I see no benefit of using waves over centralized exchange.
http://i.imgur.com/4uGzHrT.pngIf they couldn't do a decentralized exchange, might as well not even try. They only added EUR gateway now? Years behind competition.
To my understanding, while the smart pegged assets on Bitshares are compelling, they don't interface with AML/KYC compliant organizations. On WAVES, compliance can be easily included in how a gateway functions and is created. Deutsche Bank can't really use the Bitshares smart pegged assets, but they can absolutely set up a EUR gateway on WAVES because compliance is easy to integrate.
