We enter the era of reverse globalization

Juicy stock derivatives segment is only the case of the major French banks. Several foreign institutions are clearly mounted power in recent years in an activity that is growing by more than 10 per year and is expected to generate more than 18 billion dollars in revenues in 2006... Behind the French Société Générale and BNP Paribas, Deutsche Bank and climbed to third world place this year, elbow-to-elbow with Goldman Sachs, while he was not present in this activity 10 years earlier... Today, derivatives represent two-thirds of activity all shares of the German bank with its customers. "This share should still increase in the coming years", announces Yassine Bouhara, responsible for the global market equity at Deutsche Bank. Thus, the bank account still increasing "significantly" this year its hirings in the trade shares.

According to Yassine Bouhara, this recent flight in derivatives shares is at least three reasons. First of all, it is based on the 1999 acquisition of American Bankers Trust, which the German bank can notably have today a strength of 11,000 people in New York and 6.600 in London... It is also explained by a continuous expansion in recent years, in major European markets, which enables Deutsche Bank to display one of the largest networks of distribution of the continent. Finally, this performance is the willingness of the Bank to cover the needs of all clients: brokerage dedicated to "hedge funds" ("prime brokerage") to the personal, corporate and institutional services. "We are very present on all these customer segments." "This is our strength against other European banks," said Yassine Bouhara.

A more holistic approach

To push its advantage, Deutsche Bank adopts a more comprehensive approach to these markets. "The action has become a simple legal vehicle to transfer value of companies." That is why we chose to combine the expertise of derivatives trades and cash, he says. It is the only way to achieve a satisfactory assessment of all of the assets. "A model already widespread in the anglo-saxon world.

More generally, the Investment Bank prepares the future development of the whole of his trades in following a major axis: more and more dense coverage of emerging countries. Deutsche Bank has thus focused, in recent years, weaving his canvas in Russia, the Middle East, Latin America and Asia. "We enter the era of reverse globalization." "After the Arcelor Mittal experience, our clients can no longer live without knowing who will be the future Mittal", he said.

And the movement will be also of emerging countries in emerging countries. "Rather than to buy, for example, technology advanced to Americans or Europeans, emerging countries will increasingly seek to share between them, particularly to avoid political barriers as seen with the tempting CNOOC vain Chinese to buy the American Unocal." Note Yassine Bouhara, is a background pattern. "It must invest heavily in these markets to stay in the race," he continued. Another incentive for the German bank will strengthen: enterprises of these countries, in particular oil, want more to be rating to acquisitions of major European markets. "When they have become aware that the action is also a currency of Exchange and a capitalization is a formidable lever for acquisitions, these companies introduce on Western exchanges to buy what they want, prevents Yassine Bouhara." This is true, that, for the first time, these countries are getting richer while remaining open to the world. "Tomorrow, continues it,"the economic decision centres will not be in London or New York but in Shanghai, Bombay, Dubai, Moscow or Sao Paolo"...

Private and scored less differentiated

Third trend background such as to affect the investment banks, the head of Deutsche Bank says: the gradual disappearance of the border between the side and the non-coté. "We see"private equity"Fund Blackstone buy a block of Deutsche Telekom, and"hedge funds"in the non-coté.". The distinction between the private and the side is no longer news in the 21st century! ", exclaims Yassine Bouhara...