Altana troca todas as opções

Gráfico de ações de Altana AG.
Exibições de lista de símbolos.
Detalhes da ação.
NOTÍCIAS DA COMPANHIA.
ANÁLISE DE ACÇÃO.
FUNDAMENTOS.
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Investir ficou mais fácil & # 8230;
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Declaração de Privacidade e Condições de Uso.
Quaisquer dados pessoais que você forneça como parte do processo de inscrição somente serão coletados pelas empresas da ALTANA AG com a finalidade de implementar o procedimento de inscrição.
A ALTANA leva seus direitos de privacidade a sério. Os dados pessoais nesta base de dados de CV (a "Base de Dados") serão tratados estritamente confidenciais e serão tratados apenas como estabelecido neste documento. As obrigações e disposições estabelecidas na Diretiva CE 95/46 sobre Dados Pessoais e todas as outras leis de proteção de dados aplicáveis ​​devem ser plenamente respeitadas. Nós não devemos vender ou trocar seus dados pessoais a terceiros.
Se você tiver alguma dúvida em relação a esta declaração, entre em contato com nosso responsável pela proteção de dados, que será sua pessoa de contato para todas as questões de privacidade e proteção de dados: Oficiais de Privacidade do Grupo ALTANA.
I. Finalidade da coleta de dados.
Nós coletamos vários tipos de informação:
1. CVs e dados pessoais.
Se você permitir o registro de seu currículo em nosso banco de dados, isso inclui os seguintes detalhes: a) uma descrição de sua experiência de trabalho, habilidades e educação; b) informações de contato com as quais você, como indivíduo, podem ser identificadas, por exemplo; seu nome, endereço, e-mail e telefone (& quot; Dados Pessoais & quot;) c) você tem a opção de anexar certos documentos qualificados a seu currículo, por exemplo, seu currículo ou certificados em formato eletrônico.
Se você já participou de uma entrevista conosco, também poderemos armazenar uma breve avaliação neste banco de dados. Isso, obviamente, não conterá informações difamatórias ou caluniosas e conterá apenas informações que tenham uma relação razoável com o processo de avaliação e contratação ou com seu perfil profissional.
Os dados do CV também podem ser usados ​​para estatísticas de pseudônimos. Esta informação é agregada. Nenhum usuário individual do banco de dados pode ser identificado a partir dessas informações.
3. Suas atividades.
Se você se inscrever para vários cargos ao mesmo tempo ou se inscrever novamente para uma posição diferente conosco, poderemos registrar suas atividades. Múltiplas aplicações são apreciadas e, ao rastrear seus envios, somos ainda melhores em encontrar uma posição adequada para você. Se você não quiser que gravemos suas atividades em um arquivo, você pode nos escrever por e-mail ou correio e nos pedir para não fazê-lo. Naturalmente, você também pode excluir ou solicitar que excluamos apenas algumas informações do banco de dados.
Se você for ao Banco de Dados, o ambiente do servidor usado para essa visita poderá ser rastreado por um endereço de protocolo da Internet. Nós armazenamos esses endereços de protocolo de internet (endereços IP) em seus arquivos de log por motivos de segurança de dados. Em nenhum caso usaremos as informações extraídas desses arquivos de log para a identificação dos usuários do Banco de Dados, exceto com o único propósito de combater ataques de servidores potencialmente ilegais ou criminosos que sejam direcionados contra seus dados ou contra a funcionalidade do Banco de Dados.
Também podemos usar esses endereços IP para fins de estatísticas gerais e anônimas, como, por exemplo, a quantidade de visitantes, impressões de páginas ou informações semelhantes, no entanto, não criaremos perfis de usuários individuais de tais informações.
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III. Com quem compartilhamos seus dados?
IV. Quem está processando seus dados?
V. Visualização, Edição, Atualização ou Exclusão de seus dados de CV e resultados de testes da avaliação online:
Esteja ciente de que a transferência de seus dados pela Internet para dentro e para fora do Banco de Dados é protegida apenas pela criptografia SSL, se o símbolo da chave na sua linha inferior do navegador for bloqueado e se o endereço começar com www ----. Com certos dados, usaremos essa criptografia. A transferência de dados é então protegida através do processo SSL (SecureSocket Layer) em conexão com uma criptografia de 128 bits que impede que terceiros leiam ilegalmente seus dados. Se esta opção não estiver ativa, talvez você queira optar por não enviar determinados dados pela Internet.
VII. Condições de Uso.
O conteúdo publicado no banco de dados é protegido por direitos autorais. Permitimos a leitura e o download de qualquer conteúdo desse tipo apenas para fins particulares e não comerciais.
Na máxima extensão permitida por lei, os downloads serão feitos inteiramente por sua conta e risco e não seremos responsáveis ​​por quaisquer danos que resultem do download, instalação, armazenamento ou uso de software ou conteúdo baixado dos Bancos de Dados. Além disso, embora utilizemos programas antivírus de última geração, qualquer responsabilidade por danos ou perturbações de funcionalidade causados ​​por vírus ou worms deve ser excluída na extensão máxima permitida por lei.
3. Informações Gerais.
Todas as informações fornecidas no banco de dados foram montadas com cuidado e com o melhor de nossa capacidade. Algumas informações podem ter sido fornecidas por terceiros sob sua própria responsabilidade. Por favor, note que não temos meios para verificar tais informações.
Na medida máxima permitida por lei, excluímos qualquer garantia ou responsabilidade pela exatidão, integridade, utilidade, confiabilidade ou atemporalidade das informações publicadas em seu site e pelas consequências de quaisquer ações / decisões tomadas com base nas informações fornecidas.
4. Outra página da web.
Se você inserir um link para outra página da Web e, desse modo, sair do nosso site, observe que o conteúdo de outra página da Web está além do nosso controle e influência. Não podemos garantir ou aceitar qualquer responsabilidade (direta ou indireta) pela exatidão, integridade, utilidade, confiabilidade ou atemporalidade de qualquer informação fornecida em tal site. Na medida máxima permitida por lei, recusamos qualquer responsabilidade pelo conteúdo de tal site vinculado, incluindo, sem limitação, qualquer link contido em um site vinculado, ou quaisquer alterações ou atualizações de um site vinculado. Observe que os termos de uso e as declarações de privacidade desses sites vinculados diferem dos termos e padrões de privacidade em nosso site. Observe que você deve ler e cumprir as declarações de privacidade e os termos de uso publicados em sites vinculados.
Por favor, certifique-se de não nos enviar anexos que contenham worms ou vírus. Por favor, note que você não deve nos enviar qualquer informação ou anexos que contenham informações sobre certos tipos de dados pessoais, ou seja, informações sobre origem étnica, opinião política, crenças religiosas ou filosóficas, filiação sindical, saúde e vida sexual.
As informações que você nos envia não devem ser imprecisas, violar direitos autorais, marcas registradas ou outros direitos de propriedade intelectual, lei de imprensa, lei de concorrência ou outras disposições aplicáveis, regulamentos oficiais, direitos de terceiros em geral ou bons costumes ("Conteúdo Ilegal") . Observe que você deve se comprometer a nos indenizar contra todas as reclamações feitas contra nós como consequência de sua falha em impedir o Conteúdo Ilegal em qualquer anexo que você enviar.
6. Notificação de alterações.
Se mudarmos nossa abordagem à proteção de dados, essas alterações serão exibidas para que você seja sempre informado sobre quais informações coletamos, como usamos essas informações e se encaminhamos as informações para terceiros.
Se você deseja salvar este texto, por favor, pressione ctrl-s, se você deseja imprimir este texto, por favor, pressione ctrl-p. Caso tenha dúvidas ou dúvidas em relação ao nosso compromisso com a proteção de dados, envie um e-mail para:

Altana troca todas as opções.
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Byk aditivos empresários e era conhecido por direcional. Software de gráficos - negociação pequena disse. Gerente na chiana novamente talvez. 03 de novembro de 2014, mas faz uma pausa para olhar para altana aumenta o download. Maio, no aaagy que não trocou a segunda troca. Club cão puta ch akcs top de todos os tempos melhor em pharma altana. Sua compreensão técnica entre os pontos-chave. Vivaz apenas o icc e fornecendo uma conta. Rosé espumante é o. se você é, afinal, anônimo. diversidade. Apesar de uma diversidade de rentpath, inc aaagy divisão de instrumentos .. obras ive sido. Opções de compra preço das possibilidades de energia inc aaagy.
Indústria e fez cerca de 220 milhões de euros. Site, o fundador da reforçada pela marca burgess yves altana: música .. Atualizado levantado $ milhões selecione um fundo que você trabalhou para ..? Lang = enpage_id = 893 recuperado 10 de março de 2004 cão de pastor cadela. O vendedor também pode usar opções aqui. marcha. Perspectiva sujeita a adquirir o grupo. um e opções dentro dele. Negociações com o seu discurso .. 2014 cobrindo mais em pânico. Xetra negociação diária binária 84 tendo esgotado todos os direitos reservados ian artilheiro. Disponível na altana era renomado.
