Deutsche Börse Group
Annual report  
2021

Annual report 2021
Contents
Executive and 
Supervisory Board
Letter from the CEO
The Executive Board
The Supervisory Board
Report of the Supervisory Board
Combined  
management report
What we achieved in 2021
About this report
Deutsche Börse: Fundamental information 
about the Group
ESG: Commitment and opportunity for 
Deutsche Börse
How we add value
Our strategy and steering parameters
Our customers and markets
Our employees
Our economic situation
Our social environment
Risk management
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Corporate governance statement
Deutsche Börse AG  
(disclosures based on HGB)
Takeover-related disclosures
3
3 
5 
6 
8 
19
20
21 
23
27
28
29
32
38
45
70 
73
110
114
117
118
137
144
148
149
150
151
153 
155 
169
187
240
267
268
277
278
325
 
327
328
Consolidated financial 
statements/notes
Consolidated income statement 
Consolidated statement of  
comprehensive income
Consolidated balance sheet
Consolidated cash flow statement 
Consolidated statement of changes 
in equity
Notes on the consolidated income statement 
Notes on the consolidated statement of 
financial position 
Other disclosures
Responsibility statement by the  
Executive Board
Independent Auditor’s Report
Remuneration report 
Remuneration Report
Auditor’s Report
 
Acknowledgements/contact/
registered trademarks
Financial calendar

Frankfurt/Main, 11 March 2022
Dear shareholders, 
ladies and gentlemen,
There was often a thin line between hope and disappointment last year. On the one hand, the 
­economy recovered from the impact of the COVID-19 restrictions faster than many people had 
­expected. But the fourth wave of the pandemic put paid to hopes that the crisis would be over  
soon. And central banks stuck to their policies of low interest rates, despite increasing inflation.
Deutsche Börse also went through an eventful year. To come straight to the point: we reported very 
good results, although external conditions were difficult. Demand for our products and services  
had reached record heights in 2020, so the bar for 2021 was particularly high. And in 2021 the  
market environment did not work in our favour. Lower market volatility than in the previous year  
meant our trading segments were faced with strong cyclical headwinds. But in spite of these head-
winds we achieved our growth and profitability targets. 
That is further proof of how strong our diversified business model is. We were particularly pleased  
by the contribution last year from those components of growth that are not subject to the ebbs and 
flows of markets, with secular growth amounting to 6 per cent, principally thanks to our Investment 
Fund Services, the rating provider ISS and commodities trading at EEX.
Inorganic growth of 7 per cent was also high. Here the most important factor was the acquisition of 
ISS that we completed in February 2021. The purchase expanded the strategic range of our ­products 
and services. At the same time, it made us a leading provider of ESG data. And in addition to the 
growth itself, our move towards more data and ESG has a welcome side-effect: the share of our 
­recurring income is rising continuously and now comes to 55 per cent. This makes us more indepen-
dent of the day-to-day market fluctuations.
The full takeover of Clearstream Fund Centre also contributed to growth, as well as creating significant 
revenue synergies. We also completed our acquisition of the Swiss company Crypto Finance AG, which 
further improves our position in the blockchain and crypto token space. Together with the introduc-
tion of G7, our next-generation post-trading platform, this means we set the pace for the technological 
transformation of capital markets. Which is how we safeguard the future of Deutsche Börse. 
As a result, we achieved our targets for 2021 in terms of both net revenue and EBITDA, with €3.5 
billion in net revenue and EBITDA of €2.0 billion. Our net revenue has therefore grown by an average 
of 9 per cent and EBITDA by 10 per cent since 2019. So we are well on track to meeting the growth 
targets defined in our Compass 2023 strategy of 10 per cent for net revenue and EBITDA, respectively, 
by the end of next year.
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Executive and Supervisory Boards | Letter from the CEO
Management report 
Financial statements and notes
Remuneration Report
Further information
Deutsche Börse Group | Annual report 2021

The decisive contribution comes from our motivated and highly committed teams all around the world. 
Our employees put in an excellent performance in another year dominated by COVID-19. I would like 
to take this opportunity to express my particular thanks to them. 
So what comes next? To start with, we will continue to implement our Compass 2023 strategy 
­consistently. And we expect that our cyclical operating environment will continue to improve. That 
should turn the headwinds into tailwinds for us. We are also planning a new structure for Clearstream 
by year-end in order to reinforce our growth momentum. We will be carving the „Fund Services” out  
of Clearstream, so that it can concentrate on its „Securities Services”. This will create two largely  
independent units, with corresponding new development opportunities, also for partnerships and  
M&A activities.
Our sustainable finance products are also turning into a real growth business. Products and services 
related to environmental, social and governance aspects – ESG for short – accounted for some 7 per 
cent of our revenue in 2021. ISS plays a big part in this. In the years ahead, the aim will be to embed 
the ESG capabilities of ISS across our entire value chain and product portfolio. This is already reflected 
in our corporate reporting: sustainability is an important guiding principle in this Annual Report. And 
as you will see, we use non-financial indicators as well as financial ones in our management and 
­control logic.
My thanks go to you, our shareholders, for your confidence in these eventful times. And I am pleased 
to be able to propose another increase in your dividend at the Annual General Meeting for 2021: up  
by 7 per cent to €3.20 per share. This gives us leeway to continue increasing the long-term value 
of your company by means of investments, mergers and acquisitions. By doing so, we are laying the 
foundations for the further growth of your Deutsche Börse. Thank you for your loyalty.
Yours,
Theodor Weimer
Chief Executive Officer
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Executive and Supervisory Boards | Letter from the CEO
Management report 
Financial statements and notes
Remuneration Report
Further information
Deutsche Börse Group | Annual report 2021

Theodor Weimer, *1959
Dr. rer. pol.
Wiesbaden
Nationality: German
Chief Executive Officer,  
Deutsche Börse AG 
Christoph Böhm, *1966
Dr.-Ing.
Hamburg
Nationality: German
Member of the Executive Board 
and Chief Information Officer/Chief 
Operating Officer,  
Deutsche Börse AG
Thomas Book, *1971
Dr. rer. pol.
Kronberg im Taunus
Nationality: German
Member of the Executive Board, 
Deutsche Börse AG,
responsible for Trading & Clearing
Heike Eckert, *1968
Graduate degree in Economics
(Diplom-Volkswirtin)
Oberursel
Nationality: German
Member of the Executive Board, 
Deutsche Börse AG,
responsible for HR (Director of 
Labour Relations) & Compliance
Stephan Leithner, *1966
Dr. oec. HSG
Bad Soden am Taunus
Nationality: Austrian
Member of the Executive Board, 
Deutsche Börse AG,
responsible for Pre- & Post-Trading
Gregor Pottmeyer, *1962
Graduate degree in  
Business Administration
(Diplom-Kaufmann)
Bad Homburg v.d. Höhe
Nationality: German
Member of the Executive Board 
and Chief Financial Officer,  
Deutsche Börse AG
As at 31 December 2021
(unless otherwise stated)
Detailed information about the members of the Executive Board and their appointments to super­visory 
bodies of other companies or comparable control bodies, as well as their CVs can be found on the 
internet under:
www.deutsche-boerse.com/execboard
The Executive Board
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards | The Executive Board
Management report 
Financial statements and notes
Remuneration Report
Further information

The Supervisory Board
Martin Jetter, *1959
Chairman 
Nationality: German
Board member since 24 May 2018
Markus Beck,1) *1964
Deputy Chairman
In-House Legal Counsel
Senior Expert, staff member in 
Corporate & Regulatory Legal 
Deutsche Börse AG,  
Frankfurt/Main
Nationality: German
Board member  
since 15 August 2018
Nadine Absenger,1) *1975
Head of Legal and Legal Policy 
ver.di federal administration ,  
Berlin
Nationality: German
Board member since 16 May 2018
Katrin Behrens,1) *1971
Spokesperson of Trade Union, 
Department Financial Services
ver.di, Saxony-Anhalt
Nationality: German
Board member  
since 17 November 2021
Karl-Heinz Flöther, *1952
Independent Management  
Consultant, Kronberg im Taunus
Nationality: German
Board member since 16 May 2012
Andreas Gottschling, *1967
Nationality: German
Board member since 1 July 2020
Anja Greenwood,1) *1974
Lawyer, Legal Department
European Energy Exchange AG, 
Leipzig
Nationality: German
Board member  
since 17 November 2021
Susann Just-Marx,1) *1988
Head of Sales Clearing 
European Energy Exchange AG, 
Leipzig 
Nationality: German
Board member  
since 15 August 2018
Achim Karle,1) *1973
Staff member in Equity &  
Index Sales EMEA 
Deutsche Börse AG,  
Frankfurt/Main
Nationality: German
Board member  
since 28 August 2018
Barbara Lambert, *1962
Independent Management  
Consultant, Givrins, Switzerland
Nationality: German, Swiss
Board member since 16 May 2018
Michael Rüdiger, *1964
Independent Management  
Consultant, Utting am Ammersee
Nationality: German
Board member since 19 May 2020
Peter Günther Sack,1) *1962
Staff member in Transaction 
Management
Eurex Clearing AG, Frankfurt/Main
Nationality: German
Board member  
since 17 November 2021
Charles G.T. Stonehill, *1958
Green & Blue Advisors LLC,  
Founding Partner, New York
Nationality: British, US-American
Board member since 8 May 2019
Clara-Christina Streit, *1968
Independent Management  
Consultant, Cologne
Nationality: German, US-American
Board member since 8 May 2019
Chong Lee Tan, *1962
CEO 65 Equity Partners Temasek 
Holdings, Singapore
Nationality: Singaporean
Board member since 19 May 2021
Daniel Vollstedt,1) *1976
Head of Infrastructure Service 
Design & Support
Deutsche Börse AG,  
Frankfurt/Main
Nationality: German
Board member  
since 17 November 2021
1) Employee representative
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards | The Supervisory Board
Management report 
Financial statements and notes
Remuneration Report
Further information

