Huh? All Options profitable again
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).
great news
second, second to that
why is it surprising, allard has been profitable trader in past, why can’t he make money with his ever increasing experience
kindly don’t put optiver and imc in the same league, pls
ao’s trading revenue is 9.147mio and fee is 2.449mio, that’s a lot of structured trading with little pnl, are they got into business of pure pairs trading?
is that allard in the pic, he looks okay? why were ex-AOians complaining that he is ugly greedy bastard
Check your glasses – that pic looks anything but OK.
he is not supposed to look like brad pitt, he looks pretty ok in the pic, but of course it’s just a left side-shot, frontal and right-shot can give different picture, pun intended, what’s your problem with the pic?
Business is so bad he can’t even afford a barber anymore?
Look at that horrible hair, look at the bags under his eyes, look at his sagging cheeks. I definitely wouldn’t shag that.
Never mind his sagging cheeks and never mind that he’s only 4 foot 6 inches. He’s worth 100 million, which means he has no trouble finding a date for Saturday night.
Is the barber still coming over on a biweekly basis?
what’s wrong with his hair, they are regular dutch style, the dirty secret of course is that they like to save money on monthly haircut
they are plenty of people with bags under eyes and sagging cheeks is not rare with ageing, how old is he?
if you don’t want to shag that’s fine, is there any other ceo you would like to shag, rob n pot maybe ?
does he flaunt his 100million to get regular dates, do dutch types care about money as much, aren’t they all happy with their low maintenance non-flashy lifestyle
bas is very funny, haha
http://www.bloomberg.com/news/2014-05-08/nyse-will-curtail-order-types-amid-debate-over-their-fairness.html
Could be worse, you could be at the Source of Poor Liquidity.
you are comparing AO with Liquid?
Allard has my respect. He was among the first trader at Optiver. He parted ways and setup shop. He faied once where he blew out big time in 1999. Started again.
Made the whole Amsterdam talk about him over the Altana trade in 2007.
You need serious motivation to want to be in business when you have 100 mil in the kitty.
He never left NL, so i dont think he will have global vision but nevertheless good for him.
allard was looking for a date, you should ask him out
My dad and my son are called Allard. Cool name.
ah, Ménage à trois, cool arrangement
tomv, you should ask your kid to name his kid tomv. cool name.
how is tibra doing in these days? are they still hiring?
yes, if the probability of you generating > 1 mio is greater than >90%
this implies they are not hiring because it is impossible to assess such a probability
or there is case of selective hiring, very exclusive
the tragedy in this approach is that no “selected” candidate with 90% probability would ever go to Tibra, giving away a large share of the P&L she (or he) is generating, in exchange of a signed working contract….
well, that’s why tibra is in death spiral, and management still doesn’t get it
that’s exactly the same situation at Source Capital, management should be educated to understand this basic principle
Educating Tim Berry is impossible – he’s incapable of learning anything any more.
who is tim berry?
http://bit.ly/1jw87iM
http://www.illawarramercury.com.au/story/271357/secret-email-lifts-lid-on-rich-lister-plans-court/
http://www.brw.com.au/p/lists/young-rich/2013/young_rich_tim_berry_fbpUQGIO9MpwrdsWrJxKLO
http://www.smh.com.au/business/secret-email-lifts-lid-on-richlister-plans-court-told-20120704-21hmm.html
learning is always possible, you just need to let go of your ego at the door
http://www.efinancialnews.com/story/2014-05-12/nasdaq-omx-data-shines-light-on-hfts-nordic-stocks
Can someone post the text?
Just google for the headline and clcik on the link google gives. Then it doesn’t ask you to log in first.
never the less –
Nasdaq OMX data shines new light on HFT activity
Tim Cave
12 May 2014
A clearer picture of high-frequency trading in Europe is emerging after Nasdaq OMX has become the first exchange in the region to disclose trading activity by its Nordic members in individual stocks.
A Financial News analysis showed that in April HFTs accounted for 25% of trade by value in their most-favoured stock – pharmaceutical giant AstraZeneca, which is subject to a takeover bid by Pfizer. One HFT firm, Amsterdam-based Optiver, accounted for more than 13% of trading in the stock during the month, the data showed.
The figures may underestimate overall HFT activity, as they omit HFT trading conducted via brokers in a practice known as sponsored access. Bank of America Merrill Lynch is one of the largest providers of sponsored access to the Nordic markets, and it accounted for about 22% of all trading in AstraZeneca during April.
Other stocks favoured by HFTs last month included Swedish media company Modern Times Group and telecoms operator Tele2, in which HFTs accounted for 21% and 18% of activity respectively.
Nasdaq and Optiver declined to comment.
Rebecca Healey, an analyst at research house Tabb Group, said: “This data is very interesting and I think other exchanges may follow Nasdaq in becoming more transparent.
