IMC reports stable profits
We’ve been waiting for while now, IMC has finally reported a profit of 26 million over the year 2009. It was worth the wait, as it is pretty okay compared with their peers at Optiver (2 m) and All Options (-42 m). Informal sources confirm 2010 has been even way better than 2009, posting a record year for IMC. We will have to wait another year for confirmation. Previous year (’08) the company earned 28 million.
The first to come up with the story on IMC’s profits was Quote Magazine. After all, board members Wiet Pot and Rob Defares are prominent members of the Quote 500 rich list. Both of them are doing fine, Rob getting 8 million dividend and former Goldman partner Wiet is pocketing 4.6m.
Most interesting stuff is available on page 25 of their annual report. It appears their net trading result dropped with 11% from 236 to 212 million. The transaction costs as percentage of the gross trading result fell from 27% to 20%. Still a little difficult to separate the transaction costs per activity, as there used to be a broker over there at the time (IWB) and there’s still a Rotterdam based consultancy division (Cardano). But it would be safe to say prop trading is by far the most important activity and we can ignore smaller parts.
Hire and fire
IMC has fired a few dozen traders, but hired some others too. Cheaper ones, probably. Fresh university graduates aren’t that expensive, although some trading experience within the firm could be valuable at times. Anyway, the employee headcount rose from 574 to 657. Checking the facts in more detail reveals some more juicy facts ; their department in Amsterdam got rid of 14 employees (from 336 to 322), and abroad nearly a hundred new traders have ben hired. IT and support staff have been axed, and new hires are traders.
Even with the new recruits, the total personnel costs for bonuses and salaries dropped with 24 million. Average pay per employee dropped from 216.000 to 151.000. New rookie traders could weigh on the average, but odds are management have been replacing expensive traders by cheaper ones. Finally, their stake in IEX has been sold.
For download : Annual report 2009 (pdf)
IMC Chicago makes all the $$$
by doing what?
faster, smarter strategies .. is this too hard for u to guess .. ur not going to hear anymore specifics .. trust ..
I do understand that you’re not gonna tell anything more
Cause I would also feel the need to be discrete about it when they cut my salary to 151k/216k
the only succesful market maker in amsterdam
the IMC management, indeed
I don’t understand how market-makers make money, trading without margin, in such a market (no volatility, no volume, no interest).
It is a mistery.
theres money in every market. You need the brains to make it.
Marketing making is alive again
Re: I don’t understand how market-makers make money,
its very hard to guess where the money is coming from .. thats why its so competitive .. if secret is out, then the opportunity gets taken out.. optiver had quite a huge amount of P&L coming from dividend arbitrage for LSE stocks whereas VDM was asleep on wheel, happy doing dividend arb on only european stocks ..
@8:40 dividend arbirage??
rip-off of the IRS, and thus all taxpayers!!
@9:18
Hear, hear ! The foundation of Optivers succes lies not in their derivatives brilliance, but in sound fiscal advice….
whose picture is this ? Is this wien pot or rob ? or someone else ? sorry am not from amsterdam.
It looks like this annual report was lodged on 12 may 2010. How come it took so long to surface on here? The optiver one was also a few months late.
So tax fraud is still the big cash cow for some market fraudsters, huh? How come there is no disgruntled employee who blows the whistle on his employer or at least gets a nice cover story in the FD?
MM & pure arb only if you’re faster, thinner & cheaper, n make the technology princesses your bitches.
Otherwise it stat arb for the slower older traditional fatties.
Which is easier in the current market?
Re: Hear, hear ! The foundation of Optivers succes lies not in their derivatives brilliance, but in sound fiscal advice….
The LSE div arb loophole was closed by HMRC in 2009, so no more free money from british taxpayer !
