ING Financial Markets is planning to expand its fixed income coverage in Taiwan and will more than double headcount in the next few months. The firm is looking to expand its four-strong fixed income team to 10 by year-end, and will expand into interest rate and credit structuring as well as become a market-maker for Taiwan dollar fx swaps and interest rate trading.
Philip Chiu, head of financial markets in Taipei, said ING has been in Taiwan for a long time, primarily focusing on lending and corporate finance. "Now we want to become more active in the fx and interest rate market," he added. Chiu himself joined from Deutsche Bank last month to spearhead the bank's build up in the local market.
Other houses including Standard Chartered Bank (DW, 8/8) and Barclays Capital (DW, 8/26) are also building onshore fixed income desks in Taiwan to take advantage of the growing market.
