Deutsche Bank

Foreign Exchange

FX Electronic
Trading

http://autobahn.db.com
2

About Autobahn

Since 1996, Autobahn has been connecting clients

to Deutsche Bank’s innovative Capital Markets
products and services. Having started life as an
execution tool, the new Autobahn now offers an
integrated experience, and provides electronic
access to Deutsche Bank’s wealth of sales, trading
and research know-how as well as seamless access
to all of our transaction banking services.

Autobahn is a simple, intuitive and consistent way

for users to:

— Gain unparalleled access to markets and liquidity

— Electronically trade across multiple asset classes:
Foreign Exchange, Fixed Income, Equities,
Commodities, Credit, Rates and Emerging Markets
— Intuitively access Deutsche Bank’s powerful
analytics and published content
— 24/7 access to all of your transaction banking
services, independent of physical location
— New in 2011: The App Market available via multiple
access points
http://autobahn.db.com
 3

Contents
Electronic FX Trading on Autobahn 4
Why Autobahn? 4
Key Features 4

Inside Autobahn 6
FX Spot, Forwards and Swaps 6
FX Fast Orders 6
FX Request for Stream 7
FX Order Book 7
FX Trade Blotter 7
Precious Metals 8
FX Indices 8
EFP Offering 8

Foreign Exchange Algos on Autobahn 9

Foreign Exchange Options on Autobahn 10

Foreign Exchange Structured Deposits 12

Why Deutsche Bank? 12
Products 12
Potential Users 12

Streaming Prices on Application Programmable Interfaces (API) 13

API: How it Works 13

Foreign Exchange Prime Brokerage 14

Autobahn - your electronic link to the

world’s biggest FX trading machine
4

Electronic FX Trading on Autobahn

Autobahn is Deutsche Bank’s award-winning electronic distribution service offering access to our FX trading capabilities.
Designed by FX experts and leveraging off Deutsche Bank’s eCommerce knowledge, it provides easy-to-use trading
functionality, state-of-the-art order functionality in cash and options, complemented with dynamically priced executable
streaming prices customised to suit each client’s requirements.
In a world where the ability to offer truly deep liquidity is paramount to clients, Autobahn sets itself apart from its peers
by tapping into its vast internal and external franchise.
In today’s world, the dynamics of the markets can change very quickly. The ability to develop timely market-leading
solutions for our clients is crucial. Autobahn rises head and shoulders above its competitors by continually delivering
revolutionary products and functionality.

Why Autobahn? Key Features

— Quick and easy access to dedicated market liquidity ­­­— Dynamic Pricing on Spot: prices adjust according
­

to size of trade
­­­— Competitive and reliable prices in over 200 currency pairs
­

and precious metals —

­­­­ Commission-free dealing
­­­— Streaming Pricing on Options as well as Spot, Outrights
­ ­­­— Customisable algorithmic execution on full range
­

and Swaps of currency pairs

­­­— 24-hour availability 6 days a week: you can trade even
­ ­­­— Single or Double click trading available
­

when your local market is closed ­­­— Exceptional range of Non-Deliverable Forwards (NDFs)
­

­­­— Ability to trade inside the spread with Fast Orders

­ available
­­­— Dedicated 24-hour client support team: contactable by
­ —
­­­­ C
 ustomisable Trade and Expiry Blotters
chat, email and telephone ­­­— Post trade operations available on demand: aggregation,
­

­­­— Ability to handle Straight through Processing (STP)

­ rolls, and allocation
—
­­­­ Application Programmable Interfaces (API): deliver ­­­— Email and SMS Notifications can be sent to multiple
­

streaming prices 24 hours a day destinations for all trade and order types
­­­— Possibility to connect via 3rd party portals
­ ­­­— Exchange for Physical (EFP) pricing available for wide
­

selection of currency pairs and precious metals

­­­— Access to sophisticated execution tools via FX Algos
­
­­­— Wide range of structured investments available,
­

such as DCIs
­­­— FX indices available in a selection of currencies
­

and baskets

Autobahn - powerful FX insight and execution

 5

World’s No 1 FX House
­­­— Deutsche Bank is the world’s leading foreign exchange
­ Euromoney, FX Poll 2011
service provider. ­­­— No 1 Overall with 15.64% market share
­