Re: So tax fraud is still the big cash cow for some market fraudsters, huh? How come there is no disgruntled employee who blows the whistle on his employer or at least gets a nice cover story in the FD?
no its not .. loopholes have been closed up progressively .. optiver doesnt ‘officially’ strip the dividend anymore .. english/european adr tax arb was closed off for quite some time .. i am a disgruntled employee .. but there is no whistle to blow .. this is common knowledge .. all the tax deals .. all legal ..
Re: Which is easier in the current market?
it might change next week u moron ..
Re: whose picture is this ? Is this wien pot or rob ? or someone else ? sorry am not from amsterdam.
wein pot i believe .. rob’s photo was pasted in IMC trouble article last year ..
Reading the latest posts, how is Frank Vogel doing these days?
Re: Re: Which is easier in the current market?
Re: it might change next week u moron ..
Ha. Maybe. 2010 – closed-minded speed focussed MMs competing down to zero, for a shrinking vol pie. Trim that comp. yeeeha.
A quick update while Trader Jack waits to update the news: Optiver is showing excellent execution of its new business model: http://www.fd.nl/artikel/21381837/euronext-tom-graven-zich
With Sydney engaged in drawn out litigation against Tibra and Chicago the subject of investigations, the Amsterdam office of Optiver felt it needed to show they were also part of the global team. True to their record, they immediately went one better than the rest. Where Sydney’s suing a competitor and Chicago is mostly the subject of the regulator’s attention, the guys in Amsterdam went and sued the guys who allow Optiver to earn their money: Euronext.
They’re arguing that because Euronext hasn’t given the broker arm of TOM a membership on the options market, Euronext is abusing its dominant position. Euronext on the other hand can sit back and point to their procedures and also point to the fact that TOM doesn’t yet have a license from the Dutch regulator.
Judging by past form you can expect Optiver to a) waste a shitload of money on lawyers, b) stay in court for years and c) (judging by what happened in Sydney and Chicago) lose their whole legal team.
nice update !
Hilarious – they’ll be zero from three!
Thanks for this update , really helpful . Not . I hope that Optiver wins this case . What Euronext is charging is a total rip off !
And these other two cases ? Well let’s wait and see .
You’re right ! probably a tibraloser trying to bash those losers from optiver .
While he should be bashing those thieves from Euronext !
wowww the head of legal is presiding over a huge expansion of his team. What a big man he will be as he looks across his legal floor of minions doing his bidding.. and just think there is one of these in Sydney and Chicago as well. And dont forget the high flying consultants at his beck and call.
Only the poor traders will get lower bonuses again to pay for these lawyers, and shareholders will suffer as legal cases drag on costs spiral out of control. hmmm sounds like the rest of Optiver as well.
The co. is making enough for the bonuses. Besides these lawyer fees do not come from the bonus pool. They come from the cash on the books which was built by the owners themselves.
1:42 you are a retard.
1:42 naive newbe, not knowing netherlandic knob is to be nibbled non-recourse?
3.44 you’re so smart ! Calling someone a retard , brilliant !
If that’s the line of defense of tibra than I’m sure you’ve nothing to worry about .
The judge will be very impressed .
We should get a proper betting market going on Optiver vs Tibra – maybe we could convince one of the betting exchanges to list it? Then we might see who is talking out of their ass.
@1:06 The whole joke is that there are no minions left in Sydney and Chicago – see the whole story elsewhere about the head of Chicago legal going to Tibra. God knows where the Sydney people are – they left as well. No wonder the lawyers are ripping Optiver a new one in every office.
Still, since Optiver keeps going to court, they must have a way to make it pay. Right?
Seeing two sided equi volume bulge-bracket-borker orders here and there ..
Thinking .. 2011, the slow money strikes back?
Then gets latency arbed to zero?
Again?
“Guys, the team in Banggalore have built this awwsome low latency platform”…
Re: While he should be bashing those thieves from Euronext !
there is no point in bashing anyone .. just do what optiver did .. create a entity competing to monopoly of euronext !
Re: “Guys, the team in Banggalore have built this awwsome low latency platform”…
do u have more details on this ?
