RumorsMost interesting market rumours leave room for a lot of imagination, but won’t fill an entire post – decided to mix everything together.

AFS verus Phanos

The board of the most prominent Dutch broker has been sacked by the main shareholder. FC Utrecht’s shirt sponsor and real estate company Phanos decided to get rid of ceo and founder Michiel Scholten, cfo Herbert Nelissen and chief capital management Roderik Bolle. Press reported a voluntary leave, but nobody believes that. Their entertaining star-analyst Kees de Kort could stay.

All Options

A few months earlier Allard Jakobs bought 5,1 % in the listed custodian bank Kasbank. The reason for this investment remains unclear. Brass-knuckled Jakobs will be a natural fit with stiff upper lip baron Albert Röell, ceo of the Kasbank. Baron Röell coined an excellent idea today; pension funds should relieve banks from the toxic assets. However, he wonders why the Dutch government won’t return his phonecalls..

All Options – KBC

Saturday 6th of June is the annual All Options/KBC soccer tournament. IMC fired all talented soccer players few months ago and will face a difficult Saturday. Kasbank won’t show up as they’re facing a tough cricket match against Banque Insinger de Beaufort. Most bets are placed on the Germans (Eurex) to win the title, again.

Optiver versus tax

While still arguing with US lawyers on manipulating oil prices last year, they have started a lawsuit against the tax authorities in the Netherlands. Conflict this time is the valuation of the option positions. They resist mark-to-market valuation of the outstanding positions, and want to carry profits to the future to save interest. The market maker foresees an impact of 30 million. Legal battle in Haarlem will drag on for ages.

Van der Moolen

From Optiver’s tax situation it’s only a minor step to Van der Moolen. Several sources report a team of a dozen traders (or brokers) left the building in London. A civil war seems to be raging within this company according to a former employee. Casualties include at least two directors, one risk manager and one trader in Amsterdam. A comment over here suggests more trouble is ahead in other departments as well. When sorrows come, they come not single spies, but in battalions.

Jack
Jack