|Employer||University of Northern Colorado Monfort College of Business|
The late Junius "Jay" Peake was a professor emeritus at the University of Northern Colorado Monfort College of Business. He passed away on Jan. 27, 2012, and is remembered for the 1983 implementation of the International Futures Exchange. Peake's ideas surrounding electronic securities trading and international finance are in use today.
Peake became a partner at a brokerage firm on Wall Street when he was 23 years old. He began teaching at Monfort College in 1992, retiring in 2006.
Many of Peake's ideas surrounding electronic trading stemmed from the "back-office crisis" in the late 1960s. He was in charge of operations at Shields & Co. and was responsible for the purchase of a $500,000 computer system from the National Cash Register Co. (NCR Corp.) In 1975, Peake went to the U.S. Securities and Exchange Commission (SEC), and along with finance professor Morris Mendelson and computer expert R.T. Williams Jr., proposed an electronic stock exchange. The 50-page report summarizing the effort was titled "National Book System: An Electronically Assisted Auction Market." His stock market plan also involved the use of decimals rather than fractions, which were used until 2000.
Peake and former Merrill Lynch senior vice president Eugene Grummer announced plans for a first electronic trading system for futures contracts in 1981. The International Futures Exchange opened in 1984.
In Peake's memory, Mondo Visione republished an article he had written about his career.
- Syracuse University (attended) (1932)
- Passing of Jay Peake. Monfort College of Business.
- Junius Peake, Early Advocate of Electronic Securities Trading, Dies at 80. Bloomberg.
- In Memory Of Junius 'Jay' Peake - A Career On "The Street": From Heretic To Sage. Mondo Visione.
- Jay Peake, UNC professor and "Wall Street visionary," dies at 80. Denver Post.