Van der Moolen

Last updated
Van der Moolen NV.
Company type Public
Industry Financial services
Founded Amsterdam, Netherlands (1892)
Headquarters Schiphol, Netherlands[ citation needed ]
Products Trading
RevenueIncrease2.svg EUR110.8 million (2007)
Decrease2.svg EUR 77.7 million (2007)
Total equity US $1040 million (2007) [1]
Number of employees
440

Van der Moolen was a Dutch equity trading firm, with its headquarters located in Amsterdam. [2] They were mainly active in the United States and in Europe, particularly in the Netherlands, France, Germany, Switzerland and the United Kingdom. [3] Van der Moolen, which at its peak was one of the largest registered market makers on the New York Stock Exchange, filed for bankruptcy in September 2009 after mounting losses. [4]

Originally known as Van der Moolen & Co., it was founded in July 1892 as a 'jobber' or 'hoekman' which traded in equities and bonds. The company started its expansion in the derivatives markets in the late 1970s. Van der Moolen became a limited liability company in December 1986 and soon afterwards was listed on the Amsterdam Stock Exchange (AEX). The company's shares were also listed on the New York Stock Exchange ('NYSE') in October 2001. [5]

In 2001, Van der Moolen launched VDM Bonds to provide fixed income liquidity in less-than-wholesale transaction sizes to banks and other intermediaries. [6] VDM Bonds [7] was sold to Zions Bancorporation in March 2004 after its management team left the company. [8] [9] [10] In January 2006, VDM acquired Curvalue, a Dutch trading company specialized in derivative trading. [11] In late 2006, VDM acquired the assets of London-based prop trading firm Hills Independent Traders Ltd. In 2008, VDM UK's proprietary equity and futures trading unit was closed after an ill-fated move to a new site in Colchester. [12]

On the New York Stock Exchange, Van der Moolen served as specialist until 2007 when it sold the activities to Lehman Brothers. [13] At one point, Van der Moolen USA's specialist book had represented 15% of the NYSE listed common stocks and accounted 11% of the NYSE's volume. [14] Regulatory changes which slashed margins for market makers and allowed a flood of new competition for trading volume significantly impaired the profitability of this VDM unit. [15] Previously in 2003, Van der Moolen Specialists became subject to an investigation by the SEC on allegations of front running. In 2004, Van der Moolen reached a settlement with the SEC and paid a fine of $57.7 million. Some employees were convicted of fraud, while others (Robert Scavone Jr.) were later acquitted. [16] [17]

On August 10, 2009, Van der Moolen requested protection from its creditors a short time after opening its new headquarters near Amsterdam airport. [18] The new HQ office project had been reportedly delivered on time and under budget. [19] On September 10, 2009, Van der Moolen filed for bankruptcy a week later. [20] The company assets in the Netherlands were liquidated in January 2010 with an auction raising Euro 400,000 [21] against creditor claims for Euro 28.3 million. [22] An announcement of a tax reclaim from the German Tax authorities arrived a week after the bankruptcy filing. The Euro 32 million tax reclaim was transferred to VDM's liquidator in October 2009 (with a condition and it may still have to be returned). [19] [23] This tax refund could have saved the company—but simply arrived too late. Van der Moolen's dealings are being investigated by the Dutch market regulator AFM. [24]

As of 23 December 2010, Van der Moolen shares were no longer listed on the Euronext Amsterdam exchange. [25] [26] [27]

According to a report dated 13 May 2011 by the Enterprise Chamber of the Amsterdam Appeals Court, prior to bankruptcy Van der Moolen's management did not seem in control of the company's dividend arbitrage activities, and attention to capital management and external financing was limited. The Dutch investor group VEB and insurer ASR Nederland NV had asked the Enterprise Chamber to investigate the firm's management. The VEB also asked for the court to assess mismanagement and damage claims. [28] [29]

By May 2018, Van der Moolen's trustees announced that all creditors, including a number of former employees of the company, could fully recover their claims against the company including interest. [30]

Related Research Articles

<span class="mw-page-title-main">New York Stock Exchange</span> American stock exchange

The New York Stock Exchange is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is the largest stock exchange in the world by market capitalization.

<span class="mw-page-title-main">Euronext</span> European financial services company

Euronext N.V. is a European bourse that provides trading and post-trade services for a range of financial instruments.

