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FT Inhoudelijk Draadje

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!@#$!@!
0
Daar heb je dus alweer nieuwe "eenmalige kosten" . Gelukkig zal dat de "adjusted winst" natuurlijk niet aantasten ;-)

Echt een slecht bedrijf/management wat dat betref.
am1993
0
quote:

Fartknock schreef op 18 oktober 2022 14:40:

Flow Traders probeert geld van, het inmiddels failliete, Sova Capital terug te krijgen. Onderstaand de link naar het artikel

(dus geen reclame beste beheerder)

www.etfstream.com/news/market-makers-...
Inhoud en gevolgen van dit artikel zijn moeilijk in te schatten voor mij. Gesproken wordt over een rentedragende liquiditeit, dus dat zou m.i. betekenen, dat Flow achteraan de rij staat. Ook vreemd, dat er op de site van Flow niets over te vinden is, terwijl dat m.i. toch investment informatie is. Anderzijds speelt dit al in maart, dus ik mag aannemen, dat dit al in de resultaten van 1e en/of 2e kwartaal verwerkt is. Hebben we hier te maken met een verkeerde inschatting van risk management en daardoor het vertrek van de betreffende manager? Nou is de financiële wereld net een dorp, dus bij extra risico had de koers van Flow nog aanzienlijk lager gestaan en hadden we te maken gehad met een toename van de shorts, hetgeen m.i. ook niet het geval is. Die is momenteel 0.78% en is opgebouwd vanaf 20 juli.
RJ 80
0
quote:

Alles kwijt schreef op 18 oktober 2022 15:06:

Zijn jullie weer aan het bijkopen geslagen?
Ik een 2 weekjes geleden ongeveer.
devil80
0
quote:

am1993 schreef op 18 oktober 2022 15:41:

[...]

Inhoud en gevolgen van dit artikel zijn moeilijk in te schatten voor mij. Gesproken wordt over een rentedragende liquiditeit, dus dat zou m.i. betekenen, dat Flow achteraan de rij staat. Ook vreemd, dat er op de site van Flow niets over te vinden is, terwijl dat m.i. toch investment informatie is. Anderzijds speelt dit al in maart, dus ik mag aannemen, dat dit al in de resultaten van 1e en/of 2e kwartaal verwerkt is. Hebben we hier te maken met een verkeerde inschatting van risk management en daardoor het vertrek van de betreffende manager? Nou is de financiële wereld net een dorp, dus bij extra risico had de koers van Flow nog aanzienlijk lager gestaan en hadden we te maken gehad met een toename van de shorts, hetgeen m.i. ook niet het geval is. Die is momenteel 0.78% en is opgebouwd vanaf 20 juli.
Wordt wel gewoon in het jaarverslag gemeld.
!@#$!@!
1
quote:

LL schreef op 19 oktober 2022 15:01:

DAS: What does it really mean to be a crypto prime broker?

Panellists at this week’s Digital Assets Summit explored the definition of a crypto versus traditional prime brokerage – and what role they can really play in the new world of digital assets investment.
By Laurie McAughtry

The prime brokerage world from a traditional asset class perspective is well established – with a wide range of bells and whistles, its USP is its holistic approach, covering everything from custody to capital introduction, and assisting its client base to source liquidity they couldn’t find themselves. But in the digital assets space, what role can prime brokers really play – and is it realistic to try and shoehorn the current model into this new decentralised world? Panellists at Blockworks’ Digital Assets Summit (DAS) this week discussed the concept of prime brokerage, and how it can be updated to apply to the new paradigm.

“Not everyone with a lending service can call themselves a prime broker,” warned George Zarya, founder, CEO and head of sales at crypto prime broker BEQUANT. But the problem is that, unlike in traditional finance, prime brokers in the crypto space have not yet evolved to offer everything that their clients need.

“In crypto, it seems that ‘prime’ and ‘brokerage’ are two different things. Brokerage is just people buying crypto off each other,” agreed Maja Vujinovic, managing director of blockchain advisory and investment firm OGroup. “But Prime is a whole bundle of services. It depends on the seat you’re sitting in.”

So what is a crypto prime broker, and is anyone filling that role yet?

“There are some firms out there that are doing some parts – the custody role, for example – but right now I don’t think we have yet reached the finished article,” said Edd Carlton, institutional digital asset trader with Flow Traders. “The use of the word ‘Prime’ is usually because it’s a one-stop shop. If you don’t do all the pieces, you aren’t hitting the target.”

Fragmentation

“The two key variables we need to place importance on, when discussing the difference between crypto and tradfi, is fragmentation and pre-funding,” stressed Omid Zadeh, head of business development EMEA at Matrixport.

“The crypto market is so fragmented, there is liquidity across hundreds of different venues, and you need to pre-fund them, which is very different to the traditional space. Pre-funding and fragmentation of liquidity is where the real value proposition of a crypto prime broker comes in right now – we can offer access to each exchange, and top tier fees to each exchange, which is very important in this low volume environment. We can also give the key advantage of offering one margin to play with – cross-margining services can be key for firms.”