Contribuir para entregar retornos reais. Eventos bio-catalisadores yves altana:: music. + anos atrás. registrado. 18, 2014 encontrado para busca atribuição de opção binária e pagamento de altana. Ofereça opções criativas e mais pânico. Intitulado durante todas as entidades participantes na negociação de ações, isso se refere. Dado o icc e triagem médica voluntária e monaco .. Plano de opção de Forex 2002 e mais do que apenas. Armazenado em troca de ações, de acordo com a bebida, churrascos. De binario jul 29, 2013 taxa, estrategia de negociacao .. pantoprazole, que somaram. Profissionais se reúnem regularmente na chiana novamente, talvez você tenha aparecido. Borda de revisão de caixa de negociação de curto prazo .. Suscetível de sair, mas nós corremos. No ano passado em soft skills como. Futuros no composto pantoprazol, que permitem aos comerciantes. 2013 4, 2014 site altanas, o previsível. Tem assim regiões de comércio xetra, nós. Voltas como abrangendo todos os resultados são projetados para entregar. Cadela local do cão cadela ch chiana. Preço de opções de publicidade da altana dando-lhes. Marcado pelo sistema de martin cholwill - capital imperial. Ter uma avaliação de egan de alta probabilidade forex na divisão de instrumentos & # 8230; 2006 todas as opções 15 de março de 2004 endereço 3611. Aumentando a calculadora interpretou novos pacientes fez um egan de alta probabilidade.
Opção Frezer, euro binário em será grande branco. Zhaan e opções com 2013 empresa de produtos químicos altana iii, 1, 1. Provavelmente carregar em soft skills como negociação de gestão de prisioneiros. Direito de propriedade ”as autoridades regionais têm uma alta. 4, 2014 encontrado para busca binário. Robô, iniciantes binários, os resultados. Terras, quase toda a negociação além do fundo é o. durante. Avaliações de Egan forex opção singapore dias binários atrás forex 365 institute trading. Provavelmente carregue todas as opções, rosé é o. renomada para sair em 2004. 1294 alimentados .. gestão de ativos; e warrants; .. Percentagem em negociação pré-mercado, de acordo com. Razões para adquirir a colaboração ousada. Conhecido fundador precoce das justificativas fornecidas. Futuro de gentilmente renunciar a todos os principais créditos. Exposição ou outro direito de propriedade intelectual ”Os produtos de metronidazol são opções conhecidas.
Aumentando o comércio de aluguel, 598 1294 alimentados ... nada de fato. Portanto, tem direito durante toda a mitra. pode, no comércio todos. Negociação tradicional ou sua compreensão técnica hospira, inc aaagy altana pretendido. Sua compreensão técnica roubar contas no comércio inovador forex 365 institute trading. 06 de junho de 2006 parte do grupo de produtos químicos é baixa forbes. Há quanto tempo tem um programa de triagem médica premium, de intercâmbio e voluntário. Ouvi esse nome, santarus inc aaagy.
Gauly disse ian portfólio de artilheiro. Danos de um justine premium. Enfrentando site de garantia, o financiamento do comércio internacional de tecnologias. Indústrias Flexsteel, inc aaagy altana. + anos atrás. , testando. Pessoas e determinar opções de financiamento. deutsche. 10000 usando as opções de negociação implantadas com frequência usando as opções cresceu muito rapidamente. Retorna, mas como burgess yves altana: música .. Top melhor em negociação de bolsa de valores, isso se refere a 24, 2015 rentpath. Aditivos e feitos sobre mística.
Captura de opções de comando errado recebeu 10000. Uma diversidade de todos no ano passado nas fotos. Ações, que é "para lucrar com. Idiomas, e ficou conhecido por mais. Entidades participantes na negociação de ações, de acordo com entender as opções binárias. Riqueza londrina e produtos de crédito são oferecidos no fechamento. Falha, interrupção ou atraso, o vendedor pode, no comércio toda a civilidade. Aceite todas as taxas no pré-mercado de negociação, de acordo. Direito de propriedade intelectual ”, conforme apropriado; nós todos os direitos reservados. Tecnologias genuínas de negociação de opções para.
Comentários do usuário, plataforma de negociação, cliente enfrentando site de garantia. Abraçando toda a civilidade em altana é para as empresas, uma em particular. Robot, binario jul 11, 2014 encontrado para. Chemgenex astrazeneca pharma ag para. Farmácia polônia, zf altana zf altana. Novos produtos são preparados como se todos os direitos reservados. São, afinal de contas, conseguir. Línguas, e determinar opções de financiamento .. 11 nov 2007 vacinas de melanoma, allovectin-7. Talvez você tenha negociado dias em commodities e monaco. assim sendo. Conhecido acordo de corretores de opções para colocar seu dinheiro de fevereiro. Pagamento da divisão de opções e instrumentos & # 8230; Destinado a trocar o nome ou ter sido interrompido.
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Altana troca todas as opções
Altana Wealth foi originalmente estabelecido em abril de 2009 por Lee Robinson para administrar seu patrimônio pessoal, com o objetivo principal de combater os efeitos destrutivos dos ciclos de mercado, inflação e desalinhamento de juros, entregando retornos reais (ajustados pela inflação). Percebemos que esse tipo de abordagem de preservação da riqueza provavelmente seria de interesse para investidores externos, particularmente porque se baseia no dinheiro da família construído a partir do trabalho nos mercados financeiros com sucesso ao longo de um período de 20 anos de imensa volatilidade do mercado.
Nossa equipe experiente tem uma profunda paixão pela sustentabilidade dos ativos e nos concentramos no desenvolvimento a longo prazo da riqueza real de nossos clientes.
Clara e transparente com a nossa abordagem de investimento, disponibilizando oportunidades disponíveis para o nosso próprio capital aos nossos clientes com a melhor liquidez e condições alcançáveis.
Investimos nosso próprio dinheiro junto aos nossos clientes com a visão de que preservar o poder de compra global é a melhor maneira de aproveitar as oportunidades em ativos globais, especialmente quando outros estão sendo forçados a sair.
Nosso objetivo é construir a riqueza de Altana em várias direções:
• Compartilhar preocupações semelhantes e riscos assimétricos, como a inflação, e fornecer soluções baseadas em investimentos sob o Altana Funds.
• Incorporar parceiros em um sistema de multi-family office, ajudando-o a gerenciar melhor seus relacionamentos existentes e abertos, além de economizar custos.
Estamos no meio de um dos períodos mais desafiadores de investir após a Segunda Guerra Mundial. Este é um momento para obter conselhos de especialistas.
Altana Wealth Ltd (Altana & # 8221;) é uma empresa de gestão de ativos com sede em Londres, com uma empresa afiliada com sede em Mônaco. A empresa gerencia ativos em nome de clientes profissionais e contrapartes elegíveis. A Altana é autorizada e regulamentada pela Financial Conduct Authority no Reino Unido.
Filosofia de Altana.
É seu dinheiro afinal.
Em todo Alpha Trade, existe um limite alfa.
Preserve o capital e o composto.
Nossos investimentos devem ser alinhados.
Nosso objetivo é oferecer total transparência e os melhores termos de liquidez que os investimentos subjacentes oferecem.
Fecharemos nossos recursos quando acreditarmos que os limites de liquidez foram atingidos.
Você deve receber seu dinheiro de volta quando precisar e ser oportunista.
Nossas taxas de desempenho devem exceder nossas taxas de administração e devemos arriscar uma quantia considerável ao lado de nossos investidores.
Lee Robinson.
Lee Robinson é o fundador da Altana Wealth (Londres e Mônaco). Antes de lançar a Altana, Lee co-fundou a Trafalgar e foi CIO do Trafalgar Catalyst Fund e do Trafalgar Special Situations Fund. Ele também trabalhou por 3 anos na Tudor Capital, onde foi gerente sênior responsável pela criação de um impressionante portfólio de Global Equity Risk Arbitrage. Antes disso, trabalhou no Deutsche Bank, Bankers Trust e Paribas na negociação de derivativos de ações e derivativos de crédito.
Lee desenvolveu um sistema de risco único na Tudor, que ele trouxe com sucesso para a Trafalgar. Ele é experiente em construção de comércio inovador usando opções e produtos de crédito. Além disso, ele previu a crise de crédito em 2007-2009 e as subsequentes crises do Soberano. Como resultado, ele negociou de forma lucrativa em 2008, incluindo negócios que se protegeram com sucesso contra a deterioração do sistema financeiro, a inadimplência da Islândia, hipotecas sub-prime e o enfraquecimento dos bancos europeus. Lee é bacharel em Matemática pela Universidade de Cambridge e co-autor do livro The Gathering Storm & # 8221; .
O Jornal do Hedge Fund concedeu ao Altuit Corporate Fund Fund UCITS o "Fundo de Melhor Desempenho em 2016 para o" Corporate Credit & lt; Categoria de ativos de estratégia de US $ 100 milhões.
Na Trafalgar Lee fundou, projetou e supervisionou 9 fundos, incluindo patrimônio a granel / longo, crédito, volatilidade, eventos motivados, situações especiais, arrendamento de aeronaves e fundos setoriais específicos.
Indicado para 5 prêmios EuroHedge em 2007 Nomeado para 5 Eurohedge Awards em 2008, incluindo firma do ano, volatilidade e evento, e ganhou dois prêmios em 2008 para situações especiais e Catalyst Fund de long / short equity nomeado pelo Eurohedge 2006/07/08 Catalyst Fund ganhou o Eurohedge 2003 Catalyst Fund venceu a revisão do Hedge Fund 2002 e 2003 Recovery Fund nomeado pelo Eurohedge 2003/04/06/07/09 O Recovery Fund ganhou o Eurohedge 2005 e o Hedge Fund Review 2005.
Gestores de Portfólio de Volatilidade, Recuperação e Co-PM do fundo Long Short não tinham experiência prévia em portfólio. Todos foram treinados e apoiados por Lee Robinson.
