BinckBank has started to issue turbos in the Netherlands. A turbo allows clients to invest with leverage in underlying assets such as the AEX-index, the DAX-index, many Dutch and international stock, and precious metals. By doing so, the bank meets the demand of experienced and active investors who like to invest in turbos.
BinckBank N.V. acts as the issuing institution and has appointed the Swiss bank UBS as market maker. Trading takes place through the Citigroup Automated Trading System (Cats).
This is the first time that BinckBank issues its own turbos. BinckBank considers this issuance as an important strategic milestone for its retail investors business.
Over the last year, NautaDutilh acted as counsel to BinckBank in connection with this project. The NautaDutilh-team structured and drafted the relevant agreements between the parties involved and assisted BinckBank in the negotiations. In addition, NautaDutilh drafted the turbo Prospectus and successfully filed it with the AFM.
The core NautaDutilh team consisted of Pim Rank, Bart Bierman and Jasha Sprecher (Financial Law) and Jochem Polderman (Capital Markets). Others working on the Turbo-project were Petra Zijp (Capital Markets), Leo Groothuis and Matthijs Noome (Corporate), Nico Blom and Frederike Manzoni (Tax), Barbara Nijs and Babs van der Heijden (Competition).
Click here for BinckBank's press release.