ING Financial Markets is expanding its fixed-income repo desk by recently hiring Richard Misiano and Alfonso Iervolino from Commerzbank Securities, according to Michael Baudo, global head of securities finance. In addition, ING is unifying its government, emerging market and corporate bond repo lines under Misiano, Baudo said.
The firm is restructuring now after resuming a fixed-income repo business last year, Baudo said. The firm may also add repo traders in mortgage-backed and asset-backed securities, possibly in the first quarter of 2006, he added. Misiano and Alfonso declined comment.
Iervolino trades government and agency bonds in the repo market and reports to Misiano, who is now head of fixed-income repo for the Americas. Misiano in turn reports to Baudo.
At Commerzbank, both new hires held similar roles with Iervolino reporting to Misiano, who reported to John Kolb, previously head of global securities finance. The repo desk was one of the few lines left after Commerzbank trimmed most of its fixed-income operations late last year (BW, 11/21). Kolb himself recently moved on to be head of equity finance at IXIS North America.
