The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.
Foreign Exchange

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%.

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree