Trading & Options · Profile from Trading and Options Research Companion
IMC Trading
The Amsterdam options market maker that two floor traders, Robert Defares and René Schelvis, started in 1989 on the Amsterdam Equity Options Exchange, and that grew into a global, technology-led liquidity provider with ~1,900 people and $3,120m of net trading revenue in 2025 (audited, IFRS; up 40% on $2,235m in 2024). IMC is private but publishes an annual report, which makes it — with Optiver, Flow Traders and the US-listed Virtu Financial — one of the few market makers whose economics can be read from audited figures rather than leaks. Its story turns on specialisation and knowing when to exit a line: IMC bought Goldman Sachs's NYSE designated market maker (DMM) book in May 2014, ran it for six years, and sold it to Citadel Securities in Oct–Nov 2020 to concentrate on options and ETFs, where it calls itself a top-three liquidity provider in listed options globally (firm claim). It also carries the compliance record of a firm quoting on 90–120 venues: a Hong Kong SFC fine (2012), NYSE Arca fines (2017, 2018), an SEC Regulation SHO order (2022), a FINRA audit-trail fine (2024) and a 2015–16 Chinese index-futures probe whose outcome is unconfirmed.
At a glance
- Founded
- 1989, Amsterdam, as International Marketmaker's Combination, by Robert Defares and René Schelvis, two traders on the floor of the Amsterdam Equity Options Exchange (IMC annual reports 2024 and 2025; Wikipedia citing MarketsWiki and IMC's "About us")
- Headquarters
- Amstelveenseweg 500, Amsterdam (annual report 2025); top holding company IMC Global Holdings LLC, a Delaware LLC, since 1 Jan 2024; corporate tax residence remains the Netherlands (annual report 2024)
- Ownership / structure
- Private; partners and management (shareholding not disclosed — verify). Two-tier board (Management Board and Supervisory Board); the annual report is filed with the Dutch Chamber of Commerce as a formeel buitenlandse vennootschap (annual report 2024–25)
- Leadership (2026)
- Michaël (Mickey) De Lathauwer, CEO and chairman of the Management Board since 1 Aug 2025 (ex-CEO of Cardano Group and 25 years at Goldman Sachs); Johan Benning, CFO since 1 Jan 2014; Michiel Knoers, Global Chief Trading Officer since Sep 2022; Rob Burke, CTO since Feb 2024. Rob Defares, co-founder and CEO 1989–2025, and Wiet Pot, co-CEO 2008–2016, joined the Supervisory Board on 1 Dec 2025 (annual report 2025)
- Business lines
- Options and ETF market making (core); equities, futures, bonds, FX and commodity options (London, from 2024), digital assets (Zug, from 2021–22), power and gas (Aarhus, from 2025–26); direct-counterparty/block liquidity (sales desk from 2018); IMC Trading & Tech Investments (venture arm)
- Scale (dated, audited)
- Net trading revenue: €1,384m (2021), €1,562m (2022) (annual report 2022, euros); $1,367m (2023), $2,235m (2024), $3,120m (2025) (annual reports 2024–25, US dollars from 2024). Net profit: €501m (2021), €506m (2022); $312m (2023), $686m (2024), $968m (2025) attributable to shareholders. Expenses: $1,336m (2024), $1,800m (2025). Equity: €918m (2021), €1,141m (2022); $1,405m (2023), $1,866m (2024), $2,581m (2025). Trading capital: $1,751m (2023), $2,499m (2024). Headcount 1,300+ (2022), 1,600+ (2024), 1,900+ (2025); 10.5m transactions a day (2024)
- Regulators
- Netherlands: DNB and AFM; US: SEC, CFTC, FINRA; Australia: ASIC; India: SEBI; UK: FCA (licence Sep 2024); Hong Kong: SFC (annual report 2025)
- Signature moves (incl. failures)
- Founding on the Amsterdam floor (1989); Chicago (2000) and Sydney (2002); the automated options system and tech culture (2010); the enforcement record (SFC 2012 to FINRA 2024); Goldman's NYSE DMM book (2014); the China index-futures probe (2015–16); selling the DMM book to Citadel Securities (2020); India and crypto (2021–25); the US holding company, record revenue and CEO succession (2024–25)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
1989
Founding on the Amsterdam Options Floor
Founding
2000
Chicago and Sydney Expansion
New market / geographic expansion
2010
Automated Options Trading System and Tech Culture
Technology or infrastructure bet (automation, FPGA, then machine learning and GPU research compute)
2012
Enforcement Record SFC NYSE Arca SEC and FINRA
Regulatory, enforcement and legal action (a series of settled cases)
2014
Buying Goldmans NYSE DMM Book
Acquisition (exchange role and franchise)
2015
China Index Futures Probe
Regulatory, enforcement and legal action; loss of a market (outcome unconfirmed)
2020
Selling the DMM Book to Citadel Securities
Exit of a business line (sale)
2021
India and Crypto Expansion
New strategy and new markets (India onshore; digital assets)
2024
US Redomicile Record Revenue and CEO Succession
Restructuring (holding-company redomicile); capital raise (first external debt); leadership change; outcome (record results)