ABSTRACT
CURRENCY options have been in existence in subtle forms for centuries. Nevertheless, there was not a seriously conceived marketplace until 1982 when the over-the-counter (OTC) and exchange-traded markets blossomed. Although Amsterdam had limited activity in the late 1970s, it was not until 1982 that the Philadelphia Stock Exchange (PHLX) emerged with a viable trading, hedging, and investment tool in foreign-exchange options.
