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HEDGE FUNDS | Terry Gangcuangco, Singapore
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ING rebalances hedge portfolio for employee options

ING Groep hedges employee options with the sale of 5,230,000 ordinary shares for its delta hedge portfolio. With an average price of $10.82 each, the shares were sold on the open market between 2 June and 5 June.

Employees of ING receive shares from the delta hedge portfolio, maintained to minimise the market risks and price fluctuations that arise from the employee option programmes, instead of being issued new shares to cover employee options. The hedge position, in accordance with regulatory requirements and ING's policies, is periodically adjusted to prevent market manipulation.

At present the hedge book holds 35.8 million ordinary ING shares, less than two percent of the outstanding 2,063 million shares.

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