Single-dealer platform of the year: Deutsche Bank

Deutsche Bank’s Autobahn has reinvented itself for a new era in swap markets, but ended the year under a cloud, with US regulators probing its use of foreign exchange algorithms

Serge Marston (left) and Martin Zinkin, Deutsche Bank

It’s not easy being a single–dealer platform in the post–crisis swap markets. Each one represents years of work and tens of millions of dollars of investment, to achieve something that is being regulated out of existence. In Europe and the US, rules demand that a big chunk of the over-the-counter derivatives market be executed on venues where any number of market-makers can participate – for these products, funnelling clients towards your own trading desks is no longer allowed.

To replace this