Former members of  
the Supervisory Board 
Oliver Greie,1) *1976
Regional Director 
ver.di Saxony, Saxony-Anhalt,  
Thuringia
Nationality: German
Board member  
until 17 November 2021
Cornelis Johannes Nicolaas  
Kruijssen,1) *1963
Head of Touch Point
Deutsche Börse AG,  
Frankfurt/Main 
Nationality: Dutch
Board member  
until 17 November 2021
Carsten Schäfer,1) *1967
Expert, staff member IT Risk 
Management 
Deutsche Börse AG,  
Frankfurt/Main 
Nationality: German
Board member  
until 17 November 2021
Jutta Stuhlfauth,1) *1961
Deputy Chairwoman
Lawyer, M.B.A. (Wales)
Staff member in  
Group Organisational Services 
Deutsche Börse AG,  
Frankfurt/Main
Nationality: German
Board member  
until 17 November 2021
Gerd Tausendfreund,1) *1957
Trade union secretary in  
the financial services department
ver.di Hesse region, Frankfurt/Main
Nationality: German
Board member until 19 May 2021
Amy Yip, *1951
Managing Partner 
RAYS Capital Partners Limited, 
Hong Kong
Nationality: Chinese (Hong Kong)
Board member until 19 May 2021
As at 31 December 2021
(unless otherwise stated)
Detailed information about the members of the Supervisory Board, their additional appointments to 
supervisory bodies of other companies or comparable control bodies, as well as their CVs can be found 
on the internet under
www.deutsche-boerse.com/supervboard
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards | The Supervisory Board
Management report 
Financial statements and notes
Remuneration Report
Further information

Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes 
Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
1
During the year under review, which was again dominated by the COVID-19 pandemic, Deutsche Börse 
AG’s Supervisory Board discussed the company’s position and prospects in depth. We performed the 
tasks assigned to us by law and the company’s Articles of Association and bylaws. We have advised the 
Executive Board regularly on its management of the company and monitored its work. We were involved 
in all decisions of fundamental importance. 
 
In the 2021 financial year, we advised on the implementation of the Group’s Compass 2023 strategy 
and the development of the new IT strategy 2023+. Environmental, social and governance (ESG) topics 
were another focus of our work. We looked at the strategic significance of ESG for Deutsche Börse Group 
and made ESG a formal element of our governance. ESG is also a core component of the new 
remuneration system for the Executive Board, which was approved by a large majority at the Annual 
General Meeting in 2021, and which we can now report on with the corresponding transparency. The 
acquisition of Institutional Shareholder Services, Inc. (ISS), a leading global provider of ESG data, was 
also completed at the start of the financial year. We were also regularly involved in an advisory capacity 
in Deutsche Börse Group’s other activities to buy and sell companies and parts thereof. The Executive 
Board informed us on an ongoing basis about the impact of the COVID-19 pandemic on Deutsche Börse 
Group. 
 
At our meetings, the Executive Board provided us with comprehensive and timely information in 
accordance with the legal requirements. The high frequency of plenary and committee meetings and 
workshops ensured an intensive exchange of information between the Supervisory Board and the 
Executive Board. In addition, the CEO kept the Chair of the Supervisory Board continuously and regularly 
informed of the current developments affecting the company’s business, significant transactions, 
upcoming decisions and the long-term outlook, and discussed these issues with him. 
 
We held a total of twelve plenary meetings during 2021, including five extraordinary meetings and one 
constitutive meeting. Five Supervisory Board workshops also took place on the subjects of technology 
(March and June), strategy (April), compliance (June) and risk (September) as part of the regular 
training and professional development measures for Supervisory Board members. All meetings and 
workshops were carried out as planned despite the travel and social restrictions due to the COVID-19 
pandemic, thanks to strict hygiene measures.  
 
The average attendance rate for all Supervisory Board members at the plenary and committee meetings 
was 99 per cent during the year under review. 
 
The Supervisory Board members’ detailed attendance record is as follows: 
 
 
Report of the Supervisory Board 
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Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes 
Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
2
 
Topics addressed during plenary meetings of the Supervisory Board 
During the reporting period, we discussed the implementation of our Group strategy Compass 2023 in 
detail. We advised the Executive Board on all relevant aspects of the strategy. At the end of the reporting 
year, this also included conclusions at the half-way point of the strategy. For details on the growth 
strategy, please refer to the “Our strategy and steering parameters” section in the combined management 
report. 
 
We also dealt with the new IT strategy 2023+. It was developed in line with the Group strategy 
Compass 2023, supports its objectives and deliberately focuses on the requirements of the business 
areas. In preparation, the Executive Board initially informed us about the starting point and the effects of 
technological developments on the capital markets. A key element of the IT strategy 2023+ is the 
ongoing development of IT in the business areas, in order to support the implementation of the business 
objectives below the Group strategy. In addition, we discussed information security and the data centre 
infrastructure. We were informed about the planned development of a global market for digital assets 
that Deutsche Börse AG is driving forward along with the founding team of 360X and external partners.  
 
 
 
 
Attendance of Supervisory Board members at meetings in 2021 
 
Meetings
(plenary and 
committees) 
Attendance
at plenary 
meetings 
Attendance
at committee 
meetings 
% 
Martin Jetter (Chair) 
21
12/12
9/9
100
Markus Beck (Deputy Chair since 8 Dec 2021) 
22
12/12
10/10
100
Jutta Stuhlfauth (Deputy Chair until 17 Dec 2021) 
20
11/11
8/9
95
Nadine Absenger 
17
12/12
5/5
100
Katrin Behrens (since 17 Nov 2021) 
1
1/1
0/0
100
Karl-Heinz Flöther 
16
12/12
4/4
100
Andreas Gottschling 
26
12/12
14/14
100
Anja Greenwood (since 17 Nov 2021) 
3
1/1
2/2
100
Oliver Greie (from 19 May 2021 to 17 Nov 2021) 
8
5/5
3/3
100
Susann Just-Marx 
18
12/12
6/6
100
Achim Karle 
18
12/12
5/6
94
Cornelis Kruijssen (until 17 Nov 2021) 
19
11/11
8/8
100
Barbara Lambert 
23
12/12
11/11
100
Michael Rüdiger 
25
12/12
13/13
100
Peter Sack (since 17 Nov 2021) 
3
1/1
2/2
100
Carsten Schäfer (until 17 Nov 2021) 
15
11/11
4/4
100
Charles Stonehill 
18
12/12
6/6
100
Clara-Christina Streit 
16
12/12
4/4
100
Chong Lee Tan (since 19 May 2021) 
7
6/6
1/1
100
Gerd Tausendfreund (until 19 May 2021) 
8
6/6
2/2
100
Daniel Vollstedt (since 17 Nov 2021) 
2
1/1
1/1
100
Amy Yip (until 19 May 2021) 
11
4/6
5/5
82
Average attendance rate1 
99
1) Attending workshops is optional for Supervisory Board members. Workshop attendance is therefore not taken into account in the determination of the average 
attendance rate.  
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Financial statements and notes 
Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
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Another core topic of our Supervisory Board work in the reporting year was the various external 
acquisitions and equity investments to expand and strengthen our business. Following the majority 
acquisition of ISS, Inc. at the start of the reporting year, this was mainly the majority acquisition of the 
Swiss company Crypto Finance AG to expand our presence in digital assets and the acquisition of the 
remaining stake in Clearstream Fund Centre AG, a leading European fund distribution platform, to 
strengthen the Investment Funds Services business area. Deutsche Börse AG purchased the remaining 
49 per cent of the shares in Clearstream Fund Centre from UBS AG. 
 
An overarching element of our work was the discussion of different ESG aspects. The focus was on 
Deutsche Börse Group’s ESG strategy, including the initiatives that are a vital part of this strategy. They 
include the ESG profile, the ESG product strategy and the ESG reporting. The latter includes an external 
review of all the ESG disclosures in the management report, which is also of crucial importance for 
measuring the ESG targets that play a key role in the new remuneration system for the Executive Board. 
They account for 25 per cent of the long-term variable remuneration alone. We also discussed the 
implementation of the statutory requirements for clear, comprehensible reporting on the Executive Board 
remuneration for 2021. As a vital part of the Group’s ESG governance, we also made sustainability an 
additional topic for our Strategy Committee, which was renamed the Strategy and Sustainability 
Committee.  
 
Another key area of our Supervisory Board’s work in the reporting period was the decisions taken on the 
future composition of the Executive Board and the changes in the members of the Supervisory Board. 
 
