Deutsche Bank has released a new customer FX order management system as part of its Internet product offering, FXMarkets.com, which launched last October. The service provides customers with online order entry and order monitoring via the Internet, explains Joe Noreña, the recently appointed head of FX e-commerce for the bank.
The electronic orderbook is available 24-hours a day, and has three main components: Order Entry, Order Monitor and Order History.
The Order Entry screen captures trade data for all common FX order types, including expiration time and location, memo field and order integrity verification.
Order Monitor allows customers to view the current status of their orders, check the Deutsche location managing the order, sort by field and indicate memo information. It also provides status information, order type, currency pair, buy/sell, amount, desired execution rate, dealt rate, stop loss/take profit order, entry date and expiration information by location, date and time.
The Order History screen allows the customer to search full details on orders that have completed their lifecycle (whether they are executed, expired or cancelled) within 12 hours of completion of an order.
Deutsche’s FXMarkets.com was the first release in Deutsche’s online offering. From the start, the service provided access to Deutsche’s spot, forward outrights and swaps, as well as research and analytics, volatility data and market commentary.
Noreña says access to Deutsche’s research, analysis and commentary are among the service’s main features. “This is a big differentiating factor between ourselves and our competitors,” says Noreña. “Our people are our most important asset, so our philosophy is to give our customers access to this important resource.”
Electronic trading in spot, FX swaps and outrights will come online when the bank launches an enhanced version of FXMarkets.com. This second phase of launch will take placein upcoming weeks, and will feature a new look and feel as well as a much faster infrastructure, says Noreña.
“The new look and feel stems from customer feedback to the first release of FXMarkets.com,” says Noreña. “The e-commerce world is very much customer driven, so we’ve taken customers’ requests into account for the upgrade.”
A third phase of the site will introduce an electronic trading capability. “We will offer autodealing up to a certain threshold amount,” says Noreña. “Over that level, the system will send the customer directly to the FX desk through an intervention mode.”
“Time to market is essential,” notes Noreña, “But this must be done in a controlled fashion so it can be integrated into the global infrastructure. It is necessary to get to know how your customer demands differ by centre, and then provide the services they require, because this is very much a customer led initiative.”
In parallel to the new look and feel of FXMarkets.com, there will be new functionality features to come: a ‘Deal Flow Analysis’ producing historical FX flows as seen by Deutsche Bank, a ‘Spot Rate Alerter’ tool which will allow customers to input a spot rate and when the market hits this rate, they will be alerted by an audible/visible pop-up box and/or e-mail, to name a few.
A new ‘In Brief’ tab will allow customers to gain an understanding of what happened overnight, with more currencies and indices available. Links to other internal and external sites, and a tool providing customers with e-mail access to their sales contact. Customer will also have the ability to set up an e-mail service for themselves, where they are automatically e-mailed their favourite pieces of research on a regular basis. It will also feature greater customisation of the homepage, and advanced search and filtering.
In late February, Deutsche was due to release its Global Markets portal, DBMarkets.com, which enables customers to access all of Deutsche’s products from a single site. The FXMarkets.com site represents one link into the portal, which includes other markets such as commodities, emerging markets, credit and OTC derivatives, futures and options, money markets, new bond issues and fixed income.
Noreña was named to his current post last month, succeeding Zar Amrolia who has been promoted to head of e-commerce for the Global Markets group. Noreña is succeeded in his role as head of FX trading for Europe by Jim Turley. Noreña maintains responsibility for the global spot product, while Turley continues to oversee global options in addition to his new European FX duties. Noreña is currently London-based, but will relocate back to New York in March.