TOM confirms wind down after failing to find strategic partner

Dutch-based The Order Machine (TOM) will begin winding down trading from May this year. 

Dutch derivatives exchange The Order Machine (TOM) has announced it would wind down operations after failing to secure a strategic partner to acquire it.

TOM, which deals in equity options, index futures and ETFs, stated: “It has now become clear that a strategic partner has not been found. TOM is working towards a wind down of the company, in close cooperation with shareholders.”

Nasdaq, the platform’s technology provider, had an option to buy 50.1% of TOM, but refused to exercise this.

Shareholders in TOM, which include ABN Amro, Optiver and IMC, agreed in October last year to sell the company, after hiring Hans Pieterse as its chief executive in September.

TOM added that shareholders, which also operate as market makers and retail brokers, will “continue to trade until the final day.”

ABN Amro, Optiver, Binck and IMC, together represent the majority of daily turnover and hold the majority of open interest.

The process of collectively transferring open interest positions is planned to start at the end of May, and will take about a month, TOM stated.