Van Der Moolen (NYSE:VDM)
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From Jul 2019 to Jul 2024
Van der Moolen Holdings, N.V. announced today that its Van der Moolen
Specialists, USA, LLC unit (VDMS) will implement an immediate reduction
in work force of approximately 30%. This action is being taken as the
NYSE completes the move of all listed securities to its new Hybrid
Market system later today.
The staff reduction is expected to yield annualized savings of
approximately $4.5 million dollars going forward and will result in a
one-time charge for severance costs of approximately $1.3 million
dollars to VDMS first quarter 2007 earnings.
"This is a difficult decision, but one which is necessary for VDMS due
to implementation of the NYSE Hybrid market and more automation at the
point of sale" said Richard E. den Drijver, CEO of Van der Moolen
Holding NV.
For more information about Van der Moolen, please visit www.vandermoolen.com
or contact Investor Relations/Corporate Communications, telephone +31
(0)20 535 6789.
Van der Moolen trades on the leading US and European equity, option and
fixed income exchanges. The group trades in open outcry and electronic
markets in several time zones. On the NYSE, Van der Moolen currently has
a market share of nearly 11% of transaction volume for which it acts as
specialist. Van der Moolen's traders worldwide execute an average of
100,000 trades a day. Turnover and price volatility are the most
important factors influencing its results. Van der Moolen's shares are
listed on Euronext Amsterdam (VDMN.AS). American Depositary Receipts
(ADRs) representing Van der Moolen shares are listed on the NYSE (VDM).
Disclaimer:
This press release contains forward-looking statements within the
meaning of, and which have been made pursuant to, the Private Securities
Litigation Reform Act of 1995. All statements regarding our future
financial condition, results of operations and business strategy, plans
and objectives are forward-looking. Statements containing the words “anticipate,”
“believe,” “intend,”
“estimate,” “expect,”
“hope,” and words
of similar meaning are forward-looking. In particular, the following are
forward-looking in nature: statements with regard to strategy and
management objectives; pending or potential acquisitions; pending or
potential litigation and government investigations, including litigation
and investigations concerning specialist trading in the U.S.; future
revenue sources; the effects of changes or prospective changes in the
regulation or structure of the securities exchanges on which our
subsidiaries operate; and trends in results, performance, achievements
or conditions in the markets in which we operate. These forward-looking
statements involve risks, uncertainties and other factors, some of which
are beyond our control, which may cause our results, performance,
achievements or conditions in the markets in which we operate to differ,
possibly materially, from those expressed or implied in these
forward-looking statements. We describe certain important factors to
consider in connection with these forward-looking statements under “Key
Information – Risk Factors”
and elsewhere in our annual filing with the U.S. Securities and Exchange
Commission on Form 20-F. We caution you not to place undue reliance on
these forward-looking statements, which reflect our management’s
view only as of the date of this Report. We have no obligation to update
these forward-looking statements.