Van der Moolen withdraws options business from Amex

Cohen, Duffy, McGowan (CDM), the options trading unit of Dutch financial services company Van der Moolen (VDM), is to resign from its role at the American Stock Exchange (Amex).

Although the move is subject to Amex approval, the company said it expects to be fully withdrawn from the exchange by the end of the year.

CDM made a €500,000 loss in the first nine months of 2003.

VDM recently took the decision to sell its options business in Philadelphia to rival firm Susquehanna. This leaves the Chicago Board Options Exchange as the only US exchange at which VDM deals in options on the floor. The company has been moving more trading activity 'upstairs' - on to electronic platforms.