Football and real estate

0 comments / April 11, 2013

Not risk averseSave the date, the Financial Tournament will be held again this year on May 25th. As usual on the pitch of FC Abcoude, with seven a side teams playing outdoor with indoor rules. But as I’ve checked with Ferry, the “scorpion kick” is allowed. You can register your team here and find last year’s pictures over there.

According to Bennington it will be the tenth edition. Very well possible it’s edition number eleven. Even better. As always, the sponsor of the tournament is Eurex.

The past winners:

  • 2012 – EEX
  • 2011 – IMC
  • 2010 – 323 Trading
  • 2009 – KBC Bank
  • 2008 – Eurex
  • 2007 – Euronext
  • 2006 – Market Wizards
  • 2005 – Fortis
  • 2004 – IMC
  • 2003 – Optiver

Options on Nieuwe Steen Investments

Euronext Liffe decided to introduce options on Nieuwe Steen Investments. A sinking ship in real estate, but a part of the midcap AMX Index. Can’t imagine much volume in these options, but All Options will probably be ready to quote it. Market maker roles will be selected next week, trading will start on April 23.

Better Options relocate to Beursplein 5

More real estate. New tenants for the former trading floor at Beursplein 5 one year ago. Alas, Mijnbroker folded in 2012 and Nyenburgh was bought by Virtu. Lot of office space for rent. There’s good news for Euronext, as arcade shop Better Options will move in – leaving their office on the Nieuwezijds Voorburgwal.

Sliding doors

4 comments / April 6, 2013

Robert Coehoorn

My friend and used-to-be colleague Robert Coehoorn (1981-2013) passed away. During the past week, I kept thinking about the movie Sliding Doors. A movie about how someone’s future completely changes as a result of a single decision.

On a Friday in the autumn of 2006 Robert came to interview at IMC. I spoke with an open, honest, friendly and intelligent guy and I wanted to make him a job offer. Robert said that he also had another offer from his previous employer and that he had to give it a thought. That evening, I realised that on his resume, I had seen Robert’s home address. It was close to mine. I went and put a copy of “Inventing Money” by Nicholas Dunbar in his door. Came next Monday, Robert called and said  that he had read the book over the weekend and that he chose for IMC.

Robert’s career skyrocketed. About half a year after Robert had started, in July 2007, I received a mail in Hong Kong that 25 year old Robert was “aan het knallen” (jargon for: ruling the world). Another six months later there was a status report saying: “In Robert Coehoorn, we’ve found a strong new teammember (…) Robert will have an additional trainee to help out“.

When I left IMC in 2008 Robert sent me a heartfelt mail in which he reminded me of the book that I had brought him and thanked me for everything he learned. I wrote to him that he had gotten himself on the fast track and that he should stay on it.

So he did. In 2009, Robert’s desk moved to Switzerland. Robert had turned Head of ETF Trading and Index Arbitrage and I was told he did a great job. From his Facebook entries you can see that Robert was fully into sports. In Switzerland he would snowboard, run and cycle. And abroad it was surfing and diving.

Last week, even on Robert’s fatal very last day in Switzerland before he’d move to Holland, he went snowboarding. He loved life. Sliding doors. What if Robert had chosen to stay with his old employer? He would or wouldn’t have moved to Switzerland. But either way he would have gone to the mountains often for the great outdoors.

And Robert’s many current and former colleagues who now express their sorrow, would not have had the privilige to work and laugh and cry with RoCo, as they always call him.

In our last chat, a month ago Robert, my former pupil, ended this chat with an advice to me: “nu wereld veroveren” (now conquer the world). I think he wanted to say this for everyone. Love life and conquer the world.

April 2013, Hong Kong, Tom Voute

Post, deleted

/ March 27, 2013

Bezorgde blik

Better safe than sorry. I’m not fighting for a nobel cause, maintaining this website is just for fun. So when expensive park avenue law firms are demanding posts and a few hundred comments to be taken offline : they got it.

Apart from visitor traffic going through the roof, there’s not much upside for me in getting involved in these kind of lawsuits. That’s more for Quote and Geenstijl.

In the meantime, the comment section is shut down until further notice. Will probably return with some kind of register option, after moving the servers to North Korea. Seriously, taking a break for a while.

Update. Tibra’s profits soared in Europe. Revenues increased 45% to 27 million. Headcount was down with 24 to an average staff of 57. Those remaining traders and developers shared 10.6 million in salary and bonus. That’s an average of 175k.

Tibra CFO leaves for futures brokerage

97 comments / February 28, 2013

GH. Wie kent hem niet.Tibra was founded by traders leaving Optiver in Australia, while possibly taking some trading software source code with them. Both firms are spending millions on lawyer fees ever since. A few weeks ago the party moved to a California court – something to do with the disclosure of emails by Google. Read for yourself, it’s short but it’s only for enthusiasts (pdf).

Anyway, Tibra is witnessing their own employees resigning to found a new company (Maven). Can’t be a called a surprise. Latest news is the Tibra CFO Justin van Wijngaarden (LinkedIn) jumped ship. The former Lehman Brothers banker signed for GH Futures. A London based brokerage company founded by Gedon Hertshten.

People switch jobs for any reason, but this leads to speculation about falling profitability at Tibra. Especially while they’ve resigned their membership of the London Stock Exchange a few weeks ago.

First hits against Den Drijver and Kroon

50 comments / February 17, 2013

It has been almost three and a half years since Van der Moolen went down. The company filed for bankruptcy September 10th 2009. A pity. Public trading firms burning money like VDM are thin on the ground. Their quarterly reports were juicy material.

Fast forward to 2013. The court decided what everybody has always known, it has been maladministration. Hans Kroon and Richard den Drijver ruined the firm, investigators concluded. Some members of the Supervisory Board, more specific Van den Broek and De Marez Oyens, also must have had a bad weekend.

The investigation wasn’t cheap – 435.962,05 euros. Judge decided Den Drijver and Hans Kroon will have to finance this. This is only a first hit, as the road is open for claims against them. Shareholder association VEB will be eager to take action.

You can read the full research report and court ruling over here (Dutch).

Hans Kroon may not be covered by insurance

Richard den Drijver will be fairly safe. Every management board will have an insurance policy against liability and claims. It’s a field of debate what’s covered by the insurance, incompetence is covered but outright theft isn’t – and the insurance is usually limited to a few million.

I’m an amateur in insurance law. Correct me if I’m wrong. It appears Hans Kroon is in deep trouble as the court ruled he is responsible for crashing the company. However, the man was not a member of the board. That’s an unusual situation – meaning insurance may not cover him. 

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