ING Financial Markets is gearing up to move its Hong Kong-based Asian foreign exchange and fixed income trading operation to Singapore in the coming weeks. "This is a move to rationalize costs and handle trading through a single entity--based upon greater efficiency," said Tim Fallowfield, director of foreign exchange, money markets and derivatives trading in Hong Kong. Fallowfield will move with five traders to join the sales team, which has already relocated to Singapore in recent weeks. The Hong Kong dollar derivatives trader will remain in Hong Kong along with the China coverage sales team. Fallowfield said moving the operation to Singapore means ING will be able to reduce its back-office costs.
ING is not alone in centralizing its trading operation. Goldman Sachs made plans to centralize its Asia credit derivatives operation from Hong Kong to Tokyo (DW 10, 27) and Barclays Capital Asia moved its equity derivatives operation from Hong Kong to Tokyo as well (DW, 10/13). But most firms have opted for Tokyo as the central hub, according to Mike Brennan, Asian managing director at the Alexander Mann Group in Hong Kong.
