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Deutsche Bank’s high liquidity, cost efficiencies, innovative solutions and breadth of services secure it the Best emerging markets (EM) trading platform award at the FX Markets Asia FX awards

During the past 12 months, which have seen FX volatility spike on recurring outbreaks of the Covid pandemic, Russia’s invasion of Ukraine, and fears over rising global inflation and interest rates, Deutsche Bank’s focus on providing its clients with deep liquidity, cost efficiencies, innovative solutions and a wide range of services has won it the Best EM trading platform award for the second year in a row.

“This award is testament to our commitment to innovation, the strength of our platform, our extensive onshore Asian presence and, ultimately, how we respond to industry needs,” says Ashok Das, head of global emerging markets, Asia, for Deutsche Bank in Singapore.

As a key market-maker across 14 locations in the Asia-Pacific (Apac) region, Deutsche Bank provides liquidity in large sizes and long tenors, in multiple asset classes and markets, and is a leading primary dealer for Asian government bonds with one of the largest market shares across onshore markets. Within this context, Deutsche Bank’s emerging markets platform, Workflow Solutions – developed by the bank’s Corporate Bank and Fixed Income and Currencies business units in Apac – links treasury processes into automated workflows, simplifying complex processes for clients moving money to, from and across markets with capital restrictions. The component-based Workflow Solutions allows Deutsche Bank’s clients to address workflow challenges across collections, payments, funding and FX, into and across such markets.

Workflow Solutions combines not just with Deutsche Bank’s extensive multi-jurisdictional market presence across Asia, but also with its long-standing onshore operations and market expertise in major locations across central and eastern Europe, the Middle East and Africa, and Latin America. This breadth and depth of reach also enables Workflow Solutions to seamlessly connect onshore and offshore markets, supported by Deutsche Bank’s trading capabilities, broad-based product suite, strong regulatory relationships and innovative structuring capability.

This robust infrastructure and platform innovation across different parts of Deutsche Bank has enabled it to act swiftly and effectively to deal with the challenges of the ever-changing market backdrop over the past year. In addition, utilising its US and Europe, Middle East and Africa-based Asia trading hubs, Deutsche Bank is the first bank to offer clients access to tradable prices in many local Asian markets across multiple products outside of local trading hours. In so doing, it has also brought its global client base to the Apac region.

One notable example of this during the past year was Deutsche Bank’s use of its Workflow Solutions platform to develop a fully integrated payment, liquidity and FX solution for a large multinational corporate’s operations in India, generating savings each year in the single-digit millions range. Working alongside the client, Deutsche Bank navigated the complex operational structure – which featured multiple, inefficient manual procedures across several legal entities – to completely streamline and automate cross-border flows, integrate FX execution and hedge adjustments. Deutsche Bank worked with the client for around 12 months, with more than 50 meetings totalling upwards of 2, hours discussing its FX, trade finance and cash management requirements, with teams spread across India, Germany, the Philippines and Singapore. At the end of this process, the solution provided by Deutsche Bank to the client is believed to be the first of its kind in the Indian market.

More recently, Deutsche Bank and SANY Group, the world’s third-largest high-end equipment manufacturer, headquartered in China, have implemented Deutsche Bank’s Workflow Solutions platform to optimise liquidity between SANY Group’s Indonesia and head office entities.

Through Workflow Solutions, SANY Group and its Indonesia arm can achieve the key target of better managing its liquidity – both at group and subsidiary levels – and reducing costs through workflow automation, FX conversion and reduced FX risk exposure.

The Workflow Solutions platform fully automates the conversion of Indonesian rupiah (IDR) revenues and payment settlement into China. The conversion of IDR into renminbi (RMB) utilises a first-of-its-kind cross-border RMBFX solution developed by Deutsche Bank, which enables clients to leverage price differentials between onshore and offshore markets.

