Optiver

Optiver is a privately owned proprietary trading firm and market maker headquartered in Amsterdam, the Netherlands. The company began on April 9, 1986, when Johann Kaemingk, Ruud Vlek and Chris Oomen established a market-making business in options traded on the European Options Exchange, now part of Euronext. The name is derived from the Dutch term optieverhandelaar, meaning option trader. The firm’s core activity is to quote buy and sell prices in exchange-listed instruments, thereby providing liquidity and helping markets operate continuously. Its trading activity covers listed derivatives, cash equities, exchange-traded funds, bonds and foreign exchange. Optiver operates through electronic trading systems and proprietary technology, with trading and research capabilities connected to more than 50 exchanges and trading platforms around the world. Optiver’s European activity includes market making in single-stock and equity-index derivatives, including a substantial on-screen presence at Eurex. In the United States, the firm is active in options linked to major equity indexes and small-cap benchmarks, including Nasdaq 100, Russell 2000 and E-mini S&P 500 contracts. It is also a significant market maker in Treasury options on CME and began making markets in foreign-exchange options in 2017. These activities place Optiver within the market-structure and liquidity-provision side of financial services rather than within traditional asset management or retail banking. The company expanded beyond its original Amsterdam base over several decades. It first established a presence in Australia in 1996, followed by Taipei in 2005, Hong Kong in 2007 and Shanghai in 2012. It continued its Asia-Pacific expansion with a Singapore office in 2021, intended to support commodity and equity products. In Europe, Optiver opened a larger London office in 2022, while in 2023 it moved into new downtown Chicago offices designed to accommodate as many as 600 employees. The firm has also expanded its presence and recruitment activities in India. Alongside direct trading, Optiver has participated in initiatives involving trading venues, market infrastructure and financial education. It joined Equiduct in a best-execution initiative in 2017 and later participated with Virtu in funding Equiduct. It became a member of Aquis Exchange in 2022 and a trading member of the Vienna Stock Exchange that same year. In 2023, it became the first market maker to join the Plato Partnership as a full member. The firm has also supported academic work, including an Algorithms in Finance course developed with Utrecht University, and sponsors chess grandmaster Anish Giri. Optiver is characterized by a technology-led, quantitative and principal-trading model. It trades with its own capital, uses automated and human-supported systems to manage quotes and risk, and seeks to earn returns from providing liquidity and managing inventory across markets. The company remains private, and publicly available reference material does not establish a current chief executive, ownership breakdown, revenue figure or valuation.

Optiver was established in Amsterdam on April 9, 1986, by Johann Kaemingk, Ruud Vlek and Chris Oomen. Its original business was market making in options on the European Options Exchange, commonly abbreviated as EOE and later incorporated into Euronext. The company’s name reflects its beginnings: it is derived from the Dutch word optieverhandelaar, or option trader. From this initial options-market activity, Optiver developed into a broader proprietary trading and market-making firm. Its business model is based on quoting prices and trading with the firm’s own capital in exchange-listed instruments. Over time, its activities expanded to include listed derivatives, cash equities, exchange-traded funds, bonds and foreign exchange. Electronic trading and proprietary quantitative technology became central to the firm’s ability to price instruments, manage inventory and provide liquidity across multiple venues. Optiver’s international development began with expansion into Australia in 1996. It subsequently established offices in Taipei in 2005, Hong Kong in 2007 and Shanghai in 2012, creating a broader Asia-Pacific network. In April 2021, the firm opened an office in Singapore, with an intended focus on commodity and equity products. The company later expanded its European and North American infrastructure: a London office opened in 2022 with capacity for up to 200 employees, and new downtown Chicago offices opened in 2023 with capacity for as many as 600 employees. Reference material also describes Optiver as expanding its presence and recruitment activities in India. The firm’s activities increasingly included participation in trading-venue and market-structure initiatives. In November 2016, Optiver was reported to have joined a consortium seeking to build a faster data-transmission network between Chicago and Tokyo. In December 2017, it joined Equiduct in a project intended to offer a one-stop best-execution service. In June 2019, Optiver joined its U.S. rival Virtu in funding Equiduct, which competes with national stock exchanges and other trading venues. Optiver became a member of Aquis Exchange in June 2022 and a trading member of the Vienna Stock Exchange in September 2022. In 2023, it became the first market maker to join the Plato Partnership as a full member. Optiver has also invested in education, industry participation and public-facing sponsorship. In 2018, Utrecht University and Optiver partnered to create an Algorithms in Finance course. The company is a member of industry organizations including the European Principal Traders Association, the FIA Principal Trading Group in the United States and FIA Japan. It sponsors chess grandmaster Anish Giri. A significant regulatory episode concerned Optiver’s U.S. commodities trading. During 11 days in March 2007, the firm was found to have engaged in 19 instances of an illegal manipulation scheme known as “banging the close,” in which large trades are executed near a market close with the purpose of influencing closing prices. The conduct involved NYMEX contracts for New York Harbor heating oil, New York Harbor reformulated gasoline blendstock and West Texas Intermediate light sweet crude oil. Optiver recorded a $19.3 million provision in its 2010 annual report in connection with the matter. The case was settled in 2012 with a $14 million fine, including $1 million in profit disgorgement, a two-year prohibition on trading U.S. oil futures during the last three minutes before the close, and commodity-trading bans of between two and eight years for several traders. Optiver remains privately owned and active internationally. It trades on more than 50 exchanges and trading platforms. In Europe it is described as one of the three most active on-screen market makers in single-stock and equity-index derivatives at Eurex, while in the United States it is active in major index options and Treasury options. Public reference material does not provide a verified current executive roster, ownership breakdown, revenue, valuation or other financial disclosures.

