Van Der Moolen (NYSE:VDM)
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Van der Moolen Holding N.V. announced today that Van der Moolen
Specialists USA, LLC (“VDMS”),
a 75% owned subsidiary of Van der Moolen Holding N.V., has entered into
a settlement with the New York Stock Exchange (“NYSE”)
resulting from the NYSE’s investigations into
non-compliance by the seven NYSE specialist firms of certain NYSE rules.
As a result of that settlement, the NYSE released today a Hearing Board
decision which finds that VDMS and the other firms violated NYSE rules
relating to “firm quote”
and “limit order display”,
the execution of ITS commitments and short sales, and the establishment
of firm quote written supervisory procedures. The settlement agreement
specifically states that VDMS did not undertake to reconstruct the facts
necessary to establish whether any of the exceptions to the relevant
rules applied to the transactions cited in the agreement. The agreement
also specifically acknowledges that with the increased automation after
the NYSE’s implementation of the Hybrid
Market, the specialist’s firm quote exposure
will be significantly limited. Moreover, the agreement specifically
acknowledges that the NYSE Enforcement Division took into consideration
the fact VDMS assisted the NYSE by proposing enhancements and protective
measures to the NYSE’s systems and
technology, which the NYSE implemented or intends to implement. With
regard to supervision, the agreement also notes that VDMS used new
surveillance technology as it became available. Finally, the agreement
specifically states that the NYSE Enforcement Division considered that
the relevant activity did not appear to have been undertaken with the
intent to benefit VDM. VDMS consented to the imposition of a penalty of
censure and a fine of $400,000.
The net impact of the settlement was already recognized in the
consolidated profit and loss account for the nine months ended September
30, 2006.
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.