You’re fired, IMC style

don't worry, it's not just Dutch firms. US/UK/Aussie firms are not known for their friendliness towards employees as well.

I'm sorry, bit did the US firms not invent the 'hire & fire' mentality? Of course there are firms (US / Dutch) that don't do this. Your firm (US), my firm (Dutch) don't do this, but a lot of them do (look at Susquehanna, one of the worst).

They did the same at All Options recently as well as part of the restructuring. They Got rid of 40-50 people last November.

Just to clarify – All Options didn't fire any traders.

What do you think? You get fired when you do not perform or when the company is not doing well. Would you give bonusses then ?

nope no bonus and they where asked to sign a non-compete clause as well

You obviously haven't checked with a solicitor. Every contract has at least a 6 month non compete. We've all signed it. And they can fire you and then hold you to it. This is contract law. If you choose to fight it the judge might give you the pay for those months. But you have to eat the legal fees until you can prevail. This is how the game works.
Better to be an owner than an employee. The deck is stacked.

These contracts often cannot be enforced. At least not in London. 3 month gardening leave is the usual compromise. I believe NL has stricter enforcement.

Firing traders on bonus day is unbelievable.

Although I heard IMC management will be dumped by their girlfriends on valentine's day..

@11.02AM

Thanks for clearing that up for us Brant

nc clause at IMC was 12 months, used as change. will cost them though if you fire people that work for you for more then 12 years.

This is so weird, does IMC want their laid-off employees to hate them? Why do they do that? At least a "sorry"

I was already wondering why are frusty Tibra friend was not in this thread anymore. But he's back!

FTD, lol.

FTD all day!

Yeah, but you can't Although you are trying.

You can better apply at tibra, I heard they have bonus twice a year

firing the Financieel Dagblad?!

FTD = Faster Than Dutch: Oxford English Dictionary defines it as 'in finance, the attempt to beat the Dutch at their own game. However given relativistic theories it is actually unachievable. More commonly used as a term of indignation by Australians every time they beaten in financial transactions by Dutch companies.' I swear, that's what it says in the dictionary. Must be true.

@Trader Bob, in my dictionary it says something different. It says "It ain't much, if it ain't Dutch".

I have the Australian edition.

Haha does Frans read the Financieel Dagblad?

Fucking Euronext-system with its fucking delay!!

Frans wouldnt know a "Financieel Dagblad" if there was one stuck up his ass.

DELAY (AGAIN)

Because Frans doesn't know his ass from his elbow.

B Van Haaren

@4.15PM

Its very ironic that Birgitte van Haaren is posting messages here as she sent out a global mail to all employees asking not to post on or browse to the amsterdamtrader blog. Talk about pot calling the kettle black.

K Reynolds

She's a director at All Options right? You know they only have double standards. As long as she gets rid of Frans we can be happy. Ps any jobs at Scrocca?

Everyone at All Options

This is old news right? Unless they have done the same in 2010 as in 2009?

>Not old news, IMC fires a couple of traders
>every year to keep the remaining traders awake
>Part of their policy.

Until…

FTD = First To Default or
FTD = Failure To Deliver

can't figure out how this fits the comments here though…

Assuming all bonuses are paid as discretionary, do you think that firms break up P&L into alpha and beta components? By that I mean the beta portion of P&L is due to things like IT infrastructure (particularly speed) and size of the balance sheet, without which you would not be able to make the same cash, and the alpha portion being what you the trader with your own initiative/skill/whatever actually contributed to your P&L? Suggests that the bonus pool at smaller shops should actually be a higher % of revenue?
Another related question – what is market rate for calculating bonus pool? 40% of pretax profit, or as a function of revenue?

http://www.youtube.com/alloptionstv

that all options video is one of the funniest things i have ever seen – what a dick!

it's called fashion.

the trainee yes…hes probably concentrating hard working a 1 lot hahahahaha

this all options guy is funny

http://files.iclippy.com/134451/12562221455326.jpg

he needs just slightly stronger glasses or a better desk setup.

that trainee was probably busy trying to figure out where he lost all his whole year pnl that morning.

@5:41am: (so you're posting from asia then?)

How does AO break rules?

all of you dutch are making a mess of it – FTD!

The name "dingo" mostly refers to populations occuring in AUSTRALIA…

Vol.11 ATM in AAB (first month)
August 2001

@ 2.59

Vol 5 or 6 in the AEX front month index atm around the same time if I remember correctly.

5 year vol AEX was something like 11 or so in 1997 if I remember correctly (i'm getting old)

g

then the english market makers bought all the vol off the ducth locals and we said good bye to paul van dm and stanley meijers, target traders (and the rest). Those english market makers killed us. saratoga if i remember correctly.

goldman also trades prop. none of the other banks take prinicpal risk but only have flow desks, taking the other side of sales business. so the only prop desks at a bank are now really at goldman

Strange,

After weak figures Wal-Mart and bad jobless the fdax moved to around 5645 and then started to climb and make new highs.

Unbelievable.

@ 4.08

AEX is not equity,

RD 9.

Schering 1… but that was on the Bayer takeover

i have seen front months get down to 8 vol in some stocks.

unless, this 8 vola is consequence of a corporate action, 8 vola is totally wrong.

101 comments, now we need a new article.

in 04, or 05 index vol was crushed to what… 14, 15 wasn't it?

IMC sucks. It is a horror company!

@12:33pm. I agree. Were you just fired or what?

And well done on posting something a month after the last comment.

[...] which hasn’t been very popular in the comments is IMC. Agreed, reducing your workforce on bonus-day doesn’t help much winning the popularity contest. Nevertheless, we’re all in for the [...]