I am surprised that specialists do not always make money. http://www.latimes.com/business/nat...eu-netherlands-van-der-moolen,0,4932827.story Dutch trading firm Van der Moolen files for protection from creditors By Associated Press 1:21 AM PDT, August 10, 2009 AMSTERDAM (AP) âDutch trading firm Van der Moolen Holding NV filed for protection from creditors on Monday, citing liquidity problems amid a slump in earnings. It reported a net loss of euro10.5 million ($15.07 million) for the first half of 2009, compared with a profit of euro12.7 million in the same period a year earlier, as sales fell 73 percent to euro24.9 million. Van der Moolen, once one of the larger "specialists" on the NYSE, ran into trouble this decade as electronic trading platforms took over their role. Specialists provide liquidity and act as brokers for stocks, bonds and other securities. Van der Moolen sold its loss-making specialist operations in the U.S. to Lehman Brothers for $0 in December 2007. Trading in the company's shares was halted until Tuesday. Shares closed Friday at euro1.232, down from above euro5 a year ago. The company's only executive resigned in July and it has since been under direct control of its three-member supervisory board, all of whom were appointed after 2008. "After taking over from previous management, Van der Moolen's current management concluded Van der Moolen would soon be unable to satisfy its obligations," the company said in a statement. "Serious consideration is being given to selling various parts of the company," it said, adding that many traders were departing, which would hurt earnings. Van der Moolen said it would try to schedule an emergency shareholders' meeting in late September.