January 23, 2007 01:42 ET

VAN DER MOOLEN HOLDING N.V. : Van der Moolen announces reduction in workforce at Van der Moolen Specialists USA

AMSTERDAM, THE NETHERLANDS -- (MARKET WIRE) -- January 23, 2007 -- Amsterdam, January 23, 2007


Van der Moolen announces reduction in workforce at Van der Moolen Specialists USA

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 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).


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.

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Contact Information

  • Contact:
    Investor Relations/Corporate Communications
    Telephone +31 (0)20 535 6789