Deutsche Bank was dethroned after a nine-year reign as the world’s biggest currency trader by Citigroup, a Euromoney Institutional Investor survey showed, as subdued volatility depressed trading in the euro.
The bank trailed its rival by just 0.28% in the 2013 poll, the second-slimmest margin since it began in 1976. Barclays was the third-largest trader, with a 10.91% share.
The biggest dealers in the $5.3tril-a-day foreign-exchange market are facing reduced revenues after stimulus efforts by central banks around the world muffled many of the trends that traders and investors use to make money. That’s adding to competition among banks, which are pushing more trading onto electronic platforms to boost market share.
We’re a big euro bank and it’s not helped that the euro has not been a focus of attention over the past 18 months', said Kevin Rodgers, global head of foreign exchange at Deutsche Bank in London. 'Currency volatility in my career hasn’t been down at these levels for any length of time, ever. What will cause it to bounce, I don’t know'.
To access the complete Bloomberg article hit the link below: