LONDON - Deutsche Bank said it planned to merge its futures and options brokerage and clearing operations in London with those of Morgan Grenfell & Co., the German institution's London-based merchant bank subsidiary.

The new concern, DBMG Futures and Options Ltd., is expected to be in business by yearend with about 40 workers from both institutions.

The banks said the move reflects a desire to avoid competition between the two affiliates as they seek more futures and options business from outside clients.

DBMG will have two managing directors: Andy Whitelock of Deutsche Bank, who will head floor-trading operations, and Rupert Lowe of Morgan Grenfell, who will take charge of sales.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.