­­­— We ranked No 1 in the Euromoney FX industry poll every

­
­­­— No 1 in Western Europe, North America, Asia,
­
year for the past six years. Australasia & Japan
­­­— Deutsche Bank makes markets in more FX contracts
­
­­­— No 1 E-Trading (Proprietary Platforms) by market share
­
than any other firm.
—
­­­­ N
 o 1 Options
­­­— We have the largest trading book in the FX market.
­
Profit and Loss, Digital FX Awards 2011
­­­— Deutsche Bank is a top-rated provider of FX Prime
­

Broking services. Foreign Exchange on Autobahn awarded

­­­— We are a market leader in Non-Deliverable Forwards
­ ­­­— Best Prime Services
­

which allow clients to take a view on emerging market ­­­— Best Emerging Markets Platform
­
currencies with trading restrictions.
­­­— Best Leveraged Sector Platform
­

FX Week, e-FX Awards 2010

Foreign Exchange Trading ­­­Foreign Exchange on Autobahn awarded

­

on Autobahn
Autobahn Foreign Exchange — e-FX Initiative of the Year (Bank)
­­­— Best Liquidity Outsourcing Service
­

Profit and Loss,Autobahn

Digital FX Markets
ForeignAwards
Exchange
FX Indices Foreign Exchange on Autobahn awarded
­ Options
­­­— Best Platform for Hedge Funds 2009 & 2010
Spot Swaps
Global Finance World’s Best FX Banks Awards
­­­— World’s
­ Best
Precious FX Bank, 2005 - 2010
Metals Structured
­­­— Best FX Research - Strategy / Hedging
­ Products

Structured
—
­­­­ B
 est FX Bank Western Europe
Outrights Autobahn Products Swaps Foreign Excha
Indices

Spot Outrights
Non- Precious
Deliverable Metals
Forwards

Options Non-Deliverable
Forwards
6

Inside Autobahn

FX Spot, Forwards & Swaps

Streaming, dealable prices for Spot, Outrights and Swap
trades are displayed on dedicated liquidity windows (LW).
The Spot LW allows you to display a ladder of prices. Users
can define the amounts on the rungs of the ladders based
on their unique trading requirements, speeding up the trade
execution process.
The Spot LW also allows you to change the value date
to execute to an Outright date. The Spot rate and the
Swap points are displayed but upon execution an Outright
is confirmed.

Example: To sell 10M

from the ladder, double
click on this rate.

Spot Liquidity Window with Ladders

Spot and Swap Liquidity Windows

FX Fast Orders
An exciting feature allowing clients to submit and cancel
“Take Profit” orders directly from Spot LW. Use just three
clicks to leave at market orders.
Fast Orders execution has been enhanced with
the introduction of “Inside Fill”. This feature allows our
client’s Fast Orders to be filled without always having Spot Liquidity Window with Fast Orders
to cross the spread. By matching mutual interest, our
customers benefit from quicker fills without the market
having to touch that level.
 7

FX Request for Stream

User defined Swap LW and Outright LW are also available.
With our Request For Stream (RFS) function, get streaming
rates for larger amounts, uneven swaps or odd-dated
outrights or swaps. Just double click to execute the trades.

Request for Stream

FX Order Book
Autobahn has a fully integrated order book which allows
you to manage and execute a wide variety of orders. The
easy-to-use order entry screen allows you to enter the
following order types: SL, TP, IFDSMP, OCO, OT, LOOP,
DLOOP or IFDOCO.
Orders can be executed automatically against the
Deutsche Bank price feed or manually by the Deutsche
Bank traders. The Order Monitor shows all orders in a
sortable table, using colours to enable quick distinction
among order types. Autobahn also has the ability to upload
orders directly from an excel file of a predefined format.

FX Trade Blotter
Autobahn offers two trade blotters for Spot, Outright, Swap
and Option transactions: Today’s Trades and Trade History.
It also offers a dedicated Expiry blotter for Option trades.
The Trade History blotter allows you to view historical
transactions based on your specific criteria, with an easy-
to-use filter functionality. Trade blotters can be printed
or exported to excel.