Vodafone Libertel B.V. is the second largest mobile phone company in the Netherlands, and was previously called Libertel. It is part of VodafoneZiggo, a joint venture between Ziggo and Vodafone Group.

<span class="mw-page-title-main">AEX index</span> Dutch stock market index

The AEX index, derived from Amsterdam Exchange index, is a stock market index composed of Dutch companies that trade on Euronext Amsterdam, formerly known as the Amsterdam Stock Exchange. Started in 1983, the index is composed of a maximum of 25 of the most frequently traded securities on the exchange. It is one of the main national indices of the stock exchange group Euronext alongside Euronext Brussels' BEL20, Euronext Dublin's ISEQ 20, Euronext Lisbon's PSI-20, the Oslo Bors OBX Index, and Euronext Paris's CAC 40.

<span class="mw-page-title-main">Deutsche Börse</span> Financial services company of Germany

Deutsche Börse AG, or the Deutsche Börse Group, is a German multinational corporation that offers a marketplace for organizing the trading of shares and other securities. It is also a transaction services provider, giving companies and investors access to global capital markets. It is a joint stock company and was founded in 1992, with headquarters in Frankfurt. On 1 October 2014, Deutsche Börse AG became the 14th announced member of the United Nations Sustainable Stock Exchanges initiative.

<span class="mw-page-title-main">Spyker Cars</span> Dutch sports car marque

Spyker Cars is a Dutch sports car brand held by the holding company Spyker N.V.. The modern Spyker Cars held the legal rights to the brand name. The company's motto is "Nulla tenaci invia est via", Latin for "For the tenacious, no road is impassable". The marque's logo displays an aircraft propeller superimposed over a spoked wheel, a reference to the historic Spyker company that manufactured automobiles and aircraft. In 2010, the company acquired Swedish car manufacturer Saab Automobile from General Motors.

<span class="mw-page-title-main">Euroclear</span> Belgium-based financial services company

Euroclear is a Belgium-based financial services company that specialises in the clearing and settlement of securities transactions, as well as the safekeeping and asset servicing of these securities. It was founded in 1968 as part of J.P. Morgan & Co. to settle trades on the then developing eurobond market. It is one of two European international central securities depositories.

NYSE Euronext, Inc. was a transatlantic multinational financial services corporation that operated multiple securities exchanges, including the New York Stock Exchange, Euronext and NYSE Arca. NYSE merged with Archipelago Holdings on March 7, 2006, forming NYSE Group, Inc. On April 4, 2007, NYSE Group, Inc. merged with Euronext N.V. to form the first global equities exchange, with its headquarters in Lower Manhattan. The corporation was then acquired by Intercontinental Exchange, which subsequently spun off Euronext.

<span class="mw-page-title-main">Euronext Lisbon</span> Stock exchange in Lisbon, Portugal

Euronext Lisbon is a stock exchange in Lisbon, Portugal. It is part of Euronext pan-European exchange. The most famous index is PSI-20.

<span class="mw-page-title-main">Suntech Power</span> Chinese producer of solar panels

Suntech Power Holdings Co., Ltd. is a Chinese producer of solar panels, with 2,000 MW (2,700,000 hp) of annual production capacity by the end of 2011. It is headquartered in Wuxi, Jiangsu. Shunfeng International Clean Energy Limited, a HKSE listed renewable energy investment and Independent Power Producer company, acquired Suntech in 2014 following Suntech's bankruptcy in 2013. With offices or production facilities in every major market, Suntech has delivered more than 13,000,000 solar panels to thousands of companies in more than 80 countries around the world. As the center for the company's global operations, Suntech headquarters, in Wuxi, China, features the world's largest building integrated solar facade.

<span class="mw-page-title-main">Intercontinental Exchange</span> American exchange and clearing house company

Intercontinental Exchange, Inc. (ICE) is an American multinational financial services company formed in 2000 that operates global financial exchanges and clearing houses and provides mortgage technology, data and listing services. Listed on the Fortune 500, S&P 500, and Russell 1000, the company owns exchanges for financial and commodity markets, and operates 12 regulated exchanges and marketplaces. This includes ICE futures exchanges in the United States, Canada, and Europe; the Liffe futures exchanges in Europe; the New York Stock Exchange; equity options exchanges; and OTC energy, credit, and equity markets.