“It reinforces the view that HFTs are focusing on the most liquid names, particularly those with corporate activity. I am of the view that HFT activity is seriously on the decline in Europe and homing in on certain names that are of interest at a particular time, raising concerns over liquidity in smaller names.”
Hard data remains difficult to obtain on HFT firms, which trade securities in fractions of a second using computer-driven techniques. Nasdaq is one of the few exchanges globally to disclose its member activity in specific stocks.
this is not new practice for OMX, they have been disclosing this information for years already
and optiver has been doing nyse, lse, omx azn direct arb for even longer
jack, why does it say ‘Your comment is awaiting moderation’ on links above?
haha strong journalism there
“It reinforces the view that HFTs are focusing on the most liquid names,”
To quote Darwin: “It is not the strongest species that survive, nor the most intelligent, but the ones most responsive to change.”
so what’s your point?
journalists are neither 60 on IQ nor are they industry insiders, you wouldn’t look very smart to a set of physicists either if your job required you to make comments on sub-atomic particle accelerator
*160
anybody got time for beta (mega) bucks
http://getbux.com/
isn’t the stock market the greatest game on earth – come on somebody explode this idea already
you should use a “structured trading approach”
I’ve learnt all there is to learn, and more besides.
Thats’s what you call a giant super ego, haha, obviously he is incapable of opening his mind and letting anything new enter, but doesn’t mean he can’t get lucky winning a lottery
The above post is obviously an imposter. For those who know Tim, we all know he is one of the most strategic minds in the biz. Who else has built such a global company in 2 years of inception.
Yeah, but who else managed to destroy everything he built so quickly.
‘Who else has built such a global company in 2 years of inception’
I won a 35million lottery after 2 years of executing my smart and successful global execution strategy, I am one of the most strategic mind in the biz
the smartest thing they did was initially call their company ‘FTD’ – yes thats strategic insight right there……
how juvenile you have to be start off with ‘FTD’ and then let that get out to media, years out
Begg Borrow and Steal was a better name followed by Inproprietary Unlimited – Michael Lewis would have a field day – cant wait for that movie
movie on a failed mm, dream on, there’s a whole graveyard full of ’em
Yeah, but who else managed to destroy everything he built so quickly.
Dosen’t matter.
If money is the only parameter to be judged on here. They did better than everyone, including most senior partners at their former shops. THe only one richer than them are the founders of the parent companies. They could have done better and bigger, but if their ambitions were quick money, then so be it.
Too much money means they can do other things in life. Even if that means closing shop and retiring with the winnings.
As far as winning the lottery. you have to buy the ticket to play the lotto. Dont get the winning ticket by not wanting to play the game.
so, what’s your point?
define ‘point’?
Man, that was deep. My life perspective has now changed forever.
http://www.thefreedictionary.com/point
A significant, outstanding, or effective idea, argument, or suggestion: Your point is well taken.
So, rather than defensive rambling, pick a couple of points you want to put forward, and then of course see yourself being completely destroyed
http://blogs.marketwatch.com/thetell/2014/05/15/too-big-to-fail-battle-between-larry-summers-nassim-taleb/?mod=WSJBlog&utm_source=dlvr.it&utm_medium=facebook
“Taleb, who recently authored a paper entitled “Skin in the Game,” argued that the aftermath of the financial crisis unfairly rewarded bad actors and that the system remains dangerous.”
Taleb has been noted as putting HFT into this basket.
“I’m for punishment,” Taleb replied
he should have never retired from private/public domain, he’s lost touch with the real world
what’s the final name of the rogue trader movie then?
Balls Deep in a Carry….Trade
balls to the walls
billy big-balls
those three special words .. lick my balls
http://www.nzz.ch/meinung/kommentare/die-boerse-braucht-kein-tempolimit-1.18299757
what is this nzz.ch? Some irrelevant dutch magazine?
you are clearly not european, there’s a difference between .ch and .nl mate, it would sound all the same to an american though
http://en.wikipedia.org/wiki/Neue_Z%C3%BCrcher_Zeitung
the article is not badly written at all, compared to other rubbish you get served in popular tabloids
‘ not badly written at all’: are you french?
pardone, not at all badly written
anyone want to learn or schmooze with remco
Are European equity markets “rigged,” too?
http://register.markit.com/markit-annual-conference-2014-london?elq=ab06df922de640f3b8fa65386664e0ec&elqCampaignId=8501#Agenda
All Options are hiring again so they must be doing ok…. If you compare that to IMC who can’t sack people quick enough, you would think the tide is turning….
just because you put out advert for a junior trader, doesn’t mean you are ‘hiring’
https://www.linkedin.com/jobs2/view/10936804?trk=biz-overview-job-post
didn’t you read the post above
‘All Options’ headcount was 39 end of 2013 (down from 52)’
what are the comparable job postings and headcount changes for imc?