• 2023

  Plato Partnership membership and Chicago expansion

  [1]Optiveren.wikipedia.org

  Optiver becomes the first market maker to join the Plato Partnership as a full member and moves into expanded downtown Chicago offices.

• 2022

  Aquis membership, Vienna membership and London expansion

  [1]Optiveren.wikipedia.org

  Optiver joins Aquis Exchange, becomes a trading member of the Vienna Stock Exchange and opens a larger London office.

• 2021

  Singapore office opens

  [1]Optiveren.wikipedia.org

  Optiver expands into Singapore with a stated focus on commodity and equity products.

• 2018

  Finance algorithms course launched with Utrecht University

  [1]Optiveren.wikipedia.org

  Utrecht University and Optiver partner to create an Algorithms in Finance course.

• 2017

  Foreign-exchange options activity begins

  [1]Optiveren.wikipedia.org

  Optiver begins making markets in foreign-exchange options.

• 2012

  Shanghai expansion and settlement of U.S. oil-futures case

  [1]Optiveren.wikipedia.org

  Optiver expands to Shanghai, and the company settles the U.S. regulatory case concerning manipulation near the close of NYMEX oil-futures contracts.

• 2007

  Hong Kong expansion and commodities misconduct

  [1]Optiveren.wikipedia.org

  Optiver opens a Hong Kong presence; during March, traders engage in the conduct later described in a U.S. oil-futures manipulation case.

• 2005

  Taipei expansion

  [1]Optiveren.wikipedia.org

  Optiver expands its regional presence to Taipei.

• 1996

  First Asia-Pacific presence in Australia

  [1]Optiveren.wikipedia.org

  Optiver establishes its first reported presence in the Asia-Pacific region in Australia.

• 1986

  Optiver is founded as an options market maker

  [1]Optiveren.wikipedia.org

  Johann Kaemingk, Ruud Vlek and Chris Oomen establish Optiver in Amsterdam on April 9 to make markets in options on the European Options Exchange.

A technology-driven proprietary trading firm focused on electronic market making, quantitative trading and liquidity provision across global listed markets.

• Market making · 1986

  Listed derivatives market making

  Optiver provides two-sided liquidity in exchange-listed derivatives, including options and futures. Its market-making activity covers equity, equity-index, commodity, interest-rate and other listed contracts. The firm uses proprietary pricing and risk systems to quote across venues, manage positions and support orderly trading. Its historical roots are in options, while its later business includes substantial activity in major European and U.S. derivatives markets.

• Market making

  Cash equities

  Cash-equity trading is one of the instrument groups included in Optiver’s global market-making business. The firm provides liquidity through electronic quotes and trades in shares listed on exchange markets. Public reference material identifies cash equities as part of Optiver’s scope but does not specify a complete list of countries, securities or individual programs.

• Market making

  Exchange-traded funds

  Optiver trades and makes markets in exchange-traded funds. This activity extends its liquidity-provision model to funds that trade throughout the session on exchanges. ETF market making requires continuous pricing, inventory management and coordination across related instruments, although the available reference material does not identify specific ETF products or markets.

• Fixed income

  Bonds and Treasury options

  Optiver’s listed-instrument activities include bonds and Treasury options. In the United States, the firm is described as one of the larger market makers for Treasury options traded on CME. These products connect Optiver’s electronic market-making capabilities with interest-rate and fixed-income markets.

• Foreign exchange · 2017

  Foreign-exchange options

  Optiver began making markets in foreign-exchange options in 2017. The offering applies the company’s proprietary pricing, electronic execution and risk-management approach to currency derivatives. The available reference material does not specify the currencies, venues or contract range covered.

• Financial technology

  Electronic trading technology

  Technology is an enabling product and capability within Optiver’s proprietary trading model. The firm develops and operates electronic trading, pricing, execution and risk-management systems for activity across more than 50 exchanges and trading platforms. Public sources describe the technology-led model but do not establish a separately sold software product line.

• 2007

  NYMEX oil-futures market manipulation

  For 11 days in March 2007, Optiver engaged in 19 instances of an illegal “banging the close” scheme involving NYMEX futures for heating oil, reformulated gasoline blendstock and West Texas Intermediate crude oil. The conduct involved placing large trades near the close with the purpose of influencing closing prices. The matter was settled in 2012 with a $14 million fine, including $1 million in disgorgement, a two-year restriction on trading U.S. oil futures during the final three minutes before the close, and two-to-eight-year commodity-trading bans for several traders.

  Source

Read more

• 2018Algorithms in Finance course with Utrecht University

  Netherlands

  Optiver partnered with Utrecht University to create an Algorithms in Finance course, supporting academic and professional education related to quantitative finance.

  Source
• Chess sponsorship of Anish Giri

  International

  Optiver sponsors chess grandmaster Anish Giri, linking the firm’s public profile with quantitative thinking, strategy and competitive decision-making.

  Source

• 2023

  Join Plato Partnership as a full memberStrategy

  Background

  Optiver participated in industry initiatives concerned with market structure and trading-market development.

  Action taken

  Optiver became the first market maker to join the Plato Partnership as a full member.

  Aftermath

  The move gave the firm a formal role in an industry partnership focused on market-structure matters.

  Source

• 2022

  Increase participation in European venuesStrategy

  Background

  Optiver expanded its direct participation in organized trading venues.

  Action taken

  The firm joined Aquis Exchange and became a trading member of the Vienna Stock Exchange.

  Aftermath

  These memberships broadened Optiver’s formal access to European exchange and venue infrastructure.

  Source

• 2021

  Expand into SingaporeStrategy

  Background

  Optiver continued its Asia-Pacific expansion after earlier offices in Australia, Taipei, Hong Kong and Shanghai.

  Action taken

  The firm opened a Singapore office with a planned focus on commodity and equity products.

  Aftermath

  Singapore became part of Optiver’s regional operating network.

  Source

• 2019

  Fund Equiduct with VirtuM&A

  Background

  Optiver and Virtu participated in funding a trading venue positioned as an alternative to national stock exchanges and other trading platforms.

  Action taken

  Optiver joined Virtu in funding Equiduct.

  Aftermath

  The transaction increased Optiver’s involvement in trading-venue infrastructure and market structure.

  Source

• 2017

  Partner with Equiduct on best executionStrategy

  Background

  Optiver participated in efforts to improve access to execution venues and provide a consolidated best-execution offering.

  Action taken

  Optiver joined with Equiduct to offer a one-stop shop for best execution.

  Aftermath

  The initiative was followed by broader participation in Equiduct, including funding with Virtu in 2019.

  Source

• 2017

  Enter foreign-exchange options market makingProduct launch

  Background

  Optiver sought to broaden the range of financial instruments covered by its market-making platform.

  Action taken

  The firm began making markets in foreign-exchange options.

  Aftermath

  Foreign-exchange options became part of Optiver’s stated global trading activities.

  Source

• 2021.04.22

  Reported2021.04.22

  BUX raises €67 million in funding[3]BUX完成6,700万欧元融资tech.eu

  BUX raised €67 million in a funding round led by Prosus Ventures and Tencent, with new and existing investors participating.

Read more

1. 1Optiveren.wikipedia.org
2. 2Optiver official websiteoptiver.com
3. 3BUX完成6,700万欧元融资tech.eu