>do u have more details on this ?
just another too-big-too-fail borker/dealer’s latest paradigm shifting “low cost” platform blunder, implementing yesterday’s technology tomorrow, whilst exploiting non-delivering third world labour in a display of unacknowledged false eConcomy.
an overkill of rambling non-logic order filters reverse-documenting the arbitrary whims of “customer strategy” and subsequently bottlenecking the prop / MM technology stack. Got latency penalty? Duh.
evidence of IQ slippage.
some other winner takes all.
Re: some other winner takes all.
why are u rambling so much .. cant u speak in a normal fashion ?
Euronext being bought out by Deutsche Borse. Good Luck with the law suit.
Re: Good Luck with the law suit.
can u explain more,
What will be the consequences for Market Makers? Penalty system or Rebate system? Costs? 5 cent spread or not?
No you get the Eurex spread, the lowest tick size and the Euronext fees.
i still find it amazing that some guys are starting new market making businesses. You Dutchies are eternal believers hein..!!!!!!!
The most liquid products are on the Eurex without doubt.
If they can lend Euronext their infrastructure and bring about better Market Maker rebate schemes then trading on CAC40, AEX, Euribor and FTSE can actually pick up.
The OTC trading facility – ability to cross blocks directly is really what makes Eurex the greatest exchange ever. ( I am saying that out of experience having traded on the CBOE, ISE, CME, Euronext and Eurex)
2:40pm > why are u rambling so much .. cant u speak in a normal fashion ?
Dutch?
Natuurlijk, deze blog is niet bedoeld voor buitenlanders.
Re: i still find it amazing that some guys are starting new market making businesses. You Dutchies are eternal believers hein..!!!!!!!
if you can live to see another 2008-2009 sort of downticks, then its worth it .. you wudnt have to work again .. is this too hard for you to understand ?
Re: Dutch?
wtf ? dutch wudnt ramble like this in english ..
Re: Natuurlijk, deze blog is niet bedoeld voor buitenlanders.
Natuurlijk !!
Mixing English with german doesn’t make a new language
Verzoek aan de admin om bij ieder bericht de schrijver een simpele Nederlandse quiz te laten oplossen zoals “welk groen-wit gerecht gaat goed samen met rookworst?”, want het kleine-piemeltjes-gehalte van die verongelijkte allochtonen begint de spuigaten uit te lopen!
arbiT dumps 20 of the best and brightest.
Good luck fellas. Blame the vol eating boogie man.
Re: if you can live to see another 2008-2009 sort of downticks, then its worth it .. you wudnt have to work again .. is this too hard for you to understand ?
There may be strategies with a better expected return that anticipate that same eventuality.
Re: Mixing English with german doesn’t make a new language
Natuurlijk !!
Re: Verzoek aan de admin om bij ieder bericht de schrijver een simpele Nederlandse quiz te laten oplossen zoals “welk groen-wit gerecht gaat goed samen met rookworst?”, want het kleine-piemeltjes-gehalte van die verongelijkte allochtonen begint de spuigaten uit te lopen!
the small town ‘100-lot’ dutchies complainting abt immigrants with small dicks .. in case someone wants to know what irony means ..
Re: There may be strategies with a better expected return that anticipate that same eventuality.
good .. u can detail them down .. and if after that dutchies dont hear you, then u can be amazed with their naivety .. meanwhile u can be amazed with their talent of being 100-lot old timers ..
@ … arbiT dumps 20 of the best and brightest …
who’s arbiT ??
anyone see anything weird in DB1 futures today? any ideas?
“Re: i still find it amazing that some guys are starting new market making businesses. You Dutchies are eternal believers hein..!!!!!!!”
who is starting a new MM business? can i join?
RE: who’s arbiT ??
backwards
yes Tibra are backwards looking retards
arbiT letting go of more staff now? any of there traders?
http://www.brisbanetimes.com.au/business/cash-windfall-for-tibra-trio-as-they-take-time-out-20110206-1aid1.html
Re: http://www.brisbanetimes.com.au/business/cash-windfall-for-tibra-trio-as-they-take-time-out-20110206-1aid1.html
nice ! all the bhandari/tibra haters can just fuck off .. bhandari/tibra generated hunderds of millions in personal wealth .. what a success ..