Such capabilities have allowed Workflow Solutions to help multiple clients improve the integration and automation of their cross-border flows with FX risk management, as well as enabling them to generate significant cost and process efficiencies. These solutions, combined with Deutsche Bank’s extensive onshore Asian presence, have enabled the bank to provide clients with enhanced levels of market access and a wide range of services across FX, interest rates, bonds, and derivatives products.

As a crucial adjunct to these offerings, Deutsche Bank’s onshore and offshore FX and interest rates capabilities offer clients a full suite of hedging tools spanning linear vanilla products – including FX forwards, options and cross-currency swaps – as well as complex products and structures in almost all regions and local currencies. Indeed, Deutsche Bank is one of the top primary dealers for most Asian government bonds and has one of the largest market shares across onshore markets.

Given the ongoing challenges facing global financial markets trading in the coming year, Deutsche Bank remains committed to broadening and deepening its emerging markets trading capabilities for its clients, directly and through its Workflow Solutions platform, enabling them to deal with any market conditions in optimal fashion.

“We continue to develop and implement unique and innovative solutions in this ever-changing market backdrop, where clients are increasingly looking to manage risks while accessing deep liquidity,” concludes Das.

Deutsche Bank was named Best EM trading platform at the FX Markets Asia FX Awards.

Deutsche Bank’s investment in principal resting order (PRO) technology for spot FX trades has enabled clients to earn spread while trading with the bank. PRO also enables the bank to further increase its internalization rate and hence reduce market impact for the entire client franchise.

In , Deutsche combined the capabilities of its three existing algos – Stealth, SmartPeg and IS – into one new strategy (Stark), which enables the use of a sophisticated proprietary alpha model and benefits from internalization with powerful order placement logic, incorporating PRO.

“We have consolidated our derivatives product offering under the same client-facing pricer,” explains Logan Campbell, global head of FX derivatives. “Quote blotter allows clients to review all pricing requests made from multi-dealer and single-dealer platforms in a single tool and re-open requests they priced in the past for further analysis or repricing. It also allows sales to have an aggregate view of the client pricing requests.”

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Services

T, a provider of FX trading solutions, has enabled mid-liquidity streaming via APIs on its Swap User Network (SUN). The initial trade was executed by Deutsche Bank and ING, marking a significant development for the FX Swaps market.

T SUN is currently the sole platform providing continuous mid-price streaming for FX Swap instruments. According to the company, the innovation caters to the growing demand for clients seeking access to FX Swaps.

Shuo Wu, the Global Head of Forward e-trading at Deutsche Bank, said: "Establishing a marketplace that facilitates risk offset at the mid-market level signifies the next phase in the advancement of FX swaps trading. This development finally delivers for the industry opportunities that have long been present in smaller markets and empowers us to better cater to the rising client demand for access to these products."

T has expressed confidence that this milestone will fundamentally change how banks approach the trading of FX Swaps. The company noted that it paves the way for auto-hedging, aggregation, and algorithmic execution. T SUN aims to empower bank partners to enhance their trading capabilities to enhance growth in the FX Swaps Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial eunic-brussels.eu are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Swaps can be defined as a derivate contact composed of two parties that exchange to cash flow between two separate financial eunic-brussels.eu are generally divided into two categories. This includes contingent claims (options) and forward claims, where forward contracts, swaps, and exchange-traded funds (ETFs) are exchanged. Commodity price, equity price, interest rate, and foreign exchange rate are common variables used as one of the cash flows in swaps upon initiation. Different Types of Swaps Read this Term market.

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T's innovation arrived when the forex trading landscape was experiencing mixed performance, reflecting the influence of market conditions and trading dynamics across different platforms. For instance, Cboe FX witnessed a blend of positive and negative indicators in August.

The US-based platform reported a total trading volume of $ billion, a notable increase from the previous month's figure of $ billion. However, the average daily volume (ADV) for spot FX faced a decline, dropping from nearly $44 billion to $41 billion. This dip can be attributed to August having more trading days (23 days) compared to July (21 days).

