FCStone has launched an Institutional Indian Rupee NDF trading service, hiring Peter Trager to spearhead the effort out of their New York office. Trager, a 23-year veteran of the FX industry joined FCStone from MF Global, where he served as Global Head of Emerging Markets. This service encompasses quoting INR NDF prices via voice, instant messenger and Bloomberg chat. Peter is joined in this effort by Todd Saturn, also formerly of MF Global. “FCStone is uniquely positioned to provide Agency Pricing to our various clients who are actively hedging and proprietarily trading the INR, due to my deep relationships in the market place from years of trading Emerging Markets on the banking side,” says Trager. Trager also added that despite specialising in INR trading, his desk has the ability to provide first-rate pricing in all Emerging Markets currencies. FCStone employs two shifts to cover both New York and London hours. FCStone is also planning a launch of an electronic offering of NDF trading.