Deutsche Bank hires Credit Suisse’s former global head of FXPB
Deutsche Bank has hired the former global head of FX prime brokerage (FXPB) at Credit Suisse as its new European head of FXPB, according to sources who spoke to EuromoneyFXNews.
Paul Houston, who left Credit Suisse earlier this month, has also been appointed as global head of over-the-counter (OTC) FX clearing at Deutsche, the sources said. It is believed he will report to Jason Vitale, global head of FXPB. A Deutsche Bank spokesperson declined to comment. Houston spent almost three-years at Credit Suisse, where he helped relaunch the Swiss bank’s FXPB platform in 2010, as it prepared for the introduction of mandatory central clearing under new regulations. He previously worked at the Royal Bank of Scotland.
In its preparation for the introduction of mandatory clearing and the expectation of increased demand of client clearing of non-mandated clearing of OTC instruments, Deutsche has during the past year combined its FXPB, and FX-related clearing, listed and fund platforms – DBSelect and DB Overlay – into one overall client-facing division.
The bank has said it was the first bank to clear an OTC FX trade, through the SGX of Singapore, and the first bank to connect to all of the world’s main clearing houses in preparation for the new regulations.