FX Market Experiences Declining Trading Volume

Similarly, T experienced a significant downturn in August as its total trading volume for the month amounted to $ billion, marking a substantial decrease from July's figure of $ billion. On a different note, Euronext FX saw its monthly volumes rise to $ billion, surpassing the amount of $ billion reported in the previous month.

According to a report by Finance Magnates, the decline in market volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term had a noticeable impact on forex trading operations, resulting in narrower profit margins for financial institutions. Research from BCG Expand suggests that income from foreign exchange activities among the top banks declined 15% in the first half of

Similarly, centralized trading exchanges (CEXs) experienced a decrease in aggregate trading volumes for spot derivatives, falling 12% to $ trillion in July. This trend can potentially hinder the economic rebound following the disruptions caused by the Covid crisis.

• Deutsche Bank claims to have tightened up procedures and replaced staff, but the ‘Project Teal’ review looks set to expose a range of underhand dealings.
• With clients taking the bank to the High Court and millions already paid out in settlements, the forex market braces itself for another ‘warts and all’ report.
• Operations which potentially ran for years have come to light only after the intervention of a whistle-blower.

The reputation of big banks operating in the international currency markets has taken another hit. For years, global giant Deutsche Bank has been conducting a review on how its staff mis-sold complex derivative products to the bank’s clients. With ‘Project Teal’ apparently close to being finalised, the dossier is causing concern among Deutsche staff and the forex market in general.

The Financial Times first reported Deutsche Bank’s probe two years ago. Since then, sources have provided details of how a whistle-blower pulled the plug on a scheme involving high-ranking staff in the firm’s London and Spain offices that ran for years.

Early suggestions are that the lid was lifted on the scheme only after a managing director in charge of structured products had left the bank. There are growing concerns that the situation comes down to more than the actions of one rogue trader. The probe, conducted by a law firm on the bank’s behalf, has identified instances where numerous ‘red flags’ were missed.

Derivatives – Again

Derivatives may have been invented to help investors manage risk, but the complex financial instruments are again at the centre of a potential scandal. One individual close to the situation has said bank employees acted in “bad faith” for many years by pushing highly complex derivative deals on small and medium Spanish companies.

One of those firms is reported to have almost gone bust after the loopholes in the derivative deals unravelled. Another company, one of Spain’s largest hotel groups, is currently in the London High Court in the process of making a €m claim against the bank. All this against the backdrop of Deutsche Bank reportedly having already paid tens of millions of euros to clients in settlements.

‘Project Teal’ &#; It Could Have Been Worse

With the report due to become more widely accessible, there is some relief for Deutsche Bank that initial claims of collusion made by the whistle-blower are yet to be substantiated. The investigation has so far failed to back up claims that Deutsche Bank staff and the financial directors of client firms illicitly shared the proceeds of the deals.

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About the author: Justin Freeman

Justin is an active trader with more than years’ industry experience of working for big banks and hedge funds. He has an inside knowledge of how the financial markets work, thanks to roles including trader on a $m Event-Arbitrage desk and CRO and COO of hedge funds running a variety of strategies. From stat-arb and trend-following CTA to fixed-income relative value. Firm’s he has worked at include big banks like Citi, and prominent hedge funds including D. E. Shaw and Millennium Capital Management.

Deutsche Bank’s spot market share has increased by 13% over the review period, driven by innovations in electronic pricing solutions, thought leadership and a dedicated global voice-trading team that is able to keep the liquidity tap running for clients in the face of macroeconomic challenges.

The bank’s electronic trading business – which is designed to deliver low market impact liquidity to clients – increased in volume by 42% last year and has managed to maintain this strong growth trajectory across to date.

In /22, Deutsche redesigned its spot client algo, now known as Stark. Stark enables clients to intelligently work orders via the bank’s client franchise and a set of curated liquidity providers, while taking liquidity in the optimal manner.

“Stark has been built using our insight and investment into research and quantitative analysis of impact, information leakage and order placement,” explains Lee Merchant, global head of spot FX.