Deutsche and JPMC scoop derivatives awards

Deutsche Bank again takes home the award for best bank in forwards, while JP Morgan Chase has clinched the title of best bank in currency options.

Deutsche maintained its dominance from last year, when it also clinched the top spot. By contrast, JPMC jumped straight to the top of the options list after failing to show in the top five last year. JPMC impressed bank customers, polling most votes from those respondents, and was voted third by investors after UBS and Deutsche Bank.

Deutsche said having a team of more than 40 with a presence in London, Frankfurt, New York, Sydney, Singapore and Tokyo has been key to ensuring its continued popularity. Rob Mandeno, global head of forwards, said: "We have a big commitment to the product and having a dedicated forwards operation that is genuinely 24-hour and six-days-a-week gives our customers a real comfort-zone."

Mandeno also pointed to Deutsche's position as a major liquidity provider as a reason why the bank continues to impress its forward's customer base. The bank was voted the top forwards provider by both corporates and investors and secured second spot from bank customers.

Deutsche benefited from the strong upsurge in interest from hedge funds and the retail end of the market over the past year, he said: "As FX continues to become commoditised, more volume is coming into the market from new entrants. We have seen forex increase in importance as an asset class and I think demand from the retail investor upwards should continue." He cited the continued development of Autobahn FX, the bank's e-commerce platform, and the increased liquidity it has been able to provide as being important to the customer base.

Deutsche has been able to attract a sizeable chunk of the new business coming from hedge funds and retail investors looking to drive returns in a time of flat market conditions.

However, winning a greater share of the corporate market requires innovative solutions according to Mandeno. "Customers are demanding more tailored product solutions and new products. The launch of [currencies index] DB FXI last September and the expansion of structured forward offerings has been useful to customers looking to get solutions which fit their particular needs."