Market makers ranked by quotes – 2010
Primary Market Maker (PMM) versus Competitive Market Maker (CMM)
Looking back to last year’s ranking, a few significant changes are interesting. The Australians from Tibra must have decided to cut back in the amount of liquidity provider roles. They’re going back from 47 to 20 roles. Furthermore the merged company of All Options and Saen was forced to return half of their LP roles as a consequence of the Euronext rules, which prohibit double primary market licenses by the same company in the same class. Another silly thing which raises questions is the relatively small Munnik Options, which must have quitted most small roles and is focussing on the index only. Reasonable perhaps, but this means they have to be dropped from the prestigious who’s who list below.
The firms with the most PMM roles:
- All Options (45)
Optiver (45) - IMC (24)
- Scrocca (23)
- Leopark (18)
- 323 Trading (16)
- Tibra (13)
- Susquehanna (12)
- Caerus (3)
The firms with the most roles, CMM and PMM added together:
- All Options (57)
- Optiver (56)
- Goldman Sachs (42)
Susquehanna (42) - Timber Hill (38)
- IMC (32)
- 323 Trading (31)
- Leopark (29)
- Scrocca (27)
- BNP (21)
- Tibra (20)
- Archelon (20)
- Hardcastle (18)
- Caerus (17)
- Fluhalp (12)
- Calimero (11)
- Nino (10)
Source; Euronext, information from May 3, 2010
Weird, Scrocca has hardly any CMM's.
Profit after tax ranking (eur):
Optiver Holding 31/12/08: 294,600,000
Tibra 30/06/09: 44,407,000
IMC Trading 31/12/08: 30,205,000
All Options International BV 31/12/08: 19,406,000
Susquehanna International Group Limited 31/12/08: (245,580,000)
Scrocca Trading: small company P&L publication exemption
Leopark: small company P&L publication exemption
323 Trading: incorporated in 2009
expect some drastic P&L swings for the year 2009…
Susquehanna and Tibra have basically swapped places.
Interesting, Tibra don't see the value in PM role, just in proprietary based HFT trading. That's fair – it's what they are good at, and where their money is made. Optiver and IMC are investing heavily in algo prop trade and trying to replicate GS and Tibra.
All Options – they need to decide which way they're swinging.
The rest – just need to buckle down and do some hard graft!
You want to know which way All Options are swinging. They swing both ways. Like Chicks with dicks: best of both worlds. Just look at the Rolex man in the video. There is also the midget with the permanent frown.
Optiver trying to replicate Tibra…???!!
who's Nino?
what were the 2009 p&l numbers?? Ranking by number of quotes/PMM positions is pure vanity…pnl is sanity!!!
"Anonymous said…
who's Nino?
MAY 4, 2010 6:50 PM"
Nino is the firm of former Intal owner Alfred.
Optiver like Tibra – I think what he means is in growth. We all know Optiver are investing heavily in prop algo trade or HFT as it's now called.
Tibra hired ex Optiver partner Ian Toon to set up their algo and arbitrage trading business.
Alfred from Nino/Intal was known as "Quack" on the vloer.
Who cares, he's a good guy.
Those P&L numbers up the top are slightly mis-leading. Tibra looks to be the only one operating on a July to June financial year, which means their figures have the crap first half of 2009 in them, while the others have the full 2008 bonanza.
Did SIG lose 245m euros last year? How did they manage that?
Lot of big positions. VOW, Hypo Real Estate, Indices etc
small money for them.
I thought 323 Trading was gonna stop.
How come Optiver's profits were so much larger than the other three (Tibra, IMC, AO)?
Is that due to the capital available to them or the return they got on the capital?
Because they have advanced trading systems and are trading worldwide
So the Optiver result is a worldwide result? What about the others – is it just from their European operation, or is it a worldwide result?
Which exact entities are we reporting on?
I also miss VDM in that P&L list…
Optiver P&L was huge but cost was even bigger, it will be more interesting to see the real net p&l. That is the only thing that matter at the end.
Nino is another tiny firm with low cost, small net liq, primitive softwares and pseudo-traders…
Optiver's big costs are irrelevant as the post up there lists the PROFITS so costs are already deducted
I am pretty sure these are only Europe numbers. SIG world wide had a whooping profit easily in the Timberhill league.
This definately is Optiver's biggest market. Also remember this is for the year 2008 which was a stellar year for all MM's. 2009 numbers will be more interesting……
Optiver did not make money after cost last year, you are so ignorant or what?…those p&l's are after tax not after cost!…
Optiver made 300 millions but the cost were around 350 millions, dont know the exact numbers though.
and this number is WORLDWIDE P&L
haha dont be an idiot, if Optiver's overhead was really 350 million and if they could only make 300 mill in 2008 (a ridiculous yr) they would never make a profit and would be out of business by now! that 300 mill is net profit with 100% certainty
Speaking of Optiver – they've decided to counter the recent bad press with a 'do no wrong' campaign. I recommend everyone reads their 'Principles on Ethics and Business Conduct' – it's available here: http://www.optiver.com/inc/pdf/brochures/principles/index.html
Look to the very prominent quote on page 10: "No matter how wonderful your corporate processes if you cannot trust your people, than you are at risk." (Sir Derek Higgs)
Wow. So basically management saying "look, we're great, we have a great way of doing things – it's the losers we hired that are fucking it all up." Haha – Optiver employees are valued so much it seems…
Funniest thing this week.
@MAY 11, 2010 9:31 PM
Man it seems like you are the big ignorant here! Just saying "those p&l's are after tax not after cost" is stupid. Do you think companies pay taxes before costs??? hahaha man THAT is funny! Taxes are always after costs are deducted, brush up on your financial skills a little bit man!
Hi,
just found this company on the NYSE Euronext web-site : http://www.crossoptions.nl/.
Are they still active? Anyone heard of them?