Office space for rent at Beursplein 5 (update)
The news didn’t hit the wires as a big surprise. All Options is seriously cutting its headcount, and will retreat to their office at the Herengracht 433. They will leave the large trading floor at Beursplein 5. This trading floor needs to be filled with other traders by Euronext. After all, the daily opening ceremony of the market in front of a deserted trading floor has the charm of a EDL protest march in a grassland outside the western city limits. Good to keep everything under control, but a little silly anyway.
Speaking of the western city limits, there’s basically only one large option firm suitable for filling the gap All Options left on Beursplein. Scrocca is a well-run firm with only one minor problem – trading from an isolated office near Sloterdijk – with the nearest bar/restaurant being the Burger King. No doubt some of their traders would love migrating back to the city center. However, Scrocca isn’t interested in relocation to the Beursplein.
Other firms are either to big and currently in brand new buildings in the southern business district (Optiver, IMC) or just too small (323 Trading) to fit on the trading floor. Another possibility would be to join more firms together on the floor, there are a few medium sized firms like Calimero, EXT, Klinkenberg, Leopark, Nino and Caerus in smaller offices in the same exchange building. But this possibility has a few drawbacks. Firms like Caerus developing their own advanced software would never agree to run the risk of sharing their tricks with competitors.
Euronext hasn’t got the right cards at the moment to demand a high rent – but at least someone should trade on the floor. Or pretend to be trading at least, as there isn’t much volume and volatility in the market this year. Maybe some unemployed former traders should be lured into the job of pretending to trade during the opening ceremony and at times RTL Z is broadcasting.
Update 1 : as a commenter points out – even bigger and far richer than Scrocca is the successful arbitrage firm Flow Traders. Although not located as remote as halfway Castricum, their centre-eastside office could use a little upgrade.
Update 2 : the rent for the trading floor is 50.000 euro per month. A smart bargainer could negotiate a lower fee for the coming years, as the contract for All Options runs for two more years. Without a new firm for this location, All Options would have to take a loss of 1,2 million euro for the rent of an empty office.
I weet wel een goede partij om daar te gaan zitten. Betabay!
Hey Jack you seem to have forgotten about Flow Traders? They are quite a bit bigger than Scrocca and have been in their current location for several years already…
Is Scrocca an Italian company? (newbie question)
No the founder has Italian roots.
@newbie
http://lmgtfy.com/?q=scrocca
What rent are they asking for that floor?
They could choose to make it the same as the NASDAQ, just a big wall of tv`s nothing more.
I`m also curious what the rent is.
just turn it into one massive coffee shop
starbucks 🙂
mushroom shop then we would find this webpage interesting….zzzzzz
start trading arcade, high quality network. Probably fiber lines to London. And maybe AO will leave some screens and pc´s behind at the floor.
where can I buy the white kite which I see in the picture? I bid 5 euro for 1
Scrocca is Italian for nutsack.
Scrocca will not move to Beursplein 5. Happy in the westside
AO have soiled that place. No self respecting MM would go there now.
Recall for R. Meijer:
“Buy AO and rename it to Saen Options”. Then everything is back to normal, while you make a scalp of 40M or something.
Good idea?
So it is true that All Options are nearly bankrupt!
I don’t think so. But with such large overhead and no revenues it was a matter of time. Cutting back in size will buy them some time, but they have to find some generating strategies fast.
Surely the quant faculty can come up with some strategies.
Why doesn’t Binck Bank move to the beursvloer. Especially now they have taken over trekker Trackers.
If will rent it, as soon as Euronext is adjusting their ticksize from 0.1 cent back to 1 cent
from the devastating 1cent, back to the 5cent tick-size you mean?
Any inside knowledge on the amount for the 60% share in TinkCapital by Binck?
Binck doesn’t own 60% of Think
check your motives
– a guy who never checks his motives and enjoys the beach
StinkCapital. The Source Of Pure Turdity
I was just watching RTL Z and I saw an item in which they said exchanges reacted positively on the news from Ireland. During this item they showed a couple of traders (probably the traders on the floor at Beursplein 5 aka All Options) and you could see a sign of Saen. Is this a bit of nostalgia from former Saen traders or are they still active on a small scale?
[…] Euronext apparently hasn’t been able to attract a new large trading firm for the former trading hall. Current plan seems to be to fit several smaller trading firms together in the big trading hall. […]
Great mistakes of our lifetime:
Deregulating the idiot banks
The Euro
Abandoning open outcry
Deregulating the idiot banks
– Banks were not the only one, everyone leveraged to hell caused the crisis
The Euro
– nothing is perfect, EU is trying their best
Abandoning open outcry
– in ur dreams, now get over it .. its like saying why invent cellphone when we have got telephones .. dinosaurs, its time for u to go get extinct ..
no i agree with the dude above – abandoning open outcry was one of the greatest tragedies of humankind. Nazism comes nowhere close, nor the evils of communism….
[…] the public relations department at Euronext is doing a great job. Confronted with a problem (empty trading floor), solving the problem (new tenants) and presenting the affair as great news ; “traders […]