 
We again ensured continuity in the composition of the Executive Board in the reporting year. Gregor 
Pottmeyer was reappointed as CFO until 30 September 2025. Please refer to the Personnel matters 
section for details. 
 
At the Annual General Meeting of Deutsche Börse AG held on 19 May 2021, which again had to be 
held online due to the COVID-19 pandemic, all proposed shareholder representatives were newly elected 
to the Supervisory Board. Chong Lee Tan succeeded Amy Yip, who was no longer a candidate for the 
Supervisory Board. We prepared the election of shareholder representatives in detail in the plenary 
session of the Supervisory Board and in the Nomination Committee. After the Annual General Meeting 
the members of the Supervisory Board re-elected Martin Jetter as the Chair. The regular election of 
employee representatives to the Supervisory Board was delayed due to COVID-19 and was completed on 
17 November 2021. We then elected Markus Beck as Deputy Chair of the Supervisory Board before 
new members were elected to the Supervisory Board committees.  
 
 
In the year under review, we again had regular and intensive discussions concerning ongoing 
proceedings by the Public Prosecutor’s Office in Cologne regarding the conception and settlement 
implementation of securities transactions by market participants over the dividend date (cum-ex 
transactions). In the opinion of the Public Prosecutor’s Office, these market participants used such 
transactions to make unjustified tax refund claims. These investigations also involve current and former 
employees of Deutsche Börse Group and executive board members of subsidiaries of Deutsche Börse 
AG. In this context, the Supervisory Board also dealt with investigations into these cum-ex transactions 
by the stock exchange regulator in the German state of Hesse. 
Another important subject for the Supervisory Board was the litigation and legal proceedings involving 
Clearstream Banking S.A. in the USA and Luxembourg in connection with Iranian clients and assets. 
The efficiency, suitability and effectiveness of the internal control systems and the handling of findings 
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Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
4
by internal control functions and external auditors and regulatory authorities were other important areas 
of our work. 
 
In addition, the Supervisory Board Chair held virtual meetings with institutional investors and proxy 
advisers in the period from November 2021 and January 2022, to discuss current governance topics 
affecting the Supervisory Board. These discussions centred on personnel decisions for the Supervisory 
Board and Executive Board, the remuneration report for 2021, which for the first time has to be 
approved by the Annual General Meeting, the planned revision of the attendance fees for Supervisory 
Board members, and the implementation of the Supervisory Board’s efficiency initiative carried out the 
previous year. The Supervisory Board Chair summarised his dialogue with investors in the plenary 
meetings. 
 
Our plenary meetings and workshops during the reporting period focused particularly on the following 
issues: 
 
At our ordinary meeting on 5 February 2021, the Executive Board reported in a regular cycle on the 
status of the cross-divisional client relationship management. We also addressed in detail the 
preliminary results for 2020 financial year, the Executive Board’s dividend proposal for 2020 and the 
financing of the majority acquisition of ISS, Inc. Following a detailed examination, we set the amount of 
the variable remuneration payable to the Executive Board for the 2020 financial year. We also adopted 
the combined corporate governance statement 2020. The Executive Board informed us in detail about 
succession planning for the senior management level and about gender diversity and the creation of a 
global talent pool for upper and middle management. 
 
In the technology workshop on 5 March 2021, we discussed in detail the topics of data protection and 
data security when transferring personal data to the USA, following changes to the legal situation in 
Europe. We also gained a general impression of the IT architecture and its importance for internal 
company change processes, as well as the current status of the IT architecture in Deutsche Börse Group. 
 
At the ordinary meeting on 5 March 2021, we discussed Deutsche Börse AG’s financial statements for 
2020 as well as the consolidated financial statements for 2020 in the presence of the external auditors. 
We approved the 2020 financial statements and consolidated financial statements, having carried out 
our own detailed examination, in line with the recommendation by the Audit Committee. The committee 
had previously examined the documents in depth in preparation for our meeting. We also adopted the 
report of the Supervisory Board for 2020, the latest version of the corporate governance statement and 
the agenda for the Annual General Meeting in 2021, which again took place online this year due to 
COVID-19. The Executive Board informed us of the personnel situation in Deutsche Börse Group. The 
Executive Board also reported on the current status of ongoing proceedings regarding securities 
transactions by market participants over the dividend date (cum-ex transactions). We were informed 
about the current status of legal proceedings involving Clearstream Banking S.A. in the USA and 
Luxembourg in connection with Iranian clients and assets. We also looked at a potential company 
acquisition by Deutsche Börse AG.  
 
At an extraordinary meeting on 12 March 2021, we discussed the Supervisory Board report for 2020 
in its updated form. 
 
 
 
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Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
5
In another extraordinary meeting on 17 March 2021, we again examined a potential company 
acquisition by Deutsche Börse AG. 
 
The strategy for Eurex’ derivative business was a key topic at the strategy workshop on 21 April 2021. 
Another topic was the M&A process, particularly Deutsche Börse AG’s concept for the post-merger 
integration. The Executive Board also informed us fully about the capital market’s view of Deutsche 
Börse AG. In addition, the Executive Board reported on implementation of the hybrid working model 
once the COVID-19 pandemic was over. 
 
At the extraordinary meeting on 17 May 2021, the Executive Board informed us about the status of 
investigations by the exchange regulator in Hesse regarding security transactions by market participants 
over the dividend date (cum-ex transactions). 
 
At our ordinary meeting on 19 May 2021, we discussed the forthcoming Annual General Meeting with 
the Executive Board, which would be attended by Supervisory Board members Amy Yip and Gerd 
Tausendfreund for the last time. 
 
At the constitutive meeting on 19 May 2021, after the close of the Annual General Meeting, Martin 
Jetter was re-elected as Chair and Jutta Stuhlfauth as Deputy Chair of the Supervisory Board of 
Deutsche Börse AG. The newly elected shareholder representative Chong Lee Tan attended the meeting, 
as did the employee representatives. The latter were initially appointed by the court, since the election of 
shareholder representatives could not be completed because of COVID-19. We passed a resolution 
changing the composition of the Supervisory Board committees and discussed the IT equipment 
provided for use by the Supervisory Board and the measures in place to ensure information security. 
 
The status of litigation about Iranian customers and assets involving Clearstream Banking S.A. in the 
USA and Luxembourg was the subject of an extraordinary Supervisory Board meeting on 
27 May 2021. 
 
At the extraordinary meeting on 9 June 2021, we again dealt with the status of ongoing proceedings 
regarding security transactions by market participants over the dividend date (cum-ex transactions). 
 
 
Another IT workshop held on 21 June 2021 was the first time the full Supervisory Board had discussed 
the IT strategy 2023+, which is in line with the Group strategy Compass 2023 and supports its goals. 
Preventing corruption and fraud was the subject of a compliance workshop that took place on the same 
day. 
 
At the ordinary meeting on 22 June 2021, we adopted an amendment to the bylaws for the 
Supervisory Board, making ESG aspects a formal element of our corporate governance. In addition, we 
passed a resolution on the scheduled review of Executive Board remuneration and engaged an external 
remuneration expert to determine whether it is appropriate. We again dealt with the status of ongoing 
proceedings regarding security transactions by market participants over the dividend date (cum-ex 
transactions). Finally, we adopted an updated version of the travel expense policy for the Supervisory 
Board. 
 
 
 
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Remuneration Report 
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Deutsche Börse Group | Annual report 2021
6
At the ordinary meeting on 29 September 2021, we were informed in detail by the Executive Board 
about the project to develop a global market for digital assets that Deutsche Börse AG is driving forward 
along with the founding team of 360X and external partners. The Executive Board also informed us 
about the results of a structured investor survey. We discussed the intention to renew the Executive 
Board appointment of Gregor Pottmeyer in good time. The status of ongoing proceedings regarding 
securities transactions by market participants over the dividend date (cum-ex transactions) was again 
discussed by the Supervisory Board. We also reviewed the results of the adequacy review of Executive 
Board remuneration. We carried out the scheduled review of the competence profile for the Supervisory 
Board and approved an updated version. We also prepared the annual review of the Supervisory Board’s 
effectiveness. 
 
The main aspects of the company’s D&O insurance from the Supervisory Board perspective were dealt 
with at a risk workshop on 29 September 2021. 
 
The newly elected employee representatives took part for the first time at the ordinary meeting on 8 
December 2021. We elected the employee representative Markus Beck as Deputy Chair of the 
Supervisory Board. We adopted the budget for 2021 and renewed the appointment of CFO Gregor 
Pottmeyer until 30 September 2025. The Executive Board also informed us about the achievements to 
date at the half-way point of the Group strategy Compass 2023. It also informed us about the 
implementation status of the personnel strategy and the revisions that had been made to the strategy for 
2022. We gained an impression of the performance of recently acquired companies and equity 
investments in the context of Deutsche Börse Group’s corporate venturing activities and adopted the 
Executive Board targets for 2022. We discussed and adopted the results of our annual effectiveness 
review in accordance with section D.13 of the German Corporate Governance Code (GCGC), the annual 
suitability assessment of the Supervisory Board and the Executive Board, as well as the upcoming year’s 
training plan for the Supervisory Board. Furthermore, we adopted the declaration of conformity pursuant 
to section 161 Aktiengesetz (AktG, German Stock Corporation Act) for the 2021 financial year. The 
declaration of conformity can be viewed at www.deutsche-boerse.com > Investor Relations > Corporate 
Governance > Declaration of conformity.  
 