Trade Blotter
8

Precious Metals FX Indices

Autobahn also offers pricing on a select group of Trade Weighted FX Indices (FXI):
precious metals. —
­­­­ USDFXI —
­­­­ CHFFXI —
­­­­ EURFXI ­­­­
­­­­— EFP pricing available on XAU, XAG, XPT and XPD — AUDFXI — GBPFXI —­­­­ NZDFXI
—­­­­ JPYFXI —­­­­ CADFXI — ­­­­ NOKFXI ­­­­
Gold — SEKFXI
—
­­­­ X
 AUUSD * —
­­­­ XAUAUD *
—­­­­ X
 AUEUR * —­­­­ XAUGBP * Also available on demand are:
— ­­­­ X
 AUJPY * —
­­­­ ASEFXI
Basket of Asian currencies versus Euro
Silver —­­­­ ASUFXI
—
­­­­ X
 AGUSD * —
­­­­ XAGJPY Basket of Asian currencies versus US Dollar
— ­­­­ DXYFXI
Platinum Palladium Exchange traded USD Index given up to the ICE
—
­­­­ X
 PTUSD —
­­­­ XPDUSD
The Indices are traded on a non delivery basis to the
*includes outright and swap pricing. IMM dates.

EFP Offering
Deutsche Bank now offers a wide range of EFP currency
pairs (Exchange for Physical) both on Autobahn and over
our API.

Autobahn clients benefit from their own dedicated source

of liquidity 24 hours a day and are able to clear their
currencies via a synthetic futures contract over the CME
or FINEX.

EFP - Currency Futures

 9

Foreign Exchange Algo on Autobahn

Foreign Exchange Algo allows you to control the slicing, timing and fills of large orders with much greater precision
and transparency than was possible before. You can now decide in advance exactly how large orders will be executed:
in what size and frequency and at what spreads.
You can also see, second by second, how your order is progressing and can stop, pause or amend strategies at the click
of a button if market pricing becomes unfavourable at any point during execution.
Foreign Exchange Algo is one of most advanced products of its kind produced by Deutsche Bank, offering many unique
features accessed via an easy to use order input system.

How does it work?

Slicer is designed for clients who want to get the best
We currently offer three execution strategies: Limit possible price with minimal market impact. By splitting the
Order+, Slicer and Limit Order Slicer. Each strategy can orders up into a number of much smaller orders, and then
be customised to suit your own personal needs and can “drip-feeding” them into the market, you can reduce the
be saved using a handy template function. Algo Trading impact the whole order has on the market.
Monitor instantly shows you any order execution with
the rate and time of the fill. It also shows the average rate Key features
achieved and the amount executed in real and percentage
—
­­­ Y
­  ou select the clip size
terms. You can also pause,
Deutsche Bank amend or stop the strategy ­­­­— You decide the frequency of the trades
instantly at any time. E-mail notifications and SMS
Tradable prices ­­­­— You can impose a limit price on any execution
messages canTrades
be received notifying when a strategy begins ­­­­— You can impose a maximum spread at which orders
and ends, or if it is paused or amended at any time.
will execute
­­­­— You can select start and end times
Limit Order+ isClient
designed for clients who want to ­­­­— You can impose a price level at which the strategy
achieve a particular price on their trades with a chance will start
s
ce

es
Pri

Pr

Tr

of improvement in price.
ad a
ice
Tr

de

s
s

LOGOMARK
Key features
Prices

External Black Box TRI 1 Deutsche Blue TRI 2

s

Prices
de

Tr
ad
Tra

Clients Calculations
Limit Order Slicer allows you to trade using a Slicer
es

—
­­­­ You selectInternal
your price limit
­­­­— You can select
Payment
Clients startEngines
but with the added ability to072C
leave orders
C100 during PROCESS C100 M13 Y1 K2
M80 Y0 K10
and end times BLUE C

­­­­— You can impose a minimum size for any fill

the execution period to capitalise on any favourable
­­­­— Any price improvements achieved will be passed on
market moves.
Key features
—
­­­ Y
­  ou select the clip size
­­­­— You decide the frequency of the trades
­­­­— You can select start and end times
ansparenc
Full Tr y ­­­­— At each time interval an order is placed which is relative

to the current price. The order can be placed at mid, bid/

Limit Order+
ask or customised to your needs
Deutsche
PMS 072C
Blue Dark Blue
PMS 289C
Bright Blue
PMS 2925C
Mid Grey
PMS 7544C
Order Sl
Limit ice ­­­­— If an order has not been filled within its own time interval
r C100 C100 C85 C34
Slicer the algo will “go to market”
M80
Y0
to complete
M76
Y12
it M21
Y0
M14
Y11
­­­­— A limit price can be set K10
for the whole K68 strategy K0 K32
Full Flexibility

Cost Control

Algo
80% 80% 80%

60% 60% 60%

Time
Efficiency
40% 40% 40%

20% 20% 20%

10

Foreign Exchange Options on Autobahn

­­­­—  ptions can be traded via a dedicated Option Streaming

O ­­­­—  sers can receive option trade confirmations by email as
U
Window within Foreign Exchange. well as via other communication channels.
­­­­—  oreign Exchange prices a wide range of options
F ­­­­—  he Option Expiration Management Tool allows users to
T
contracts including Calls, Puts, Strangles, Straddles, Risk view any options booked with expiries in any date range
Reversals and Calendar Spreads. of their choice. Users can exercise or cancel any long
option contracts online.
­­­­—  ustomers are able to customise their screens so that
C
they can view, execute and report option trades exactly ­­­­—  lients can choose the spot rate at which they hedge
C
the way they want to. their option trades, as well as the size of the hedge.
­­­­— 
Clients are able to have their foreign exchange option ­­­­—  lients can view price unit in terms of Volatility, Premium,
C
trades feed directly into their systems using our Pips or % Price , depending on their preference.
STP solutions. ­­­­— Clients can specify the currency the premium is
­­­­—  ortfolio Pricing Panel allows you to price and trade
P paid in eg: choose a USD premium for a EURJPY Option.
multiple exotic products with multi-leg capabilities for ­­­­—  oreign Exchange has the ability to offer Cash Settled
F
client structured transactions.
Options.
­­­­— C
 lients can share templates amongst other Autobahn
­­­­—  lients can save Options strategies using the Option
C
users which enhances trade generation and idea sharing.
calculator/ Execution window.
­­­­— Request for Stream functionality is available ­­­­—  he Options Streaming Volatility Grid allows clients to
T
for larger notionals.
view customised, tradeable volatility surfaces.

Autobahn has the ability to place orders on vanilla option

strategies. Options Fast Orders provides an innovative and
interactive way for clients and banks to deal with each other
in an electronic market.
Now with Option Fast Orders, clients can keep their options
interest or views active and work it through Autobahn using
orders. Clients manage their risk smarter and more efficient
by having Deutsche Bank watch the orders and manage the
risk electronically.

Streaming Volatility Grid

 11

Maximum deal size available for streaming price

CCY Pair Selector
Option Strategy Selector

Notional amount can be specified

in either base or quoted currency
Option Expiry Date or Tenor
Choose zone cut off option

Strike can be specified as rate or delta (eg. 25D)

User can select the display unit at the

bottom of the screen
Choose the currency in which
option premium will be paid

Choose the hedge type for the requested option

(Spot, Outright, Live – No Hedge)

Status window shows errors, warnings and

information messages related to this quote

Cancel / Price button starts / stops streaming price

Bid / Offer buttons used to leave

‘Limit Orders’ based on Premium,
Pips or % Price

‘To be the best, one has to maintain a level of excellence. Over the
years, Deutsche Bank has achieved this and the result is an e-FX
offering that just gets stronger every year.’
Profit & Loss, 2009
12

Foreign Exchange Structured Deposits

A dual currency investment (DCI) is a short-term, fixed rate money market deposit that offers higher returns than
are available on plain vanilla deposits in exchange for investors accepting the risk that the principal might be repaid
in a different currency. Clients can now trade these FX structured deposits and its variations on the Foreign
Exchange platform.
Deutsche Bank provides ready-to-use indicative term sheets for clients to deliver to their own customers as well
as a range of other pricing and marketing tools.