Most of it is paper profit. Not sure if their big gun traders non-shareholders will stick around if these guys are reaping all the dividends.
Oh good grief! This place should be called deck-chair Jack’s. Most of the talk here’s boiled down to the comparison of pencil sizes just as everybody’s pencil is about to get sharpened down to a very small nub when Euronext and DB merge.
Well guys, gonna be fun listening to you talk about how the deck chairs were lined up a long time ago, long after marketmaking goes the way of the Titanic.
Anyone know whether Optiver’s gonna drop the lawsuit now with the oncoming merger? And more interesting: will Tom shut shop?
Re: Most of it is paper profit. Not sure if their big gun traders non-shareholders will stick around if these guys are reaping all the dividends.
when u say paper profit .. how do u mean .. is the wealth all tied in tibra shares ? so then tibra shares can be marked at artificial inflated levels by the holding company ? really, there is no cold hard cash ??!
Re: marketmaking goes the way of the Titanic.
the marketmaking industry might shrink, but thats no surprise .. it certainly isnt going to die !
“really, there is no cold hard cash ??!”
* They have $135m on the balance sheet in equity, so worst case scenario is that they split this up and just walk away. So yes there is some cold hard cash. They’ve also been paid out $60m in dividends. So, from a base of $6m, they’ve made $200m for the shareholders, and paid trader bonuses on top of that.
* If Bhandari’s 15% is worth $44m, then the company is valued at $293m – a premium of $158m. Net result of $24m against $135m of capital isn’t terrible considering it was a shit quiet year.
Their biggest risk is a catastrophic fat finger trade, but that appies to all MMs.
go put some mayonnaise on your chips.
Profit Flow Traders down more than 50%…
http://www.fondsnieuws.nl/nieuws/headlines/artikelen/8641-winst-flow-traders-in-2009-fors-gedaald-.html
“go put some mayonnaise on your chips.”
Pardon?
TOM has a license from Eurex . So this could be good news .
Could be time for some mergers / takeovers in this increasingly mature and currently hopelessly low margin “industry”.
Would be no surprise to see an IB bid for a small MM.
IB logic: “If we are too incompetent to build it, we can always just buy it.”
If that were to happen, I’d guess the bought MM would be run into the ground within a year.
2:41 no need to swear Mr Bhandari! or some close family member .
interesting that the article says that they have all taken a break rather than being ousted
That’s all they can do those guys ; swear .
and don’t forget stealing software !
Re: IB logic: “If we are too incompetent to build it, we can always just buy it.”
American/British IB are not going to bid for shit MM biz .. GS/BNP/SG are already in this game to the extent they want .. prop trading/mm are on the way out of IB anyways .. why would they be getting in this biz for few mm .. IB are focussed on shafting Retail and Corporates through structured shit, nobody there is bothered about quoting for 100 lots on the screen ! do u even know how IB’s are run ?!
Re: IB logic: “If we are too incompetent to build it, we can always just buy it.”
Allard was megalomaniac to buy saen for, wat was it, 20 mm ? wat was the point of it anyways .. he should have waited and he could have hired the traders and IT staff for peanuts after saen went down .. talk abt catching a falling knife ..
Re: 2:41 no need to swear Mr Bhandari! or some close family member .
i am not Mr Bhandari or family member .. i am just observing the success and money he/tibra generated ! and if u have been the loser out of tibra’s success, too bad .. u live in a real world, get real !
Re: interesting that the article says that they have all taken a break rather than being ousted
it doesnt matter .. he got wat he cud, which is a lot btw .. it wud be very hard to get more given circumstances .. so it doesnt matter whether a break or actually ousted .. board members are morons anyways ..
