionizing financial markets and creating instant demand for options-based education to examine the intricacies of these new, complex financial products.

On opening day, only 16 stocks offered options in the brand-new listed options marketplace. Investors traded just over 900 options contracts, and in two short years, average volumes rose to more than 50,000 contracts traded each day.¹ The market blossomed with the introduction of new products like index and FLEX® (Flexible Exchange) options.

Right away, Cboe understood the massive value of education — essential to the industry’s growth — and began offering educational resources like primers, how-to guides and even mock trading sessions for professional traders in Cboe's trading pits. But the thirst for knowledge extended far beyond the pits as individual investors were eager to gain access, augment their portfolios and better manage their risk.

In 1985, Cboe established The Options Institute (The OI), marking the industry's first dedicated educational team focused exclusively on options education. The initial strategy concentrated on in-person learning opportunities including seminars, courses and events for both experienced and aspiring market participants. Recognizing options’ steady adoption and practicality, The OI’s efforts evolved over time to meet the learning needs and goals of additional audiences like institutional investors and, more recently, the wave of retail investors connecting through digital trading platforms.

Evolving with the Markets

The Options Institute’s mission is to increase investor IQ by delivering superior, trustworthy and inclusive educational experiences for investors of all levels. Today, it’s more important than ever to offer trusted and responsible educational content, straight from the source. Content is everywhere, inundating investors with an overwhelming number of choices about where to get their information, including unreliable resources on the internet and social media.

In 2020, The OI formally expanded its educational mandate to include retail traders and investors, building a new curriculum and programs that welcomed market participants of all backgrounds and experience levels. In its commitment to meeting audiences where they are in their educational journeys, The OI delivers programming suited for diverse learners and different learning styles including live, instructor-led courses, webinars and events, plus on-demand content like articles, videos, glossaries and interactive learning tools. From foundational courses like Options 101 to more advanced classes like the Practitioner’s Perspectives: Options Strategies series, The OI trains first-time investors to experienced industry practitioners and Fortune 500 CEOs.

The Options Institute’s growing suite of educational offerings reflects the evolving financial marketplace. The roster of coursework continues to expand beyond options, exploring a broad range of financial markets and derivatives-focused topics including digital assets and blockchain and defined outcome ETFs. One of the most popular courses from The OI’s core curriculum is Decision Theory, which introduces students to the concept of risk management and thoughtful decision-making, even with imperfect information.

Courses are taught by Cboe instructors and members of The Options Institute’s Adjunct Faculty Program — highly qualified professionals with years of experience in the financial industry or academia. Along with their unique, specialized expertise, all OI instructors bring a passion for teaching options and sharing their first-hand experiences with the financial markets.

Focusing on Financial Literacy

At the heart of The OI’s mission is the goal to increase financial education access and opportunities, empowering all investors to pursue their own sustainable financial future. To inspire the next generation of investors, The OI launched a new educational initiative in 2023 called Level-Up Learning, founded on the principles of transparency, practice and connection. The initiative expands The OI’s educational role and reach by partnering with Chicago-based and national organizations to develop and distribute financial literacy curriculum that includes lessons about capital markets, risk and investing.

Using an interactive approach, The OI curriculum promotes curiosity about the financial markets, price discovery and financial decision-making, encouraging students to be life-long learners who seek reliable investing resources to empower their own financial health.

The Options Institute has worked with educational institutions and nonprofit organizations focused on financial literacy, including a pilot program for college students and faculty at National Louis University, as well as tailored programming for Chicago Public Schools, Anahuac University, Mercy Home and Greenwood Project. In 2024, more than 100 students explored the concepts of saving, investing and risk management through The OI’s program, setting them on a course of lifelong financial empowerment.

Connecting with Investors Across the Globe

These days, The Options Institute is expanding its reach to new audiences around the world. The OI is stepping up to meet the need for meaningful financial and derivatives education by expanding access to its programming worldwide, as more global investors seek access to U.S. markets, listed options and Cboe’s proprietary products. That means collaborating with financial exchanges around the globe like the Johannesburg Stock Exchange (JSE), South Africa’s multi-asset class stock exchange, and nuam exchange, the merger of Santiago, Lima and Colombia stock exchanges, to provide bespoke investor education.

This year, after completing a comprehensive retail investor survey in partnership with CEDX, Cboe's pan-European equity derivatives marketplace, The OI launched new educational efforts in Europe, where it now offers online courses and regionally adapted multilingual content. Collaborating with retail broker partners on a shared vision to expand education and welcome new investors, The OI is developing content for this growing audience on topics like risk management, income generation, capital protection and the benefits of trading listed options and index-based derivatives.

The team will continue to develop new content and resources, building off its decades of educational experience and success. In addition to English, Spanish, Hindi, Russian, and Dutch content, the OI plans to launch German and French programs in the second half of 2025.

Building the Future of Learning Experiences

As financial markets evolve and continue to accelerate the use of options, the need for financial education is more important than ever before. As part of its global vision to reach more investors, The Options Institute aims to expand its scale and reach with a focus on adapting its programming to new markets, investors and retail broker partners in Asia Pacific.

Key to achieving this growth, The Options Institute will launch a new interactive learning platform before the end of the year. The easy-to-use portal will provide an enhanced, comprehensive user experience where learners can peruse courses, opt into different learning paths, find supplementary class materials and register for learning opportunities all in one place. Investing in new technology solidifies The OI’s commitment to connecting with diverse learners and investors in today’s crowded marketplace.

For more than half a century, Cboe has grown its commitment to investor education, expanding access and evolving with rapid changes to the financial and technological landscapes. The demand for trusted and reliable content shows no sign of slowing down. Building upon 40 years of innovative educational practice, The Options Institute will continue to reach new audiences and empower the next generation of investors by providing best-in-class learning experiences from trusted educators, while embracing new markets, learning styles and audiences all over the world.

Visit The Options Institute to learn more.

1.) THE ADVENT OF THE CHICAGO BOARD OPTIONS EXCHANGE A GOLDEN ANNIVERSARY MEMOIR BY ITS FOUNDING PRESIDENT, page 13, 2019_02_08_CBOE_Joe Sullivan.pdf

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