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Annual review 2015

MiFID II
Basel III
CFTC-ATS regulations concerning high-frequency trading, and dark pools are
measures of increased scrutiny
Are vocal in wider debate around market structure, and share views and stance on
ongoing regulatory reform.
Take part in panels speaker engagements, industry associations, talk to regulators
on ongoing basis.
we improve the market mission statement
Principal activity: providing liquidity
Every day we work to provide:
=better liquidity
Quote tighter
Improve our pricing
Thereby providing a service to end users of financial products traded on an
exchange.
But also improve market with education and building relationships

Making a great trade,


Sitting on a market structure panel
Improving connectivity,
Giving colleagues constructive feedback all helps

Optiver reported net profit attributable to equity holders of


394.8 million. In 2015
Compared 246.9 in 2014
2015 result from operating activities was 501.8 million vs
330.4 million in 2014\
At end of 2015 total equity of 899.9 million
(end of 2014 722.2 million.
The Group maintains conservative capital structure in order to meet any market
and regulatory challenges.
Total assets were 6.9 billion as of 31 dec. 2015

A decrease of 10.6% compared to 2014


Net trading income for financial year amounted to 929.7 million. (50% more than in
2014)
Hence net trading income was 619.86 million in 2014

The groups result grew in line with higher volumes across most of Optivers
major markets.
Staff expenses increased by 56.8 % to 338.8 million (as a result of higher profit
sharing expenses, and increase in personnel expenses and headcount) (2015:913,
2014:809)

US Key Markets
BATS
CBOE
CME Group
ISE
NASDAQ
Miax
South America key markets
BM&F
Bovespa
Asia Pacific key markets
DCE
HKEx
JPX
KRX
SGX
SHFE
TWSE
Europe Key markets
BATS Chi-X
Borsa Italiana
Xetra
Euronext
EUREX
ICE
IDEM
LSE
SIX

Working towards 1 goal:


Profit hit record level:
Volumes swung up and down, volatility was high in market
significant external forces.
European central bank continued quantitative easing
oil, and gas prices hit new lows
International political climate grew increasingly unstable.

Destabilized by

All eyes were fixed on federal Reserves next move on interest rates and markets
diverged as European, Asian and US exchanges went their own ways
Shanghai Stock Exchange lost 1 third of its value within a month
Introduced new products and strategies to improve the market, such as
desk.

Flow

IT is our mission to provide consistent liquidity to the market whatever


happens
Shanghai is latest addition to network sharing views on market makers, market
structure and risk relevant questions with CFFEX
New shift in how we act and collaborate as a global business.
E.g. Set up an infrastructure that enables us to transfer funding between offices,
creating flexibility to capture specific opportunities where they arise.
Peer review program, which offer insights that lead to concrete improvements in
ways of working, such a s developing trainings that help traders overcome
reluctance to use panic buttons or kill switches.
Ask Social structure!
New hub Shanghai. Amsterdam now supports APAC with application engineers
during extended trading hours.
Team leaders ensure we allocate our capital and people wherever needed most in
optivar network.
Working better together beyond local boundaries. Knowledge sharing and
collaboration are the way forward. Which is crystallized in new recruitment and
brand strategy.
High speed-also known as low latency- commands a great deal of media
attention, and there is no doubt it is an important ingredient of our overall pricing
concept. However, it is far from the sole factor in our success.
While its great to hear where we excel, its even more important to know where we
can improve.

GPTW survey
How to deal with longer openings hours without detriment to wellbeing of
employees.
ASK: How do you, in practice, balance individual rewards vs joint efforts, short term
results vs long term sustainable performance?
(combine variable pay on both pooled global business results and individual
employee performance.)
(variable pay not guaranteed, depends on Optivers business results)
Control functions are different; these focus on control side of business so they are
independent of short-term results.
Remuneration for people in control functions is predominantly fixed pay.
Ask Quantum you looking into the potential gains within your algorithms in this
field?
Could you give example of technical innovation
Automation Risk Committee (ARC) is central pillar in framework. Internally
awareness of ARC controls is increasing.
More up to date ARC controls across offices. With better collaboration between local
Risk, Business and Technology departments requested, we are working towards
reducing scenario exposures
Last year centralized the audit function at Group level, aimed at providing the
additional assurance regarding key control processes and furthering improve our
processes and operations

Regulations:
In capital and liquidity management, conduct of business, financial crime,
operational structures and integrity of financial services delivery, the financial
industry faces stringent and costly regulatory and supervisory requirements.
Revisions to regime for operation of capital markets:
mandatory central clearing of over the counter (OTC) derivatives
mandatory margin requirements for non-cleared derivatives under the Dodd-Frank
Act.
The EU s European Market Infrastructure Regulation (EMIR) and local measures
being progressed with Hong Kong and Singapore.
Changes arising from Markets in Financial Instruments Regulation/Directive (MiFID II)
which include mandatory trading of derivatives on organized venues,
Enhanced transparency and reporting requirements and controls on high frequency
and algorithmic trading.
Aspects of MiFID II also further enhance protection of investors in line with many
regulators focus on the wider conduct of business and the delivery of fair outcomes
for customers.
Basel Committee on Banking Supervision initiatives to enhance risk sensitivity and
robustness of the standardized approach, minimize reliance on internal models and
incorporate capital floors in the Basel capital framework
Continued risk of changes in regulations of taxes, including financial transaction
taxes and implementations such as:
Initiatives to share tax information such as the common reporting standard
introduced by Organization for Economic Co-operation and Development (OECD)
Sound remuneration policies published by European Banking Authority EBA
especially on topics as proportionality and neutralization.