Deutsche Bank Analyst Scott Appleby Initiates Coverage on the Exchanges Sector

Appleby says the firms in this group are characterized byindustry-leading scale, improving operating margins and highlyleveraged operating structures which, he believes, could lead toconsolidation.

In the initiation report, Appleby discusses how technology andelectronic access continue to transform the exchange industry. "Theelectronic platform offers advantages in speed, narrowing spreads -price, information access and cost of execution," he said. As theseadvantages take hold, Appleby predicts rising volumes and increasingoperating leverage.

Deutsche Bank

Deutsche Bank (NYSE: DB) is a leading global investment bank witha strong and profitable private clients franchise. A leader in Germanyand Europe, the bank is continuously growing in North America, Asiaand key emerging markets. With Euro 1,058 billion in assets and 65,435employees in 73 countries, Deutsche Bank offers unparalleled financialservices throughout the world. The bank competes to be the leadingglobal provider of financial solutions for demanding clients creatingexceptional value for its shareholders and people.

www.db.com