IMC’s profit in perspective

1 comment / April 20, 2015

IMC Financial Markets have made a killing last year, but I’ve missed the point with the “steady growth“. Dusted off some old posts in the archive, got their yearly profits for the last seven years. Only 2011 was missing, but downloaded it from the kvk. Here, if you’re interested in old news.

To cut a long story short, there’s no such thing as a steady growing profit. A record year, sure : but only fractionally better than 2011. Included in the graph below is Optiver – to get a sense of perspective.

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IMC posts record profits

3 comments / April 18, 2015

imcIMC Financial Markets posted record profits of €165 million over 2014. That’s 30% more than the previous year. Especially the last four months of 2014 have been very good, according to Rob Defares in FD (nl, paywall). The trading revenue was 17% higher with €474 million.

Sharp growth since 2009

An annual profit of €165 million is a lot. To put in in perspective, only a few years ago the profits were €28m (2008) and €26m (2009). Since 2009 the results have shown a structural growth. We still have to wait for Optiver to release their earnings, but it’s reasonable to expect Optiver to beat IMC and report a profit in excess of €200 million.

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A sinking HiQ and 80%

19 comments / April 13, 2015

Sinking HiQSmall post on the sisters HiQ Invest and DeGiro – both independent of each other but having the same parent company.

The sinking HiQ

First of all the hedge fund HiQ Invest. Founded by some former AOT traders, they received pretty good press after performing nicely in the first few years. Especially while carrying very low assets under management, some good returns have been reported (2009 in particular was good). Even won some awards a few years ago. At least they still have the pictures.

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Euronext loses derivatives market

6 comments / April 8, 2015

Lekker dobbelenThe old exchange Euronext has been releasing monthly turnover statistics every month. This year the number of transactions in the equity market has seen a sharp rise compared with first quarter of 2014. Euronext reported a rise of 29% in traded value.

It’s a bull market, so the same number of shares traded represent a higher value. At the same time there’s more action in the market, the increased value of traded stocks is a result of both variables. Last month the average daily transaction value (ADV) was €9100 million. To be clear, that’s for all Euronext cash markets (Lisbon, Brussels, Paris and Amsterdam).

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Doubts on Flow Traders’ IPO

16 comments / April 8, 2015

IPOFlow Traders has been telling the press their IPO is planned this year “before the summer” and at Euronext Amsterdam. The Telegraaf has been reporting this last weekend (blendle – nl).

It was also the only relevant piece of information, because the journalists have a very hard time understanding what the Flow Traders is actually doing. Not all their fault, as Flow has been posing as a true high frequency trading gem – and they are not. Comparing the business with a racing team (“the car is the IT and connections, the driver is the trader”) seems to be coming straight from Flow’s marketing department (or IPO underwriting investment bank).

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