IMC is doing great!
define ‘great’
hey, who deleted my spam post
http://online.wsj.com/news/articles/SB10001424052702303749904579576530862652294
Dutch Firm to Buy Goldman Sachs NYSE Floor Trading Business
IMC Financial Markets Agrees to Buy Goldman Rights
By BRADLEY HOPE And JUSTIN BAER CONNECT
Updated May 21, 2014 8:39 p.m. ET
Goldman Sachs Group Inc. GS +1.92% is ceding most of its ground on the New York Stock Exchange’s trading floor.
IMC Financial Markets, a Dutch high-speed trading firm, agreed on Wednesday to acquire Goldman’s rights to operate as a designated market maker in more than 600 NYSE-listed stocks, according to Scott Knudsen, IMC’s Chicago-based head of trading. IMC will also hire about 15 floor brokers from the Wall Street firm.
The sale marks a retreat for Goldman on the NYSE floor, though it plans to remain a broker there executing trades on behalf of clients. Goldman originally acquired the trading business as part of its $6.5 billion purchase of Spear, Leeds & Kellogg LP in 2000.
One of the key factors in market-making profitability is scale?operating on dozens of exchanges around the world, handling significant trading volumes. As an electronic market-maker with a presence on 90 exchanges around the world, IMC will be positioned to expand the amount of volume it handles at one of the biggest and most-storied trading venues in the U.S.
At the time of Goldman’s SLK purchase, before electronic trading and new rules turned the way stocks are bought and sold on its head, market-makers, then called specialists, played a more central role in trading.
Terms of the IMC purchase weren’t disclosed, but people familiar with the deal said the price was under $30 million. The Wall Street Journal reported in April that IMC was in talks to acquire the business.
Electronic market-makers use high-speed connections and advanced computer algorithms to provide liquidity in certain stocks. The firms offer “two-sided quotes,” meaning they are consistently available to buy and sell shares of companies at certain prices. They seek to capture the spread between the bids and asks on those stocks, tiny profits that can add up to millions of dollars if the firms do enough volume.
The acquisition will provide a boost to IMC’s equities market-making business, said Mr. Knudsen. IMC has traditionally been a major player in options market-making, but has increased its presence in other asset classes over the past years, he said.
“We’ve become a big player in equities, but we have room to grow,” he said. “This acquisition is part of that.”
IMC is also expecting to take a more public role in discussions about high-frequency trading and market structure, Mr. Knudsen said.
Regulators and investigative authorities have opened several probes into trading practices recently and some officials have called for a broader review of how the markets work in light of issues surrounding high-speed trading.
The New York Attorney General has categorized some practices as “Insider Trading 2.0,” arguing that some firms were using loopholes to unfairly gain access to information before ordinary investors.
The publication on March 31 of “Flash Boys,” a chronicle of a group of traders who built an alternative exchange designed to level the playing field between “fast” traders and big investors, has also energized discussions. Author Michael Lewis described the U.S. stock market as being “rigged” in favor of high-frequency traders, exchanges and big banks.
Mr. Knudsen said he was in favor of reducing complexity in the marketplace, pointing out that investors didn’t need more than 50 venues to execute trades. “We support the SEC’s data-driven approach to these issues,” he said.
As the markets have come to be dominated by electronic traders since the turn of the century, market-making has become a major business for high-frequency trading firms.
Other major market-makers at the New York Stock Exchange are Virtu Financial Capital Markets LLC, a high-frequency trading firm, and KCG Holdings Inc., KCG +0.60% the product of a merger between the high-frequency trading firm Getco and Knight Capital Group in 2013.
Their arrivals on the NYSE floor came about in a similar manner to IMC. Getco bought Bank of America Corp.’s market-making business and Virtu bought a similar business from Cohen Capital Group in 2011.
The strategies can be highly profitable. Virtu said in its IPO prospectus that it had “only one losing trading day” over a period of 1,238 trading days. The firm reported a net income of $182.2 million on revenue of $623.7 million last year, according to the prospectus.
Corrections & Amplifications
IMC Financial Markets is acquiring Goldman Sachs’s rights to operate as a designated market maker in more than 600 NYSE-listed stocks. An earlier version of this article incorrectly referred to the company as ICM in some references.
Write to Bradley Hope at bradley.hope@wsj.com and Justin Baer at justin.baer@wsj.com
here it is
restocks restoked restokes restoral restored restorer restores restrain. swooshes swopping swordman
for the “define” guy: that’s the definition of IMC doing great
‘An earlier version of this article incorrectly referred to the company as ICM in some references’
international combination of marketmakers
define ‘IMC doing great’
they should rebrand it to ‘ICM doing great’; atleast their own employees would hate it less
alloptions on target for 100+ million this year!
icm on target for 1000+ million this quarter!
Ik kon het niet laten om fftjes te reageren, ziet er erg
cool uit allemaal