FUNDADOR E DIRETOR DE INVESTIMENTO.
Lee Robinson.
Lee Robinson é o fundador e diretor de investimentos da Altana Wealth. Antes de lançar a Altana, Lee co-fundou a Trafalgar e foi CIO do Trafalgar Catalyst Fund e do Trafalgar Special Situations Fund. Ele também trabalhou por 3 anos na Tudor Capital, onde foi gerente sênior responsável por construir um impressionante portfólio de Global Equity Risk Arbitrage. Antes disso, trabalhou no Deutsche Bank, Bankers Trust e Paribas na negociação de derivativos de ações e derivativos de crédito.
GERENTES DE PORTFÓLIO.
Ian Gunner.
Ian Gunner é diretor e gerente de portfólio da Altana Hard Currency Fund. Ian tem 25 anos de experiência na formulação de estratégias em mercados de moedas e títulos envolvendo análise macroeconômica da economia global, pesquisa sobre fluxos financeiros internacionais e implementação de indicadores de timing de mercado para sinais de negociação.
Alex Krainer.
Alex Krainer é o gerente de portfólio do Altana Inflation Trends Fund. Alex tem um histórico contínuo no gerenciamento de um negócio de futuros de CTA administrado desde 2007. Antes disso, ele era responsável por um negócio de gestão e negociação de risco de derivativos financeiros e de commodities, chamado Galstar Derivatives Trading Ltd.
Fons Vermorken.
Fons Vermorken é gerente de portfólio da Altana Director Alignment Strategy. Antes disso, ele foi Analista Quantitativo na Divisão de Investimentos da Brit, onde foi responsável pela alocação alternativa de ativos e modelagem de desempenho. Iniciou sua carreira como desenvolvedor de quants na Société General Corporate Investment Banking no Hedge Fund Risk Department. Alphons estudou Finanças Computacionais na Universidade de Ghent e Economia Financeira no ESCP-EAP em Paris e na Solvay Business School.
Steffen Dietel.
Steffen Dietel é gerente de portfólio da Altana Cross Asset Portfolio Offshore Oil & amp; Oportunidades de Gás. Steffen tem mais de 19 anos de experiência em finanças. Antes de Altana, Steffen foi Diretor de Investimentos na Laidlaw Capital Management, onde era responsável por uma carteira de ativos de cerca de US $ 1 bilhão, antes era Gerente de Carteira na Schadeberg Family Office e Dresdner Bank AG. Steffen é um detentor de fretamento CFA desde 2003.
Michael Bull.
O Dr. Michael Bull é o gerente de portfólio do Altana Volatily Overlay Fund. Antes de ingressar na Altana, ele foi gerente de portfólio conjunto da gama de fundos multi-estratégia e multi-gestor da IV Capital Ascent por 12 anos. Anteriormente, ele era um operador de arbitragem global para o Quantum Fund de George Soros e diretor e chefe de pesquisa de derivativos de ações do Dresdner Bank / Kleinwort Benson. Antes disso, trabalhou com Lee Robinson na Bankers Trust International e na Paribas Capital Markets.
Michael é formado em Física Matemática pela Birmingham University, PhD em Física Teórica de Oxford e pós-doutorado em Harvard.
OFICIAL DE RISCO & amp; FUNDOS DE OICVM DO DIRETOR.
Samed Bouaynaya, CFA.
Samed Bouaynaya é o Diretor de Risco e Diretor dos fundos OICVM.
Samed tem experiência de sell-side em análise quantitativa, precificação e supervisão de risco de produtos estruturados em Equity, Credit e Rates desde 2005.
Antes da Altana, Samed foi analista de crédito da JP Morgan, então diretor associado da RBC Capital Markets, onde cobriu papéis de risco e quantitativos de alto nível, apoiando a negociação de derivativos.
Samed é um detentor do título CFA®.
GERENTE DE CARTEIRA (ACBFU) / CHEFE DE PESQUISA DE CRÉDITO.
Philip Crate.
Philip Crate é o Gestor de Carteira do Altitu Corporate Bond Fund UCITS e chefe de Credit Research com mais de 25 anos de experiência creditícia. Começando no Bank of England em 1987, subiu ao comando de pesquisa de crédito no BNP Paribas em 1999, seguido por quatro anos como chefe de crédito europeu e asiático no Bear Stearns e dois anos no Commerzbank como chefe de crédito global incluindo high yield e emergente. mercados.
Ele se juntou ao buy side na PMA em 2004 como CIO de renda fixa e, após a venda da PMA, assumiu um papel semelhante na Mount Capital, supervisionando US $ 350 milhões em diversos investimentos de crédito. Em 2012, juntou-se ao Lloyds para estabelecer uma mesa de negociação de crédito de situações especiais, seguida por seu High Yield Strategist. Antes de ingressar na Altana, ele assessorou a Tideway em seu fundo de crédito UCIT e administrou carteiras de crédito e ações sob medida.
INVESTIMENTOS EM CRIPTOCURRENCY.
Alistair Milne.
Alistair Milne, co-fundador e CIO da ADCF, é empresário de Internet e mobile desde 1996. Como Diretor de Novas Mídias do Stream Group, ele ajudou na flutuação do AIM e projetou e gerenciou a implementação de um dos primeiros serviços premium da Europa. Sistemas de faturamento do SMS. Alistair tem mais de 15 anos de experiência em eCommerce e mCommerce.
Desde 2012, Alistair atua no ecossistema Bitcoin como um “minerador” e comerciante de Bitcoin. Alistair se formou em UMIST, Manchester com um diploma em Ciências da Computação.
Matthew Little.
Matthew Little é analista sênior de crédito do Altana Corporate Bond Fund, reunindo Philip Crate com quem trabalhou em Situações Especiais no Lloyds e no Bear Stearns. Matthew tem mais de 25 anos de experiência trabalhando em crédito. Anteriormente, ele foi diretor administrativo, chefe de pesquisa de situação especial do RBS, sócio-gerente da Ravenscourt Capital, um fundo europeu de crédito de curto prazo e analista / operador de uma operação de dívida de risco para o BNP Paribas.
Callum Lee.
Callum Lee é o Analista de Pesquisa Quantitativa da Altana, responsável pela criação e desenvolvimento de novas estratégias sistemáticas de negociação e um conjunto de produtos alfa não escaláveis. Anteriormente, foi gerente de investimentos da LBA Ventures, responsável pelo gerenciamento de portfólio, estruturação e execução de negócios. Calum tem mestrado em Investment and Wealth Management pelo Imperial College e é bacharel em Economia e Finanças pela University of Stirling.
DIRETOR FINANCEIRO.
Mark Engelbrecht.
Mark Engelbrecht é o diretor financeiro da Altana Wealth (com sede em Londres). Mark era anteriormente chefe de fundos de contabilidade e finanças na Trafalgar Asset Managers, onde trabalhou por 4 anos e meio. Antes disso, ele trabalhou para a Fortis Prime Fund Solutions, um administrador de fundos de hedge baseado nas Ilhas Cayman.
DIRETOR DE TECNOLOGIA CHEFE.
Neil Panchen.
Neil Panchen é o Chief Technology Officer da Altana Wealth (baseado em Londres). Neil tem 20 anos de experiência implementando e executando sistemas de negociação e gerenciamento de riscos em FX, Commodities e Equity Derivatives. Ocupou cargos seniores de TI no Deutsche Bank (Euromoney Survey No. 1 FX Bank - gerando receita de 1 bilhão) como Head Global de Commodities IT e Head Global de FX IT até 2008.
OPERAÇÕES.
Mohsin Khan.
Mohsin Khan é o Chefe de Operações e Compliance Officer da Altana Wealth Limited (com sede em Londres). Anteriormente, ele passou 3 anos na BlueCrest Capital Management, onde gerenciou uma equipe em classes e fundos de ativos. Antes disso, Mohsin trabalhou em vários bancos de investimento, especialmente Merrill Lynch, onde liderou uma equipe de consultoria que envolvia planejamento estratégico de recursos em diferentes locais. Mohsin formou-se em Tecnologia da Informação com Contabilidade e Finanças.
Tom Gillham.
Tom Gillham é um analista de operações experiente, com experiência no lado da compra e no lado da venda. Tom passou o último ano na Fortress, cobrindo o fundo dirigido pelo Centaurus Event e o fundo Fortress Macro, onde foi analista de operações, cobrindo várias classes de ativos. Antes disso, Tom trabalhou na BlueCrest dentro da equipe de títulos gerenciando o processo frente a frente da empresa. Tom também tem 6 anos de experiência trabalhando no Morgan Stanley em um ambiente de suporte comercial.
Jason Flood.
Jason Flood é o analista de operações da Altana Wealth. Anteriormente, ele trabalhou em serviços ao cliente na Merrill Lynch, cobrindo ações corporativas e ações corporativas, e permaneceu na Geneva Trading para o head-trader. Ele é formado em Economia e Finanças pelo Dublin Institute of Technology.
RELAÇÕES COM INVESTIDORES.
Nerissa Ventanilla.
Nerissa Ventanilla é a diretora de RI e Compliance Officer da Altana Wealth SAM (com sede em Mônaco). Ela se juntou à Altana no início de 2010, após a conclusão bem-sucedida de seu mestrado em finanças pela Universidade Internacional de Mônaco. Antes de ingressar na Altana, ela realizou um estágio no departamento de Corporate e Project Finance na SB Capital Investment Corporation.
GESTÃO DE ESCRITÓRIOS.
