Who do you think was buying options 30 years ago? Institutional demand, particularly for non-OTC options, was zero. Countries which have legalized gambling tend not to have large options markets.
There is no convergence. They have always been the same thing. The difference is that you can provide a venue where harm is reduced or one where harm is maximised.
There is no convergence. They have always been the same thing. The difference is that you can provide a venue where harm is reduced or one where harm is maximised.