Deutsche Bank has recorded a 100 per cent increase in its annual foreign exchange trading volumes in the Middle East.
The bank, for the fourth year running, secured the lead position in Euromoney’s annual FX survey as the largest foreign exchange bank by volume.
Its share of global turnover broke the 20pc barrier for the first time this year, to record a 21.7pc global market share. The bank was also voted as the top provider of FX services globally.
The global foreign exchange market continues to grow at an accelerated pace, with reported turnover rising by 41pc in 2007 to $175 trillion from $125 trillion in 2006.
Growth in reported turnover in the Middle East is estimated at 42pc annually and is poised to increase.
Ricardo Honegger, Head of Global Markets for the Middle East and North Africa at Deutsche Bank, said: “Deutsche Bank is the market leader in foreign exchange in the region, and our most notable success has been our ability to achieve a high level of penetration across the full spectrum of the Middle East client-base.”
“The growth in our global market share reflects a very healthy contribution from Deutsche Bank’s regional FX franchise. We have witnessed a 100pc annual increase in volumes since introducing FX as an asset class to our regional clients almost three years ago. As at May of this year we have been able to achieve almost 80pc of total volumes recorded last year,” he added.
Deutsche Bank FX has installed a hybrid Local/London model, to deliver the best of the Bank’s global network to regional clients.
“The growth of our foreign exchange business in the Middle East is largely due to Deutsche Bank’s FX products that are innovative and provide low volatility and high return, and are coupled with active and continued risk management. In addition, the appetite of investors in the region for asset classes that allow them to diversify and hedge at the same time has grown, and FX is high on their investment agendas,” said global markets director Abdulkarim Alkassem. – TradeArabia News Service