Zar Amrolia, who has led Deutsche Bank’s FX division to the number-one position in the Euromoney FX survey for the past eight years, has been promoted to co-head the bank’s newly created fixed income and currencies (FIC) group, as it seeks to broaden electronic trading across all asset classes.
Amrolia will share the role with Wayne Felson, who is the bank’s global head of rates and flow credit trading. Felson, a 17-year Deutsche Bank veteran, has held a variety of positions, including running European rates, equity derivatives risk and credit exotics.
The creation of the FIC group is the final phase of a process of bringing FX, global finance, rates and credit into one single organization.
Earlier this year, Amrolia was appointed to the newly created role of global head of electronic markets, tasked with integrating Deutsche’s trading platforms. Kevin Rodgers was appointed to take over Amrolia’s role in all day-to-day aspects of the FX business.
The new appointments come as FIC franchises enter a transformational period, with over-the-counter derivative markets having to implement new regulatory requirements next year. Their impact will lead to a dramatic increase in the use of electronic trading, via swap execution facilities, and on single dealer platforms, such as Deutsche’s Autobahn.
Central counterparty clearing, either through designated clearing houses or via a bank’s own client clearing services, will create new services and business lines for the largest of the FIC franchises, such as Deutsche Bank.
Colin Fan and Rob Rankin, the co-heads of Deutsche Bank’s corporate banking and securities divisions – in a presentation at the bank’s investor day in September – outlined their strategy for Deutsche’s sales and trading businesses, which closely resembles that of the largely electronified foreign exchange business.
During the past eight years, Deutsche’s FX division, under Amrolia’s stewardship, has become the unquestioned market leader in electronic FX trading, thanks to its astute combination of superior trading technology and market making.
This year, the bank has built on that by releasing a new-generation trading platform – ABFX2 – and offering a more bespoke App-based system, as well as new API technology that provides bespoke liquidity management to clients.
Furthermore, behind the electronic-trading operation, the FX division has also developed a host of other related services and products, such as FX4Cash, DB Overlay, and clearing and cross-margining services.
Deutsche was also the first bank to integrate its prime brokerage and listed futures business.