[lovedswain]

The article is dated and somewhat misleading,

> Since its introduction in 1973 and refinement in the 1970s and 80s, the model has become the de-facto standard for estimating the price of stock options

The only contemporary use for BS by professionals is as a convention for quoting volatility. As a pricing model it does not account for key effects such as the permanent "volatility smile" appearing in the aftermath of the 1987 crash (significantly increased price of downside options), and well understood behaviours like jumps and volatility clustering.

[blake1]

It's still useful in options with very long maturities. Then the law of large numbers becomes important, and the vol smile flattens out over decades. These aren't listed, but are occasionally traded over-the-counter or embedded in some financial contracts, like executive stock options, insurance contracts, or convertible bonds.