Awards for excellence - Best foreign exchange house
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Awards for excellence - Best foreign exchange house

Awards for Excellence 2005

Deutsche Bank

Deutsche has outstripped its rivals across the board – but watch out for HSBC

Jim Turley

Deutsche Bank has had an outstanding year in foreign exchange. It was the clear winner of Euromoney's 2005 FX poll, published in May, with a market share of 16.72%, outstripping UBS's winning score of 12.36% in 2004. No other bank in the history of the poll has gained such a high market share. It set an impressive precedent for this fiercely competitive market, and one that will be hard to beat.

"If you want to be a big wholesale player in foreign exchange, you need the three ingredients," says Jim Turley, global head of foreign exchange and commodities at Deutsche Bank. "The Holy Trinity comprises product delivery, risk management and processing capability." Risk management is becoming an increasingly important factor for clients looking to execute large volumes of FX. Deutsche Bank started off by building its FX business from scratch and developing the risk management side. This investment style is now paying off.

"We can automate our risk management on our electronic services so that there's no impediment to the scale we can go to," says Turley.

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