In view of the COVID-19 pandemic, the Supervisory Board meetings all took place at the company’s 
headquarters in the reporting year, using its existing videoconferencing technology. Martin Jetter, the 
Supervisory Board Chair, presented the agenda before each meeting and informed the Supervisory Board 
about current matters. At the end of each meeting, the Supervisory Board members talked openly and 
extensively among themselves, without the Executive Board members, about the meeting itself and 
general topics. A similar discussion also took place at the Supervisory Board meeting on 4 March 2022 
in which we approved the separate and consolidated financial statements for 2021. From the middle of 
the year onwards, the members of the Audit Committee also had regular talks with the external auditors 
without the Executive Board members. 
 
 
 
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Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes 
Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
7
Committee work 
The Supervisory Board had seven permanent committees in the reporting year. The committees are 
responsible primarily for preparing the decisions to be taken by, and topics to be discussed in, the 
plenary meetings. Additionally, the Supervisory Board has delegated individual decision-making powers 
to the committees, to the extent that this is legally permissible. The individual committee chairs reported 
in detail to the plenary meetings on the work performed by their committees. The Chair of the 
Supervisory Board chairs the Nomination Committee, the Strategy Committee/Strategy and Sustainability 
Committee, the Chairman’s Committee and the Mediation Committee. Details on the members and 
duties of the Supervisory Board committees in 2021 can be found in the “Corporate governance 
statement” section of the combined management report. The committees focused on the following key 
issues: 
 
Audit Committee (six meetings during the reporting period) 
 Financial topics, particularly capital management, tax positions and internal transfer pricing 
 Financial reporting: examination, in the presence of the auditors, of the annual financial statements of 
Deutsche Börse AG and of the consolidated financial statements, of the integrated combined 
management report and the audit report, as well as of the half-yearly financial report and the quarterly 
statements 
 Statutory auditors: obtaining the statement of independence from the external auditors and monitoring 
the external auditors’ independence; issuing the engagement letter to the external auditors for the audit 
of the annual and consolidated financial statements and the integrated combined management report; 
agreeing the external auditors’ fee; defining the focus areas of the audit; discussing non-audit services 
rendered by the external auditors and the engagement of the external auditors to conduct an audit of 
the remuneration report; evaluation of the quality of the audit  
 Internal control systems: discussion of questions relating to risk management, compliance and capital 
market compliance, and the internal control and audit system; discussion of the methods and systems 
used and their efficiency, adequacy and effectiveness 
 Deutsche Börse AG’s dividend and the Group’s budget 
 Discussion and formal adoption of the Audit Committee’s tasks for the coming year 
 Preparation of the Supervisory Board’s resolution on the corporate governance statement in 
accordance with section 289f Handelsgesetzbuch (HGB, German Commercial Code) and the 
declaration of conformity in accordance with section 161 AktG 
 Measures to close internal and external audit findings 
 Management of outsourcing  
 Management of regulatory changes such as, in particular, the Act to Strengthen Financial Market 
Integrity (FISG, German Financial Market Integrity Strengthening Act)  
 Dealing with legal risks, such as the status of on-going proceedings regarding cum-ex transactions and 
the litigation involving Clearstream Banking S.A. in the USA and Luxembourg in connection with 
Iranian clients and assets 
 Dealing with the tax positions of Deutsche Börse AG and other tax issues  
 Report on specific compliance audits 
 Dealing with the financing of and accounting for M&A transactions 
 Dealing with ESG reporting and its integration into the annual report for 2021 
 Report on the performance of the Eurex subgroup 
 Dealing with the status of the SAP roadmap 
 
 
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Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes 
Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
8
Nomination Committee (seven meetings during the reporting period) 
 Executive Board remuneration: target achievement by members of the Executive Board; determination 
of the variable remuneration for Executive Board members for 2020; preliminary discussion of target 
achievement by members of the Executive Board for 2021; preparing the adoption for the Supervisory 
Board of the individual targets for the members of the Executive Board for 2022; discussion of the 
remuneration report 2021, including the new regulatory requirements; review of appropriateness of 
Executive Board remuneration and pensionable income 
 Personnel matters: discussion of succession planning for the Executive Board and subordinate 
management levels, preparing a recommendation to the plenary session on the reappointment of 
Gregor Pottmeyer, dealing with external memberships and executive and supervisory board mandates 
of Heike Eckert, Thomas Book and Gregor Pottmeyer 
 Preparations for the election of the shareholder representatives to the Supervisory Board by the 
ordinary Annual General Meeting in 2021, candidate search and selection by shareholder 
representatives of a successor to Amy Yip and Karl-Heinz Flöther as Supervisory Board members  
 Discussion of the competence profile for the Supervisory Board, the suitability assessment, review of 
effectiveness and training schedule for 2022 
 Discussion of the results of the annual staff survey 
 Report by the Chair of the Supervisory Board on the corporate governance roadshow 
 
Risk Committee (five meetings during the reporting period) 
 Discussion about the quarterly compliance and risk management reports 
 Ongoing enhancements to Group-wide compliance and risk management and the harmonisation of 
internal control systems 
 Deutsche Börse Group’s risk strategy and risk culture 
 Operational risk, information security and business continuity management 
 Risk management in Eurex and Clearstream subgroups 
 Implementation of new regulatory requirements 
 Company acquisitions: integration of company acquisitions, risk management in the context of M&A 
transactions  
 Discussion of outstanding audit findings and plan of action to address them 
 Discussion of the risk appetite of Deutsche Börse Group for 2022 
 Deutsche Börse Group’s recovery and resolution plans 
 Discussion of topics relating to tax risk 
 Discussion of risks in the index business and mitigating measures 
 
Strategy Committee (until 22 June 2021, one meeting during the reporting period) 
 Discussion of the concept and development of the IT strategy 2023+ 
 Debate on market positioning and growth opportunities of Deutsche Börse Group on capital markets 
 
Strategy and Sustainability Committee (since 22 June 2021, one meeting during the reporting 
period) 
 Discussion of Deutsche Börse Group’s ESG strategy and outlook for 2022 
 
 
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Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes 
Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
9
Technology Committee (four meetings during the reporting period) 
 Discussion of cloud, big data and automation initiatives  
 Discussion of quantum computing and distributed ledger technologies (DLT) and their respective use 
cases for Deutsche Börse AG 
 Debate on information security, IT risk management and cyber resilience in the face of various attack 
scenarios 
 Discussion on internalising applications to expand the service range of Deutsche Börse in the energy 
sector and introduction of energy platform services 
 Dealing with digitalisation initiatives at the Clearstream subgroup 
 Upgrades to structure of digital workplace under COVID-19 
 Update planning in the event of system failures 
 Follow up on the SAP roadmap and the planned relocation to a new data centre 
 
Chairman’s Committee (no meeting during the reporting period) 
 The Chairman’s Committee convenes on the initiative of the Chair of the Supervisory Board; it deals 
with time-sensitive affairs and prepares the corresponding Supervisory Board plenary meetings. There 
was no need for the Chairman’s Committee to hold a meeting during the year under review. 
 
Mediation Committee (no meetings during the reporting period) 
 The Mediation Committee is set up by law. Pursuant to section 31(3) MitbestG, it submits proposals to 
the Supervisory Board for the appointment or dismissal of Executive Board members when a two-thirds 
majority has not been reached. The Mediation Committee only convenes as required. There was no 
need for the Mediation Committee to hold a meeting during the year under review. 
 
Audit of the annual and consolidated financial statements 
PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, domiciled in Frankfurt am Main, (PwC) 
audited the annual financial statements of Deutsche Börse AG, the consolidated financial statements and 
the integrated combined management report for the financial year ended 31 December 2021, together 
with the accounting system, and issued an unqualified audit opinion. The condensed financial 
statements and interim management report contained in the half-yearly financial report for the first six 
months of 2021 were reviewed by PwC. The documents relating to the financial statements and the 
reports by PwC were submitted to us for inspection and examination in good time. The auditors 
responsible were Marc Billeb and Dr Michael Rönnberg. The auditors attended the relevant meetings of 
the Audit Committee and the meeting of the full Supervisory Board to discuss the financial statements – 
in all cases also without the Executive Board members. They reported on the key results of their audit. In 
particular, they explained the net assets, financial position and results of operation of the company and 
the Group and were available to provide further information. The audit of the annual and consolidated 
financial statements and the combined management report and non-financial declaration did not give 
rise to any objections. The same applies to the non-mandatory review of the form and contents of the 
remuneration report. PwC provided information on other services that it had rendered in addition to its 
audit services. There were no grounds for suspecting that the auditors’ independence might be impaired. 
 
 
 
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Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes 
Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
10
The Audit Committee discussed the financial statement documents and the reports by PwC in detail with 
the auditors and examined them carefully itself. It is satisfied that the reports meet the statutory 
requirements under sections 317 and 321 HGB in particular. The committee reported to the Supervisory 
Board on its examination and recommended that it approve the annual financial statements and 
consolidated financial statements. 
 