Re: That’s all they can do those guys ; swear .
atleast they are not cribbing and complaining like u losers !
1:23am – “American/British IB are not going to bid for shit MM biz .. GS/BNP/SG are already in this game to the extent they want .. prop trading/mm are on the way out of IB anyways .. why would they be getting in this biz for few mm .. IB are focussed on shafting Retail and Corporates through structured shit, nobody there is bothered about quoting for 100 lots on the screen ! do u even know how IB’s are run ?!”
Yes I know how IB’s are run.
Customer flow is down.
Structured sales is down.
Internal IB desks have become envious of the small MMs.
Market making is not considered prop trading within most IBs. Low net delta exposure is OK.
Most IBs only stopped market making because they were getting latency arbed. Shit slow exchange connections from big IT departments that do not understand trading at all…
There are some v.good MM traders within IBs who are just waiting for better platforms.
Imagine makeing a market while crossing your hedges at midpoint with customer flow.
If / when IBs start doing this, they will be able to make tighter quotes than the MMs without customer flow.
Re: If / when IBs start doing this, they will be able to make tighter quotes than the MMs without customer flow.
well then you dont know how IB’s are run .. so kindly dont claim to ‘fame’ pls .. and yes ‘fame’ is being used sarcastically ..
Re: Internal IB desks have become envious of the small MMs.
where the fuck are u getting this from ? some IB trader looking at MM partner’s salary ??! dude MM is good for partnership where there is good continuity .. like optiver .. it doesnt work in IB where they would never agree contractually or otherwise to pay 40% of your profits .. senior traders are routinely shafted in IB and then they move to next IB .. there is no fucking continuity of senior partners that is so essential to run MM .. do u even understand how IB’s work or for that matter how MM works .. its a me me world in IB and the focus is to create ur own small centre which u protect and milk .. MM requires lot more teamwork and endless continuity to be successful .. these IBs couldnt even assimilate hedge funds they brought few years back .. they are spinning out prop desks as standalone entities .. why the fuck would they buy MM .. and to buy MM, you need to be ex-MM .. i dont think there is any MM senior enuf in IB to care about buying MM, he’s too busy protecting his fiefdom in IB .. only GS runs its ship well .. it knows how to identify opportunity and of course they are already in the game ! others, you can forget about it ..
Re: Most IBs only stopped market making because they were getting latency arbed. There are some v.good MM traders within IBs who are just waiting for better platforms
there u go .. end of the story .. if u urself are v.good MM and now stuck in one of those IBs, you can just keep wet dreaming about your bank buying any MM .. its not going to happen buddy .. and if you are good MM, you should have fucking realized that by now .. those days are over ..
Re: Imagine makeing a market while crossing your hedges at midpoint with customer flow.
you dont have to imagine .. GS/BNP/SG does that .. the point .. others are too stoopid .. CS is another case in point .. their arb group has been successful in past, but word was that the top guy was leaving n stuff .. even they are having trouble maintaining the continuity .. you cant have MM without continuity at top ..
Hey look ! The swearing Bandharies are awake !
How surprising .
How can a stand alone MM compete with a big IB who is crossing hedges at mid against customer flow?
No answer?
I didn’t think so.
Good luck fella.
How about some more swearing?
eh….what’s an IB ?
ignorant behemoth
Re: Hey look ! The swearing Bandharies are awake !
How surprising .
wat the fuck are u blabbering abt .. i am not a ‘Bandhari’ .. i am just a fan of his work/tibra and the wealth generated in less than 5 years .. and dont fucking shoot it down by saying that they stole the code .. prove it and then claim it ..
Re: How can a stand alone MM compete with a big IB who is crossing hedges at mid against customer flow?
yah i agree .. optiver with pure MM wud find it difficult to compete with GS having retail/corp/fund flow .. isnt that fucking obv .. or do i have to fucking state it to make it obv ..
Re: How about some more swearing?
how about more stoopidity from u and wet dreaming abt ur IB buying the MM for you to piggy back on ..