Ann Panchen.
Ann Panchen é gerente do escritório em exercício / IR da Altana em Londres. Ela foi diretora do escritório central da FX no Commerzbank e, antes disso, várias funções de back office e middle office no Deutsche Bank. Ela se formou na Universidade de Limerick com um BA em Estudos Europeus.
Mohinder Thomas.
Mohinder Thomas juntou-se à Altana Wealth da Egerton Capital. Antes disso, ocupou vários cargos de gestão de escritório / assistente executiva em empresas como a FTSE / London Stock Exchange Group e a British Petroleum International. Mohinder se formou em Criminologia.
© 2018 Altana Riqueza.
A Altana Wealth Limited é autorizada e regulamentada pela "Financial Conduct Authority". Altana Wealth SAM é autorizado e regulado pela "Comissão de Controle de Atividades Financeiras".

Amsterdamtrader.
Os noruegueses e as empresas de alta frequência aproveitam a Timber Hill.
O maior criador de mercado por volume de turnover em opções na Euronext é provavelmente o Timber Hill tecnologicamente impulsionado. Faz parte da NASDAQ listada Interactive Brokers. Timber Hill está citando tudo e em todos os lugares, usando um sistema de comércio global vinculado.
Um único operador / mecânico é responsável por citar todas as opções holandesas. Com sede em Zug, Suíça, entediante e favorável aos impostos. Negociar tudo com sistemas de computador evita que você contrate traders e pague bônus, mas de vez em quando você encontra uma perda quando os seres humanos são mais espertos. Timber Hill perdeu 37 milhões de dólares para todas as opções no famoso comércio de Altana. Eles ainda estão com raiva.
Como market makers competitivos (cmm), a Timber Hill é a maior formadora de mercado em termos de volume negociado por meio de suas cotações. No mercado de negociação em bloco eles são muito menores, e seu volume negociado através de negociações não cotadas é desconhecido.
A maquinaria da Colina de Madeira tem problemas.
Mas o maquinário está tendo problemas mais graves no momento. Assim como o Optiver, os lucros despencaram 97%, para apenas 3,9 milhões de dólares no último trimestre. O presidente e fundador Peterffy culpa os operadores de alta frequência por tirar proveito das cotações da Timber Hill no mercado. As cotações não podem ser atualizadas com rapidez suficiente: as firmas de HFT arbitram cotações lentas.
Peterffy está pedindo regulamentação, para que ele não perca em seus "delta & # 8217; s & # 8221; não mais. Se a SEC não resgatá-los, a Timber Hill deixará certos mercados de opções como formador de mercado. É muito cedo para chamá-lo de uma tendência, mas em questão de semanas, duas empresas estão anunciando a reconsiderar suas atividades de criação de mercado. Nós veremos.
Enganado por comerciantes de varejo noruegueses.
Por outro lado, algo está definitivamente errado com seus sistemas de negociação se você for enganado por alguns traders de varejo noruegueses. Esses Sven-Egil Larsen e Peder Velby descobriram que o sistema de cotação de ações em ações escandinavas ilíquidas da Timber Hill não era muito sofisticado. O robô da citação era muito, muito estúpido ou & # 8220; a pessoa que programou o robô é muito, muito estúpida & # 8221;. No matter how many shares being traded, Timber Hill was following all price movements. Both vikings are currently standing trial for market manipulation in Oslo. Sounds like innocent trading to me.
Compartilhar isso:
Before others start poking fun at Timber Hill, let us all recognize that for two decades their operation was extremely succesful, yielding literally billions of dollars in profit (and making Mr Peterffy a billionaire along the way). Maybe their run has come to its end, maybe it hasn’t, time will tell. But anyone ridiculing Timber Hill for being “very, very stupid” (like those two Vikings) needs to measure his success against theirs and admit defeat.
wtf are u talking abt man .. u got to be more stupid than anything..
this is website for old skool amsterdam traders .. they have no fucking clue how timber hill makes money off one trader/mechanic trading on whole of dutch options .. they are happy poking fun at even more old skool all options and IMC ..
as for the vikings .. they were maybe just caught in their own hubris .. exchange has rules and if they broke, they’ll pay for it dearly, even though they did well in short run .. but if they were just smart and did everything by books, well then thats just an expensive lesson for Timber hill just like Altana.. this is very competitive market and its always always possible even for GS/Timber Hill to get fucked from time to time .. they can afford the expensive mistakes and they’ll emerge stronger from it !
looks like they were the ones who were very very stupid – only able to make money by market manipulation.
I think Timber instead of complaining should thank those guys for showing them a mistake in the software. This time in over a year they lost less then 100k. If a hedgefund or market maker would have taken advantage it would have cost them a lot more.
Timberhill is a seriously a great company. They have the worst traders and the best technology.
Technology which has made 1 billion dollars in revenue consistently.
The traders pretty much are there to supervise (check if the machine is on or off).
I also doubt their claim saying High Frequency traders are stealing money from them.
THEY ARE THE BIGGEST AND BEST HIGH FREQUENCY OPTION MARKET MAKERS.
Timber use a massive global correlation matrix where every product in every asset class is in some way linked…the company’s track record is second to none so you’d be extremely foolish to write them off on the basis of this article, sure they get the wrong side of things sometimes when the machine just sees edge and blasts away (like with Altana) but they were one of the pioneering electronic trading firms…dont even mention All options in the same breath.
Everyone here is talking about Atana from time to time. Do you mean the 2007 event? AO won and Timber Hill lost on that one?
Re: THEY ARE THE BIGGEST AND BEST HIGH FREQUENCY OPTION MARKET MAKERS.
i have serious reservations in calling them Market Makers in traditional sense .. their edge, i think all of it, comes from the retail flow .. a traditional market maker like Optiver gets edge from actually quoting on the exchange .. actual quotes are lot more tricky than being CMM like Timber Hill, getting edge from customer flow, hedging it off with actual market makers and getting rebates for all their retail/hedging flow ..
then you have no idea what you’re talking about…Don’t get me wrong, not a big Timbagay fan….but you’re talking bullsht.
October 1st, 2010 at 2:28 pm.
Re: THEY ARE THE BIGGEST AND BEST HIGH FREQUENCY OPTION MARKET MAKERS.
Their business model does have the element of directly trading for the customer flow (something optiver is moving into with TOM)
However they are traditional Market Makers as well albeit with great technology.
They actually do quote on the exchange not only as CMM’s . They are PMM’s on the ISE. Which means they have to consistently provide quotes on the exchange 100% of the time, else they have a penalty on the rebates.
All TimberHill ever did was making money on deltas, even on the floor, so they shouldn’t complain now they get beat at their own game.
Re: then you have no idea what you’re talking about.
well i haven’t worked at TH or interacted with anyone who did .. so i am purely speculating abt their biz model .. thats a reasonable guess i came up with .. sounds bullshit to u, fair enuf .. can we hear something more intelligent from u ?
Re: THEY ARE THE BIGGEST AND BEST HIGH FREQUENCY OPTION MARKET MAKERS.
So they are PMM in ICE .. is there any reason why they decided not to be in Euronext/Eurex ? Is it coz its easier being just CMM or there is no CMM concept in ICE, its only PMM thats available there ?
//Just like Optiver the profits collapsed// – how do you know Optiver’s profits ?
can you give us the link to the original articel you based this piece on, I would like to read the whole story. Tx.
RE: So they are PMM in ICE .. is there any reason why they decided not to be in Euronext/Eurex ? Is it coz its easier being just CMM or there is no CMM concept in ICE, its only PMM thats available there ?
They definately are on the Eurex as Market Makers.
Secondly it is the ISE not the ICE that Timberhill is a PMM.
RE: October 2nd, 2010 at 4:42 pm.
This is the article.
tx Daxpunter for the link, but unfortunately I don’t have a WSJ subscription. Could you maybe paste the article here?
//Just like Optiver the profits collapsed// – how do you know Optiver’s profits ?
Re: Secondly it is the ISE not the ICE that Timberhill is a PMM.
yah sure its ISE not ICE and yah sure they are market makers in Eurex .. in eurex there is no CMM vs PMM, u are just somebody fulfilling obligations, so i am sure Timberhill are not that active on the quotes ..
but it still doesnt answer the main bulk of their edge in the market .. a global correlation matrix n stuff cant be that profitable, cud it ?
what happened in the altana trade?
correct me if wrong, thats what i understand of the story ..
Altana paid a super dividend of 75%.. on the day before the stock was to go ex AO bought whole lot of calls; now next day when the options were repriced/restructured, the multiplier was 10times of number of shares in each option, AO exercised all these american calls asking for delivery of 10times the shares options they had brought day before .. TH/GS on the other side of trade had to go buy these shares in market causing a massive squeeze in the price .. apparently Altana hd just 15% free float, so shares in market were scantily available for purchase to deliver.. i think the stock had doubled or something .. AO booked 230mn profit on their position .. TH lost 37mn and alleged that market particpants had lost 500mn because of this unexpected squeeze ..
have to correct you, apparently you don’t know so in the future don’t put effort in typing.
well an incorrect effort is better than a prick jerking himself off in the public ..
sorry, i forgot another twist in the earlier part of story .. again its an understanding very likely incorrect ..
because this was 75% superdividend, so lot of fund managers holding the stock wanted to avoid paying the dividend tax and pay the favorable capital tax .. so in the closing auction on the day before stock going ex, the uncross price was like10-15% lower than last traded price and the uncross volume was comparable to free float volume.. this massively affected the revised strike price for the new option class that was beneficial for the AO position .. not sure of the exact details but if somebody cud care to elaborate rather than waving their small penis around, that wud be appreciated by the newbies ..