Our own examination – during a plenary meeting – of the 2021 annual financial statements, 
consolidated financial statements and the integrated combined management report, including the non-
financial statement, did not lead to any objections. We therefore approved the result of the audit. We 
approved the annual financial statements prepared by the Executive Board and the consolidated 
financial statements at our meeting on 4 March 2022, in line with the Audit Committee’s 
recommendation. As a result, the annual financial statements of Deutsche Börse AG have been adopted. 
The Audit Committee discussed the Executive Board’s proposal for the appropriation of the 
unappropriated surplus (Bilanzgewinn) in detail with the Executive Board. The discussion covered the 
company’s liquidity, its financial planning and shareholders’ interests. Following this discussion and its 
own examination, the Audit Committee concurred with the Executive Board’s proposal for the use of 
appropriation of the unappropriated surplus. After examining this ourselves, the plenary meeting of the 
Supervisory Board also approved the Executive Board’s proposal. 
 
Personnel matters 
The following personnel changes were made to the Supervisory Board during the reporting period: 
 
In line with the articles of association the Supervisory Board consists of sixteen members. The 
Supervisory Board’s period of office ended at the close of the Annual General Meeting on 19 May 2021.  
 
The shareholder representative Chong Lee Tan was one of eight members newly elected to the 
Supervisory Board. Chong Lee Tan succeeded Amy Yip, who was no longer a candidate for the 
Supervisory Board. Chong Lee Tan was given a detailed introduction to Supervisory Board work at the 
beginning of his term of office. 
 
Martin Jetter was re-elected as Chair of the Supervisory Board at the constitutive meeting following the 
Annual General Meeting on 19 May 2021.  
 
It was not possible to complete the election of employee representatives by the close of the Annual 
General Meeting on 19 May 2021 because of the COVID-19 pandemic. Employee representatives were 
therefore appointed provisionally by the court from 19 May 2021 until completion of the election 
procedure. Seven of the eight employee representatives were already members of the Supervisory Board. 
It was only Oliver Greie, who as a trade union representative succeeded Gerd Tausendfreund, who 
stepped down from the Supervisory Board at the close of the Annual General Meeting on 19 May 2021.  
 
The interrupted election of employee representatives to the Supervisory Board was completed on 15 and 
16 November 2021. Four of the eight employee representatives previously appointed by the court were 
elected as new members of the Supervisory Board.  
 
No personnel changes were made with regard to the Executive Board in 2021.  
 
The Supervisory Board took important decisions on the future composition of the Executive Board and 
renewed the terms of office of CFO Gregor Pottmeyer until 30 September 2025. 
 
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Executive and Supervisory Boards | Report of the Supervisory Board 
Management report  
Financial statements and notes 
Remuneration Report 
Further information 
 
 
Deutsche Börse Group | Annual report 2021
11
Management of individual conflicts of interest 
No conflicts of interest arose with regard to individual Supervisory Board members during the reporting 
period. The Supervisory Board would like to thank the Executive Board and all employees for their great 
commitment and good work in 2021, which the COVID-19 pandemic made particularly challenging.  
 
Frankfurt/Main, 4 March 2022 
for the Supervisory Board 
 
 
 
 
 
Martin Jetter 
Chair of the Supervisory Board 
 
18
Deutsche Börse Group | Annual report 2021

Combined  
management report
What we achieved in 2021
About this report
Deutsche Börse: Fundamental information about the Group
ESG: Commitment and opportunity for Deutsche Börse
How we add value
Our strategy and steering parameters
Our customers and markets
Our employees
Our economic situation
Our social environment
Risk management
Report on opportunities
Report on expected developments
Report on post-balance sheet date events
Corporate governance statement
Deutsche Börse AG (disclosures based on HGB)
Takeover-related disclosures
20
21 
23
27
28
29
32
38
45
70
73 
110
114
117
118
137
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards  
Management report | What we achieved in 2021 
Financial statements and Notes 
Remuneration Report 
Further information 
1
1.  What we achieved in 2021 
Combined management report 
 
KPI 
Target 
Target achievement 2021 
Economic situation 
 
Net revenue
10% CAGR
9% CAGR
2019-2023
2019-2021
 
€3.5 billion
€3,509.5 million
in 2021
in 2021
 
EBITDA
10% CAGR
10% CAGR
2019-2023
2019-2021
 
€2.0 billion
€2,043.1 million
in 2021
in 2021
 
Cash EPS
10% CAGR
11% CAGR
2019-2023
2019-2021
 
ESG net revenue growth1
>10%
210%
incl. ISS acquisition
Customers and markets 
 
System availability (customer facing IT)
>99.5%
99.9%
Employees 
 
Number of employees
10,200
 
Employee satisfaction
>71.5%
75%
 
Women in leadership positions2
>20%
21%
Social environment 
 
CO2 emissions per workspace3
Net zero until 2025
−66%
(−100% vs. 2019)
vs. 2019
ESG ratings 
 
MSCI, S&P, Sustainalytics
>90th percentile
95th percentile
1) ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
2) Group-wide target in senior management. 
3) Unaudited figure. 
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | About this report 
Financial statements and notes 
Remuneration Report 
Further information 
2
2.  About this report 
This combined management report covers both Deutsche Börse Group and Deutsche Börse AG and 
includes the combined non-financial statement. It follows the requirements of Handelsgesetzbuch (HGB, 
German Commercial Code) and Deutscher Rechnungslegungs Standard Nr. 20 (DRS 20, German 
Accounting Standard No. 20). The contents of the combined non-financial statement − with the 
exception of our carbon footprint, which are marked as unaudited − are subject to PwC’s audit. 
 
 
Integrated reporting on non-financial topics 
For the 2021 reporting year, we have integrated our combined management report and our combined 
non-financial statement in one report for the first time. This enables our most important stakeholders 
such as clients, employees and shareholders to gain a holistic view of our corporate performance. This 
includes social and ecological topics as well as economic ones. 
 
While preparing the report, we followed the recommendations of the International Integrated Reporting 
Council (IIRC) for portraying our value creation process (see chart “Value creation process”). Currently, a 
highly dynamic environment for company reporting exists due to regulatory developments in the field of 
non-financial reporting and due to a closer cooperation and coordination between the key standard-
setters, Global Reporting Initiative (GRI), Sustainability Accounting Standard Board (SASB), Task Force 
on Climate-Related Financial Disclosures (TCFD) and IIRC. We will therefore continue to develop our 
reporting over the next few years. 
 
 
Contents, structure and materiality 
The information about our net assets, financial position and result of operations is based on the 
requirements of International Financial Reporting Standards (IFRS), and if applicable, German 
Commercial Code (HGB) and German Financial Reporting Standards (DRS). The combined non-financial 
statement for Deutsche Börse Group and the parent company Deutsche Börse AG is integrated into the 
combined management report; it meets the requirements of sections 289b–e and 315b–c HGB and 
Regulation (EU) 2020/852 of the European Parliament and of the Council of 18 June 2020 on the 
establishment of a framework to facilitate sustainable investment and amending Regulation (EU) 
2019/2088 (in the following EU-Taxonomy regulation). In terms of the materiality analysis, description 
of management approaches and selected KPI it follows the GRI standards (“Core” option). A detailed 
overview of all GRI indicators (GRI index) is available on our homepage. Further detailed information 
that is referenced in this report does not form part of the combined management report itself. Provided 
no explicit statements are made for the parent company, qualitative information within the meaning of 
the combined management report applies to Deutsche Börse Group and the parent company Deutsche 
Börse AG. In some cases, quantitative details concerning the parent entity are disclosed separately.  
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | About this report 
Financial statements and notes 
Remuneration Report 
Further information 
3
In the course of our materiality analysis, we continuously determine and evaluate the expectations and 
requirements of relevant internal and external stakeholders. To this effect, we surveyed several internal 
and external stakeholders in 2021. This process is aimed at identifying the issues required to 
understand the Group’s business performance, operating results, the situation of the company and the 
impact of its activities on non-financial aspects. This enables us to identify opportunities and risks in our 
core business activities at an early stage and define concrete action areas on this basis.  
 
The combined non-financial statement describes the targets, activities, applied due diligence processes, 
involvement of top management and other stakeholders, and the results of our concepts. The reporting 
on our key topics follows our value creation process, which is explained in the chapter “How we add 
value”. For a schematic representation of the contents in line with the TCFD recommendations we refer 
to our TCFD index on our homepage. All the topics identified in our materiality analysis are therefore 
relevant for the further structuring of this report. For an overview of the parts of the non-financial 
declaration (NFD), please refer to the table “Disclosures on the non-financial declaration pursuant to 
Section 289b-e or 315b-c HGB”. 
 
We present the material topics and the related steering parameters in the sections “How we add value” 
and “Our strategy and control parameters”. This year the aspects “Environmental matters” and “Respect 
for human rights” were identified as material for the first time. This was due partly to the results of our 
stakeholder survey and the inclusion of ESG criteria for Executive Board remuneration, as well as 
regulatory developments (e.g. Supply Chain Act in Germany). Regardless of this, the environment 
remains a highly relevant topic for the structuring of specific products and services. Activities in this area 
are described in more detail in the section “Our markets and customers”. 
 
