Binck and Optiver announced the introduction of their joint venture a week ago. Actually, both companies didn’t want to burn their fingers on this apparently legal deal to corner the market.They decided to hire a professional in selling the impossible message. Enter the public relations firm Carl Byoir & Associates. When you need an external public relations officer to explain what you’re doing, you are hiding something. And indeed, The Order Machine (TOM) could need to a professional to explain what Optiver’s hand is doing in Binck’s cookie jar.
TOM Does not look good
- “Yes, it is a monopoly for Optiver.. but it’s only for two years!”
- “We did not involve any other market maker.. because it may take time!”
Nobody trusts Optiver
It doesn’t look good and firms like All Options remain openly critical in the press. Nobody trusts Optiver as operator of the exchange. Perhaps the Association of Proprietary Traders (APT) will discuss the matter on their next meeting in September (check out the slick website, in Dutch).