Euronext pulls options Pershing Square

2 comments / May 28, 2015

Carl IcahnEuronext announced the options on Pershing Square won’t be introduced. Not a single market maker was interested in quoting options on Bill Ackman’s hedge fund. I told you so (don’t wanna brag).

Seriously – expected Susquehanna to sign up for this. Without market makers there will be no market, and empty screens. Poor uncle Carl has to place his bets against Bill somewhere else.

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Holland’s richest traders under 40

3 comments / May 28, 2015

Good trader bonusThe list of top 100 rich young Dutchies is out again. Compiled by the magazine Quote, they have assembled a list of the most wealthy self-made folks under 40. Not surprisingly, a lot of football players and DJ’s on the list. And of course a few traders. Familiar names, most of them mentioned earlier on this website.

Well done fellas. Everyone can imagine people are missing on the list, but you need a serious bonus to survive the tax and keep a net worth of 5 million.

Ivo Geijsen (IMC) – €14 million

Head of algo trading in the Chicago unit of IMC Financial Markets. Received a $6 million bonus over 2012 and $10.8 million in 2011 – this estimate of his net worth seems to be on the conservative side. Lives in a tower on the 68th floor in Chicago. Aged 34, this means the coming six years he will remain on the Quote list. And great news, he will marry Bridget (also from IMC) this summer in Amsterdam. I’m not invited (yet).

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Free market data at TOM

7 comments / May 20, 2015

The Order MachineEffective today, TOM will give free access to their real-time derivatives market data to clients of Interactive Brokers and the Dutch brokers working with IB’s platform (Lynx, Todays, Traders Only). Other brokers already offered the data for free. According to the press release, investors can save as much as €37 per month. Nice – but it’s not entirely true.

Some newspapers are happy broadcasting press releases, no questions asked (nl). In reality, nobody ever paid for TOM’s market data. It came for free with Euronext’s data.

Regular investors may save €2

Regular investors will pay €2 a month for Euronext data bundle at IB. You’ll be able to see the order book for stocks and the best bid/offer for derivatives. Only if you’re interested in the depth of the order book for derivatives, you will have to shell out €37 euro a month.

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Put options on Bill Ackman

8 comments / May 19, 2015

Bill AckmanEuronext will introduce options on Bill Ackman’s hedgefund Pershing Square. His hedgefund did an IPO on the Euronext Amsterdam last October. Can’t remember why exactly he decided to go for Amsterdam. Maybe wanted to open the exchange during his holiday trip.

As of May 29th options on Pershing Square Holding will be open for trading.

Options traded in US dollars

The Pershing Square stock is traded in US dollars. This means the options and strike prices will be traded in US dollars as well. However, it remains to be seen whether market makers will provide liquidity in these options (code PSH). Susquehanna will sign as usual, but can’t be called a committed market maker. Risk of empty screens.

Hedging your hedgefund stock with options sounds overly cautious. I bet good old Carl Icahn would be very interested in building positions in Pershing Square options.

  • Details from Euronext here

HFT on TOM : whodunnit?

22 comments / May 17, 2015

Argos RadioHalf a year ago I reported on the clash between DeGiro and Binck, with respect to the not-so-smart order router from TOM. See DeGiro trashes TOM and Flash Boy Binck ignores law of holes. Few months later TOM decided to shut down their stock trading venue. Assumed that would be the end of the story.

However, great news! Radio show Argos  (nl) got interested in the matter. Somebody read a book from Michael Lewis, and without prior knowledge about the stock market they started investigating. Had a coffee with both of them, and to be honest the result looks good. They managed to get a story about HFT trading even my mum will understand. See below for the radio show with “visuals” on youtube. It’s still only in Dutch, understood the English subtitles will arrive next friday. (update : arrived, see below)

So, whodunnit?

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