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Best foreign exchange house

Deutsche Bank

It is rare to find two institutions as closely matched as UBS and Deutsche Bank are in foreign exchange.

According to the results of Euromoney?s 2004 foreign exchange poll, published in May, the two banks handle almost identical amounts of dealer-to-client volumes globally. From the 3,500 poll responses, and the $24 trillion in annual FX turnover that these respondents transact, UBS has a market share of 12.36% and Deutsche Bank 12.18%. As we noted in May, in an environment where large FX-dedicated hedge funds are becoming more commonplace, that kind of difference - $40 billion ? can come down to a single vote.

So putting those overall volumes and market shares to one side, this award goes to Deutsche Bank for several key reasons. For the first time, it is the number one bank for institutional investors, taking that position from UBS. It remains by far the largest FX counterparty for hedge funds. And it is ranked second for corporates, behind Citigroup, and second in the fast-growing client base of banks, behind UBS.

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