Mijnbroker is yours
28 comments / December 17, 2012
Bad news from Beursplein 5. One of the three firms on the central trading floor has to shut the doors. Mijnbroker.nl is history as of January 1st. The online retail broker offered investors very competitive transaction fees, especially in options.
Alas, the firm never managed to achieve critical mass. Investors didn’t switch their portfolios for a few dollars more. Everybody stayed at their IB/Lynx/Todays or Binck/Alex account.
A pity for the employees of Mijnbroker, and a lot of administrative hassle for the remaining clients.
Press release in Dutch here.
Rumour has it that people of Van Der Moolen were ‘helping out’… That could explain why it failed. The ghost of Hans Kroon keeps haunting for more failures….
Online trader?
‘Rumour has it that people of Van Der Moolen were ‘helping out’… That could explain why it failed.’
read the post fucking carefully –
‘Alas, the firm never managed to achieve critical mass. Investors didn’t switch their portfolios for a few dollars more’
i got same issue, can switch the broker to save 60 bucks a year, no time, no axe, too much hassle, can’t be bothered, for now atleast.
Pity…
Less competition, higher transaction fees. 🙁
if you think those higher transaction fees is a potential source of profitability, why don’t you go from being a trader to a broker?
How is it going at ABN delta-1 desk? Any major one-off loss which lead to the complete shutdown and firing of 40 people?
the guy’s from minttower you mean?
http://www.minttowercapital.com
don’t know … anyone?
the minttowercapital link is taking to domain name check, how is this mint tower and which guy?
here’s some more on this Mint (The site is stragely non-operational) –
http://www.linkedin.com/company/mint-tower-capital-management
Mint Tower Capital Management
An independent asset manager and consultant
Mint Tower Capital Management is an independent asset manager’s aim is to generate absolute returns. Mint Tower Capital Management has extensive knowledge and experience in the investment of large investment portfolios containing convertible bonds, equities and derivatives.
21/11/2011
Mint Tower Capital Management celebrates 1st anniversary with gong
address
Mint Tower Capital Management
Beursplein 5
1017 JW Amsterdam
Telephone: +31 (0) 20 578 2235
© Copyright 2012 Mint Tower Capital Management
Mint seems to be 2 years old and into conv/vol arb, not on delta 1? They are from principal strat in abn, what’s going on with ABN’s delta 1?
‘How is it going at ABN delta-1 desk? Any major one-off loss which lead to the complete shutdown and firing of 40 people?’
how come they had one-off loss, la jerome? they are not going to disband the whole delta one team are they, this biz sounds like bread n butter for a broker dealer like abn? How come they need 40 people for delta one, what all prop strategies are being run in the name of delta one?
‘How is it going at ABN delta-1 desk? Any major one-off loss which lead to the complete shutdown and firing of 40 people?’
It’s just a “strategic” choice they made, no losses for sure.
40 is a bit on the high side, it’s like 15/20.
ABN Amro Bank schrapt veertig banen met de sluiting van een deel van zijn aandelenderivatenkantoor Delta One Arbitrage, omdat de activiteit niet meer past bij het gematigde risicoprofiel dat de bank nastreeft.
Dat bevestigt een woordvoerder maandag, na berichtgeving eerder op de dag hierover door persbureau Bloomberg.
De interbancaire activiteiten worden beeindigd, terwijl de dienstverlening aan klanten wordt voortgezet, zegt de woordvoerder. Er zullen twintig banen verdwijnen in de verschillende dealing rooms en nog eens twintig ondersteunende banen, verspreid over de locaties Amsterdam, New York, Londen, Frankfurt en Hong Kong, aldus de woordvoerder.
‘It’s just a “strategic” choice they made, no losses for sure.
40 is a bit on the high side, it’s like 15/20’
broker-dealer abn doesn’t want delta one?! out of curiosity, what does abn have in delta-one, is it prop strategies in it too? pure delta-one wouldn’t need 15-20? adoboli’s or jerome’s team had 5-6 people?
ABN Amro Bank deletes forty jobs with the closure of part of its equity derivatives firm Delta One Arbitration, because the activity no longer fits the moderate risk that the bank pursues.This confirms a spokesman Monday, after news earlier in the day about by Bloomberg.The interbank operations are stopped, the customer service will continue, says the spokesman. There will be twenty jobs disappear in the various dealing rooms and another twenty supporting jobs across the locations in Amsterdam, New York, London, Frankfurt and Hong Kong, the spokesman said.
is it because they are doing equity finance/div arb in delta one too and that is too risky?
Kweku was also doing delta-1. The variant without hedging to be precise. As was Jerome K.
in the end, the only ones making a profit in so called ‘Delta-1’ trading are BROKERS!
The brokers always make money. Judging by the size of their XMas presents, they’ve had a bonanza in 2012. Lucky bastards.
‘Kweku was also doing delta-1. The variant without hedging to be precise. As was Jerome K’
they all were hedging, but as goes with mm, you are always taking prop positions, but if you go martingale on it, you end up being long or short billions through futures
‘in the end, the only ones making a profit in so called ‘Delta-1′ trading are BROKERS!’
then quit trading and go broking, if you don’t know how to make money trading, then don’t pronounce trading as dead, just accept you don’t how to make it work and quit.
‘The brokers always make money’
did you read the headline of the post you are commenting on –
Mijnbroker is yours
http://www.amsterdamtrader.com/2012/12/mijnbroker-is-yours.html#comment-15323
‘Judging by the size of their XMas presents, they’ve had a bonanza in 2012’
you are making a mistake of looking at the absolute size of presents, compare the size of presents with brokerage you generated for them and then get a bloody sense of proportion, god damm comparing 100 euro present to thousands of brokerage.
‘Lucky bastards’
again, no one got a god damn gun on your head, if you can’t figure out trading, go broking, it’s easier said than done sucking and leaching off like a parasite feeding off on the falling crumbs off table
@ 5:45 you need to seriously read up on the concept of sarcasm before you start another barrage of drivel. there were no christmas gifts this year from brokers.
so i missed the sarcasm completely, take a gun and kill me?
http://www.bloomberg.com/news/2012-12-17/knight-said-to-near-decision-on-takeover-bids-from-virtu-getco.html
Lotsa love lads, the belt tightens
it’s not some cyclical belt tightening, this is structural, get use to all the luv around you
Ever heard of Worldspreads? About a year ago they also had to shut the doors. The problem is to get the money back from you´re account. I must say they handled that properly. But I a little bit scary now to stap in with another unknown Broker like Tradersonly for an example.
why do you go to all these shit little brokers, is the cost saving worth it?
http://www.worldspreads.com/
http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9190914/WorldSpreads-directors-accused-of-bet-scandal.html
something similar is likely happening with Herbalife, they have to be buying back their own stock, ponzi scheme is after all game of confidence
http://www.ft.com/cms/s/0/6269ec94-df04-11e1-b615-00144feab49a.html#axzz2FdMxX0zh
http://www.ft.com/cms/s/0/20ec3652-a4fb-11e1-b421-00144feabdc0.html#axzz2FdMxX0zh