What is even more striking, because of the much greater complexity of the mathematical relationship involved, is the closeness with which the index options that also began to be traded in the early 1980s clustered around the Black-Scholes flat-line relationship between strike price and implied volatility. … The establishment of the Commodity Futures Trading Commission had freed the futures exchanges from the grip of state anti-gambling laws, but the options exchanges were still subject to them.

Donald MacKenzie, An Engine, Not a Camera, loc. 786