Deutsche Bank has promoted its head of FX to a new role responsibility for leading its electronic trading team across all asset classes.
David Wayne, the bank’s head of FX, will lead a single team of electronic traders across fixed income, equities and FX, according to a memo from Garth Ritchie, Deutsche Bank’s head of corporate and investment banking (CIB).
The move reflects the growing importance of electronic trading as a result of new rules forcing bilateral trading onto more transparent, electronic platforms. .
“As electronic trading and execution become more important to clients, it is vital that we keep our offering leading edge. It is where the key technological advances in trading are taking place. It is an increasingly important differentiator for clients when choosing where to allocate business,” said Ritchie in the memo.
“David will work with colleagues from equities, fixed income & currencies and the newly integrated CIB technology & operations team to give us a similar edge across all electronic trading.”
Wayne who will also head up its strategic analytics teams across CIB.
With this reorganisation, it has created a new head of rates and FX, which will be led by Sam Wisnia, with the aim to bring its electronic trading capabilities in FX to its fixed income desk.
Meanwhile Kemal Askar will become the new head of rates, reporting to Wisnia, and Russell Lascala and Jonathan Tinker will become co-heads of FX.
The moves follow suite with other banks that have focused on electronic trading technology, including JP Morgan, Citi and Nomura.