The other day when checking the Euronext excel files for the Primary Market Maker play off, I noticed something strange. A small market maker has completely left the Euronext option market. MMX, a startup consisting of a couple former All Options traders, signed for more than a dozen quoting licenses last year – and it appears they have thrown in the towel when it comes to the options on Royal Dutch, Philips, Fugro etc.
It’s a difficult market, and it wouldn’t be completely unthinkable when a market maker is forced to shut the doors altogether. On the other hand, MMX may feel themselves more comfortable trading outside the Eurozone. They are listed as market maker for almost a hundred single stock options in London (xls). Usually only with the ever present Timber Hill as company. Sometimes alone, lonely quoting in option classes such as Fresnillo and Barratt Developments – to name but a few. Odd.