Didn’t see this one coming.  After years of decline, Allard Jakobs surprised everyone with a profitable last year. In 2013 All Options made a profit of EUR 995k.

Very modest profit

A profit of a million is peanuts compared with the massive losses earlier. Back in 2010 the firm lost 300k per day. Don’t even think of comparing them with the larger trading firms in Amsterdam, Optiver and IMC are in another league.

The annual report (pdf) is a good read, especially the first pages. Allard isn’t very positive on the general trading conditions. First of all, banks ignore the best prices and trade against their own clients (keeping flow away from All Options), and the race to the bottom in high frequency trading is a waste of resources. Firms are required to invest heavily in technology, which is of no benefit to the end users of the market.

Structured trading approach

But nevertheless All Options is doing fine, as they are only beginning to “harvest the fruits of their structured trading approach”. The trading revenue doubled to EUR 6.2 million. All Options’ headcount was 39 end of 2013 (down from 52). The employees didn’t get rich last year, as the average yearly pay was around 60k.

Bonus to be paid in 2014

The bonus for the positive result in 2013 has been paid out in 2014, so uncertain how the money is shared. Anyway, good to hear the comeback-kid Allard Jakobs is in business again.

Of course, hat tip to Henk Willem Smits of Quotenet (nl).