Since call option trading started on the Chicago Board Options Exchange (CBOE) in April 1973, the interest shown by both the investment and academic communities has grown as rapidly as the volume of option trading. In May 1973, the first full month of trading on the CBOE, a total of 34,599 contracts were traded; during 1976, the monthly volume reached 1.5 million contracts on the CBOE and 800,000 contracts on the American Stock Exchange. At present the New York Stock Exchange and certain regional exchanges are evaluating the feasibility of adapting option trading for their respective exchanges.