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HideNotSlide's profile
Hide Not Slide
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@HideNotSlide

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Helping investors become smarter & more informed about exchanges.

LOST IN THE CITADEL SECURITIES
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    Two-way (sending and receiving) short codes:

    Country Code For customers of
    United States 40404 (any)
    Canada 21212 (any)
    United Kingdom 86444 Vodafone, Orange, 3, O2
    Brazil 40404 Nextel, TIM
    Haiti 40404 Digicel, Voila
    Ireland 51210 Vodafone, O2
    India 53000 Bharti Airtel, Videocon, Reliance
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    1. Hide Not Slide‏ @HideNotSlide Jun 1

      The Order Machine, or TOM for short, launched in 2009 with HFT firm Optiver and European brokerage BinckBank as co-owners. TOM's goal was to break Euronext's expensive monopoly in Dutch options trading & lower prices.pic.twitter.com/Krc1Taoa0B

      1 reply 0 retweets 3 likes
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    2. Hide Not Slide‏ @HideNotSlide Jun 1

      TOM operated as an EU options dark pool, with a "copy/paste" function allowing users to execute trades at prices streamed from Euronext's more liquid markets. TOM began taking market share as its owners funneled order flow its way in exchange for deep rebates.

      1 reply 0 retweets 2 likes
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    3. Hide Not Slide‏ @HideNotSlide Jun 1

      TOM's coming out party came when it launched options on the Amsterdam Exchange Index in 2011, a large volume market 100% owned by Euronext. By 2012, TOM had taken 30% share in Dutch options and had Euronext on the back foot.

      1 reply 0 retweets 4 likes
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    4. Hide Not Slide‏ @HideNotSlide Jun 1

      Now global players looking to expand in Europe began to eye TOM as a potential foothold in the region. in December 2012, Nasdaq bought a 25% stake in TOM with an option to buy 51%. ICE bought TOM's clearinghouse, Holland Clearinghouse, a year later.pic.twitter.com/GJVtyTKtrl

      1 reply 0 retweets 2 likes
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    5. Hide Not Slide‏ @HideNotSlide Jun 1

      Euronext wasn't going to give up market share without a fight. In 2013 it sued TOM in EU court for trading AEX options without a license. TOM end up winning the lawsuit, but drawn out legal battles with Euronext would burden the exchange with heavy costs for years.pic.twitter.com/RyWe9dMrDl

      1 reply 0 retweets 2 likes
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    6. Hide Not Slide‏ @HideNotSlide Jun 1

      Fast forward to 2016, and TOM has over 50% market share in Dutch options. All but one major institutional customer has routed flow to TOM, and Euronext liquidity is dwindling. But TOM is still unprofitable. High rebates & legal costs have burned significant resources.

      1 reply 0 retweets 2 likes
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    7. Hide Not Slide‏ @HideNotSlide Jun 1

      TOM's attempts to take market share outside of options had so far failed. Equities - accused of catering to HFT, shut down Futures - no liquidity or fee discounts, shut down Market Data - owners wanted free data, no revenue Where would money come from?

      1 reply 0 retweets 2 likes
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    8. Hide Not Slide‏ @HideNotSlide Jun 1

      TOM had another problem on its hands - *too many* powerful owners with different visions for the exchange. Nasdaq wanted to expand in Europe. Optiver wanted lower institutional fees. BinckBank wanted lower retail fees. No one could come to a consensus on TOM's strategy.pic.twitter.com/maYcgjb9Sx

      1 reply 0 retweets 4 likes
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    9. Hide Not Slide‏ @HideNotSlide Jun 1

      Amidst TOM's unclear strategy & owner infighting, Euronext played its trump card & destroyed any hope TOM had of success. ENX launched a steep options rebate program designed to attract ABN and Binck back to its exchange. With no clear path for TOM ahead, ABN & Binck switched.

      1 reply 0 retweets 2 likes
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    10. Hide Not Slide‏ @HideNotSlide Jun 1

      TOM, now left with no vision, no money, and its biggest customers jumping ship, decided to dissolve. It closed its doors in 2017 and hasn't been heard from since.

      1 reply 0 retweets 3 likes
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      Hide Not Slide‏ @HideNotSlide Jun 1

      The TOM saga is a fascinating case study in European & global exchange strategy & game theory. I'll be diving more into the story in this week's newsletter. Sign up below so you don't miss it:https://frontmonth.substack.com/ 

      2:57 PM - 1 Jun 2021
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