edwin__k schreef op 11 maart 2020 12:56:
Even een paar punten uit de analyst call transcript van 13 feb:
Albert Ploegh (ING Bank): Yes, good morning. A few questions from my end. Maybe the
first one, a bit on the outlook for January, which are considerably higher than the average of
the – for Q4. Can you maybe give a bit more colour per region, what you see? And then,
obviously, especially on the US? And the second part of the question is also related to the US,
on the improving trading results since the start of the year. Yes, with the Q3 results and the
disappointment was explicitly focused on the fixed income part. So can you help us a little bit
what kind of management actions have been taken because the way I still see it and listening
to the remarks still seems mostly a pricing issue. So is the setup in terms of brokerage, and
so the prime brokers giving now as you wanted to have it? So is it more about pricing, so to
understand a little bit better with what you're struggling there?
Dennis Dijkstra: Okay. So let me start with the outlook mentioned in the trading update and
the cost guidance, and I will probably – I will ask Folkert to give a bit more colour on the US
situation. And so the current outlook, I said, I think we see considerably higher-than-average
NTI recorded in this – the start of this year than in Q4. And combined with the comments about
that also the investments and the changes and additional focus we've seen in the US, we can
see that the increase is across all regions. And so we are also there, with the elevated market
conditions and volatility. We benefit in every region. So that's one on the cost guidance.
and:
Ron Heijdenrijk: Okay. And then maybe finally, if I may, on fixed income, the – well, the
trading strategies that are working less now than they used to work. Is that predominantly
ETP-related flow, or is it predominantly naked flow in fixed income?
Folkert Joling: Well, in the – if you look at how the market develops, it's sort of in a continuous
upgoing markets in the equity space. These types of markets, where you gradually have an
increase and not too much ups and downs, they make it more difficult to trade in and out of
your positions. So it's more the position management overall. We have obviously a position
that we have continuously with a high – have a high turnover in this, but they're sort of a base
position, which is a combination of thousands of products.
And if the market is reacting in a
sort of completely up and down volatile way, this makes it far more easy. So it's more related
to the nature of the, let's say, the long-term trends in the market, then specifically on Flow’s
strategies. For the last quarter, S&P goes in a straight line up, and that's not ideal for this type
of position.
trek zelf je conclusies er maar uit. Ze zeggen niet veel, maar wel iets.