Why Deutsche Bank? Products

­­­­— Wide Range of Currency Pairs - Clients can trade ­­­­— D
 eposit Plus
dual currency products on 50 different currency pairs
including EUR/USD, AUD/USD, NZD/USD, USD/MXN
­­­­— R
 ange Bonus Deposit
and XAU/USD. ­­­­— R
 ange Bonus Plus
­­­­— C
 ompetitive Pricing - The size and risk appetite of ­­­­— A
 merican KI DCI
our global FX trading engine means we can offer
exceptionally competitive pricing on all our structured ­­­­— A
 merican KO DCI
products. ­­­­— E
 uropean KI DCI
­­­­— F
 lexible - Clients can obtain prices on DCIs simply by ­­­­— A
 merican KI Deposit Plus
entering a currency pair and the yield they wish to
achieve, or by keying in FX rates they are comfortable ­­­­— A
 merican KO Deposit Plus
with. ­­­­— E
 uropean KI Deposit Plus
­­­­— R
 eliability - Foreign Exchange is renowned for being
one of the most reliable on-line trading systems in
the industry.

Potential Users
­­­­— Institutional investors, retail investors and corporations
looking for yield enhanced investment products.
­­­­— Institutions (corporate and financial) which are happy
to have cash in a second currency other than their home
or base currency because they have operations
or suppliers in the relevant country.
­­­­— Investors looking to express a view on a particular
currency pair via a money market product.
­­­­— Individuals who operate in multiple currencies.

DCI Grid
The DCI grid allows clients to customise and view different
combinations to better suit their requirements
 13

Streaming Prices on Application

Programmable Interfaces (API)
Deutsche Bank’s API can be integrated into a wide variety of applications such as external client facing solutions, internal
platforms, proprietary algorithms and corporate hedging engines.
The streaming prices API solution is used by banks to deliver streaming prices to their clients, by hedge funds to ensure
efficient execution, by intermediaries to redistribute FX prices to retail clients and by corporates to convert foreign currency
cash flows. Deutsche Bank’s API is available for Spot, Outrights and Swap pricing as well as a range of market orders and
different styles of execution.
­­­­­­­—  eutsche Bank’s API allows clients to subscribe for and
D ­­­­—  eutsche Bank’s experienced technical team coordinates
D
receive live, streaming tradable FX prices which can be the API Integration. Our API is available in Java and FIX
used in the customers own application. The API enables Connectivity, over the Internet or a VPN line.
clients to bring cost-effective currency pricing and
a deep pool of liquidity to a wide spectrum of ­­­­— A
 wide range of STP solutions are on hand to suit any
business models. client’s needs.

API: How it Works

Deutsche Bank
Tradable prices
Trades
k

ble
s
Client
ce

es
Pri

Pr

Tra
ad
ice
Tr

de

s
s
Prices

External Black Box

s

Prices
de

Tr
ad
Tra

Clients Calculations
es

Black Box Internal Payment

Calculations Clients Engines
14

Foreign Exchange Prime Brokerage

Foreign Exchange Prime Brokerage provides our clients with a facility to deal in the foreign exchange markets in a highly
efficient, thus low-cost, manner.
If you are looking for access to multi-bank liquidity, while gaining efficiencies from reduced legal negotiations, credit
exposure and operational consolidation, then Foreign Exchange Prime Brokerage is for you.

Choice in Execution: Operational Support: Market Leadership:

Essential for the Best
Prices and Liquidity
­­­­—  lients are able to deal in the FX
C ­­­­—
marketplace with their choice of
Banks or electronic venues using
Deutsche Bank credit lines.
­­­­— Deutsche Bank acts as the clearer
and outsourced back office for all
FX Spot, Forward, NDF, Option and
Bullion trades.
­­­­— Trades are given up to Deutsche
Bank who assumes the credit risk
to both the client and the
counterparty Bank.
Global Coverage Around
the Clock

