ING is moving traders from London to Brussels due to brexit

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The Dutch bank must bring some trading functions to mainland Europe. 45 people are moving from London to Brussels because the UK is leaving the EU.

The move is remarkable because ING moved in 2016 and 2017

part of its market halls (ING Financial Markets) in Brussels and Amsterdam to London. This centralization led to the loss of fifty jobs in Brussels.

The operation is partly reduced by the brexit. The United Kingdom is now considered by the European Central Bank (ECB) as a third country, which means that ING is obliged to transfer a number of activities linked to government bonds and interest rate derivatives back to the European Union.

Traders in the ING stock exchange in Brussels.
© Dieter Telemans

The Dutch bank chose Brussels “because of the infrastructure already there.” At the Brussels headquarters on Marnixlaan, ING Financial Markets already has a dealing room with eighty employees.

ING emphasizes that not exactly the same jobs that previously moved to London are coming back. This is a department that was distributed in London, Brussels and Amsterdam for the merger. It concerns 30 trading positions and 15 related risk management positions.

London

The move is primarily a symbolic boost for Brussels. London remains an important center for the bank. 750 employees stay in the British capital.

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