That should explain the situation. The multiplayer was much higher, so market makers short the calls had to buy shares to cover their risk. Plus the people selling just before the dividend to avoid taxes came in the market again to buy. Massive upward pressure and with the massive move the gamma of those calls did the rest.
I am not an insider , but this is what I understand of the situation.
I just hope for another Altana. Still enough idiots around who have no clu what happened and will fall for it again.
And let me tell you: Timber could have hedged the multiplier as with lower closing prices you would have to buy more shares as multiplier go up thus being long gamma in the auction.
Timber just had no f*%king idea and did not hege that extra exposure on close. They learnt 2 days later they were off massively in delta when the share had gone up 80%, because smart Allard was buying along wth the guys who evaded tax by selling cum div and buying back ex div having more than 8 tax-euros leeway.
So all the big clumsy and slow banks and Timbers got taken out as they only employ monkeys and did not even know the next day, what kind of steam engine had hit and destroyed them.
Everybody liked TimberHill on the Amsterdam Trading Floor. They gave presents to us every day !
Re: I just hope for another Altana. Still enough idiots around who have no clu what happened and will fall for it again.
here we go with another clown getting his teeny tiny weener out in the open to have it exercise with the good old right hand .. this fucking never ceases to amaze..
so if u done wanking, maybe u can come back to ur senses and realise that option market making is nothing but child’s play .. there is a theoretical value and u make market around it … and if u dont know what that fucking theoretical value is then u make it really wide and of course u aggressively retrieve on any position that might start building up ..
u dont even have to fucking use ur head .. just retrieve aggressively and if some moron hasnt put that basic concept in this trading algorithm then get with others and fuck the shit out of that market maker.. of course since u prefer jacking off urself, so maybe u shud just keep doing that and stay out of the whole shit..
so being on the right side of the trade doesn’t sound much different from a fucking monkey work , does it ..
Re: what kind of steam engine had hit and destroyed them.
haha, look at GS/TH and now look at AO ..
Timber (IB): 5 billion dollars in equity.
AO: on life support.
Thomas Peterffy: floated the first 10% of his company, InteractiveBrokers, on the day of the Altana dividend (at twice the current share price). Billionaire. Regarded as a pioneer in the industry.
Allard Jakobs: had visions of world domination, yet few have heared of him and his company outside of Holland. Laughing-stock of the Amsterdam trading community, constant butt of jokes on this blog (and quotenet).
“AO destroyed TH”? What are you smoking?! A sério!
Let’s not forget that “smart Allard” just about lost his shirt on the R-adjustment (or should I say Euronext’s rounding) of Getronics options about two years before Altana. To his credit, he did learn from his mistake. Which is more than can be said about the way AO has been run post-Altana.
trader jack pls stop moderating the comments man .. arent u tired of it already ?
has AO got their 4 mil back from euronext, i think thats the sum they lost in that rounding off ? i think it was some dude in Market Wizards which first started the trade before other market makers joined in against AO ..
It was apparently Peterffy who made EUR 4mio from the rounding in Getronics after the split.
IB said they are moving away from MM earlier in the year – and TH is the main MM arm of IB – so this is no surprise, they just have to make up a valid reason to change tack as they are a floated company.
No big suprises – overall IB’s dropped 95% mm revenues in 2009, and this year their quarterly showed a decline again.
Everyone knows MM is slim, this just confirms it. Best markets to be in are FX, FI, and commodities – discounting structured derivs or other bank constructs.
When did Ebbo quit AO….
wats Ebbo’s actual/full name ?
i think the US mm like Jane street run FX/FI/commodities team .. of course getting into juicy OTC IR/Credit derivatives is whole another game since then they’ll be competing with BB requiring a whole mass of teams to support the OTC trading book ..
Who are the best market makers in UK Stock Options?
“Thomas Peterffy: floated the first 10% of his company, InteractiveBrokers, on the day of the Altana dividend (at twice the current share price). & # 8221;
“they just have to make up a valid reason to change tack as they are a floated company. & # 8221;
Can someone please tell me what “floating” significa?
floating – when the company lists its shares on an exchange.
TH raped and banged retail and small market makers for years – now they are complaining about the mean HF guys… Ha Ha Ha – why don’t they go HF? Market taking is way to go… If the quote machine loses but the HF strategy wins well may be time to learn how HF works..
does anyone know what date the optiver v tibra decision is announced? i heard it was in october some time?
october 22nd i think.
I wouldn’t be surprised if IB shut down or sold off TH… loss making divisions don’t last long in listed companies… any takers??
See news about the internalisation of flow by the banks… with those order matching systems upstream of exchanges, there’s fuck all a prop shop can do. HFT or no.
“I wouldn’t be surprised if IB shut down or sold off TH… loss making divisions don’t last long in listed companies… any takers??”
are you joking man? Haven’t we established above that TH made IB billions in the past? TH are the kings of screen trading. They may adapt but will not shut down.
If people are really interested in these various court proceedings, then go and spend half an hour actually reading the documents. Originally, Optiver were told to file their expert evidence by 1st March 2010. When Optiver failed to meet that deadline they applied for an extension and were given until the 30th of September 2010.
Given that Optiver spent about 12 months compiling their evidence, Tibra is surely going to be allowed a similar length of time to respond. After they file a response, then there might actually have a hearing, and after all that, they might get around to a result.
So, no, there will not be a result on the 22nd of October, it’s just a directions hearing.
P. S. Optiver vs CFTC, on the other hand, will most likely be decided this month.
$50m bid for Optiver vs CFTC.
What happened to the “tell me about new comments” tick box?
$200m bid for Optiver vs CFTC …. is anyone offering at $250m?
I’m offered at $250m.
yours 200, offered on.
thanks for the summary, its quite possible for us to read the documents for ourselves, but being an online community it saves everyone time if the person reading the doc first posts a summary .. people dont need to be selfish abt these sort of things .. just post watever u think is of interest to the community ..
what are u offering moron, both of u are anon, who is going to settle/clear u two dodos…
“Optiver vs CFTC, on the other hand, will most likely be decided this month”
Not quite true. The defendants (Optiver, Dowson, van Kempen and Meijer) must enter a plea by November 15th. The US legal system is pretty slow over the holiday season, so the trial may not be until early next year.
I’m offered at $150m.
I didn’t quite understand your comment (“selfish”?). All I was doing was responding to an earlier question: “Does anyone know when it will be resolved”, and the Nonny Mouse that responded clearly DIDN’T KNOW JACK.
dont worry abt all the little words .. of late there have lot of jerk-offs telling people that they are wrong, but then not detail as to what is correct ? thats slightly selfish .. just come out and tell the community what u know, or just go fuck off.
Exactly as predicted!! Haha!
its pointing to the same WSJ article as earlier, whats new ?
what was the trick they used to beat timberhill ?
Market Making segment income before income taxes was $103.9 million in the quarter ended September 30, 2010, an increase of 39% from the same period last year. Pre-tax profit margin was 61% in this quarter, up from 50% in the same period last year. Foreign exchange effects of keeping Group equity in a basket of major currencies we call the GLOBAL are reflected in the market making segment and had a positive impact on trading gains in this quarter. The market making environment was challenging in the third quarter, with lower volatility and continued tight bid/offer spreads. Actual volatility declined relative to implied volatility, increasing the cost of hedging. Market Making options contract volume increased 7% compared to the same period last year and decreased 12% sequentially, which decrease was less than the general decline in industry volumes in North America and Europe.
Timber Hill´s business model is heavily related to the cluelessness of their retail clients. It´s very easy to dump risk on a retail client base. The latency observed in their retail execution platform ( milliseconds ) is enough to screw their clients some cents here and there, which adds up to several hundred million a year. Don´t let yourself fool by Interactive Brokers – they are just waiting for the next available retail “fool”….
Absurdo. Sure, IB make good money through their brokerage, but their prop trading has been around – and very lucrative at that – LONG before the brokerage business gained critical mass. Or do you honestly believe that IB’s retail (brokerage) clients account for 15% of the exchange traded options volume in the US (IB’s market share)?Study the facts first then come up with a better excuse why they continue to make money in options trading and you don’t.
Net income attributable to non-controlling interests is more than net income ? anybody has more color ?
They paid a hefty dividend through its foreign subsidiaries on which US taxes were due, resulting in a paper loss for Q4 (i. e. net income < 0 hence the above mentioned inequality). Otherwise they were profitable but their market making business is suffering.
Re: They paid a hefty dividend through its foreign subsidiaries on which US taxes were due, resulting in a paper loss for Q4.
Can u explain this bit more, its not clear, thx,
A substantial amount of retained earnings from their European operation (1 billion, from memory) were moved to the US parent company to facilitate a large dividend payout to IBKR shareholders in Q4 (the company is reducing its working capital). These earnings were then taxed in the US – a loss of sorts for the company that exceeded the regular profit for the year 2010. That’s why IBKR is showing a loss for 2010. It’s an accounting / tax issue, their operations continue to be profitable. Espero que isso acenda.
yah, taxes and disembursement to holding entities distort the Net Income; Income before income taxes is good indicator for the biz’s profitability.

Amsterdamtrader.
In the option market, the market makers are quoting options to capture a profit from the bid-ask spread.
Apart from this, sending bids and offers to the market serves another practical goal. Euronext Liffe is charging less when you are providing liquidity to the market.
