IMC desk shutdown points to cost pressure
Stamp duty is seen as prohibitively expensive for high-frequency traders after IMC shuts its Hong Kong trading desk and makes two-thirds of its HK staff redundant.
The closure of IMC’s Hong Kong trading desk late last month has highlighted the cost pressures faced by high-frequency trading firms. The company is following an emerging trend of moving to a model in which one office serves multiple markets across one time-zone.
Traders recently let go by the Amsterdam-based firm told AsianInvestor that IMC had made two-thirds of its Hong Kong staff redundant, or about 40 of a 60-strong headcount. Those exiting were trading Hong Kong-listed optio…
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