The panel agreed, however, that while there are currently numerous players in the market, we are likely to see significant consolidation going forwards – the question being, who buys who.

Acquisition

“It’s not an easy feat, to build a crypto specialist firm, such as crypto custody – there’s a lot of coding and technical architecture involved. Those pieces will inevitably get acquired. You can’t have a one-stop prime shop without offering a complete parcel and there are only two routes to that – you build or you buy. The Goldman Sachs approach has been to buy it, and we’re already starting to see more big tradfi names aligning themselves with specialist firms, either through acquisitions, licensing agreements etc. One of the roles of a prime brokerage is to be a rock to stand steadfast in turbulent times, and in times like these, balance sheet is important.”

Zarya, however, disagreed. “Balance sheet is important, but it’s not everything. It’s all optics. What happened to Credit Suisse? To Lehman Brothers?”

Disruption

The concern appears to be avoiding a simple copy and paste of what is being done in the traditional world of finance. “Early adopters went into crypto because they were passionate about decentralisation,” stressed Vujinovic. “Now, we’re just trying to cram that back into a centralised model again. But I think technology is going to evolve to a point where it disrupts that. Yes the tools, the picks and shovels at the coal face, are being acquired by bigger institutions. But banks will end up just being software-as-a-service platforms. They’ll offload crypto custody, just like they do KYC. We’re in a place now where we have to change it up, think outside the box and create a different system that works better – not just do the same old thing, just because Goldman Sachs are doing it.”

Carlton, however pointed out that acquisitions could also work the other way – with big crypto firms buying smaller banks in order to bring in regulated capabilities.

Centralisation

“We need to get capital into the crypto markets, and the way to do that is by creating a market infrastructure model that replicates the prime model, with centralisation of clearing and risk, but with the nuance of a hybrid model using DLT and smart contract applications. That’s the way we’ll see the tide move,” he said. “Would a full belt and braces prime brokerage in the crypto market help right now? Yes. Would it increase investor confidence and make the market more efficient? Yes. I think that prime brokerage services have a key role to play in moving this forward.”

The biggest issue in the space, however, remains the problem of pre-funding. Right now, most of the liquidity in the crypto space is on centralised exchanges, and these require pre-funding, which all the panellists agreed was not efficient.

In addition: “The netting side of things doesn’t exist yet in crypto, and that needs to change,” pointed out Zadeh. “For example, let’s say you have two exchanges: Binance and FTX. If you’re Hedge Fund A trading $100 million on Binance long, and $100 million on FTX short, if you had a prime broker in between, he would require minimal margin from you. Whereas currently in the crypto space, it’s different, because of pre-funding. You would have to have $200 million at both exchanges. Obviously, you’d have a prime broker in between leveraging you, but that funding would be on those exchanges.

“The only way I can see that potentially changing in the future is regulation as the first step; then after regulation the real money clients will come in, the banks will then come in, and then a big player – a Citibank or a JP Morgan, with a ginormous balance sheet that dwarfs the exchanges, that could PB, and net across all of the exchanges, and then all of the institutional counterparties (the big real money clients that have trillions under management) can really start to trade crypto full pelt.”

But will institutional traders ever come in at full pelt?

“We have certainly seen a shift with institutional traders coming into the space, but we still run on retail rails,” said Zarya.

Evolution

The move, for institutional involvement, is likely to be accompanied by a shift from on-exchange to OTC trading – similar to the trajectory in the FX markets a few years back. “Electronification, going from hi-touch voice-driven trading to an API, FIX-driven market – we are seeing the same trends apply,” agreed Carlton.

“Retail flow lends itself to exchanges, but institutional flow sits a lot more happily on the OTC markets. When the barriers are removed to allow true institutions to enter the market, I’m not saying the exchanges will become defunct, but they will probably continue to service retail clients while institutional flow will more to the OTC space.”
RINGifyouretheKING
0
Wat is dit dan weer?!

PROPOSED UPDATE TO THE CORPORATE HOLDING STRUCTURE

Amsterdam, the Netherlands - Flow Traders N.V. (Euronext: FLOW) announces the proposed implementation of an updated corporate holding structure, as an enabler of its global strategic ambition. This proposed update will involve a top holding company in Bermuda and is the result of a thorough legal and capital structure review.

The update of the holding structure enables Flow Traders to become more competitive as a global, next generation liquidity provider, particularly in relation to regulatory capital management. Different capital requirements will apply following the update of the holding structure which are expected to expand Flow Traders’ strategic growth options. Furthermore, it will create a more level playing field with global peers with respect to the regulatory capital framework.

Following the update of the holding structure, Flow Traders will retain its existing global footprint with no change to day-to-day operations. This includes a substantial presence in the Netherlands as well as maintaining a listing on Euronext Amsterdam. The update of the holding structure does not change Flow Traders’ tax residence in the Netherlands and Flow Traders continues to apply its policy of pursuing the principle that tax should follow the business. Therefore, Flow Traders will continue to pay taxes in those countries where profits are earned, predominantly in the Netherlands. Flow Traders’ regulated entities will continue to be subject to supervision by their respective regulators.

