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Bailey McCann, Opalesque New York:

New York-based ING is launching a new multi-asset synthetic prime brokerage platform aimed at the buy-side. The platform will offer a range of services for global, cross-asset portfolio swaps.

ING has traditionally offered its hedge fund clients synthetic portfolio solutions through its legacy contract for differences (CFD) platform. The broker is now looking to modernize and integrate its offering to offer custom services to hedge funds. "This will be a replacement of our CFD platform," explains Michael Baudo, Regional Head of Financial Markets Americas and Global Head of Securities Finance at ING in an interview with Opalesque. "We are taking the platform a step further than we have in the past because we want to be able to integrate services that are relevant to the market now."

According to Baudo, the goal is to offer a comprehensive platform that handles a full slate of back-office services. ING is also working with a vendor on a strategic partnership that will merge the firm's fixed income repo capabilities with its equities securities finance system. The multi-asset swap brokerage will work as a complement to that.

In its initial launch phase, the brokerage platform will be managing and executing all balance sheet, back office and administrative functions associated with derivative exposure to equities. From there, ING will integrate fixed income and other portfolio swaps on a product-by-product basis.

ING......................

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