Re: what’s an IB ?
in case it wasnt rhetoric, Investment Bank, the bulge brackets primarily .. GS, MS, C, BOA, JPM, RBS, Barc, DB, UBS, CS, SG, BNP, Nomura .. the top dozen ..
Re: No answer?
I didn’t think so
lets talk specific .. which of the above 12 names do u think might make a bid on optivers or SIGs
None as they can hire the people and rent the technology at a much cheaper price.
Which MM is going to bid for a small bank?
I’m not a bandari ,I’m just a very,very,very big fan of bandari . Yeah right !
I heard Adelaide Bank is bidding for Tibra.
“lets talk specific .. which of the above 12 names do u think might make a bid on optivers or SIGs”
That would be telling.
Who has the worst trading systems, but the biggest balance sheet?
Re: I’m not a bandari ,I’m just a very,very,very big fan of bandari . Yeah right !
dude, u got a problem looking upto successful people ?! people like soros, paulson are such an inspiration for HF .. in euro MM, bhandari and allard should have similar respect .. or is it the case of small penis syndrome for u ?
Re: Who has the worst trading systems, but the biggest balance sheet?
the point .. there is no way to know ur worst or can do gud by buying MM .. how can u compare buying MM vs 100 different alternatives banks have to invest their capital .. u need gud MM at quite senior level to have pull to get the board to sign off on the MM acquisition ..
1:02am
You are pathetic.
I bet you were that kid with posters of Johnny Depp on your bedroom wall. You probably had your hair cut the same way. Aspirational airhead.
Then when he was banging Kate Moss, you bought a Cleo magazine and cut out pictures of her to lick when no one was looking.
Nowadays you follow Australian Idol and vote diligently for the current fuckwit the media tells you is cool. In the meantime your mother can’t figure out why her phone bill is so high. She sincerely hopes you are calling straight sex phone lines, but he in her heart she knows you are a lost cause.
In conclusion, you are a douchebag…. and one more thing, quit staring through Bandari’s kitchen window with that telephoto lens. You’re scaring his wife.
Yours sincerely, heckler from the options pit. BTW, quit copying my trades, bottom feeder.
RE: “the point .. there is no way to know ur worst..”
queue position
(email isn’t mandatory, please write in English and above all : take it easy and just behave)
an industry dominated by young males with something to prove
Re: Yours sincerely, heckler from the options pit.
boy you really got a small penis syndrome .. so no fucking for u on weekend, eh.. stop being cheap dutch, pay 50 euros and get laid .. u’ll see and feel much better ..
Re: an industry dominated by young males with something to prove
nothing to prove .. the guy with small penis needs to pay the hooker .. get laid and then stop being a dick .. and you, pls dont think like a woman and complicate simple affairs ..
that’s what she said
Go back to work Vincent.
Jack can you post the annual report for Scrocca Trading please?
Looks like the Optiver vs CFTC case is set to go ahead. There is a hearing on Friday. I’ll post more as soon as it comes to hand.
Re: I’ll post more as soon as it comes to hand.
just post the results, no need for a stupid alert message before that ..
The fact that the case is going ahead is newsworthy enough, given the number of times it has been stayed.
possibly .. but for the non-legal people, which are in majority of readership, this doesnt sound like a big break through .. we rather just know whats the fine that optiver has to pay .. not the legal mumbo jumbo in between .. this is trading community not a stoopid law forum .. final number which optiver has to pay .. that it .. simple and straight .. too hard for u to comprehend after all the legal jargon ur used to ?
you mean the compensation-money that Tibra has to pay to Optiver?!
‘Looks like the Optiver vs CFTC case is set to go ahead. There is a hearing on Friday. I’ll post more as soon as it comes to hand.’
where do u see arbiT in the above muppett …
You are an idiot. arbiT are nothing to do with the Optiver Tibra case.
You stay classy, San Diego.
