Tibra was founded by traders leaving Optiver in Australia, while possibly taking some trading software source code with them. Both firms are spending millions on lawyer fees ever since. A few weeks ago the party moved to a California court – something to do with the disclosure of emails by Google. Read for yourself, it’s short but it’s only for enthusiasts (pdf).
Anyway, Tibra is witnessing their own employees resigning to found a new company (Maven). Can’t be a called a surprise. Latest news is the Tibra CFO Justin van Wijngaarden (LinkedIn) jumped ship. The former Lehman Brothers banker signed for GH Futures. A London based brokerage company founded by Gedon Hertshten.
People switch jobs for any reason, but this leads to speculation about falling profitability at Tibra. Especially while they’ve resigned their membership of the London Stock Exchange a few weeks ago.