When Joseph Sullivan joined the Chicago Board of Trade in the late 1960s, he was a finance industry novice put in charge of a moonshot project to create the first marketplace for trading listed stock options.

A former Wall Street Journal political reporter, Sullivan worked tenaciously and eventually won over both industry skeptics and regulators at the Securities and Exchange Commission to launch the Chicago Board Options Exchange in 1973.

The CBOE, which spun off as a publicly traded company in 2010, grew into one of the world’s largest options exchanges and a staple of securities traders worldwide.

“He changed the face of American finance,” said Bill Brodsky, who served as CEO from 1997 to 2013.

Sullivan, who served as the inaugural president of the CBOE until 1979, died Oct. 2 at the age of 82 in Knoxville, Tenn., where he grew up and ultimately retired.

A Princeton University graduate, Sullivan earned a master’s degree in journalism from Columbia University and started his career in 1961 as a reporter for the Wall Street Journal in Atlanta. In 1963, he joined the newspaper’s Washington bureau, where he covered Congress for five years.

In 1968, Sullivan made a dramatic career change, going to work for the Board of Trade in Chicago, where he was put in charge of the options exchange project.

“It was a pie-in-the sky concept of trying to trade options on major U.S. stocks,” Brodsky said. “He had big hurdles to overcome.”

Patterned after the Board of Trade, the CBOE created standardized securities contracts — betting on the future price of IBM’s stock, for example — and a clearinghouse to act as intermediary between the option buyers and sellers. When it launched on April 26, 1973, the CBOE traded less than 1,000 contracts, Brodsky said.

The Chicago-based CBOE

A group of Black Atlanta businessmen, politicians and entertainers — including former Atlanta Mayor Andrew Young, the entertainer Michael Render (better known as Killer Mike) and Bounce TV founder Ryan Glover — have launched a new digital bank focused on developing and promoting local communities and cultivating Black and Latinx entrepreneurs and small businesses.

Named Greenwood in an homage to the thriving Tulsa, Oklahoma, business community known as “Black Wall Street” that was destroyed by white rioters in 1921, the digital bank has several features designed to promote social causes and organizations for the Black and Latinx community.

For every sign-up to the bank, Greenwood will donate the equivalent of five free meals to an organization addressing food insecurity. And every time a customer uses a Greenwood debit card, the bank will make a donation to either the United Negro College Fund, Goodr (an organization that addresses food insecurity) or the National Association for the Advancement of Colored People.

In addition, each month the bank will provide a $10,000 grant to a Black or Latinx small business owner that uses the company’s financial services.

For Render, the decision to launch a new digital bank alongside Young and Glover was a way to link Atlanta’s well-established, centuries-old Black business community with the technologies that are redefining wealth and creating new opportunities in the twenty-first century. It was also a way to equip a new generation with financial tools that could empower them instead of undermine them.

“What I have learned about capitalism is that you’re either going to be a participant in it or a victim of it,” said Render. “The ultimate protest is focusing your dollar like a weapon.”

Young, who is also the U.S. ambassador to the United Nations, had seen the ways digital banking technologies were transforming the

U.A.E. Financial Markets Following Veil Lift on Debt

Photographer: Christopher Pike/Bloomberg

Al Masah Capital Ltd., once among the Persian Gulf’s most active private equity companies, is being liquidated after being fined for allegedly misleading investors about fees, according to court filings in the Cayman Islands.

The company’s collapse comes after Dubai’s financial watchdog in May penalized Al Masah, its founder Shailesh Dash, and two other executives on accusations that they also provided unauthorized services. The individuals were banned from working in the emirate’s financial center.

The company, Dash and the two others dispute the watchdog’s findings and are appealing the charges in front of a local tribunal, according to the regulator. The voluntary liquidation was filed after an extraordinary general meeting called by two of Al Masah’s shareholders.

“Following the issuance of that fine, each of the employees of the company either left the company or resigned,” according to the Cayman court documents, which didn’t specify which staff had left. This left Al Masah “effectively incapacitated,” the filings show.

Read more: Dubai Watchdog Fines Al Masah Capital, Bans Firm’s Founder Dash

Joint liquidators were appointed for Al Masah, which includes the Cayman-registered entity and its main Dubai operating subsidiary in August, according to the court notice. Cayman-based R&H Restructuring (Cayman) Ltd. confirmed its appointment alongside that of Sajjad Haider Chartered Accountants LLP.

Founded in 2010, Al Masah had 53 employees with offices in Abu Dhabi and Singapore, according to information on its website before it was taken down in recent weeks. It said it had raised more than $1 billion across multiple asset classes with a focus on health care, education, food and logistics. It isn’t clear how much debt the two entities placed into liquidation owe.

Dash didn’t answer calls to his mobile phone or respond to emails. Representatives for Al Masah didn’t respond

General Motor
GM
s hasn’t closed its deal to take an 11% stake in Nikola, the startup maker of hydrogen- and battery-powered trucks, and continues to assess the situation following accusations that founder Trevor Milton lied about Nikola’s technology and misled investors.

“Our transaction with Nikola has not closed,” GM spokeswoman Julie Huston-Rough said. “We are in discussions with current Nikola management and will provide further updates when appropriate or required.”

GM and Nikola announced plans to work together on Sept. 8, triggering a 41% surge for shares of the newly public Phoenix-based company. Under the potential 10-year deal, Nikola would use GM’s new Ultium lithium-ion battery system and Hydrotec fuel cells, their first commercial application. GM is to “engineer, homologate, validate and manufacture” the Nikola-designed Badger pickup that’s powered by batteries and fuel cells. In exchange, GM is to receive newly issued Nikola stock that was worth $2 billion at the time the deal was announced. The Detroit-based automaker will also be able to appoint one member to Nikola’s company’s board.

Two days after that alliance was announced, Nikola was hit by accusations of fraud and misrepresentation in a sensational report by Hindenburg Research, a financial research firm run by analyst Nate Anderson. Among its allegations, the “breakthrough” battery system Milton said the company was working on last year doesn’t exist and Nikola claimed to have designed technology and vehicle components purchased from other manufacturers as its own. “We have never seen this level of deception at a public company, especially of this size,” said Anderson, who has a short position in Nikola shares.

Milton resigned as Nikola’s executive chairman on Sept. 20 and was replaced by Steve