2008 Media Releases

Deutsche Bank has been named Australasia’s top FX house by volume in Euromoney’s 2008 Foreign Exchange Poll for the third consecutive year.

The definitive worldwide poll, which gathers information from over 9,800 corporate and institutional foreign exchange clients globally, reveals that Deutsche Bank has grown its market share in Australasia, widening the gap between itself and its competitors.

Head of Global Markets, Australia and New Zealand, Michael Ormaechea said, “Deutsche Bank’s Global Markets division in Australia and New Zealand has proved over the last 12 months that it is well positioned to offer clients sophisticated and innovative products during challenging market conditions. As one of the pillars of our Global Markets business, leadership in FX enables us to continue providing a critical competitive edge for our clients.”

“We have been recording growth in FX in Australasia over the past few years, however to achieve double digit growth and increase our market share significantly during these turbulent market conditions is a tremendous accomplishment,” Ormaechea added.

Figures from the survey suggest that the FX market coped well with the credit crisis with a reported 40% increase in global market foreign exchange turnover, up to USD175 trillion from the USD125 trillion reported in the previous poll. Melissa Babbage, Head of Global Finance and Foreign Exchange, Australia and New Zealand said, “Undoubtedly the credit crisis has created some challenges in our business but it has also created opportunities.”

“As the market leader in foreign exchange in Australasia, our business has a well-deserved reputation for being at the cutting edge of innovation. Gains in electronic market share have been important in our overall market share growth and our goal now is to consistently innovate and add value for clients,” she continued.

According to the survey, Deutsche Bank in Australasia had more than twice the market share of its nearest competitor. The Euromoney FX Poll also found that Deutsche Bank was the leading FX house globally, accounting for 21.7% of all market turnover, up from 19.3% in the 2007 survey.

Ormaechea said, “Deutsche Bank has long viewed foreign exchange as a strategic part of our business. We take immense pride in its continued success.”

For further information, please contact:

Kate Abrahams (02) 8258 2416
Camilla Anderson (02) 8258 2731