TOM chief to step down after seven years

The Order Machine chief steps down leaving the firm with 40% market share.

The chief executive officer at The Order Machine (TOM) Willem Meijer, is to step down from his position after seven years at the company.

Meijer has been TOM’s chief executive officer since it was founded as a joint venture between Amsterdam based online broker BinckBank, and market maker Optiver in 2009.

TOM was established as an alternative trading system to rival the Euronext business, at the time owned by the New York Stock Exchange.

In 2010, ABN AMRO purchased a 25% stake in TOM, followed by NASDAQ who also acquired 25% in 2012.

Meijer told Bloomberg in 2013 that TOM was aiming to achieve over 50% market share in index options in 2014.

During Meijer’s time as TOM’s chief, the firm gained 40% market share and decreased tariffs by 70%.