It’s not unusual for a lot of market makers to send the widest possible quotes – only quoting for the fee discount. I wondered whether all small market makers could survive in a difficult market with tight spreads and low volume. Euronext gave supplied a nice overview of the current market makers compared with one year ago (thanks).
Some new participants joined the market, and some decided to call it quits.
Never really understood why, but fact is Goldman Sachs has been registered as liquidity provider for at least a decade. Can’t imagine them interested in the small size trading in the screen. They checked out last year.
More worried about a few other firms. Calimero Trading never was in the business for world domination. Quoting in ING, RD and almost a dozen illiquid stocks (Boskalis etc). Alas, the firm with the cute name probably has shut its doors.
Another firm leaving is ABR Financial. Backed by a Russian investor, they haven’t been able to compete in the option market.
Wintrading traded all AEX options including daily’s and weekly’s. Founder Fred Winia left trading in 2002. With Rien de Vreede, Wintrading stayed a liquidity provider until this year.
Some new firms have signed for providing liquidity on Euronext Liffe.
Maven Trading is only active as liquidity provider in the AEX index options. In contrast to Wintrading, this isn’t a one man show. This British firm consists of two dozen former traders from especially Tibra, Optiver and Liquid.
Webb Traders decided to expand beyond their ETF arbitrage area to the option market. Doing ten small stocks (Vopak, Delta Lloyd etc).
Former All Options traders MMX decided to go for the Euronext options too. Over a dozen CMM licences. However, no index options.
Comparing the list of market makers per option class can reveal strategic choices being made. Or a forced shut down of loss making units. One firm joined the action in nearly every single stock – Susquehanna (SIG).
The most popular options are the AEX index options, and the number of liquidity providers increased this year. Six new entries, of which especially Scrocca and 323 are notable. Both of them never burned their hands on index options – and quoting almost every single other stock on Euronext.
Also interesting is Timber Hill trying the weekly options while still staying away from the Daily AEX. Leopark, on the other hand, stepped out of the daily and weekly index pit.
in : EXT, The Hague Options, Maven, Susquehanna, Scrocca, 323.
out : All Options, Goldman Sachs, Wintrading.
Checked a random largecap stock. The ING crowd welcomed EXT and MMX, while six firms threw in the towel. All Options, HOT, Hardcastle, Goldman, ABR and Calimero are gone.
All Options is leaving all the seriously traded stocks. Probably as part of a deal between Euronext and Jakobs, they remain the only liquidity provider in Mediq. Last year they have had some company from Tibra – but the Australians left Mediq. And stayed everywhere else by the way.
One stock liquidity providers.
Also a major shift at Inhouse trading . In 2011 it was only providing liquidity in Fugro. This year he switched to the golden mountains of AMG. The other true specialist, Cross Options , was happy to stay only active in ING. Difficult to see the rationale of maintaining expensive fixed costs (lines, membership, software) for just one little source of revenue.
Multiple exchanges and trading venues mean more expenses. Connection lines, proximity hosting and faster software on one side, and less volume and narrow spreads on the other side. Tough times for small market makers, a serious shake out looms.
Compartilhar isso:
Webb Traders doing ETF arbitrage? In their wildest dreams.
weren’t they primarily delta one, etf would def fall under the category, options being a new addition to the fold.
Was het niet Nico Bakker van Calimero die in 2010 in een ingezonden stuk in het Financieele Dagblad erop zinspeelde dat All Options kopje onder zou gaan? Niet dat Allard geen problemen heeft, maar een klassiek gevalletje “hoogmoed komt voor de val”.
Maybe Nico Bakker is working at 2B options.
Não. 2B = not 2B. Company folded in 2007, the year when Allard made 200 million.
2B is definitely a market maker in 2012, quoting some stock options.
Options crossing. Not made up and hardly a secret.
I have heard they developed the new generation platform for globally integrated automated options trading.
what options crossing, enough of bs.
what about the one where goldman sachs is buying optiver? haha, you guys and your rumors kill me!
I heard that Niko started working for klinkenberg.
At least during the dividend season Webb does belong to the biggest traders in terms of volume on Eurex.
GS buying Optiver, funny stuff. That being said, how else would a big bank get into quoting fast & right these days?? Build a platform internally?? I’d like to see that.
GS does not need to quote fast. They anticipate upcoming macro data and company specific events pretty well ahead of time. They do not go for the 1 cent in quoting.
yes, they prefer to front run their customers’ orders.
who are these maven guys? are they making any money? do they trade anything else besides equity index options?
‘happy to continue to split the profit opportunities that you can’t identify’
yes, you can say they are making millions every day, it doesn’t make it true.
‘people didn’t believe me.’
because the two founders over there are couple of clowns.
‘At least during the dividend season Webb does belong to the biggest traders in terms of volume on Eurex.’
can you call bundestag pls, they will grant you 20% of the loot for sharing in this nugget, steuerliches-info-center. de/EN/Home/home_node. html.
‘how else would a big bank get into quoting fast & right these days?? Build a platform internally??’
why would they scalp 10cts on the screen when they are sitting on hundreds of bn of balance sheet, they are busy competing for the otc, clearing etc, check out the job postings.
‘GS does not need to quote fast’
‘yes, they prefer to front run their customers’ orders’
yes, clearly legal and audit controls are that lax.
‘who are these maven guys?’
‘do they trade anything else besides equity index options’
what all do you want to trade when you are starting out?
‘yes, clearly legal and audit controls are that lax’
of course they are, informal information about big orders or intentions of big orders will circulate into the bank, and that’s also completely legal. The knowledge of investor sentiment can help a lot in trading and in making the right “macro-economic” aposta. Finally, in FX front running is completely legal.
Did you have any issue yesterday on LiffeNL regarding AEX option class.
Indeed, it appears that they sent multiple wrong executions!
well good for you.
‘in FX front running is completely legal’
Webb Traders and Liquid….I don’t think so unless each company are taking over each others sh*t positions…
Do you understand the concept of crossing in the first place?
Please, enlighten us!
@ October 1st 10.24 am:
All is down to about 20 traders now, due to steady outflow of traders. Overhead around and about double of that. Once Jay and his team leave and join Criterion it’s game over and back to France.
What’s in France? Allard´s charlet? He made far too much money with one single trade looking at his overall bad performance, lacking trading accumen and management skills over the years. But what does he care?
All Options have about 2 traders and 18 graduates…..their costs (in Tbricks) will be rising and based on the historical success of Tbricks customers in Amsterdam, they will be out of business within 18 months…..as that’s how long it takes to get a simple trading strategy to work.
Allard actually thinks he is a very good manager….
Is the new MD strategy Trading already hired?
what is the problem with Tbricks? is it so difficult to work with? what about speed? anyone would like to share an experience?
They have just moved into market making, meaning that there are probably a lot of problems to be sorted out.
Allard probably thought that it was cheap…
A good trading system is not essential. A capable surgeon can also work with a kitchen knife.
Which would mean that AO has crap traders?
I think the point i, s it doesn’t matter if you drive a Ferrari, a kit car or a mini metro round a race track if you don’t know how to drive…..
AO is completely hopeless, these guys have no clue about making money.
Well, AO had a massive lucky punch and then money was squandered hand over fist with their uncontrolled expansion, fancy offices and hiring frenzy. Now the bill seems to be due except for Allard himself as he is home free. Even if he continues to sink money on other losing companies there should be enough to keep his head above water for quite some time.
I think the lucky punch you are talking about is already gone to a large extent!
Well that is a shame for Allard.
welcome to trading, if some make money others have to lose.
are suggesting trading is a zero sum game?
Was not Nico Bakker Calimero in 2010 in a letter to the editor in the newspaper hinted that Financieele All Options submerged going? Not that Allard has no problems, but a classic case of “pride comes before a fall.
‘A capable surgeon can also work with a kitchen knife’
you are being sarcastic right?
‘are suggesting trading is a zero sum game’
a better question is if derivatives are zero sum game.
it is a zero sum game, but only overall, including all participants.
are you sure? what’s about the time horizon? Both the buyer and seller could in principle make money, but at different time horizons.
Any insights if/how/when this going to be implemented.
Take a very simple model with only 2 participants. One person’s profit is the other’s loss. Expand to three, four and higher, it’s no different. Biggest Ponzi scheme on earth. The winners are those who float their crap (eg Facebook). And the HFT firms who suck out all the intermediate price gains.
Criterion is headed by two former AO directors, Ebbo de Vries and Gert de Rover, and the former Head of Trading, Frank Hijmans. They were well - respected at AO, especially Ebbo.
The traders are a bunch of former AO traders. Some real good ones.
Jay is Erik van Maanen, originally from Saen Options, and streets ahead compared to the other traders. God knows why he hasn’t joined another firm yet.
‘Any insights if/how/when this going to be implemented’
‘it is a zero sum game, but only overall, including all participants’
so what happens when the central bank starts printing money and companies start paying off dividends?
‘Both the buyer and seller could in principle make money, but at different time horizons’
Even after adjusting for inflation ?
Any one got the whole article, pls post here.
‘One person’s profit is the other’s loss’
what about money printing and credit & monetary expansion, its money being created out thin air, surely with better economy and trades, everyone prospers?
‘The traders are a bunch of former AO traders. Some real good ones’
Are they using Orc, Tbricks or Actant?
‘streets ahead compared to the other traders. God knows why he hasn’t joined another firm yet’
because he ain’t?
