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LONDON (Dow Jones)–Deutsche Bank (AG) and UBS AG (UBS) have tightened their grip
on the foreign exchange business, according to a survey released Tuesday.

The benchmark annual survey from Euromoney magazine shows that biggest market
maker Deutsche Bank handled over a fifth of all foreign exchange turnover in
2007. Second-place bank UBS also increased its market share, to nearly 16%.

Euromoney compiled its data based on survey responses from almost 10,000 users of
foreign exchange services, like hedge funds, asset managers and companies.

The survey asked respondents to explain how much business they transacted through
named banks during 2007.

Overall Market Share

2008 2007 Bank Market Share

1 1 Deutsche Bank 21.70%
2 2 UBS 15.80%
3 5 Barclays Capital 9.12%
4 3 Citi 7.49%
5 4 RBS 7.30%
6 9 JPMorgan 4.19%
7 7 HSBC 4.10%
8 11 Lehman Brothers 3.58%
9 8 Goldman Sachs 3.47%
10 10 Morgan Stanley 2.56%
11 6 Bank of America 2.23%
12 18 Dresdner Kleinwort 1.63%
13 15 BNP Paribas 1.62%
14 17 Credit Suisse 1.51%
15 13 Merrill Lynch 1.24%
16 12 ABN Amro 1.21%
17 14 Calyon 1.04%
18 20 Soci?t? G?n?rale 0.89%
19 19 Royal Bank of Canada 0.72%
20 21 SEB 0.62%

Source: Euromoney

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