KBC Clearing throws in the towel

27 Jan 2012

Short post on something very relevant. KBC Clearing will be shutting down operations. It didn’t come as a big surprise. They lost critical mass. Their major market maker clients went bankrupt (Van der Moolen), vanished (All Options) or left (Scrocca).

The Belgian mother KBC Bank decided to call it quits after 16 years. A sad thing for the staff at KBC and for the market as a whole.

Used to be two clearing banks for market makers in Amsterdam. Alas, no more. ABN AMRO (Fortis) is the only remaining clearing bank in town.

48 Responses to KBC Clearing throws in the towel

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Tapos Shakur

January 27th, 2012 at 8:12 am

Such a shame … they were the most competent clearer around.

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anonymous

January 27th, 2012 at 8:57 am

it is indeed a loss for the clearing society…!

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anonymous

January 27th, 2012 at 9:13 am

Dit is echt een heel slechte ontwikkeling. Ben benieuwd of alle klanten uberhaupt wel KUNNEN overstappen.
De overheid als monopolist…….lol

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anonymous

January 27th, 2012 at 9:28 am

I am happy with that development. The service regularly was a nightmare. Good that my current employer saw eye to eye on that.

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anonymous

January 27th, 2012 at 9:31 am

Which alternative clearers are available on the Dutch market ?

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anonymous

January 27th, 2012 at 9:36 am

Goldman Sachs is truly alternative. Because they suck.

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anonymous

January 27th, 2012 at 9:45 am

Goldmans are good unless you have a problem, in which case they’ll blame you for days until the problem goes away by itself.

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Anonymous

January 27th, 2012 at 9:57 am

I do not understand your frustration with KBC. The guys at Curvalue were always happy with it and never had any complaints.

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anonymous

January 27th, 2012 at 9:57 am

Are you talking about the 100 Bund traders in London?

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anonymous

January 27th, 2012 at 10:03 am

@9:13 KBC clients include Caerus, Better Options, Effective Traders, EXT and Nino. No one cares if they couldn’t switch to another clearer. Well no one not working for one of said companies at least.

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anonymous

January 27th, 2012 at 10:10 am

Bij Van der Moolen fluctueerde de KBC netliq soms met + of – 5 miljard euro per dag (een veelvoud van de positiewaarde), zonder dat er een belletje afging bij KBC. Die gastjes van de clearing waren daar redelijk relaxed onder. Geen wonder dat ze overvallen werden door het faillissement van VDM waar de clearing meerdere miljoenen schade aan heeft overgehouden.

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anonymous

January 27th, 2012 at 10:33 am

Sold at 5 miljard fluctuatie per dag !

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anonymous

January 27th, 2012 at 10:33 am

By the way, at 4

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anonymous

January 27th, 2012 at 10:33 am

Vreemd, bij ons hingen ze vrij snel aan de lijn als er iets was. Nooit grote problemen met ze gehad.

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anonymous

January 27th, 2012 at 10:46 am

I believe KBC’s risk manager is Robin. Had some discussions with him in the past but he sure knows what he’s doing. And a friendly guy to have a beer with.

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anonymous

January 27th, 2012 at 10:50 am

why is there all the sympathy n all, empathy okay, sympathy in capitalist trading sector, you got be kidding, its dog eat dog world,

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anonymous

January 27th, 2012 at 10:55 am

Better Options zit bij Abn.

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anonymous

January 27th, 2012 at 11:29 am

@10:50, it’s not sympathy for them, it’s for everyone trading. Capitalism functions best when there is competition. 1 proper clearer in amsterdam is not good for the market.

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anonymous

January 27th, 2012 at 11:34 am

so you are going to tell us how capitalism works, next you would want to set-up regulator, after that you would set-up dummy bureaucrats to make sure the capitalism is functioning well, of course you can’t forget the retail trader, so you would want to set-up a watchdog for their interests, all in good name of having the capitalism function best, not to forget we need all encompassing govt to help the whole ecosystem, yes you can tell us how capitalism should function,

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anonymous

January 27th, 2012 at 11:54 am

No reason to feel sorry, the director of KBC Clearing was out partying last night.

http://twitter.com/#!/tapthak/status/162678375444525058

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anonymous

January 27th, 2012 at 11:55 am

Add an army of useless but expensive bean counters in compliance, risk management, general management, administration of this and that etc. who could not tell their arse from their elbow.

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anonymous

January 27th, 2012 at 11:57 am

Tapos is wel een coole gast … en lid van de Pippa Middleton Ass Appreciation Society.

http://nl-nl.facebook.com/people/Tapos-Thakur/100002384048104

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anonymous

January 27th, 2012 at 12:32 pm

KBC allowed Allard Jacobs to gamble big time with Altana, right? I’m not surprised by the 5 zillion netliq fluctuations at VDM.

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anonymous

January 27th, 2012 at 12:49 pm

At 4 zillion

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anonymous

January 27th, 2012 at 12:50 pm

That’s correct. KBC at times converted Yen into Euro at parity and stuff like that, causing huge netliq fluctuations. The idiots above who doubted such numbers are probably Curvalue management who were lucky to see a netliq of 2 million at year’s end and responsible for VDM switching to KBC.

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anonymous

January 27th, 2012 at 2:42 pm

KBC allowed Allard Jacobs to gamble big time with Altana, right? Yah, kid, that’s what Allard did, gamble big time with Altana, timberhill & co just got ran over for no fault of theirs.

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anonymous

January 27th, 2012 at 3:02 pm

Where is Timber now? And where is All Options?

