Annual Report Light

Deutsche Börse Group in brief.

By the way: In 2011 3.600 employees from 66 nations made € 2.233,3 million at 21

locations in 16 countries around the world.

Xetra

The electronic trading platform Xetra is one of the fastest and most efficient trading

platforms for shares, bonds, warrants and options. Xetra is a synonym for the

electronification and internationalisation of securities trading.

Xetra offers a direct link to capital markets, supports modern trading technologies and

provides a constantly increasing offer of tradable securities. European and Global Investors

are enabled to buy and sell financial products of all relevant asset classes.

Xetra, Deutsche Börse Group’s business area for all cash market related processes provides

listing, trading and clearing services for issuers, intermediaries and investors. The trading

system is currently available between 9 am and 6 pm. Buy and sell orders can be submitted

from anywhere around the world and are matched on a central system. Should the number

of positions and price be accordant the trade is automatically executed.

In addition to the trading on Xetra, Deutsche Börse Group’s cash market segment organises

the trading on the Frankfurt Stock Exchange and the Tradegate Exchange, a leading

exchange for private investors. Options and warrants can be traded via Scoach, the

European exchange for structured products.

Annual Report Light

Xetra in figures

€ 275 million sales revenue, € 1,492 billion trading volume, over 800,000 tradable

financial instruments, 240 trading institutions, more than 4,500 connected terminals, 18

countries, 247 million executed transactions.

Eurex

Eurex consists of five companies, Eurex Exchange, International Securities Exchange,

Eurex Clearing und Eurex Repo, covering the entire value chain of the regulated

derivatives market.

The Eurex Exchange derivatives exchange provides global electronic access to exchange-

traded derivatives in a growing number of asset classes. The offer is expanded by the

products provided by the US-based International Securities Exchange, one of the world’s

largest equity option exchanges.

Eurex Clearing is Europe’s leading central counterparty and offers clearing services for

derivatives, repos, equities and fixed-income securities for both exchange-traded and off-

exchange transactions. Eurex Repo as a marketplace for collateralised financing, and Eurex

bonds as an OTC bond trading platform complete Eurex’s wide range of services.

Eurex in fingures

€ 946 million sales revenue, 2,822 million traded contracts, 3,800 tradable products, 2

billion transactions processed, 588 participants in 30 countries.

Annual Report Light

Clearstream

The tremendous trading volumes on securities markets boost the demand for settlement

and custody services. Clearstream International is Europe’s leading provider of these back-

office services for shares and bonds in national and international trading.

In the 1990s, Clearstream became a full bank and began to provide global custody services

to financial institutions across the globe, covering not only international, but also domestic

securities markets. In addition, Clearstream is the central securities depository for securities

trading in Germany as well as Luxembourg, since 2011. Clearstream plays an important role

in mitigating market risks and has repeatedly been awarded “AA” credit ratings by the major

international rating agencies.

Only a part of the value-added chain is generated by trading; the settlement of transactions

is far more complex. When a trade is concluded, the individual positions are entered and

cash is settled for securities. This is followed by a credit entry in the customer's custody

account and, parallel to this, the securities are held in a central depository. Most securities

are no longer stored or transported physically but entered into electronic storage media – all

those processes are accompanied by Clearstream.

Clearstream in figures

€ 776 million sales revenue, more than 2,500 customers in over 110 countries, € 11

trillion assets under custody, 126 million transactions processed

Annual Report Light

Market Data & Analytics

Extensive information and analysis instruments are essential for successful participation in

the international capital market. Market Data & Analytics provides indices as underlyings

for financial products or as standard of comparison for the fund industry.

The three key customer groups are: issuers who mainly use indices as underlyings for

derivative financial products; capital market participants and investment advisors who use

real-time price information and financial news to make their buy and sell decisions and

recommendations; and securities trading houses, who require precise reference and

company-specific master data for risk management and for error-free settlement.

Products and services of Market Data & Analytics contribute to the transparency of financial

markets, permit in-depth market and risk analysis and provide reliable facts that allow

investors to trade successfully.

MD&A in figures

€ 236 million sales revenue, 4,000 customers in 164 countries, 8,600 indices calculated,

1 billion trading data items distributed daily, 140,000 supplied financial instruments.