However, a sudden surge in stock prices in April 1978 caused huge losses to market makers who had sold large numbers of insufficiently hedged calls, and some were forced out of the market: those who had sold the 280s lost their Mercedes, so to speak. Gradually, Chicago options market makers began to develop a distinct self-identity in which careful pricing and hedging were important. On the agricultural futures exchanges, the stereotypical belief was "I got the trade 'cause I'm faster than you, buddy." In New York, it was "I got the trade 'cause I'm here" that is, because I am the designated specialist. In the Chicago Board Options Exchange's growing self-perception, it was "I got the trade 'cause I thought it out" (Doherty interview).

Donald MacKenzie, An Engine, Not a Camera, loc. 745