Interest rate derivatives house of the year: Deutsche Bank

Risk Awards 2015: German bank managed to marry efficiency with high margins

Richard Jackson, Deutsche Bank

Interest rate derivatives are low-return, capital-intensive products, which are starting to resemble the lending business a decade ago, when banks treated it as a loss-leader. Those were the words – paraphrased, admittedly – of Deutsche Bank chief risk officer, Stuart Lewis, at a Risk conference in New York last October.

But the bank's own swaps business is still trying to avoid that fate, and wins this year's interest rate award for those efforts.

"I would completely refute the idea that we're

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