“I want to be on you”
http://www.youtube.com/watch?v=Bcech3F-FvI
…smooth
trader jack edited some classy comments there .. is trader jack not getting enough action with the ladies ? how long before this question gets censored ?
I think any censorship that makes the general intelligence of its readers appear higher to outsiders is a good thing.
In other words, don’t write stupid shit, and keep your comments relevant.
Re: I think any censorship that makes the general intelligence of its readers appear higher to outsiders is a good thing.
dude are u from communist china or something .. go back to ur chinkland and take ur ideas of censorship with ya ..
“dude are u from communist china or something .. go back to ur chinkland and take ur ideas of censorship with ya ..”
dude its jacks blog and he can censor all he wants. Your right to free speech doesnt apply here.
Governments exist for the people and belong to the people. So like I said, don’t write stupid shit.
“dude are u from communist china or something .. go back to ur chinkland ”
please f**k off and take your discriminatory, xenophobic and prejudiced views with you.
‘Governments exist for the people and belong to the people. ‘
i know it hard for u to open ur eyes, given ur communist yellow man .. but try harder .. find ur ideas of censorship, take them with u and disappear in north korea ..
‘xenophobic and prejudice’
there is nothing xenophobic or prejudiced abt regimes in china, north korea, iran, Saudi Arabia and the list goes on .. regimes there are known for fucking u up if u speak against them.. kindly know the world ur living in .. and wake up to realities ..
“chinkland” is ignorant and discriminatory. ” given ur communist yellow man” is just plain racist.
dont get off the topic by getting all defensive abt the racist comments .. i see racism all around me .. so dont go jumping all preachy on me .. stop all the people who are doing this everyday in public ..
getting back to topic of censorism .. its not done deal .. if you want to censor, you are no better than the autocratic regimes in those countries ….
the right to free speech trumps your “right” to no be offended. Suck it up.
‘the right to free speech trumps your “right” to no be offended. Suck it up.’
thats right on point .. i should have thought of it myself .. earlier !
but of course there are boundaries .. u cant go nazi on the jews with ur free speech !
Free speech is not a right. You do not have any right to peddle hatred, give death threats, etc.
but of course there are boundaries .. u cant go nazi on the jews with ur free speech !
wat part of above didnt u get ? do u just exercise right to babble or do u sometime open ur eyes n ears ?
TOM?
Yes it is. I can peddle all the hatred I want. It’s up to individuals to choose to take my msg on board or not. No crime has occurred. It’s only when I actually commit aggression against someone or their property, or my threat means it is imminent that I am about to do so.
I don’t care what scribbles politicians make on pieces of paper. This is the Natural Law.
You been brainwashed by politically correct european socialism. Stop being an enslaved bitch.
‘I can peddle all the hatred I want.’
Only if you are dictator in Middle East, but even that is becoming difficult. Good Luck !
‘No crime has occurred.’
I am not a lawyer, but i think you’ll be arrested for inciting hateful, racial slurrs.
Back to topic please!
http://www.fd.nl/artikel/21480241/tom-verslaat-euronext-rechter
who’s that vincent?
they won this. Just like they will win every other court case. They are honest and always right. they keep their heads down go to work make a ton of money never talk about it and go back home.
calm down buddy, ur dying to suck them off it seems ..
where do u see the name vincent?
“Pursuant to the request of Defendants Optiver US, LLC, Optiver Holding BY, and Optiver VOF, and with the consent or Plaintiff U.S. Commodity Futures Trading Commission, and based on Optiver’s representation that all other defendants consent: This action is stayed until April 18, 2011.”
“They are honest and always right”
TROLLOLLOLLOLLOLL!!!!!
@ calm down buddy, ur dying to suck them off it seems ..
it was satirical.
IMC made a profit because Cardano trades billions of pensioen money!!!!!!!
@ 2:25 What let you think this is the case?
[…] Didn’t see this one coming – although the great results didn’t really come as a surprise. The rumor of a record year in terms of profits has proven correct. IMC net profits rose 96% to 51 […]