 
Disclosures on the non-financial declaration pursuant to Section 289b-e or 315b-c HGB 
Required disclosure pursuant § 289b-e or 315b-c HGB 
Reference to chapter in our integrated report 
Business model 
Deutsche Börse: Fundamental information about the Group 
Our strategy and steering parameters 
Involvement of top management 
ESG: Commitment and opportunity for Deutsche Börse 
(+ description in the respective chapters) 
Risks 
Risk management 
Annual and consolidated financial statements 
None 
Environmental matters 
Climate strategy and reporting 
Employee matters 
Our employees 
Social matters 
Our Stakeholder Engagement 
Capital Markets Academy 
Respect of human rights 
Human rights matters 
Combating corruption and bribery 
Compliance – including measures against corruption and bribery 
Product matters (as additional aspect) 
Our customers and markets 
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Deutsche Börse: Fundamental information about the Group 
Financial statements and notes 
Remuneration Report 
Further information 
4
3.  Deutsche Börse: Fundamental information about the Group  
Business operations and Group structure  
Deutsche Börse AG was established in 1992 and is a global company based in Frankfurt/Main, 
Germany. It is the parent company of Deutsche Börse Group. Altogether, we have over 10,000 
employees from 109 nations working at 69 sites.  
 
As one of the largest providers of market infrastructure worldwide, we offer our clients a broad range of 
products and services. These cover the entire financial market transaction process chain: from the ESG 
business, indices and analytical solutions (pre-trading), trading and clearing services and price and 
reference data based on them (trading & clearing), and the settlement of transactions right through to the 
custody of securities and funds, as well as services for liquidity and collateral management (post-
trading). We also develop and operate the IT systems that support all these processes. In addition to 
securities, our platforms are used to trade foreign exchange, commodities and derivatives. 
 
Our business takes place in eight segments, which are organised as Pre-trading, Trading & clearing and 
Post-trading. This structure is used for the internal Group controlling and forms the basis for our financial 
reporting. 
 
 
Pre-trading 
Index business 
Via our Qontigo subsidiary we offer an innovative range of index and analytics products with global 
coverage, including STOXX® and DAX®.  
 
Analytics business 
The range of Axioma products consists of investment management solutions, including market-leading 
portfolio and risk analysis software, corporate risk management across asset classes, portfolio 
construction, performance attribution and regulatory reporting. 
 
ESG business 
Via our Institutional Shareholder Services subsidiary (ISS) we offer independent ESG and governance 
research, proxy voting solutions, ratings and data, as well as market information and editorial content for 
institutional investors and companies – worldwide. The segment ISS was introduced in 2021 and 
showed its first full reporting period in the second quarter. 
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Deutsche Börse: Fundamental information about the Group 
Financial statements and notes 
Remuneration Report 
Further information 
5
Trading & clearing 
Financial derivatives 
The Eurex futures exchange is one of the world’s largest markets for trading financial derivatives. It offers 
a wide range of international benchmark products such as interest derivatives (e.g. Euro-Bund Futures) 
and equity derivatives (e.g. EURO STOXX 50® Index Futures). 
 
Commodities 
The EEX Group offers its participants a market platform for energy and commodities products in more 
than 30 countries around the world. Its product portfolio comprises contracts on power, gas and 
emission rights, as well as freight and agricultural products.  
 
Foreign exchange trading 
Our subsidiary 360T is the leading global provider of web-based trading technology, which enables our 
customers to trade over-the-counter (OTC) financial instruments, particularly foreign exchange and short-
term money market products, as well as foreign exchange and interest rate derivatives. 
 
Securities trading 
We operate the Frankfurt Stock Exchange (FWB®). With its Xetra® trading system it operates the global 
reference market for German equities and is the number one in Europe for exchange-traded funds (ETF).  
 
Post-trading 
Post-trading (settlement, custody, collateral and liquidity management) 
Clearstream operates the central securities depository in Germany and Luxembourg and one international 
securities depository. We offer global securities financing and collateral management for secured money 
market transactions, repo transactions and securities lending.  
 
Investment fund services (IFS) 
Clearstream offers services for investment funds based on the security of the assets and the efficiency of 
distribution. The Vestima® fund processing platform provides access to all fund types, from investment 
funds to ETF and hedge funds. Clearstream also offers services to support fund distribution for asset 
managers and fund distribution companies.   
 
For further details, please refer to the segment reporting in the results of operations. 
 
To reduce the complexity of financial reporting and emphasise the Group’s growth areas more clearly, we 
are adjusting our segment reporting in accordance with the internal corporate management as of the first 
quarter of 2022. The eight existing segments will then be condensed to four: Data & Analytics (including 
the Qontigo and ISS segments), Trading & Clearing (Eurex, EEX, 360T and Xetra segments), Fund 
Services (IFS segment) and Securities Services (Clearstream segment). 
 
Deutsche Börse Group’s full group of consolidated entities is set out in Note 34 to the consolidated 
financial statements. 
 
You can find a complete list of our trademark rights on our homepage. 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Deutsche Börse: Fundamental information about the Group 
Financial statements and notes 
Remuneration Report 
Further information 
6
Management 
The governing bodies of Deutsche Börse AG, which is a German stock corporation, are the Annual 
General Meeting, the Supervisory Board and the Executive Board, each of which has its own areas of 
responsibility. 
 
The Annual General Meeting rules on the appropriation of distributable profit, appoints the shareholder 
representatives on the Supervisory Board and discharges the Executive Board and the Supervisory Board 
of liability. In addition, it rules on equity issuance and other matters governed by Aktiengesetz (AktG, 
German Stock Corporation Act). 
 
The Supervisory Board appoints, supervises and advises the members of the Executive Board, and is 
directly involved in decisions of fundamental importance to the Group. Additionally, it approves the 
consolidated financial statements prepared by the Executive Board. Members of the Supervisory Board 
are appointed for a period of three years, although the Annual General Meeting may determine a shorter 
term of office when electing members. Members of the Supervisory Board must be appointed in 
accordance with the provisions of the Mitbestimmungsgesetz (German Co-Determination Act). Deutsche 
Börse’s Supervisory Board comprises eight shareholder representatives and eight employee 
representatives in order to meet the growing demands placed upon Supervisory Board members in 
connection with the company’s growth and that of the Group as a whole, particularly with regard to the 
diversity and internationalisation of Supervisory Board work. Further details are provided in the 
“Corporate governance statement”. 
 
The Executive Board is responsible for the management of the company, whereby the Chief Executive 
Officer (CEO) coordinates the activities of the Executive Board members. In the 2021 financial year, the 
Executive Board of Deutsche Börse AG comprised six members. The remuneration system and the 
remuneration paid to individual members is explained in more detail in the “Remuneration report”. 
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Deutsche Börse: Fundamental information about the Group 
Financial statements and notes 
Remuneration Report 
Further information 
7
Organisational structure 
Our organisation is divided into six Executive Board areas as follows:  
 
 
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | ESG: Commitment and opportunity for Deutsche Börse 
Financial statements and notes 
Remuneration Report 
Further information 
8
4.  ESG: Commitment and opportunity for Deutsche Börse 
Sustainability is more than an obligation for our own business model; for us it also represents an 
important guiding principle for shaping capital markets. In this sense, we view sustainability from two 
perspectives: on the one hand, we establish sustainability as a priority for our internal processes. On the 
other hand, as a provider of market infrastructure, we offer our customers solutions that enable them to 
make their own businesses more sustainable. This duality is also expressed in our sustainability strategy, 
which we updated in 2021 following a wide-ranging stakeholder survey. Our sustainability strategy 
reflects the topic of sustainability both in our Group strategy and across our business areas. It can be 
summarised in four ambitions.  
 
1. Lead by example. By integrating four ESG targets (employee satisfaction, ESG net revenue1, carbon 
neutrality and ESG ratings) into our Executive Board remuneration we assume our corporate 
responsibility in a holistic way. Our integrated report as well as the fact that our report is almost2 
completely audited with reasonable assurance underlines our ambition to lead by example. 
2. Increase transparency. Our exchanges and reporting standards (Prime Standard and guidelines) 
create market clarity and provide orientation for private and institutional investors. For further 
information see our chapter “Transparent markets”. 
3. Provide solutions. With our products we enable our customers in the financial and real economy to 
carry out their green transformation economically and efficiently. We earned around seven per cent 
of our net revenue with ESG products in 2021.1 For further information see chapter “Definition of 
our ESG net revenue”. 
4. Measure impact. We systematically review all our sustainability activities for effectiveness. To 
underline their importance for the Group as a whole, sustainability indicators became part of our 
steering parameters with effect from financial year 2021. In the following chapter “How we add 
value” we elaborate on our value creation process. 
 
 
As of 2021 our Executive Board is informed frequently of relevant market and sales performance with 
regard to ESG and determines the strategic course on this basis. It is mainly monitored and managed by 
our CEO and CFO, as well as via the segments: As part of the CEO division the Group ESG Strategy team 
is responsible for the ESG activities within the Group and the reporting. It executes our climate strategy, 
conducts market trend analysis and works closely with the business areas in implementing their product 
strategies. The Group Sustainability Board oversees the implementation of our ESG strategy. The Board 
convenes four times a year and in 2021 its members comprised one representative from each of the 
Executive Board divisions, plus the Head of Group ESG Strategy and one Executive Board member 
(2021: CFO). The individual business areas are responsible for the concrete implementation of the ESG 
business strategy. In addition to the individual product areas, our risk management function is also 
involved with ESG topics. 
 
