Hiding from Google

35 comments / February 1, 2015

Received a curious message from Google. In line with the “right to be forgotten“, somebody mentioned on this website actually submitted such a request. People who wish to be forgotten usually have a history of petty crime or similar misbehavior they are rightfully ashamed of.

Here’s the full message from Mountain View :

Hello,

Due to a request under data protection law in Europe, we are no longer able to show one or more pages from your site in our search results in response to some search queries for names or other personal identifiers. Only results on European versions of Google are affected. No action is required from you.

These pages have not been blocked entirely from our search results, and will continue to appear for queries other than those specified by individuals in the European data protection law requests we have honored. Unfortunately, due to individual privacy concerns, we are not able to disclose which queries have been affected.

Please note that in many cases, the affected queries do not relate to the name of any person mentioned prominently on the page. For example, in some cases, the name may appear only in a comment section.

If you believe Google should be aware of additional information regarding this content that might result in a reversal or other change to this removal action, you can use our form at https://www.google.com/webmasters/tools/eu-privacy-webmaster. Please note that we can’t guarantee responses to submissions to that form.
The following URLs have been affected by this action:
https://www.amsterdamtrader.com/2013/06/millionaire-traders-under-40.html
Regards,
The Google Team

The good news is only fourteen people are mentioned in the post. A few short trial and error searches revealed a former Optiver low frequency trader doesn’t want to be found. Locked twitter account. Linkedin profile without picture for outsiders.

Why Simon Soet requested removal from Google? Beats me. After all, he was only mentioned because he did well as trader for Optiver. Earned 4 million. Nothing to be ashamed of, I would say. Maybe Simon is planning a career at a socialist political party.

“Den Drijver and Kroon walk”

28 comments / January 26, 2015

A surprising turn of events last friday. According to Paul Schaink, one of the joint liquidators of the firm, there’s a deal with the insurance company AIG. It will cover most of the estimated EUR 126 million claim against former board members. Details of the settlement will follow in a few weeks.

Judge decided in 2013 it was indeed a case of maladministration bringing down the firm, by especially Richard den Drijver and Hans Kroon. Board members are liable, but the Van der Moolen insurance policy covered most of the damage for both gentlemen.

Land of confusion

Confusion in the press. One newspaper (DFT) brought the news Den Drijver and Kroon could walk without any financial pain. The other one mentioned the board members had to bleed as well (FD). And third, Quotenet had a phonecall with a grumpy Hans Kroon.

Van der Moolen shares not worthless?

It’s still unknown for which amount the claim has been settled with AIG. At least it appears a lot of people will receive substantial amounts. Frank Vogel (GSFS) will top the list. Apart from the usual suspects, it may be possible some cash is left for shareholders.

Yes, a long shot. But with 42 million shares outstanding, there’s not much fantasy required for a few cents compensation per share.

DRW buys Chopper

54 comments / January 14, 2015

Pretty big news from the other side of the Atlantic. High speed trading firm DRW Trading has bought smaller rival Chopper Trading. DRW is a giant in the high frequency industry and one of the largest prop trading firms in the Chicago – and the world.

A few years ago the firm, founded by legendary trader Donald R. Wilson (“DRW”), came in conflict over interest options with the CFTC. And from my perspective, they are right.

If you want loyalty, buy a dog

DRW is founded in 1992 and employs some 500 people – with offices around the world. Chopper Trading is smaller (200 employees) and younger. Raj Fernando founded the firm in 2002. Instead of his initials, he has chosen to name his firm after his dog. And well, Don Wilson buys it.

Financial details of the merger haven’t been released.

Bad sign for Chopper

These kind of deals between trading firms aren’t very common, and when they do : it usually isn’t a good sign. At least one of the newly weds is often begging to be saved. Another era, but I remember Saen Options (2009). More recently, Knight Trading wasn’t in perfect shape either.

In this case, Chopper approached DRW. Another sign of trouble for Chopper was the decision a few months ago (November 2014) to shut down the European trading operations. Regulatory burden, sure – but only a burden amidst disappointing results. A year earlier Chopper has been fined by the CME. A tiny $20.000 for excessive orders on the E-Mini Dow futures on Globex on two occasions.

But that’s just speculation. Maybe some shareholders in Chopper felt like gardening and decided to cash out. Or spend more time on charity. Saving animals. Maybe. This Raj Fernando is serious about taking care of dogs by the way. I like this guy.

Some background on Crain’s

Flash boy Binck ignores law of holes

54 comments / December 16, 2014

Somehow Binck reminds me of Van der Moolen in their last months. A listed company and a board which seems to have lost touch with reality. That’s nice when writing a kind of financial blog. Expected a quiet December, but voila : Binck. Time to get the popcorn.

SOR functioning poorly

Contender DeGiro showed credible evidence the Smart Order Router (SOR) of TOM doesn’t function properly. Binck is partly owner of TOM and sends all customer stock orders to this SOR, so kind of a big deal here.

Similar to Flash Boys, the book by Michael Lewis, the customer’s stock orders are routed to several exchanges (Chi-X, TOM, Euronext). But as some exchanges are being reached earlier than others, there’s a window of opportunity for HFT traders to take advantage of the order. (Research paper in English: pdf)

Even professor Menkveld, a very cautious scientist specialized in securities trading, made a relatively straight conclusion “there really seems to be a problem here” with these order executions. Of course, too early to draw final conclusions (maybe it isn’t TOM’s mistake but Euronext is to blame, for example) and more research is required etc.

Hilarious press release

That was last week. Back to the present. Binck released a hilarious press release. They don’t contest the evidence, but still demand rectification from DeGiro. Trying to get the attention away from the ball : the facts presented by DeGiro. In addition Binck claims DeGiro has been manipulating Binck’s own share price. Because the fall in the stock “can’t be explained by other factors” than the news from DeGiro. How sweet.

Remember the pointless lawsuits from Euronext against TOM? Suddenly TOM looks like a fat old fashioned institution, used to a monopoly and unable to compete against a new contender.

Reaction from DeGiro

Reaction from Gijs Nagel, head of DeGiro. Nothing to correct here, the evidence is clear. Here’s the Word document with the official reaction. It’s in Dutch, English version will follow tomorrow (update : here). A simple demands for Binck from DeGiro:

Has a HFT trader taken advantage in 11 of the 12 stock orders, by lifting/hitting orders in front of the customer? Yes or No?

Any other reaction would be a distraction from the real discussion. What a great position, when you can ask such a simple question. Binck is maneuvering itself in an impossible position. I’m pretty confident Binck will try to duck the question, denying the flash trades is very tricky given the evidence. This is a text book case of ignoring the first law of holes. If you find yourself in a hole, stop digging.

Former Flow Trader pleads guilty in code theft

10 comments / December 15, 2014

It’s currently out of fashion, but last years papers were filled with reports of traders getting busted stealing their employers secret software code. We’ve seen the alleged code thief at Goldman Sachs, Aleynikov.

At Flow Traders USA we’ve learned Jason Vuu has been e-mailing himself several strategies and computer code. Not too smart. Vuu tried to launch his own company, together with his pal Lu. Vuu and Lu face serious prison terms if convicted. Lu will appear in court on February 9, 2015.

Vuu pleaded guilty on “unlawful duplication of computer-related material and unlawful use of secret scientific material”, in return for probation. For both charges the poor fella risks four years in prison.

Glen Cressman, no friends with the Vuu/Lu partners, has been caught too by Flow Traders. Same charges. Mailing himself some lines of code. He has to appear in court next week.

Source

Amsterdamtrader