Dedicated relationship managers
man Deutsche Bank FX Prime
Brokerage support desks in London,
New York, Tokyo and Singapore.
­­­­— Our website provides you, your
operations team and administrator
with real time exception based trade
matching and comprehensive post
trade reporting.
­­­­— Confidentiality of positions is
paramount and policed through
system controls, operational
segregation, and senior
management.
Leading the Way
Through Innovation
­­­­— Deutsche Bank’s range of Prime
Brokerage solutions is extensive.
­­­­— Deutsche Bank was the first FX
Prime Broker to create a specific
system for straight through trade
matching and allocation.
­­­­— We are the first to offer straight
through processing and averaging
solutions across electronic
platforms.
­­­­— Deutsche Bank will work with
you to optimise your trade and
operational work flows.
15
Deutsche Bank http://autobahn.db.com
Foreign Exchange

Further Information
To find out more about our electronic FX products
and services, please contact your Deutsche Bank
salesperson or relationship manager.

Frankfurt: +49 69 910 38628

London: +44 20 754 73891
New York: +1 212 250 9305
Brazil: +55 11 2113 5575
Paris: +33 1 4495 6273
Singapore: +65 6423 5336
Sydney: +61 2 8258 1798
Tokyo: +81 3 5156 6144
Zurich: +41 44 227 3763

Email: autobahn.fx@db.com
Web: http://autobahn.db.com

AWARDS Source:
Euromoney, FX Poll, May 2011
Profit & Loss, Digital FX Awards, April 2011
FX Week, e-FX Awards 2010
Profit & Loss, Digital FX Markets Awards, 2009 & 2010
Global Finance Awards 2005 - 2010

Marketing Material.
This document is intended for discussion purposes only and does not create any legally binding obligations on the part of Deutsche Bank AG and/or its affiliates (“DB”). Without limitation, this document
does not constitute an offer, an invitation to offer or a recommendation to enter into any transaction. When making an investment decision, you should rely solely on the final documentation relating to the
transaction and not the summary contained herein. DB is not acting as your financial adviser or in any other fiduciary capacity with respect to this proposed transaction. The transaction(s) or products(s)
mentioned herein may not be appropriate for all investors and before entering into any transaction you should take steps to ensure that you fully understand the transaction and have made an independent
assessment of the appropriateness of the transaction in the light of your own objectives and circumstances, including the possible risks and benefits of entering into such transaction. For general information
regarding the nature and risks of the proposed transaction and types of financial instruments please go to www.globalmarkets.db.com/risk disclosures. You should also consider seeking advice from your
own advisers in making this assessment. If you decide to enter into a transaction with DB, you do so in reliance on your own judgment. The information contained in this document is based on material we
believe to be reliable; however, we do not represent that it is accurate, current, complete, or error free. Assumptions, estimates and opinions contained in this document constitute our judgment as of the
date of the document and are subject to change without notice. Any projections are based on a number of assumptions as to market conditions and there can be no guarantee that any projected results
will be achieved. Past performance is not a guarantee of future results. This material was prepared by a Sales or Trading function within DB, and was not produced, reviewed or edited by the Research
Department. Any opinions expressed herein may differ from the opinions expressed by other DB departments including the Research Department. Sales and Trading functions are subject to additional
potential conflicts of interest which the Research Department does not face. DB may engage in transactions in a manner inconsistent with the views discussed herein. DB trades or may trade as principal
in the instruments (or related derivatives), and may have proprietary positions in the instruments (or related derivatives) discussed herein. DB may make a market in the instruments (or related derivatives)
discussed herein. Sales and Trading personnel are compensated in part based on the volume of transactions effected by them. The distribution of this document and availability of these products and services
in certain jurisdictions may be restricted by law. You may not distribute this document, in whole or in part, without our express written permission. DB SPECIFICALLY DISCLAIMS ALL LIABILITY FOR ANY
DIRECT, INDIRECT, CONSEQUENTIAL OR OTHER LOSSES OR DAMAGES INCLUDING LOSS OF PROFITS INCURRED BY YOU OR ANY THIRD PARTY THAT MAY ARISE FROM ANY RELIANCE ON THIS
DOCUMENT OR FOR THE RELIABILITY, ACCURACY, COMPLETENESS OR TIMELINESS THEREOF. DB is authorised under German Banking Law (competent authority: BaFin - Federal Financial Supervising
Authority) and regulated by the Financial Services Authority for the conduct of UK business. © 2010 Deutsche Bank