At the Supervisory Board level it is mainly the newly formed Strategy and Sustainability Committee that 
deals with ESG, advising the Executive Board on matters of strategic importance. These include 
sustainable corporate governance and our ESG business activities. 
 
 
 
 
 
1ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
2Only exception are the CO2-figures. These are unaudited. 
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5.  How we add value 
Our purpose is “We at Deutsche Börse create trust in the markets of today and tomorrow”. Trust is 
essential for functioning markets and sustainable economies. We provide fair and transparent, reliable 
and stable infrastructures that ensure safe and efficient markets around the globe. By providing market 
infrastructure, we foster growth and thus contribute to the prosperity of future generations. This takes 
place using a combination of several input factors of our value creation, which we describe below using 
the IIRC framework. 
 
 
 
According to IIRC terminology, we essentially need four capitals (input factors) to implement our 
business model. We deploy these capitals within a binding regulatory framework: intellectual capital, 
human capital, financial capital and partnerships. They enable us to create short, medium and long-
term value with our business model. Our result can be allocated to the following four outcome-
dimensions: 
 
 
 
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Customers and markets: Our products and services contribute to increase transparency for market 
participants and to enable them to price in and integrate market developments, changes and 
transformations. In this way we enable better-informed decisions. 
 
Employees: As an employer we take wide-ranging measures to use the full potential of our human 
capital. Furthermore, we strengthen our employee satisfaction and loyalty. All this helps to build an 
employer brand that illustrates what makes us unique and why talents should decide to work for us.  
 
Economic situation: As a fast-growing company we create financial value, substance and returns on 
which our investors, employees, customers and society can build on.  
 
Social environment: Our value creation reaches far beyond what impacts us directly as a company – for 
example including our own carbon emissions, human rights issues in the supply chain or our 
involvement in financial market initiatives. 
 
This stylised value creation process forms the basis for the other chapters in this combined management 
report and for our management and steering parameters using various KPI, which we describe in the 
next chapter.  
 
 
6.  Our strategy and steering parameters 
We secure our good market position and continued viability by means of our medium-term growth 
strategy Compass 2023, which defines the strategic direction and targets for the years ahead. Among 
the most important secular growth drivers are the trend from over-the-counter (OTC) to on-exchange 
trading, the higher demand for ESG services, the increasing importance of the buy-side, passive 
investments and the digitisation of the financial sector. Inorganic growth will also play an important role. 
We are aiming for overall growth in net revenue of 10 per cent p.a. on average until 2023. Secular 
initiatives and M&A are each intended to contribute growth of around 5 per cent. Furthermore, earnings 
before interest, tax, depreciation and amortisation (EBITDA) as well as the earnings per share before 
purchase price allocations (Cash EPS) are planned to grow by around 10 per cent p.a. on average. 
 
We have made significant progress with the implementation of this strategy in the course of last year. 
Significant milestones and further information can be found on our homepage. 
 
In a continuous process, we review our organic growth initiatives, which we rely on particularly for 
expansion in secular growth markets and asset classes. As far as external growth opportunities are 
concerned, the focus is on strengthening existing high-growth areas, and on exploring new asset classes 
and services. Key initiatives and growth drivers are described in the “Report on opportunities”. 
Additionally, also the remuneration system for the Executive Board and executive staff has created a 
number of incentives for growth in the individual business divisions. The “Remuneration report” provides 
a detailed description of all targets. In 2021, we also integrated ESG targets into the remuneration 
system for the Executive Board for the first time – such as climate neutrality of Deutsche Börse Group, 
good ESG ratings, employee satisfaction and growth in net revenue from ESG products. 
 
 
 
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We have translated our targets into key performance indicators (KPI), which we assign to our four value 
creation categories: 
 
Overview of chapters and KPI 
 
Chapter of integrated 
report 
KPI 
Target 
2021 
Our customers and 
markets 
 
System availability (customer facing IT)* 
>99.5%
99.9%
Our employees 
 
 
Employee satisfaction* 
>71.5%
75%
 
Women in leadership positions1,* 
>20%
21%
Economic situation 
 
 
Net revenue* 
10% CAGR
9% CAGR
2019-2023
2019-2021
 
 
€3.5 billion
€3,509.5 million
in 2021
in 2021
 
EBITDA* 
10% CAGR
10% CAGR
2019-2023
2019-2021
 
 
€2.0 billion
€2,043.1 million
in 2021
in 2021
 
Cash EPS 
10% CAGR
11% CAGR
2019-2023
2019-2021
 
ESG net revenue2,* 
>10%
210%
incl. ISS acquisition
Our social environment 
 
 
CO2 emissions per workspace3 
Net zero by 2025
−66%
(−100% vs. 2019)
vs. 2019
 
Steering parameters for our customers and markets 
As a provider of market infrastructure we maintain impartial, transparent and secure marketplaces. In 
this context we use our systems availability as a key performance indicator. A value of more than 99.5 
per cent is the target for our systems availability (customer facing IT) (for further information see “Our 
customers and markets”).  
 
Steering parameters for our employees 
We use two key performance indicators for measuring employee-related factors: The first indicator is 
used to measure employee satisfaction on an annual basis and to take action based on the results. The 
second indicator is used to calculate the percentage of women in leadership positions on an annual 
basis. In terms of employee satisfaction we have defined a result of more than 71.5 per cent approval in 
the annual employee survey as the target. For the proportion of women in leadership positions the goal 
was set to reach over 20 per cent in senior management. On 31 December 2021 the proportion of 
women in senior management was 21per cent. For 2022, we have made a voluntary commitment that 
exceeds the requirements of section 76 (4) AktG. We want to have a percentage of women in leadership 
positions of 22 per cent in senior management and of 30 per cent in lower management (see “Our 
employees”). 
1) Group-wide target in senior management. 
2) ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
3) Unaudited figure.   
* Our most significant financial and non-financial key performance indicators. 
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Steering parameters for our economic situation 
The most important key performance indicators for the management of our economic situation are net 
revenue and EBITDA, since these are vital for the successful execution of our growth strategy and set 
incentives for profitable growth. The basis is net revenue in the consolidated financial statements. This 
consists of sales revenue plus the treasury result from banking and similar business as well as other 
operating income, less volume-related costs. The strategic focus on growth means that net revenue is 
very important for our Group. One of the most important pillars of the corporate strategy, in addition to 
absolute growth, is the profitability of this growth. To indicate this strategic relevance, EBITDA is one of 
the core metrics for controlling our Group and implementing the corporate strategy. EBITDA stands for 
earnings before interest, tax, depreciation and amortisation and as such reflects our profitability. It is a 
common indicator for measuring profitability. Another key financial control criterion is earnings per share 
before purchase price allocations (Cash EPS), since all profit and loss effects are reflected in this 
indicator and it can therefore be used to measure the successful implementation of the growth strategy.  
 
ESG net revenue3 is the indicator for the ESG business in the context of our growth strategy. The aim is 
to keep expanding the ESG business and continue our growth in this area. Therefore, we are aiming for 
annual growth of 10 per cent in our net revenue from ESG products. (see chapter “Our economic 
situation”). 
 
Steering parameters for our social environment 
Our objective is to become climate-neutral on a net basis by 2025. All our efforts will be reviewed by the 
Science Based Target initiative (SBTi) by the end of 2023. We ensure the climate-neutrality of our Group 
by avoiding at least 70 per cent of our CO2 emissions per workspace by 2022 and compensate for the 
remaining emissions by means of emissions reduction projects (see chapter “Our social environment”). 
 
Outside-in steering parameters: Ratings 
We also include the results of our credit and ESG rating agencies as additional steering parameters. This 
outside-in view serves as an external evaluation of our actions as well as our results and plans. 
Therefore, the outside-in view is an important steering function for us. 
 
In terms of credit ratings, we aim at Group level for a net debt/EBITDA ratio not exceeding 1.75 and free 
funds from operations (FFO) relative to net debt greater than or equal to 50 per cent, in order to achieve 
the “minimum financial risk profile” consistent with the current AA rating in accordance with S&P Global 
Ratings methodology. In addition, an interest coverage ratio of at least 14 is targeted for Deutsche Börse 
Group using this methodology. For further information see credit ratings. 
 
In terms of ESG ratings, our aim is to achieve a place in the 90th percentile in three leading 
independent ESG ratings (S&P, Sustainalytics, MSCI). In addition to the actual ESG rating, we therefore 
monitor the development of our ESG ratings very closely, in order to systematically identify and realise 
potential for improvements over the years. For further information see our stakeholder engagement. 
 
 
 
3 ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
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7.  Our customers and markets 
As a provider of market infrastructure we consider that it is our fundamental responsibility to support the 
stability and economic success of capital markets. We fulfil this responsibility in part by keeping our 
systems available and secure, and meet the expectations of our clients, who trust us to provide stable 
secure trading platforms. Furthermore, we ensure that markets are transparent by means of our data and 
analytics services, along with our listing rules and guidelines. In this area, we make a distinction 
between mandatory requirements and non-binding guidelines for issuers. This chapter reports on these 
aspects and refers to individual ESG products where appropriate.  
  