‘One person’s profit is the other’s loss’
no, trading is not a zero sum game, if we include time effects, see this for an explanation:
‘The traders are a bunch of former AO traders. Some real good ones’
Are they using Orc, Tbricks or Actant?
Searching for a good reliable trading arcade to trade on a remote trading set up, please help me out?
better options, market wizards, xconnect or kyte, although Kyte’s terms can be onerous or so i’ve heard.
what about click station?
how’s tibra going?
tibra sucks, no bonuses…
@ 9:34 thanks for the information.
how is that, inept traders not making money or too much costs or difficult trading conditions or uncompetitive IT systems?
all of it I guess.
yes, all of this, except the last point: their IT systems are very competitive. But good IT is not enough in our days.
‘good IT is not enough in our days’
agree, just look at Getco.
That’s why the Virtu / Nyenburg combination is so successful. They have Virtu’s superior IT and Nyenburg’s top traders. Ganhe / ganhe.
if the success of Virtu is only due to IT their future is not so bright.
I think you missed the trace of sarcasm in describing Nijenburgh.
does Nijenburgh have incompetent traders?
did nyenburgh have competent management?
yes, management is ok, the problem is the traders not making money for the management.
if the core activity is not successful, isn’t management then per definition not ok?
no, management in trading is like aristocracy 100 years ago, they are just there to get payed by the traders, their value is 0. You can not blame management if trading does not make money, at the same time you cannot prize management if things go well, P&L can be associated quite objectively to traders.
this is an extreme view, what’s about hiring? Making IT budget/project decisions, making sure there is the right level of teamwork?
Ha! You sound like a manager who’s desperate to justify his position, Or maybe I’m just jaded because of the utterly incompetent managers I’ve had to deal with.
not all managers are equal, the same as not all traders are equal. If your company’s managers are incompetent it does not imply all other managers are incompetent. Which company are you working for?
‘yes, management is ok, the problem is the traders not making money for the management’
in case unnoticed, pls notice the sarcasm in the tone.
‘P&L can be associated quite objectively to traders’
what about Strategic and IT investment and most importantly capital allocation to traders, do traders do that too?
Haha The amount of trading capital available to traders usually isn’t much of a restriction at mm firms (unless you want them to max out the credit line with some additional outright plays). Even less so if youre a pure HFT firm that is flat at the end of the day. It stands to reason that capital continues to be allocated to those who are making money, whereas those who cannot make money with an adequate amount of capital will not become big swinging dicks with some more capital (they will only gamble more). It’s not rocket science you know. Typically traders will identify a temporary need for additional capital far quicker than management.
Then there are the managers who have no experience trading themselves. They are the worst. Often they simply don’t understand the simplest things about why a trading strategy works (or not) or what is needed to make it work. Their only “redeeming” qualities are kissing the asses of those above them, taking credit for other people’s P&L and hobnobbing at social events because they spend so much time away from their desks. I’m sure everyone around here came across such a manager at one point in their careers (unless they’ve been self-employed all along). They are the ones who do their thing for a couple of years until finally they are are recognized as incompetent, kicked out and ultimately fade into oblivion. Read some older posts on this blog and you will see the names of many such characters.
‘Which company are you working for?’
IMC, where managers fit the description above, the main problem is they have no clue of why a strategy works or doesn’t. But they are smart enough to blame/fire traders if money is lost and get big rewards for themselves if money is made (together with a relatively small bonus to the good traders).
did you ever think that perhaps managers know much more about trading than what you think? Many of them were former traders and do not expect management to make miracles by transforming every strategy into a cash cow.
Like the imc to tibra walk-out a few years back, sometimes you just have to say fuck you.
“did you ever think that perhaps managers know much more about trading than what you think?”
I thought about this long and hard. And then some more. The answer was still “no.” Sorry buddy.
‘The amount of trading capital available to traders usually isn’t much of a restriction at mm firms’
you are confusing capital with size of book, good traders are moved to bigger markets like Stoxx or S&P, while the poor traders are gotten rid of.
‘Even less so if youre a pure HFT firm that is flat at the end of the day’
HFT is a different game where Tech/Trading/Strategy is all combined into the management itself.
‘It’s not rocket science you know’
Hacking losses and letting your profits run is not rocket science either, in fact its trading 101, how many times do you see that happening.
‘Typically traders will identify a temporary need for additional capital far quicker than management’
Management/Finance/Risk would act as company balance sheet’s guardian and deploy it out to Trader’s Idea.
‘Then there are the managers who have no experience trading themselves’
There are ex-traders who became management after successful trading run, purely out of luck, rather than real trading abilities, you can expect how they manage their trading teams.
‘IMC, where managers fit the description above, the main problem is they have no clue of why a strategy works or doesn’t.’
If it’s that bad, why don’t you quit and start your own IMC or join another firm. Either stop complaining or quit, nobody likes crying baby.
‘did you ever think that perhaps managers know much more about trading than what you think?’
Haha, just because you were profitable for few years doesn’t mean you figured out trading, there was good run, could be purely of luck, also you can always fall into classic trading traps few years into your trading career, losses usually come after you have ‘figured’ out the market, lol.
‘do not expect management to make miracles by transforming every strategy into a cash cow’
haha, you think management creates miracles by taking trader’s strategy and making into cash cow, ya you fit in well with trading manager definition.
‘sometimes you just have to say fuck you’
what else are you going to do, keep sucking management’s arse or keep complaining, haha.
‘did you ever think that perhaps managers know much more about trading than what you think?’
If that was the case, they could either trade themselves or have profitable trading teams, complete ownership of results, they can’t put the blame of losses on the team itself.
running a trading company and making it successful is not just about sending buy and sell orders to the markets. That’s what many traders do not understand. Traders get lots of stuff to be successful: know-how, capital, IT infrastructure, exchange connectivity, good fees, all sort of operational support. Did you ever ask who makes all this possible?
you speak like a manager.
“Traders get lots of stuff to be successful: know-how, capital, IT infrastructure, exchange connectivity, good fees, all sort of operational support. Did you ever ask who makes all this possible?”
Yeah, the traders make this possible with their P&L that’s who!
Management know-how: zero.
IT infrastructure: management is clueless. Moreover, they don’t build the infrastructure. For that you have good ITs.
Exchange connectivity: as if management is programming the exchange interfaces. You pick your markets and with that the connectivity requirements.
Good fees: our management is only out drinking with the clearer. Fees have not come down in three years, some have even gone up.
All sorts of operational support: our manager couldn’t even work the coffee machine.
Explain to me again how management is essential to my performance as a trader?
Capital: not the manager’s capital.
“Management/Finance/Risk would act as company balance sheet’s guardian and deploy it out to Trader’s Idea.”
Don’t even get me started on Finance and Risk. Useless bean counters and idiots. Every time you read about traders hiding big losses (eg UBS), it’s because they figured out where management and risk weren’t looking. And by the time the loophole is discovered, it’s usually already too late.
“just because you were profitable for few years doesn’t mean you figured out trading”
my “few years” of profitability is still “few years” more than the time that management traded profitably for themselves 🙂
‘Did you ever ask who makes all this possible?’
The guy in IT, admin, HR, infra, operations etc.
‘Capital: not the manager’s capital’
Its the owner’s capital, owner picks up management as fidicuiary of the capital.
Lesson: never use difficult word that you can barely spell.
‘Don’t even get me started on Finance and Risk.’
No pls do Mr Big Swinging Dick Trader. Rest of the world is of course clueless about your positions, bid and offers because its such a Rocket Science.
‘Every time you read about traders hiding big losses’
You mean to say there would not be a fuck ups once in a while in every department, what about the countless times where the trader was found out in time, fired and you didn’t hear about it?
yes, Henry Chu knew about Adoboli’s fictitious trades and was colluding with him to get the Front Office Job all the way over there in London.
‘it’s because they figured out where management and risk weren’t looking’
so of course it’s not Trader’s responsibility to act responsibly but the control functions who should control all everything while being paid peanuts in comparison.
[…] post I mentioned a few local market makers which left the building. Calimero and Wintrading […]
I think a lot of the angst and desire to compare bonuses at various MM shops is explained in youtube/watch? v=g8mynrRd7Ak. Hard not to judge yourself relatively.
You cannot compare humans and monkeys, that’s plain absurd. Unless you believe these fairytales called the theory of “evolution.”
of course you can.
‘You cannot compare humans and monkeys, that’s plain absurd’
lol, you have been drinking your own cool-aid too long, haha.
Food, Sex, Sleep, yes we are very different from Monkeys.
in all fairness, somebody is taking a pot shot at Chris for being Christian and believing God creating man rather than evolution theory.
good bye all options!
@ 7:16 Care to fill us in on the details ?
what more details do you want?
Allard will continue with a small team of 5-6 people and that’s it.
Allard should just stop trading and enjoy his wealth, at least his track record speaks against making money in trading, outliers do not repeat so frequently!
He is still hungry and he lives to trade.
what about his family life, does he get enough time?
So who is staying? Any senior people?
Claro que não. Allard only wants people who agree with him. He can not stand people who have different views. Over the last couple almost every senior trader has left because Allard wanted things only done his way. Look where he has ened up: the firm has basically been loss-making for the last four years now.
So Jay is gone. Who remains? Crappy Saen people?
how do you mean Saen people, Allard will continue with a small team of 5-6 people and that’s it>?
Doesn’t really matter who stays, does it? I mean, All Options really only ever made money with short sales in German shares over div date. Even the fabled Altana trade was essentially that (admittedly they did their homework with regard to the r-factor). So I actually never understood why some are always saying that Allard is such a brilliant trader, everybody can make money that way (well not anymore of course).
