ING Barings Plans Options Desk Focusing On Emerging Markets

ING Barings has hired Vincent Craignou to head a new emerging markets currency options desk in the City, which should be up and running in a couple of months, says Mark Fisher, director of debt and derivatives local markets in London.

Craignou, who reports to Fisher, will be responsible for setting up the operation. Fisher adds that the desk will complement the bank's local market debt and derivatives activities in London.

The desk will focus on the Czech koruna, Polish zloty, Turkish lira, Greek drachma and South African rand. The bank will also look for opportunities in Middle Eastern currencies at a later stage, depending on customer demand, says Craignou.

Craignou says initially, ING will run a global emerging markets options operation from London and New York. The bank does not expect to expand its headcount at the moment, but plans to make further hires later in London and New York, he adds. Fisher declines to say how many traders are currently located in each centre.

ING's options initiative follows its previously announced plans to move away from a regional strategy and implement a global product line approach in an effort to internationalize trading operations within its forex group (FXW, February 6, 1996).

Craignou joins from Credit Suisse where he was a senior options trader, focusing on Eastern and central European currencies, the South African rand and was responsible for risk management in South American currencies.