The Early History of Option Contracts
This chapter discusses the history of option contracts from ancient times until the appearance of Theorie der Prämiengeschäfte by Vincenz Bronzin in 1908. The history examines the use of contracts with option features prior to the introduction of trade in free standing option contracts on the Antwerp bourse during the 16 th century. Descriptions of the Amsterdam share option market by de la Vega in the 17 th century and de Pinto in the 18 th century are reviewed. The specific language of a late 17 th century English option contract is provided in detail. The development and practice of option trading in the 18 th and 19 th centuries, as reflected in merchant manuals of that period, is examined. The article concludes with an overview of late 19 th century option trading in securities and commodities.
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