ING shuts down New York FX trading desk
ING is closing its New York-based foreign exchange and credit trading desks, as part of the bank’s attempts to more effectively allocate resources ahead of impending Basel 2.5 regulation, an ING spokesperson tells EuromoneyFXnews.
Developed-markets trading operations will be relocated to Amsterdam, while emerging-markets trading will be moved to London. ING declined to comment on the size of its US-based FX and credit operations but said fewer than 40 redundancies resulted as part of the realignment.
An ING spokesperson said the move was part of the bank’s preparation for meeting the more stringent capital ratios required under Basel 2.5, due to come into effect in the European Union at the end of December.
Relocating all of ING’s currency trading operations to Europe constitutes a more efficient allocation of resources and will allow the Dutch lender to better serve its largely Eurocentric FX client base, the bank spokesperson told EuromoneyFXnews.
The bank’s US platform will now be focused on the US distribution of products such as treasury, money markets, GSF, rates and derivatives.
ING was ranked 29th in Euromoney’s 2011 FX poll, registering an overall market share of 0.31%, with similar rankings in both North American and European markets. It was ranked 18th in the non-financial institutions category, with a market share of 1.41%.