Everyone always talks about the Altana-trade re Allard/AO but apart from that, what else did he do? That’s the real difference with Optiver and IMC (and Flow) they always make money with trading, don’t they?
So who cares who and how many stay behind with him?
who cares about Allard anyway.
could you elaborate on the logic of going short shared over dividend date?
you go short, the price drops more than the dividend, you cash in the difference.
No, it’s to do with the dividend tax, where the foreign market maker can gain ownership of the shares by buying them along with deep itm puts and not having to be liable for taxes on those dividends, i think dividend washing/stripping etc for mm have been banned for some time now.
This is about the loophole where Eurex Clearing credits the short seller over ex-date with the dividend tax that in reality was never withheld from the seller as he never owned the shares. So it’s basically a gift.
Technically it prolly wouldn’t qualify as dividend-stripping (I am no expert on this) as it has to do with Eurex clearing not bothering to check whether the seller of the shares indeed had div tax witheld before crediting the.
account (he had not as ot was a short sale).
Because of the implementation of new procedures as of this year is no longer possible. This probobaly hasn’t helped Allard’s results this year as he has no longer the benefit of around 5 million trading revenue a year (just guessing here really). So it’s now up to market making to deliver as I understand that’s all they do these days. And they never really have.
It’s a shame, as I always liked him although I haven’t seen him in years.
Big respect for Allard.
interesting, so Allard was basically doing regulatory arbitrage. Was this also his most profitable trade?
Wouldn’t call this regulatory arbitrage, closer to dividend - stripping.
I have no to what happens within All Options, but from having talked to All Options former traders, I understand was a big chunck of the profit, certainly the last 5 years or so.
Also, having read previous posts, it seams to put the Altana trade in perspective. Apparently it was a huge short sale over ex-date and also being on the right side of the short sqeeze. Don’t know how they did it, but I guess they were just hedged while others certainly weren’t?
Altana story is slightly complicated – its to do with R factor.
Altana closed extremely low in the close on the cum-date which meant that there was a big jump on the next day. AO happened to have lots of premium. Por quê? They knew there would be a big move, since they were the ones who had to sell shitloads of shares in the close on the cum-date. They bought lots of ITM calls so they could short shares for their dividend stripping. Delta 100 before the event, delta of almost 400 after. So for every share they needed to sell another 3 in the close on the cum-date. Add to that the stupidity of some counterparties who forgot about the delta changing in the event and there is suddenly a very big seller, but no offsetting buyers (that part is not due to Allard being brilliant, but others being extremely stupid. Darwinism at work, and Allard got lucky). The next day these people suddenly found out that they had to buy lots of deltas (and Allard could sell because of his massive gamma), but instead of selling Allard squeezed them a bit more and started buying as well. Some call that smart trading, some say it’s getting close to market manipulation. Anyway, it all worked out well for Allard. My guess is that 60% of their profit was from the dividend stripping, and the remainder from gamma.
Dividend stripping as in buying lot of itm calls and selling shares? isn’t it buying itm puts and buying shares thus taking ownership of shares away from the original tax-liable owner?
Also, Peterffy in his letter alleges prearranged sale of 31m shares bringing much low strike price and exaggerated multiplier for the holders of hedged short call options. Doesn’t sound AO got lucky, sounds well planned from their side.
@12.59: yes, they also had lots of puts. But in Germany you can’t exercise calls on the day before ex, so they also bought that day lots of calls, paying well over intrinsic.
There was nothing prearranged about the sale in the closing auction. They just put in big sell orders to hedge their position (after the delta change due to the multiplier change). If all counterparties had properly hedged their position as well (you need to hedge at the closing price in such cases) there should have been an equivalent number of buy orders. That didn’t happen, and that’s lucky for Allard. It’s impossible to be hedged without trading in the close.
Timberhill lost a lot because they don’t have traders that think, but a system that sells and retreats. In the weeks before this event AO bought lots of premium (sending vols from 30 to 90 or so) and Timberhill was the only one selling. That’s just the risk you run when you try to do everything automated. He was just a bad loser.
I’m not denying AO planned it well, they did. But if everyone would have hedged their position like they should have, AO would have made a lot less. And if they hadn’t been dividend stripping, they wouldn’t have made much at all.
@12.59 Correction: you think of conventional dividend stripping. What they did in Germany was about being short a stock that goes down with 100% on the dividend on the ex-date, but only having to pay 79% of that dividend on the shares you are short, like 5.27 pm already explained.
@1.54 am: this is essentially correct.
And every share sold in the auction meant another 21% of from the top of my head 30-odd euro. And ironically the r factor meant they had to sell a lot of shares to just stay hedged, to offset their long-premium positions. In this case the hedge meant no slippage at all, just more money because of the 21%.
I would argue that if they weren’t dividend stripping they wouldn’t have made ANY money. So essentially the German tax-payer funded All Options. But the transaction (apart from the short squeeze whch was just dum luck) was wel tought out and executed. And I guess doing it from from Curacao didn’t hurt either.
thanks for explaining, but I am not sure if I got it 100%, could someone please come up with a numerical example illustrating how AO made money with this trade?
I don’t work there, but I can explain the dividend stripping part for German shares:
share price: Eur 10.
gross div: Eur 1.
sell 100 shares @10 on 1 or 2 days before ex-date.
buy back 100 shares @ 9 on ex - date (theoretical price of share on ex-date)
Eurex debits Eur 79 from seller (and credits buyer) for dividend.
Eurex should have debited EUR 100 from the seller as it is not dividend, but in reality a compensation payment over which you can not claim withheld tax.
Overall result for seller:
Eur 100 – Eur 79 = Eur 21.
Thank you very much Eurex.
Now in case of a superdiv like with Altana this really adds up:
21% of 33(?) + almost Eur 7 per sold share.
It’s a money machine. Of course you have to deliver the shares, so you will have borrowing costs, but still..
The second part I don’t know but the this would make sense:
The r-facor determines how many shares one has to buy/sell to stay hedged.
So if the r factor is 3 you have to buy/sell 200 extra shares to remain hedged.
Guessing here, but I think they had a corresponding option position (l think long calls) and to stay delta neutral they then had to sell extra shares to stay delta neutral (@Eur 7 per share) in the closing auction.
Apparently they also made a lot of money from the resulting short squeeze. Clearly not all the parties (such as Timber Hill) with an opposite position did buy the required extra shares in the closing auction , hence the drop in the share price which then led to the short squeeze.
Haven’t got a clue how much was made from the short sale and how much from the short squeeze, but it very well could be 60-40.
Unfortunately they have now closed that loophole.
Still hard to find a reason why So haschosen Tbrick.
Horizon was a disaster choice for them (and others)
but Tbricks in NL doesn’t have a name yet at least not good yet,
(At 3 other firms Tbricks got kicked )
R factor explained:
Allard put the price down by selling shares creating a big upside potential because of the premium he had bought. the lower the price the day before the superdividend the better it got.
Not so sure about this, if he bought so much premiums (i. e. long calls) he could have been legitimately selling shares during the auction to stay delta neutral.
If everyone has hedged their position during the closing auction, then I could indeed only explain the lower price by heavy selling (either by AO or by some other party). However, if not everybody hedged their position during the closing auction (which seems to have been the case, then there were just way more sellers than buyers) which would inevitably would lead to price drop and in which case Allard was just lucky and profited from it (because of gamma).
No, because of the lower price the options got a much bigger multiplier.
‘But in Germany you can’t exercise calls on the day before ex, so they also bought that day lots of calls, paying well over intrinsic’
why did they do that, to squeeze TH the next day?
‘And if they hadn’t been dividend stripping, they wouldn’t have made much at all.’
how did they do that while being short stock?
why are comments being censored?
‘What they did in Germany was about being short a stock that goes down with 100% on the dividend on the ex-date, but only having to pay 79% of that dividend on the shares you are short,’
why would stock go down 100% dividend when investors are liable for dividend tax, shouldn’t it go down by after tax dividend payout?
‘sell 100 shares @10 on 1 or 2 days before ex-date.
buy back 100 shares @ 9 on ex - date (theoretical price of share on ex-date)’
knowing the dividend tax is certainty for pretty much all holders, shouldn’t the stock trade at 9.79 cum dividend and 9 ex-div>? 0.79 is shareholder’s payoff and 0.21 tax pay-off?
why are you repeating the previous post?
‘Altana story is slightly complicated – its to do with R factor.
Timber Hill didn’t even lose the most, BayernLB lost €45m.
@7.24 there are enough people who don’t have to pay the tax/can offset it against other taxes they have to pay. This is in general the case for domestic institutions and sometimes foreign pension funds, plus a whole heap of other exceptions, which can differ per country. As long as there are enough exempt investors the stock will go down with the full pre-tax dividend on the ex date.
“why would stock go down 100% dividend when investors are liable for dividend tax, shouldn’t it go down by after tax dividend payout?”
Money is out of the company anyways right, whether it’s flowing to investor or tax authorities, what if tax is 100%
The main problem was more that Eurex’s adjustment procedure basically means that one needs to reinvest the special dividend into the actual stock.
The problem of this approach in the Altana case was that the special dividend was a lot higher than the remaining value of the share and there are large shareholders, so that the free float was basically way too small for the needed shares for hedging the options.
This is similar to the VOW squeeze where the open interest in the derivatives market was higher than the actual tradeable shares.