Thomas Peterffy Honored as American Free Enterprise Main Medalist at Palm Beach Atlantic University

For Thomas Peterffy, the American dream began with a one-way ticket from Budapest to New York City and a willingness to start from nothing. Fifty years later, he stands as one of America's most influential businessmen-a self-made billionaire whose innovations reshaped global finance. On Thursday, November 13, Palm Beach Atlantic University (PBA) honored Peterffy as the 2025 American Free Enterprise Main Medalist, celebrating his lifelong commitment to innovation, perseverance, and the principles that define free enterprise.

Freedom and Free Enterprise

Peterffy's journey is a testament to how vision and courage can transform not only a life but an entire industry. Born in Hungary under Soviet rule, he grew up in an environment where individual ambition was suppressed. In 1965, seeking freedom and opportunity, he immigrated to the United States at age 21 with no fluency in English; just determination and a knack for mathematics.

"Socialism always fails because it goes against human nature and an innate desire for freedom," Peterffy told an auditorium crowded with guests, students, and faculty, who had filled the room adorned in the patriotic decor of red, white, and blue on American Free Enterprise Day. "When the ideals of socialism clash with human behavior, the outcome is predictable."

Pioneering Technology on the Trading Floors

That conviction became the foundation of a career that would revolutionize financial markets. Peterffy, who started his career as a draftsman, eventually learned computer programming, and landed a job on Wall Street; an unlikely setting for a young immigrant with an accent and a dream. By the late 1970s, as technology began to seep into trading floors, he saw what others didn't: a future where computers, not hand signals, would drive the speed and accuracy of trades.

In 1977, Peterffy became a member of the American Stock Exchange. Soon after, he developed some of the earliest computer systems for pricing and executing trades electronically, years before digital trading became the global standard. His models for pricing contingent assets were precursors to the now-famous Black-Scholes formula, which underpins much of modern finance.

From those innovations grew Interactive Brokers, the company Peterffy founded and still chairs today. What began as a small, automated market-making firm evolved into one of the world's most sophisticated electronic brokers, employing over 3,000 people and boasting a market capitalization of more than $100 billion.

Values Empower Success

Yet Peterffy's success was never just about technology; it was about creating systems that made markets fairer and more accessible. His innovations leveled the playing field for smaller investors and proved that free enterprise thrives when individuals are free to innovate.

"Some claim the American dream is dead, and it is not possible to start from scratch anymore," Peterffy said from the stage, positioned near an American flag. "That is simply not true."

PBA's American Free Enterprise Daycelebrates those same ideals. For more than four decades, PBA has honored business leaders whose creativity and perseverance reflect the values of hard work, faith, and freedom.

As PBA honors Thomas Peterffy, alongside companion medalists Bob L. Moss and Sarah J. Wetenhall, it celebrates not only an extraordinary entrepreneur but also the enduring spirit of free enterprise-a belief that with courage, curiosity, and character, even the most improbable beginnings can lead to world-changing success.

Learn moreabout American Free Enterprise at PBA.