Delta Lloyd Group was a Dutch insurer with operations in the Netherlands, Belgium and Germany. It consisted of Delta Lloyd, OHRA, ABN AMRO Verzekeringen and a few minor banks. The company was the sixth-largest insurer in the Netherlands, with a market share of approximately 8% before it was acquired by NN Group in 2017.

<span class="mw-page-title-main">Duisenberg School of Finance</span> Educational school now part of University of Amsterdam

The Duisenberg School of Finance (DSF) was an educational university in the Netherlands. It offered Master's level education in finance between 2008 and 2015. The school was launched as a collaboration between the Dutch financial sector and various academic institutions. DSF's founders include influential Dutch economist Nout Wellink and Minister of Economic Affairs, Maria van der Hoeven. The name was chosen by the founders to honor Wim Duisenberg, the first President of the European Central Bank. 

<span class="mw-page-title-main">Van Lanschot Kempen</span>

Van Lanschot Kempen N.V. is a specialised, independent wealth manager that provides private banking, investment management and investment banking services to wealthy individuals and institutions. It is headquartered in 's-Hertogenbosch, the Netherlands. With a history dating back to 1737, it is the oldest financial institution in the Netherlands and the Benelux and the tenth oldest financial institution in the world.

<span class="mw-page-title-main">Intertrust Group</span> Dutch corporate management service company

Intertrust is an international trust and corporate management company based in Amsterdam, Netherlands. In November 2022, it was acquired by Corporation Service Company. The company is best known for its fiduciary services, which includes tax, trust, business management and outsourcing processes. It is the largest trust office in the Netherlands.

Molycorp Inc. was an American mining corporation headquartered in Greenwood Village, Colorado. The corporation, which was formerly traded on the New York Stock Exchange, owned the Mountain Pass rare earth mine in California. It filed for bankruptcy in June 2015 after changing competitive circumstances, declining prices on output and a 2014 restructuring. It was purchased by its largest creditor Oaktree Capital Management and was reorganized as Neo Performance Materials.

Fagron NV is a publicly traded multinational group of companies governed by Belgian law. Its registered office is located in Waregem, Belgium, and its headquarters is located at Rotterdam, Netherlands. Founded as Arseus NV, it was formerly the Professional Health Division of Omega Pharma, and became an independent entity via an IPO on October 5, 2007 and has been listed on Euronext Brussels and Euronext Amsterdam since then. Its share is included in the BEL MID-index and the Amsterdam Small Cap Index (AScX). The head office of Fagron is located in Rotterdam.

<span class="mw-page-title-main">JDE Peet's</span> Dutch beverage company

JDE Peet's N.V. is an American-Dutch company that owns beverage brands, mostly of coffee, tea and hot chocolate. It was formed in 2015 following the merger of the coffee division of Mondelez International with Douwe Egberts as Jacobs Douwe Egberts. The stock of JDE Peet's is listed on the Euronext Amsterdam stock exchange.

Jean-François Théodore was a French businessman, President, Chairman and CEO of Euronext N.V., deputy CEO and Head of Strategy of NYSE Euronext Inc. for Euronext N.V and chairman of its Managing Board.

<span class="mw-page-title-main">Besi</span>

BE Semiconductor Industries N.V., simply called Besi, is a Dutch multinational company that designs and manufacturers semiconductor equipment. Besi offers die attach, packaging, and plating solutions.

