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Deutsche claims first, but is third at best

When Deutsche talks, market participants and observers listen.

I’m in a reflective mood, perhaps because it’s the anniversary of one of the most important dates in history. Readers are no doubt aware that on June 6, 1944, the Allies secured a vital beachhead in Normandy. D-Day marked the beginning of the end of the Third Reich, which was supposedly going to last for 1,000 years, but which ultimately survived for just 12.

For some strange reason, markets are frequently described in militaristic terms and FX is no exception. Over the past decade, Deutsche Bank has carved out its own highly successful empire in FX, annexing flow left, right and centre. It has also innovated and launched many new weapons, not necessarily with the intention of crushing its opposition but with the aim of consolidating its hegemony of the market.

So when Deutsche talks, market participants and observers listen. When it sends out press releases, humble hacks inevitably report what it has to say, regurgitating the word according to Deutsche as the news.

This week the bank sent out what looked like a big story. “DEUTSCHE BANK LAUNCHES FIRST FX INVESTMENT PRODUCT ON THE ELECTRONIC STRUCTURED DEPOSITS PLATFORM VIA AUTOBAHN FX,” the release screamed – the capital letters are Deutsche’s.

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