Dull trading lately, moving on to 2011 in a very slow pace. Not much happening apart from some spikes in the futures. Just between enjoying the Christmas dinners and showing off with fireworks next friday, there is some small news. Well, it ain’t exactly news as it won’t be a surprise to most readers and Quote was faster to report.

Here’s the full annual report for All Options over the year 2009 in pdf (large). It feels like Allard Jakobs bought Saen Options years ago, but the deal was actually closed in 2009 and therefore integrated in this annual report. We all know what happened afterwards, scores of jobs axed in cost-cutting measures and the departure from the prestigious former trading pit at the Beursplein as a trading floor. This year will likely be even worse than 2009.

Financial analysis isn’t my field of expertise, so correct me if I’m wrong. First of all, the trading revenue dropped from 51 mio to a little short of 20 mio. Some years are better than others, but this decreasing revenue is accompanied with a heavier burden of costs. Unsure why exactly the general and administrative expenses ballooned – the IT expenses more than doubled to 11.7 mio. The total bonus was crystal clear, exactly zero.

As mentioned, 2009 was the first year for the annual report to incorporate Saen Options and states how much was paid to Ron Meijer for his firm. The trading software AtomPro was valued at 4,5 mio, and the total purchase for Saen turned out to be 28 mio – of which 8,5 mio as goodwill for the traders and the expected synergies. Judging in hindsight is easy, two years later.

For download ; the annual statement in 48 pages (pdf).

Jack