Thomas Peterffy, a Hungarian-born businessman and founder of Interactive Brokers, was recognized as the 2025 American Free Enterprise Main Medalist by Palm Beach Atlantic University (PBA) on November 13. The university honored Peterffy for his significant contributions to innovation in finance and his advocacy for free enterprise.
Peterffy’s journey began when he left Budapest for New York City at age 21, seeking freedom and opportunity. Arriving in the United States in 1965 without English language skills, he relied on determination and mathematical ability to build his career. Reflecting on his experiences under Soviet rule, Peterffy told attendees at PBA’s American Free Enterprise Day, “Socialism always fails because it goes against human nature and an innate desire for freedom. When the ideals of socialism clash with human behavior, the outcome is predictable.”
After starting as a draftsman and learning computer programming, Peterffy entered Wall Street during a period when technology was just beginning to impact trading. In 1977, he became a member of the American Stock Exchange and developed early computer systems for electronic trade pricing and execution. His work contributed to advancements that preceded widely used financial models like Black-Scholes.
Peterffy later founded Interactive Brokers, which has grown into a major electronic brokerage firm employing over 3,000 people with a market capitalization exceeding $100 billion. He emphasized that his success was driven not only by technological innovation but also by efforts to make markets more accessible: “Some claim the American dream is dead, and it is not possible to start from scratch anymore,” said Peterffy. “That is simply not true.”
Palm Beach Atlantic University’s annual American Free Enterprise Day recognizes business leaders who embody values such as hard work, faith, creativity, and perseverance—qualities reflected in Peterffy’s career.
This year’s celebration also included companion medalists Bob L. Moss and Sarah J. Wetenhall.
For more information about PBA’s commitment to free enterprise values through its programs and events, visit their website.
