Van der Moolen
|
|
| Public | |
| Industry | Financial services |
| Founded | Amsterdam, Netherlands (1892) |
| Headquarters | Schiphol, Netherlands |
| Products | Trading |
| Revenue |
 EUR110.8 million (2007) |
 EUR 77.7 million (2007) |
|
| Total equity |
US $1040 million (2007) |
|
Number of employees
|
440 |
| Website | www.vandermoolen.com |
US $1040 million (2007)
Van der Moolen was a Dutch trading firm, with its headquarters located in Amsterdam. They were mainly active in the United States and in Europe, particularly in the Netherlands, France, Germany, Switzerland and the United Kingdom. Van der Moolen, which at its peak was one of the largest registered marketmakers on the New York Stock Exchange, filed for bankruptcy in September 2009 after mounting losses.
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 (AEX). The company’s shares were also listed on the ('NYSE') in October 2001.
In 2001, Van der Moolen launched VDM Bonds to provide fixed income liquidity in less-than-wholesale transaction sizes to banks and other intermediaries. VDM Bonds was sold to Zions Bancorporation in March 2004 after its management team left the company. In January 2006, VDM acquired Curvalue, a Dutch trading company specialized in derivative trading. 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.
On the , Van der Moolen served as specialist until 2007 when it sold the activities to Lehman Brothers. 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. 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. 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.
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Wikipedia