ING closes its prime broker division

ING Financial Markets is to shut down its London prime brokerage business and concentrate its resources on the growing appetite for synthetic products.

In particular it will focus on contracts for difference and swaps as well as building up its equity lending and repo operations.

Many of its prime brokerage clients have been offered the possibility of moving to a CFD.

'Prime brokerage has become more of a commodity and business and margins are not as attractive as they once were,' said Lee Tu