What technology is Deutsche Bank currently developing for trading interest rate swaps with customers?
Gentzel: We’ve built a lot of the back end and now we’re focusing a lot on the front-end, so that once the trades are cleared, clients can have one central interface to deal with all their trades, whether they’re centrally cleared or bilateral. Central clearing changes the way derivatives will be traded. So we’re looking to build the reporting side of Autobahn, so clients can log on and see their positions and trading status, so you know exactly which trades are cleared, which are not, what the margin requirements, initial margin, variation margin, collateral are. Once we have all that, we can provide risk services to help customers assess the risk of their portfolios. You can also offer portfolio compression tools. We’re trying to get real-time information out to clients as much as possible. SIN: Deutsche Bank has built into its system the ability for a buy-side firm to choose to have their interest-rate swap either centrally or bilaterally cleared. Is this because it’s expected that
