Trading commodities and correlation

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When Deutsche Bank moved the head of its highly profitable foreign exchange options group over to its commodities group to build a new commodities correlation trading team from scratch, it sent a clear signal to its competitors. “Deutsche is making a big push. We want to be number one or at least top three across all commodities,” says Kerim Derhalli, London-based global head of commodities at the bank. Deutsche’s decision to move Kevin Rodgers in March from forex to run the new commodities