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anonymous

January 27th, 2012 at 3:44 pm

All Options is passe

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anonymous

January 27th, 2012 at 4:24 pm

haha, this is the funniest post in long time, all options made 220mn and timberhill lost like 40mn, does the first 10 min of football match determine the final scoreline, haha, hows current state comparison matter to what happened during altana week,

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anonymous

January 27th, 2012 at 9:16 pm

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anonymous

January 30th, 2012 at 3:14 pm

It’s quite simple:

KBC Clearing was one of the few, if not only, clearers to allow the debit of short dividend net in Germany which allows a whole feast of fun and games. Ze Germans have recently been shutting down this little loophole so KBC’s whole raison d’etre is no longer valid.

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anonymous

January 30th, 2012 at 4:46 pm

voor wie er even wil lachen:
http://indexinformer.nl/?page_id=6970

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anonymous

January 30th, 2012 at 5:05 pm

Echt een mooie tool zie ik idd.

Nota bene:

De hier beschreven voorbeelden zijn direct ontleend aan de praktijk. Het komt ook voor dat we gedurende de tijdsspanne van de range een aantal punten onder of boven de aangeven range staan om er vervolgens toch in terug te keren.

In een dergelijke situatie heeft u op dat moment – als er nog genoeg tijdspanne is in de range – de mogelijkheid om hiervan te profiteren.

Onder het kopje statistics kunt u zien wat het verschil gemiddeld is geweest over de afgelopen jaren, in situaties dat onze range niet klopt. Zo kunt u voor uzelf de afweging maken of er voor u een mooie kans ligt.

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The proof of the pudding is in the eating, nietwaar?

January 30th, 2012 at 6:33 pm

Index Informer is een initiatief van Marcel Wallaart, professioneel optiehandelaar van beroep sinds 1989. In zijn loopbaan heeft Marcel gehandeld in bijna alle fondsen van de AEX en AMX. Ook heeft hij gehandeld op de markten van Spanje en Duitsland, onder meer in Siemens, Deutsche Bank, Daimler en de Daxx index. Hij is eigenaar en mede-eigenaar geweest van diverse market maker bedrijven

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old farts never die

January 30th, 2012 at 6:43 pm

Excuse me, my Dutch is a bit rusty … are these guys the new junior trader and quant at All Options??? Don’t let their age trick you into calling them old farts. They really know what they are talking about, especially the futures arbitrageur.

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De boot gemist

January 30th, 2012 at 6:46 pm

Als je ook maar een ietsiepietsie je best had gedaan sinds 1989!! dan zou je nu genoeg centjes op de bank hebben om niet voor 35 euri per maand je AEX voorspellingen op te dringen.

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anonymous

January 31st, 2012 at 1:31 am

haha, get over it already,

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anonymous

January 31st, 2012 at 10:26 am

hahahahahahahahahahahahahahahaha

Jezus laat die oude geiten toch met pensioen gaan, wat is dit nou weer in hemelsnaam.

Die gasten reden in ferraris toen ik nog op de uni zat.

DONDER TOCH OP JOH STELLETJE OUDE BOKKEN!!!!

voor wie er even wil lachen:
http://indexinformer.nl/?page_id=6970

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anonymous

January 31st, 2012 at 11:08 am

Onze strategie is zo ongelofelijk goed dat we het graag willen verkopen voor € 35 per maand.

Wel geestig dat er een video van mooie Mario op de site staat. Zou hij ook € 35 moeten neertikken?

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anonymous

January 31st, 2012 at 2:29 pm

Als Mario af en toe even onder het buro van Wallie kruipt krijgt ie 50% korting hoorde ik

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the proof of the pudding

January 31st, 2012 at 2:58 pm

Wallaart doet ff een Ivo-Niehetje: “Ik ben een intens gelukkig mens. Ik denk dat er nu een hele nieuwe toekomst open gaat. Het is unaniem een belachelijk groot succes. Bij mij is het zo ongelooflijk snel gegaan, een plaats veroveren op de beurs, dan zes keer in Carré en nu in het Carré van Parijs.” Ook Yves Montand en Mario Coesel schijnen zwaar onder de indruk te zijn van dit systeem dat kan berekenen dat het morgen een olifant omhoog of een vrachtwagen omlaag kan gaan bewegen.

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anonymous

January 31st, 2012 at 3:11 pm

Tsja, hij zal maar 1000 sukkels in de maand zo ver krijgen om in deze bullsh** te geloven…..

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anonymous

January 31st, 2012 at 5:10 pm

Well, he will only 1,000 morons in the month so far to get this bullsh ** to believe … ..

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the proof of the pudding

February 1st, 2012 at 4:11 pm

Oops, indexinformer last three days:
Aex exp 323.53. Index informer heeft dit gisteren niet goed aangegeven.
Aex exp 319.36! Index Informer heeft dit gisteren niet correct weergegeven.
Aex exp 314.86! De range die Index Informer vrijdag aangaf voor vandaag was niet correct.
Can somebody please translate this for me in dutch?

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anonymous

February 1st, 2012 at 4:46 pm

The experienced traders also disappeared….

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anonymous

February 1st, 2012 at 5:57 pm

Oops, informative index last three days:
Aex exp 323.53. Informative index has not indicated yesterday.
Aex exp 319.36! Index yesterday Informer has not displayed correctly.
Aex exp 314.86! The range for the index Informer Friday said today was not correct.
Can somebody please translate this for me in dutch?

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anonymous

February 1st, 2012 at 8:31 pm

contra indicator for just 35 euro’s, sounds cheap. I could have told you for 25 euro’s that it is a simple case of “bal onder water”, the only way is up.

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anonymous

February 7th, 2012 at 6:51 am

323 expiration ? I thought Eelko was doing quite good. What happened ?

Comment Form

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