Optiver

Optiver Holding B.V.
Company typePrivate
IndustryFinancial services
FoundedApril 9, 1986; 38 years ago (1986-04-09)
Founder
  • Johann Kaemingk
  • Ruud Vlek
  • Chris Oomen
Headquarters
Amsterdam
,
Netherlands
Key people
Jan Boomaars (CEO)
ProductsSecurities trading
Increase €1.6 billion (2022)[1]
Increase €1.3 billion (2022)[1]
Total assetsIncrease €61.6 billion (2022)[1]
Total equityIncrease €3.6 billion (2022)[1]
Number of employees
1,709[1] (2022)
Websiteoptiver.com

Optiver Holding B.V. is a proprietary trading firm and market maker for various exchange-listed financial instruments. Its name derives from the Dutch optieverhandelaar, or "option trader".[2][3] The company is privately owned. Optiver trades listed derivatives, cash equities, exchange-traded funds, bonds, and foreign exchange.

History

Optiver was founded by Johann Kaemingk, Ruud Vlek and Chris Oomen[4][5][6] on April 9, 1986, as a market maker in options on the European Options Exchange (EOE), which is now Euronext.[7] Optiver is a member of the European Principal Traders Association (FIA EPTA), FIA Principal Trading Group (PTG) in the US and FIA Japan.[8] In 2023, Optiver became the first market maker to join the Plato Partnership as a full member.[9]

In November 2016, Optiver was reported to have joined a consortium to build a faster data transmission network between Chicago and Tokyo.[10]

In December 2017, Optiver joined with Equiduct to offer a one-stop shop for best execution.[11]

In November 2018, Utrecht University and Optiver partnered to create an Algorithms in Finance course.[12]

In June 2019, Optiver joined its US-based rival, Virtu, in funding Equiduct, a competitor to national stock exchanges and trading venues.[13]

In April 2021, Optiver expanded further into the Asia-Pacific region with an office in Singapore, with a planned focus on commodity and equity products. It joined many other major financial services firms in doing so. The firm first made its presence in the region in Australia in 1996, then Taipei in 2005, then Hong Kong in 2007, and then Shanghai in 2012.[14] In 2022, Optiver opened a new London office which can house as many as 200 employees.[15] A year later, Optiver moved into new offices in downtown Chicago, with room for as many as 600 people.[16] The firm has also joined other quant funds in expanding to India.[17]

In June 2022, Optiver joined Aquis Exchange.[18]

In September 2022, the firm became the latest trading member on the Vienna Stock Exchange.[19]

Activities

Optiver trades on more than 50 exchanges and trading platforms globally.[20] In Europe, it is one of the three most active on-screen market makers in single-stock and equity-index derivatives at Eurex.[20] Optiver was ranked as the third-biggest off-exchange market maker in European exchange-traded products.[21]

In the U.S., Optiver is a leading market maker for the Nasdaq 100, Russell 2000 and E-mini S&P 500 options contracts.[20] It is one of the biggest market makers for Treasury options on the CME.[22] The firm started making markets in FX options in 2017.[23]

Fines

For 11 days in March 2007, Optiver engaged in 19 instances of an illegal manipulation scheme known as "banging the close", with a minimum of 5 being noted as successful. It involves executing trades of large volumes near the close, with the intention of manipulating closing prices. The scheme was executed on 3 New York Mercantile Exchange (NYMEX) listed futures contract, including New York Harbor Heating Oil, New York Harbor Reformulated Gasoline Blendstock and West Texas Intermediate (WTI) Light Sweet Crude Oil.[24]

Optiver factored in $19.3 million into its 2010 annual report towards this case.[25] The case was settled in 2012, where Optiver was fined $14 million, of which $1 million was part of profit disgorgement. With effect for 2 years, Optiver was barred from trading any US oil futures in the last 3 minutes before close. Several traders were also handed out bans for trading commodities, ranging from 2 to 8 years in length.[26][25]