References

  1. ↑ "Businessweek". Investing.businessweek.com. Retrieved 2012-06-07.[ dead link ]
  2. ↑ Stevenson, Reed (9 September 2009). "Van der Moolen expects to be granted bankruptcy Friday Wed Sep 9, 2009". Reuters.com.
  3. ↑ Company Profile for Van der Moolen Holding NV, June 27 2003 Archived September 27, 2008, at the Wayback Machine
  4. ↑ Tim Cave, German Firm Quits Over Tough High-Frequency Trading Rules. Wall Street Journal Money Beat, Retrieved 21 October 2024
  5. ↑ "Van der Moolen Holding NV Annual Report 2006 (Ernst & Young), p. 8". Xbrl.rienks.biz. Retrieved 15 December 2009.
  6. ↑ "Van der Moolen, Odd-Lot Trading With a Very Experienced Team in Capital Markets Magazine of Q2 2001" (PDF). Speedwell.net.
  7. ↑ "Mayer, Brown, Rowe & Maw LLP advises Van Der Moolen on sale of bonds trading subsidiary". Mayerbrown.com.
  8. ↑ "Van der Moolen Signs Agreement To Sell VDM UK Bonds". Business Wire. January 7, 2004. Retrieved 20 December 2010.
  9. ↑ "Team profile details team move to ABN AMRO". Uk.linkedin.com. Retrieved 10 May 2011.
  10. ↑ "Tullett raids ABN's e-commerce team". FXWeek.com. 30 July 2007. Retrieved 10 May 2011.
  11. ↑ "Van der Moolen Holding NV Annual Report 2006 (Ernst & Young), p.8". Xbrl.rienks.biz. Retrieved 15 December 2009.
  12. ↑ "Moss Trading". Moss Trading Professional Traders in Equity Markets. 2012-09-06. Archived from the original on 2012-09-06. Retrieved 2013-07-04.
  13. ↑ "Lehman Swipes Up Van der Moolen Specialist Ops". 247wallst.com. December 4, 2007.
  14. ↑ "Van der Moolen Holding N.V., SECURITIES AND EXCHANGE COMMISSION FORM 6-K, December 2001". Secinfo.com. Retrieved 30 December 2010.
  15. ↑ Moyer, Liz (2011-01-06). "Goldman's NYSE Floor Operations Struggle as Market Changes Wall Street Journal Accessed 11 January 2011". Online.wsj.com. Retrieved 2012-06-07.
  16. ↑ "CORRECTED - Ex-NYSE trader sentenced to 6 months for fraud, Reuters.com, Jan 19, 2007". Reuters.com. 19 January 2007. Retrieved 2012-06-07.
  17. ↑ Glovin, David (2008-07-30). "Ex-Van der Moolen Specialists Win Conviction Reversal Bloomberg.com, July 30, 2008". Bloomberg.com. Retrieved 2012-06-07.
  18. ↑ "Van der Moolen granted creditor protection, Reuters.com, Mon Aug 10, 2009". Reuters.com. 10 August 2009. Retrieved 2012-06-07.
  19. 1 2 http://www.veb.net/content/Bestanden/acties/VDM/vdmverzoekschrift1aug.pdf [ dead link ]
  20. ↑ Stevenson, Reed (9 September 2009). "Dutch Van der Moolen declares bankruptcy Reuters.com, Wed Sep 9, 2009 5:57 pm". Reuters.com. Retrieved 2012-06-07.
  21. ↑ "Van der Moolen's garage sale". Amsterdamtrader.com. Retrieved 30 December 2010.
  22. ↑ "Van der Moolen to Auction Statuettes, Cars in Bankruptcy Sale". Bloomberg Businessweek. January 5, 2010. Archived from the original on January 13, 2011. Retrieved 30 December 2010.
  23. ↑ "Who is Frank Vogel?". amsterdamtrader. 2011-07-31. Retrieved 2012-06-07.
  24. ↑ "Dutch court orders Van der Moolen investigation". Reuters. 2010-07-05. Retrieved 2012-06-07.
  25. ↑ "Euronext Listings". Euronext.com. Retrieved 2012-06-07.
  26. ↑ "Whodunit at VDM, Oct 9, 2009". Amsterdamtrader.com. 9 October 2009. Archived from the original on 2012-03-04. Retrieved 2012-06-07.
  27. ↑ "Aandeel Van der Moolen officieel verleden tijd rtz.nl 23-12-2010" (in Dutch). Rtl.nl. 2010-12-23. Retrieved 2012-06-07.
  28. ↑ van Gaal, Maud; Pals, Fred (17 May 2011). "Van Der Moolen Governance Was Flawed Before Bankruptcy, Dutch Probe Says". Bloomberg. Bloomberg.com. Retrieved May 17, 2011.
  29. ↑ Enterprise Chamber of the Amsterdam Appeals Court Report on Van der Moolen N.V. Bankruptcy of 15 Februari 2013, ECLI:NL:GHAMS:2013:BZ1149 (Dutch)
  30. ↑ Het Financieele DagbladCuratoren Van der Moolen kunnen extraatjes uitdelen, 2 mei 2018 (in Dutch)
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.