Please share what some of the key drivers were behind this development?
You do not create demand, but good product development responds to it. We saw increasing demand from asset managers and corporates for the transparency, control and governance that come with algo execution to be extended into deliverable KRW. For many clients, KRW now represents a growing proportion of their overall FX exposure, making this a natural next step.
We already have the necessary onshore presence and infrastructure in place, which allowed us to deliver this capability in a way that aligns with local market requirements. While being the first to introduce this style of execution in deliverable KRW is notable, the primary driver was client demand.
Execution costs in restricted markets are under greater scrutiny than ever. As demonstrated by our recent partnership between HausFX and Aladdin, algos are simply another choice for clients looking to reduce execution friction, minimise drag on returns and improve control across their full FX book. Beyond funding trades, we are also seeing asset managers reassess whether some KRW NDF hedges can be migrated to deliverable execution to capture structural efficiencies.
When was the new algo released?
The algo was utilised and tested internally throughout Q4 2025, before being rolled out to clients in January 2026.
What do you see as the most important benefits this will have for clients?
At its core, this is about delivering choice. It aligns with our broader objective of making FX execution as frictionless as possible, while giving clients more control over how and when they access liquidity.
It is also a natural evolution of the KRW market under the RFI scheme. The Ministry of Economy and Finance has made significant progress since the scheme’s introduction in 2023, particularly in extending tradeable hours. We were the first bank to execute under the RFI framework and are now proud to be the first to introduce algo execution in this format to clients.
How does the liquidity behaviour of the deliverable KRW algo differ versus NDF execution?
There are some important differences. Deliverable KRW liquidity is more closely tied to local market hours and onshore participation, while NDF liquidity is typically more offshore and event driven. As a result, execution timing and strategy become even more important when trading deliverable KRW. Algo execution allows clients to adapt more effectively to these liquidity dynamics, smoothing execution over appropriate windows and reducing market impact, rather than relying on episodic or single-clip trades. As more clients assess the economics of deliverable versus NDF hedging, understanding these differences is increasingly important.
How important will the provision of data and analytics be for users of the new algo?
It is a prerequisite for algo execution today. In line with our broader FX algo offering, the deliverable KRW algo provides real-time TCA and in-flight controls, giving clients greater visibility into how their orders are executing. This transparency is particularly important in restricted markets, where governance and process matter as much as outcomes.
How can clients access the deliverable KRW algo?
The deliverable KRW algo is available via the Autobahn GUI, API and Bloomberg, allowing clients to access the product through their existing workflows. We are working with other platforms to allow clients to use it where they need.
What’s next for Deutsche Bank’s offering?
We will continue to follow client demand and adapt as market structure evolves. FX never stands still, and we are excited to keep delivering solutions that help clients navigate the changing dynamics of global FX markets.
