Van der Moolen said on Monday it expected to make another quarterly loss and for revenues to slump 30 per cent quarter-on-quarter at its US operation.

The third-quarter loss will follow a second quarter in which the specialist stockbroker lost €9.4m.

The Amsterdam-based company said it would carry out an impairment test on the US operation.

Outsourcing of clearing activities has brought job losses in the US and those will trim quarterly profits by €400,000. The roll-out of the Hybrid Market trading system at the New York Stock Exchange will bring further job cuts.

In the first half of the year, Van der Moolen’s results were hit by the settlement of a class action relating to a stock loan investigation by NYSE. That reduced profits by €2.8m. The settlement was for $8m, 60 per cent of it covered by insurance. It also took an impairment of €10m on its brokerage business.

The stockbroker’s strategy in the US is one of diversification and it has signed strategic agreements with Chicago Board Options Exchange and International Securities Exchange which aim to start a new equity exchange.

Van der Moolen is listed in Amsterdam and New York.

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