See also

References

  1. ^ a b c d e "Optiver Annual Review 2022" (PDF). Optiver.
  2. ^ Detrixhe, John (18 September 2015). "Optiver Hires Former Goldman Partner Boomaars as Europe CEO" – via Bloomberg.
  3. ^ Detrixhe, John; de Jong, David; David, Ruth (18 June 2015). "HFT Powerhouse Amsterdam Glimpsed Through Speed-Trader IPO" – via Bloomberg.
  4. ^ Winters, Patrick (9 March 2023). "Rookie Traders Are Earning $400,000 in One Unlikely Markets Hub". Bloomberg News. Retrieved 24 February 2024.
  5. ^ "The green light for restoration and renovation of the Museum Prinsenhof Delft" (PDF). 7 July 2021. Retrieved 24 February 2024.
  6. ^ "Chris Oomen". Anders Invest. Retrieved 24 February 2024.
  7. ^ "Optiver – About Us".
  8. ^ "FIA EPTA Members".
  9. ^ "Optiver becomes first market maker to join Plato Partnership as full member - The TRADE". www.thetradenews.com. Retrieved 2024-03-07.
  10. ^ Lewis, Brian (11 November 2016). "Traders Plan Supercharged Chicago-to-Tokyo Network" – via Bloomberg.
  11. ^ "Optiver & Equiduct offer best execution for equities and ETFs". Automated Trader Ltd. 20 December 2017 – via www.automatedtrader.net.
  12. ^ "Optiver, Utrecht University partner on finance course". 7 November 2018.
  13. ^ Agini, Samuel. "High-speed traders Optiver and Virtu back EU trading venue". www.fnlondon.com. Retrieved 2022-09-02.
  14. ^ "Optiver expands into Asia Pacific with Singapore office - The TRADE". www.thetradenews.com. Retrieved 2022-09-02.
  15. ^ "Dutch Speed Trader Optiver Opens London Office to Ramp Up Hiring Spree". Bloomberg.com. 2022-06-01. Retrieved 2024-03-07.
  16. ^ "Trading Firms Make Contrarian Bets on Downtown Chicago Offices". Bloomberg.com. 2023-09-27. Retrieved 2024-03-07.
  17. ^ Yu, Xie (27 October 2023). "Global hedge funds are boosting their presence in the long-shunned Indian market". Reuters. Retrieved 7 March 2024.
  18. ^ "Optiver joins Aquis Exchange - The TRADE". www.thetradenews.com. Retrieved 2022-09-02.
  19. ^ "Optiver becomes latest trading member on the Vienna Stock Exchange - The TRADE". www.thetradenews.com. Retrieved 2022-09-02.
  20. ^ a b c Flanagan, Terry (2013-05-02). "Trader Profile: Optiver". Markets Media. Retrieved 2024-03-07.
  21. ^ "Optiver overtakes SocGen and SIG in European ETF trading - Risk.net". www.risk.net. 2022-06-27. Retrieved 2024-03-07.
  22. ^ "U.S. Treasury Options Suggest Calm After Rout, Market Maker Says". Bloomberg.com. 2022-01-10. Retrieved 2024-03-07.
  23. ^ "Optiver aims to gatecrash FX options private party - Risk.net". www.risk.net. 2022-03-29. Retrieved 2024-03-07.
  24. ^ Commodity Futures Trading Commission. "CFTC Charges Optiver Holding BV, Two Subsidiaries, and High-Ranking Employees with Manipulation of NYMEX Crude Oil, Heating Oil, and Gasoline Futures Contracts | CFTC". Retrieved 2024-01-04.
  25. ^ a b "High-frequency trader Optiver pays $14 million in oil manipulation case". Reuters. Retrieved 2024-01-04.
  26. ^ Commodity Futures Trading Commission. "Federal Court Orders $14 Million in Fines and Disgorgement Stemming from CFTC Charges against Optiver and Others for Manipulation of NYMEX Crude Oil, Heating Oil, and Gasoline Futures Contracts and Making False Statements | CFTC". Retrieved 2024-01-04.

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