{"version":"1.0","provider_name":"Faces Online","provider_url":"https:\/\/faces-online.nl\/en\/","author_name":"Asset Financials","author_url":"https:\/\/faces-online.nl\/en\/author\/elleke-bender\/","title":"Interview Gijs Nagel - Faces Online","type":"rich","width":600,"height":338,"html":"<blockquote class=\"wp-embedded-content\" data-secret=\"Baisg0lvSU\"><a href=\"https:\/\/faces-online.nl\/en\/interview-gijs-nagel\/\">Interview Gijs Nagel<\/a><\/blockquote><iframe sandbox=\"allow-scripts\" security=\"restricted\" src=\"https:\/\/faces-online.nl\/en\/interview-gijs-nagel\/embed\/#?secret=Baisg0lvSU\" width=\"600\" height=\"338\" title=\"&#8220;Interview Gijs Nagel&#8221; &#8212; Faces Online\" data-secret=\"Baisg0lvSU\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" class=\"wp-embedded-content\"><\/iframe><script type=\"text\/javascript\">\n\/* <![CDATA[ *\/\n\/*! This file is auto-generated *\/\n!function(d,l){\"use strict\";l.querySelector&&d.addEventListener&&\"undefined\"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!\/[^a-zA-Z0-9]\/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret=\"'+t.secret+'\"]'),o=l.querySelectorAll('blockquote[data-secret=\"'+t.secret+'\"]'),c=new RegExp(\"^https?:$\",\"i\"),i=0;i<o.length;i++)o[i].style.display=\"none\";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute(\"style\"),\"height\"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):\"link\"===t.message&&(r=new URL(s.getAttribute(\"src\")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener(\"message\",d.wp.receiveEmbedMessage,!1),l.addEventListener(\"DOMContentLoaded\",function(){for(var e,t,s=l.querySelectorAll(\"iframe.wp-embedded-content\"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute(\"data-secret\"))||(t=Math.random().toString(36).substring(2,12),e.src+=\"#?secret=\"+t,e.setAttribute(\"data-secret\",t)),e.contentWindow.postMessage({message:\"ready\",secret:t},\"*\")},!1)))}(window,document);\n\/\/# sourceURL=https:\/\/faces-online.nl\/wp-includes\/js\/wp-embed.min.js\n\/* ]]> *\/\n<\/script>\n","thumbnail_url":"https:\/\/faces-online.nl\/wp-content\/uploads\/2014\/07\/Faces-banner-ter-vervanging.jpg","thumbnail_width":1200,"thumbnail_height":628,"description":"Can you tell us something about yourself, your study and how you started with DEGIRO? My internship for the HEAO education \u2018Management Economics and Law\u2019 took place at AOT, a market maker company in Amsterdam, now known as BinckBank. Within this company I came in contact with trading on the stock market. I do not know if you remember that people traded formerly on the stock market through open outcry. People were shouting the price they wanted to buy and sell at the exchange. I started at a time when this ceased to exist, and all the trading continued on screens. After my graduation I stayed with AOT and I have been trained there. This training was entirely focused on trading, especially on valuation of options and everything that has to deal with these options. Initially, it was my intention to continue studying. However, it suited me so well that I continued to work. Within BinckBank I worked with a team. This team and I started in 2007 for ourselves. DEGIRO was a result of this team. How did DEGIRO started? Where is the foundation? This team consisted of five men who started a company that issues and manages mutual funds. However, beforehand, we needed a solid infrastructure that we would be able to act on all stock exchanges worldwide. We built this infrastructure all by ourselves. Everything that was for sale was very expensive and inadequate functioning. Especially with software it is nice if you have it under control. It makes you flexible and less dependent on others. In 2008, this infrastructure was placed into a separate company, which is now called DEGIRO. We soon faced a lot of demand from other fund managers for our infrastructure. Especially professionals, who trade on stock exchanges around the world, were interested. By means of DEGIRO they were able to act at much lower rates than they were used to. This caused a rapid growth in the business segment. There is now for about ten billion transactions running on our infrastructure. This is for our company a small margin, but due to the high volume sufficient to keep the business running. Every transaction we do extra for our customers immediately yields a positive contribution to the profitability of DEGIRO. Therefore we will now approach also the private market DEGIRO. We are placing the private market together with the business market. They both get the same low rates. Why are you placing yourself so far below the average market price and not something more moderate? A private investor nowadays makes almost full use of the Internet. When a customer places his order online with us, there is no difference between these private customers and professional customers. We use for our retail customers therefore the rate of the professional market. These are about 80% lower than the prices private investors regularly pay. In our opinion, the companies did not pass through the advantages they received in the past years to their customers. So we are not really cheap but others are in our opinion quite expensive. In recent years there have been a lot of changes mainly on the cost side of brokers. Infrastructure costs, such as fiberglass and renting space in data centres have become a lot cheaper. Our competitors insufficiently passed on these benefits to the customers. We saw this as an opportunity to also give the private customers these low prices, which actually should already exist. With this step, private investors have now got everything they need; a quick access to markets worldwide and professional fees. Nice detail is that the news today goes quickly to private investors through the Internet. News via Twitter is, for example, often faster than conventional news services such as Bloomberg or Reuters. Many people together are better than just one journalist. How did you come up with the name \u2018DEGIRO\u2019? A transfer system is a software system that keeps track of what exactly is from whom. In DEGIRO money is coming in from customers who then start investing with it. We will keep track of what is traded, by whom and who owns what. So that will be done by our giro system (transfer system). We thought: &#8220;Lets use the foundation of what we do as our name.&#8221; Initially, the name was not as important as we only focused on professional customers. Meanwhile, we also serve many individuals and increasingly more people are asking where the name comes from. This does not really matters for business customers. Can you tell us more about your business model and how it works? Our costs are related to the staff, we mainly employ programmers expanding and improving our infrastructure. There are also costs for data centres and lines to Hong Kong, Frankfurt, London and the USA. We are also busy developing tools for investors who want to create a lot of diversification within their portfolio. With these tools you can soon be in hundreds of equities all over the world with only a small amount of money. We make this happen by letting people invest in fractions of shares. We are going to promote these tools too. What developments do you see in the broker market and what would you like to see? We think that three players will remain in Europe. It will be them who are now already handling the cost structure that is the standard over ten years. These parties attract investors to themselves. We are also planning an expansion of our services throughout Europe. We are now ready to operate in 27 countries. The market will therefore be changing a lot from small local players to some big players. The first steps can already be seen. We want DEGIRO to play a major role in this part. This consolidation is already much more advanced in the United States. This is mainly due to the fact that players reach economies of scale in an earlier state; it is one country with one market. Our"}