No growth for Binck and DeGiro

1 comment / October 25, 2016

DeGiro commercialMonday was the day of the Dutch retail brokers. Binck was about to release their third quarter earnings. Their friends at DeGiro steal the opportunity to grab the spotlight and get free publicity. Successful.

DeGiro reported three numbers. The number of accounts, the number of transactions and the profit for the firm. They compare the first nine months with the same period last year. I take a look at quarter on quarter. That’s less impressive.

Accounts, not trades

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Shareholders want to sell TOM

11 comments / October 21, 2016

TOM MTF soldDutch alternative derivative exchange TOM is for sale. The shareholders agreed to sell the business. It wasn’t a well-kept secret. The rumour has been making rounds for a few weeks. Hans Pieterse is appointed with a mandate to sell it. It’s an interesting case (press release).

Too many captains

There are a lot of shareholders. First, there’s retail broker Binck (25,5%). From the clearing side, there’s ABN AMRO Clearing (15,3%). Market makers Optiver (25,5%) and IMC (7,5%) have a stake. Finally, there’s NASDAQ  as technology provider (25%). NASDAQ has an option to buy 50,1% of TOM. The former CEO Willem Meijer still owns 1,1%. Each shareholder on the ship has their own strategic priorities.

Foreign expansion

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IMC investigated as DMM, again

11 comments / October 7, 2016

IMC Financial Markets is accused of failing to maintain a fair and orderly market on the NYSE. The Designated Market Maker (DMM) may have messed up the closing auction of the stock Versum Materials (VSM). The stock is spun off from Air Products & Chemicals (APD). The market maker allowed the shares to spike in the closing auction.

Auction spike 9%

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TOM The Order Machine

Hans Pieterse new CEO of TOM

28 comments / September 21, 2016

Hans Pieterse LampjeHans Pieterse will be the new CEO of the option exchange TOM. When Willem Meijer announced to step down, the speculation about his successor began. Interesting to see Hans Pieterse returning to the industry. He’s an expert in the derivative trading industry, has a great network and rich experience as manager.

Optiver veteran, loaded

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Why Geneva Trading bought Toji

21 comments / September 19, 2016

Toji Trading Logo

Why Geneva Trading bought Toji Trading is a strange story. Both firms are modest compared to the titan of the industry, but the takeover still has interesting details. The takeover was announced three months ago.

Geneva Trading not in Geneva

Geneva Trading is a Chicago based trading firm. It has an office for European operations in Dublin. The firm surfaced once on this website. It had a job opening for a nightshift trader. It’s a medium-sized firm, with a headcount around 125. Geneva Trading won’t ring a bell with most people.

Toji Trading former Bank of America traders

Even less of a household name is Toji Trading. The firm was founded in 2003 by former Bank of America traders in Asia. It has offices in Hong Kong, Singapore and Tokyo. While it also has a small presence in Chicago (and received a CME fine), the firm is mainly active in Asia.

Hanmag Incident

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