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Banking

2010 Awards for excellence: Best Global credit derivatives house

Once the leading structured credit business, Deutsche has repositioned itself to be at the forefront of a new era of standardization, transparency and liquidity.


Awards for Excellence 2010
Best Global credit derivatives house: Deutsche Bank
Also nominated: Barclays Capital and JPMorgan

Deutsche Bank has transformed itself into the new archetype of the credit derivatives trading and sales platform. Less than two years ago it had suffered large losses in its proprietary and structured credit businesses, and its co-head of global credit trading, Boaz Weinstein, had just left the firm. His co-head, Colin Fan, then took full charge and began restructuring the business to suit the upcoming age: a market without CDOs and correlation trading, increased regulation, and a need to generate liquidity with genuine customer business.

Before the crisis Deutsche Bank had been an asset accumulator with a huge exotic and proprietary business but an average flow business. That was dismantled by the selling of billions of euros in distressed assets, cutting the balance sheet and risk-weighted assets by 40%, and slashing the headcount. It is therefore even more impressive that the bank managed to gain a big market in its flow-trading business over the period.

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