As a top holding company domicile, Bermuda has been selected by Flow Traders and by numerous other financial services companies as it offers a well-established and respected legal jurisdiction, while offering Flow Traders the ability to execute its growth plans and continue all major elements of its current governance. The proposed update of the holding structure has received the unanimous support of Flow Traders’ Management and Supervisory Board members. In line with Bermuda law, the top holding company will have a one-tier Board structure, comprised of executive and non-executive directors, including the independent Chairman.

Flow Traders has obtained an unconditional declaration of no objection from the Dutch Central Bank (DNB) in connection with the update of the corporate holding structure. The proposed update is subject to shareholder and certain other regulatory approvals.

Extraordinary General Meeting

Flow Traders will propose the update to the corporate holding structure to shareholders at an Extraordinary General Meeting, scheduled to take place on Friday 2 December 2022 at 14.00 CET. This meeting will be held virtuallyi. The detailed convening notice, agenda and other documentation relating to the meeting can be found at: www.flowtraders.com/investors/corpora...



Contact Details

Flow Traders N.V.

Investors
Jonathan Berger
Phone: +31 20 799 6799
Email: investor.relations@flowtraders.com

Media
Laura Peijs
Phone: +31 20 799 6799
Email: press@flowtraders.com

About Flow Traders

Flow Traders is a leading global financial technology-enabled liquidity provider in financial products, historically specialized in Exchange Traded Products (ETPs), now expanding into other asset classes. Flow Traders ensures the provision of liquidity to support the uninterrupted functioning of financial markets. This allows investors to continue to buy or sell ETPs or other financial instruments under all market circumstances. We continuously grow our organization, ensuring that our trading desks in Europe, the Americas and Asia can provide liquidity across all major exchanges, globally, 24 hours a day. Founded in 2004, we continue to cultivate the entrepreneurial, innovative and team-oriented culture that has been with us since the beginning. Please visit www.flowtraders.com for more information.
voda
0
Flow Traders verhuist naar Bermuda
Met oprichting van houdstermaatschappij.

(ABM FN-Dow Jones) Flow Traders is van plan om de vennootschappelijke structuur van het bedrijf aan te passen met de oprichting van een houdstermaatschappij op Bermuda. Dit maakte de flitshandelaar vrijdag bekend.

Flow Traders kiest voor deze structuur om de concurrentie met sectorgenoten beter aan te kunnen, aldus het bedrijf. "De verschillende kapitaaleisen die van toepassing zullen zijn na uitvoering van aanpassing, vergroten de strategische groeiopties van Flow Traders aanzienlijk", aldus de flitshandelaar.

Flow Traders zal belasting afdragen in het land waar de winst wordt gerealiseerd, hoofdzakelijk in Nederland.

Operationeel verandert er door de keuze voor een houdstermaatschappij op Bermuda niets, aldus Flow Traders, dat voor deze plannen nog wel goedkeuring van de aandeelhouders en enkele toezichthouders moet krijgen. De Nederlandsche Bank heeft inmiddels al groen licht gegeven, aldus het bedrijf.

De raad van bestuur en de raad van commissarissen steunen de plannen van Flow Traders unaniem, die tot gevolg hebben dat het bedrijf overgaat naar een zogeheten one tier board.

Door: ABM Financial News.

info@abmfn.nl

Redactie: +31(0)20 26 28 999
!@#$!@!
0
Kan je niet beter en draadje beginnen voor nieuwsberichten ? Zo worden de inhoudelijke posts alsnog onder gesneeuwd en zijn dan moeilijk terug te vinden.
SlechteBelegger
1
Misschien ligt het aan mij. Maar is dit aandeel niet vreselijk ondergewaardeerd. Ik zie een EPS van 2.67 met een koers van 22. Dat is ongeveer 9 keer de winst. En dat terwijl er vorig jaar met 2.42 EPS nog op 29 werd gehandeld. Maar dat was dan misschien weer wat te fors.

Als ik naar hun balans kijk dan staat daar ook nog 483M eigen kapitaal op. Dat is gewoon cash die ze hebben verdiend in de loop van de jaren en gebruiken om te handelen. Niks geen leningen dus. Met hun 45M uitstaande aandelen is dat dus ruim 10 Euro per aandeel. Dus zelfs als ze vandaag zouden stoppen, kunnen ze gewoon 10 Euro per aandeel uitkeren. Dan lijkt 22 Euro met 2.67 EPS ineens toch niet zo heel hoog.
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Detail

Vertraagd 18 apr 2024 17:35
Koers 19,590
Verschil +0,500 (+2,62%)
Hoog 19,590
Laag 19,040
Volume 322.629
Volume gemiddeld 203.030
Volume gisteren 194.263