Today is the big day. ABN AMRO will go public again. Unsure yet about the IPO price, the opening level and other details. Will be available everywhere and will even hit the evening news. In the Netherlands this public offering is a big thing. My taxi driver and the cleaning woman are confident. Signing up for a quick buck. Although both of them are worried about lack of buffers and upcoming Basel III. We’re in the happy days again.
The annual Dutch rich list, Quote 500, is out again. The list (nl) of most wealthy people contains the usual suspects. Predicted earlier a jump of the largest shareholders of Optiver and IMC. The estimates for some people have been lowered, and didn’t make it to the list. Rene Schelvis may have spent too much on great cars. And a divorce is expensive.
Anyway. Here’s the list of the seven most wealthy traders of the country. Although most fortunes have been earned with holding shares in trading firms. Only Wiet Pot wasn’t involved in the start of a great trading firm.
Don’t mention the war. Euronext created country indices for Germany, Spain and Italy. Stock indices consisting of 30 stocks each. Developed these indices somewhere in the summer, but now the plan is to introduce derivatives on these indices. Futures and options on a competitor for the DAX.
I don’t make this up. Plans will probably be postponed forever, because this is not going to work. It will fail. No real flow, no market maker support and no liquid futures market. Empty screens are a common issue for Euronext, but this would be embarrassing.
There is a difference between smelling a rat, and actually catching one. A few weeks ago I noticed the hedgefund HiQ was in the kitchen of online broker DeGiro. Terrible situation, don’t set the fox to watch the geese.
Worried about extra risks, in case of a collapse of HiQ. Everything at an abstract level. Today I discovered some more urgent issues at DeGiro. And revealed some lies being told by management of DeGiro/HiQ.
Clients can’t trade with clients
It turns out clients of DeGiro can’t trade against other DeGiro clients. When clients want to cross the spread, the other side is always taken by the “join orders” of hedgefund HiQ. Clients with a passive sitting order in the market will never get executions from other DeGiro clients.
The Dutch see the country as a little nephew. Next year, when European Championship kick off – everybody will support the Belgium team. Holland won’t qualify.
There’s one little thing wrong with Belgium. The current government. This weekend a new financial tax has been created, which is nothing short of amazing. It has got three problems. It makes no sense, it is not fair and it won’t work.