Trading & Options · Profile from Trading and Options Research Companion
Flow Traders
The Amsterdam market maker in exchange-traded products (ETPs) that two former options traders, Roger Hodenius and Jan van Kuijk, founded in 2004 and listed on Euronext Amsterdam on 10 Jul 2015 at €32 a share — after Virtu Financial, the one sizeable electronic market maker whose economics are audited and public. Its annual reports are the best public record of what ETF market making earns and how much that depends on volatility: net trading income (NTI) of €166.0m in calm 2017, €383.4m in 2018 (the February volatility spike), €216.4m in 2019, a record €933.4m in 2020 with €464.5m of net profit, down to €300.3m and €36.2m in 2023, then €467.8m / €159.5m (2024) and €485.8m / €133.6m (2025) (annual reports, audited, euros; 2025 from the results release as reported in press — Shared facts S08). It moved its top holding company to Bermuda (completed 13 Jan 2023), suspended regular dividends in Jul 2024 to grow trading capital, borrowed for the first time, and changed CEO three times in three years. The lesson: a real, structural edge in liquidity provision, earned in proportion to market turbulence, and capped by the capital a listed firm is willing to put at risk.
At a glance
- Founded
- 2004, Amsterdam, by Roger Hodenius and Jan van Kuijk (2015 annual report: "the co-founders of Flow Traders"); both served as co-CEOs from 2004 to 2014 (2025 annual report, van Kuijk biography); van Kuijk was a partner at Optiver until 1996 and helped set up its first electronic trading at Deutsche Börse in 1993 (2025 annual report)
- Headquarters
- Amsterdam; trading hubs in Amsterdam, New York and Hong Kong, with branch offices (2025 annual report); Wikipedia also lists London, Milan, Paris, Cluj, Shanghai, Singapore and Chicago (Chicago office opened 2023 — 2023 annual report)
- Ownership / structure
- Listed on Euronext Amsterdam (ticker FLOW) since 10 Jul 2015; top holding company Flow Traders Ltd., governed by Bermudan law since 13 Jan 2023 (2022 annual report). Founders' vehicles held 12.22% (Javak Investments, van Kuijk) and 10.07% (Avalon Holding, Hodenius) per AFM notifications dated 2018 (2025 annual report); a relationship agreement lets each nominate a non-executive director
- Leadership (2026)
- Thomas Spitz, CEO — joined Sep 2025, elected CEO and board member 30 Oct 2025; previously Group Head of Global Markets at First Abu Dhabi Bank (2022–24) and 20+ years at Crédit Agricole (2025 annual report). Predecessors: Dennis Dijkstra (co-CEO with Sjoerd Rietberg at the 2015 IPO, later sole CEO, to 31 Jan 2023; "fourteen years with the company and eight years as CEO"), Mike Kuehnel (CEO Feb 2023–Oct 2025; CFO from Sep 2021) (annual reports)
- Business lines
- ETP market making (equity, fixed income, commodity and crypto ETPs) on exchange and by request-for-quote off exchange; related hedging in futures, options, bonds and FX; fixed income, FX and digital assets as separate businesses; corporate venture arm Flow Traders Capital (2022)
- Scale (dated, audited unless stated)
- NTI / net profit (€m): 172.7 / 67.9 (2014); 304.7 / 97.3 (2015); 166.0 / 39.6 (2017); 383.4 / 160.9 (2018); 216.4 / 53.1 (2019); 933.4 / 464.5 (2020); IFRS total income 384.0 / net profit 114.9 (2021); 458.7 / 126.8 (2022); 300.3 / 36.2 (2023); 467.8 / 159.5 (2024); 485.8 / 133.6 (2025). 1H 2026 (unaudited): NTI €303.7m, net profit €91.2m. Trading capital €624m (end-2Q24) → €1,043.6m (end-2025) → €1,150m (end-2Q26). ETP value traded €645bn (2015) → €1,940bn (2025: Americas €898bn, EMEA €890bn, APAC €152bn). FTEs 268 employees (end-2015), 554 (2020), 660 (2022), 635
- Regulators
- Dutch AFM and DNB (home), the UK FCA (UK subsidiary authorised 2023), the SEC/FINRA (US broker-dealers), the Hong Kong SFC (from memory, verify), exchanges' rulebooks (Euronext, Eurex, CME)
- Signature moves (incl. failures)
- Founding as an ETP specialist (2004); the Euronext IPO (2015); the 2017 trough and the Feb 2018 volatility windfall; diversification into FX, fixed income and crypto (2018–); the 2020 pandemic record; 2022 leadership exits, FTX and Flow Traders Capital; the Bermuda redomicile and the 2023 trough; the trading-capital expansion plan and dividend suspension (2024–26); risk-control and reporting fines (2017–25)
9 strategic moves analysed
Each one gets a full strategy file in the companion: context, the decision, the financing, what happened, and the lesson.
2004
Founding as an ETP Specialist
Founding
2015
Euronext Amsterdam IPO
Acquisition, merger or IPO (IPO)
2017
Risk Control and Reporting Fines
Regulatory, enforcement or legal action (a series of small settled disciplinary cases)
2018
Diversifying into FX Fixed Income and Crypto
New strategy, product or market
2018
February Volatility and a Record Year
Market regime / outcome (the decision to keep capacity and invest through a weak year, then the payoff)
2020
Pandemic Record Year
Market regime / outcome (keeping quotes up through the Mar–Apr 2020 crash under a business continuity plan)
2022
Leadership Exits FTX and Flow Traders Capital
Hiring, spin-out or partner departure / counterparty event / new strategy (corporate venture)
2023
Bermuda Redomicile and the Trough Year
Restructuring (change of top holding company and jurisdiction) / loss, drawdown or blow-up response (the 2023 earnings trough)
2024
Trading Capital Expansion and Dividend Suspension
Leverage, sizing or risk-limit change / capital raise (retained earnings and debt)