Deutsche Bank Takes on Custodians With Automated FX Service

According to WatersTechnology, Deutsche Bank is mounting a direct challenge to the custody banks that dominate operational foreign exchange execution for asset managers with the launch of an automated service it claims can cut costs by up to 90%. The German bank has integrated its HausFX execution service with BlackRock’s Aladdin order management system (OMS), which is used by more than 250 asset managers overseeing an estimated $21.6 trillion in assets as of 2020.