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BSX pays tribute to electronic trading pioneer

The Bermuda Stock Exchange (BSX) yesterday paid tribute to electronic securities trading pioneer Junius Peake.

Mr Peake, who died on January 27 at the age of 80, established INTEX, the world’s first fully electronic derivatives exchange, in Bermuda more than 27 years ago.

A BSX statement yesterday said Mr Peake was remembered as a contributor to a 1975 submission to the US Securities and Exchange Commission advocating a change to electronic trading as the way of the future and that he had set up INTEX, “undeterred by the prevailing scepticism of the time”.

“INTEX was established to meet a need for an international market facility that provided a worldwide, around-the-clock trading capability,” the BSX statement continued.

“Peake also recognised the importance of Bermuda as a jurisdiction of choice when, in a speech he delivered in September 1982, he cited Bermuda’s location, modern infrastructure, political stability and growing international business community as amongst the reasons why INTEX chose to incorporate in Bermuda.

“Peake and INTEX helped set the benchmark for all securities exchanges, including the BSX, which embraces the principles and benefits of electronic trading. The BSX remains indebted to visionaries such as Peake, and has used his vision as the basis in the development of the BSX platform.”

INTEX did not last long, but has since been hailed as technology that was ahead of its time and which set the tone for today’s

Mr Peake suffered a series of strokes over the past few years, following his retirement in 2006 as professor of finance at the Monfort College of Business, part of the University of Northern Colorado in Greeley.

Junius Peake: Creator of the INTEX

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Published February 17, 2012 at 1:00 am (Updated February 17, 2012 at 5:56 am)

BSX pays tribute to electronic trading pioneer

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