 
Selected information about our markets 
 
 
 
 
2021
2020
Total assets under management in ETFs based on Qontigo indices 
€bn
117.9
100.4
Assets under management in ETFs based on Qontigo ESG indices 
€m
1,383.6
399.3
Number of calculated indices 
Number
11,161
13,000
thereof ESG 
Number
2,051
1,605
Listed companies 
Number
490
498
thereof in Prime Standard 
Number
316
313
Total issue proceeds for bonds 
€bn
48,138
41,128
Issue proceeds for green bonds 
€m
225
257
System availability (customer facing IT) 
%
99.9
99.9
 
 
Our market infrastructure 
As an international exchange operator and innovative provider of market infrastructure, we cover the 
finance sector’s entire value chain with our products, services and technologies. Our business units offer 
the entire range of index and ESG data, analytics and research solutions, trading and clearing of 
investment instruments, settlement and custody of securities and other financial instruments, securities 
and collateral management, and investment fund services. 
 
Our products enable market participants to make better-informed decisions and to price in, and put a 
price on, ESG-characteristics. We describe our products and the financial results that we achieve with 
these products in the segment reporting in “Results of operations”. 
 
For further information on our (ESG) products we refer to our homepage. 
 
 
Stable and secure markets 
In order to be a reliable partner for our customers, we attach great importance to system stability and 
availability, information security and data protection. We therefore test the security of our systems 
continuously and update them regularly in close coordination with the governing bodies and the 
Executive Board. 
 
 
 
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System stability and availability  
The availability of our client-focused trading systems is an important indicator of the overall quality that 
we achieve when developing and operating our systems. Deutsche Börse AG operates its trading 
systems for the cash and derivatives markets as redundant server installations, distributed across two 
geographically separated, secure data centres. Should a trading system fail, it would be operated from 
the second data centre. Together with clients, Deutsche Börse successfully simulated this scenario in 
2021 – as well as the impact of local disruptions – within the scope of the FIA Test (the annual 
disaster recovery exercise conducted by the Futures Industry Association). As of the reporting year, this 
kind of disaster recovery test is carried out after every larger software release. Other disruptions, such 
as workstation malfunctions or personnel failures, were also tested. The COVID-19 pandemic has also 
meant that the emergency workstations have been permanently in use since March 2020.  
 
Our multiple testing of software, its verified roll-out and the seamless monitoring of servers, network 
and applications has brought availability back up to 99.9 per cent. For 2022, we plan additional steps 
to even further increase our fault tolerance. 
 
 
Information security 
Our approach to avoiding attacks on IT systems and their data is based on a model with three lines of 
defence. The first line of defence is located in the IT organisation and the business units, the second is 
in the risk management function. This division of responsibility enables effective control mechanisms 
and avoids conflicts of interest when managing information security. The internal audit function is the 
third line of defence and independently monitors the two forward lines (see “Risk management”). 
 
In the course of their mandates and responsibilities, the managers responsible for the first and second 
lines of defence report to the relevant Executive Board members and governing bodies, such as the 
Group Risk Committee (at least quarterly). At least once a year both lines of defence report to the entire 
Executive Board and to the Risk and Technology Committee of the Supervisory Board. 
  
In order to maintain the integrity of our Group’s data, and in order to mitigate and control the risks, we 
are continuously implementing measures to increase information security. They include regular threat 
analysis, for example, and the systematic testing of our applications for vulnerabilities. The aim is 
proactively to make procedures, applications and technologies against cybercrime and other potential 
attacks more robust by adapting them to the current threats and regulatory requirements. The foundation 
for this is a set of policies and processes together with specific control measures based on the 
international information security standard ISO/IEC 27001. 
 
 
 
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The information security function checks that the requirements with regard to information security and 
information security risk management are adhered to; it also monitors the systemic integration of and 
compliance with security policies in the context of product and application development. The Group 
operates a situation centre (Computer Emergency Response Team, CERT), which detects and assesses 
threats from cybercrime at an early stage, and coordinates risk mitigation measures in cooperation with 
the business units. Across the Group we also operate a programme to sensitise our employees to the 
responsible handling of information, raise their awareness of information security aspects and report 
security incidents promptly to the CERT. All in all, our security approach includes overall measures in 
accordance with ISO/IEC 27001 covering both the development phase and the operational phase.  
 
Furthermore, we are a full member of national associations (Cyber Security Sharing and Analytics, 
CSSA), trade associations (World Federation of Exchanges) and international networks (Financial 
Services Information Sharing and Analysis Center, FS-ISAC) which contribute significantly towards a 
forward-looking stance vis-à-vis cyber threats, and the development of strategies to fend off such threats. 
 
For a description of the risks we refer to “Information technology risks”. 
 
Data protection/protection of personal data 
Deutsche Börse Group has exposure to a plethora of sensitive information during the course of its business 
activities. We again took steps to comply with data protection legislation in 2021, particularly in terms of 
appropriate and transparent processing of personal data, and continuously developed our processes. The 
Executive Board has appointed a data protection officer and established the Group data protection function, 
which helps to ensure compliance with the data protection framework, itself based on the EU General Data 
Protection Regulation. To this end, the data protection function informs and advises the individual legal entities 
on the minimum standards for data protection. The data protection function also serves as a contact for data 
protection authorities, and supports the business units in their assessments of the data protection risks. It 
supports a stronger culture of data protection at Deutsche Börse Group by raising awareness and providing 
training on data protection in the context of the Group’s business activities and ongoing legal developments.  
 
The data protection function’s monitoring framework is incorporated into the structure of our compliance 
safeguards and controls, as a second line of defence on data protection. The data protection officer informs the 
Executive Board annually and as needed on the status of data protection within the company and the measures 
to expand the data protection framework. 
 
 
 
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Transparent markets 
On our markets prices, volumes and expectations become evident via supply and demand. Our goal is to 
increase the transparency of our market participants from an issuer perspective while remaining a 
neutral provider of market infrastructure. 
 
To this end, we are pursuing the following measures: 
 
Provide binding and non-binding transparency requirements 
 
Incentives for companies to publish ESG information 
 
For further information on our ESG products we refer to our homepage. 
 
Mandatory transparency requirements 
Section 42 (1) Börsengesetz (BörsG, German Exchange Act) authorises exchanges to impose additional 
admission requirements and further notification duties upon equity issuers, for parts of the regulated 
market. Frankfurter Wertpapierbörse (FWB®, the Frankfurt Stock Exchange) used this authorisation in its 
Exchange Rules (section IV, sub-section 2) to create the “Prime Standard” in 2003. One feature of the 
Prime Standard is the special post-admission obligations, which are monitored by FWB, with any 
breaches penalised by the exchange’s Sanctions Committee.  
 
Over and above statutory requirements under the Wertpapierhandelsgesetz (WpHG, German Securities 
Trading Act), Prime Standard issuers must submit their financial reports (annual and half-yearly reports), 
as well as their quarterly statements for the first and third quarter, to FWB, in German and/or English 
and within set deadlines. Annual financial reports for reporting periods beginning on or after 1 January 
2020 also have to be sent to FWB in the European Single Electronic Format (ESEF). Moreover, Prime 
Standard issuers must submit their calendars of material corporate events to FWB, hold an analysts’ 
conference at least once a year and publish any inside information in English as well as German. All 
submissions to FWB must be carried out via the Exchange Reporting System (ERS®). This electronic 
interface allows for efficient sorting and display of data, helping to spot any impending failure to meet a 
deadline. This allows FWB to support issuers to fulfil their transparency duties in the best possible 
manner by sending out e-mail reminders prior to each deadline. The FWB continues to rely on the 
recommendations for action already developed in 2020 to address difficulties that occur in relation to 
the impact of the COVID-19 pandemic on the issuer and have an impact on meeting deadlines for the 
publication of financial reports. 
 
FWB continues to use the recommendations developed in 2020 in the event of difficulties affecting 
issuers in connection with the impact of the COVID-19 pandemic on compliance with the deadlines for 
the publication of financial reporting. All reports and data submitted to FWB are subsequently available 
at www.boerse-frankfurt.de/en, the exchange’s website, under the respective issuer’s name. Information 
is thus accessible to interested investors in a compact, easy-to-find manner, creating a particular level of 
market transparency within the Prime Standard segment. Submission via ERS allows for monitoring 
fulfilment of transparency requirements – seamlessly and without delay. 
 
 
 
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Deutsche Börse Group also considers that it has an obligation to strengthen trust in the capital markets. 
We have therefore decided to subject our regulations to an in-depth review and revision process 
involving the various regulators. In this context, for instance, it was explicitly stipulated in the FWB 
Exchange Rules that an issuer may not have applied for or be in insolvency proceedings when its shares 
or certificates representing its shares are admitted to the Prime Standard. An issuer whose shares or 
certificate representing its shares are admitted to the Prime Standard is therefore obliged to notify the 
management of FWB without undue delay if any application is made to open insolvency proceedings for 
its assets or any insolvency proceedings are opened. FWB management was also explicitly authorised to 
revoke the admission to the Prime Standard of shares or certificates representing shares of an issuer 
whose assets are subject to an application for insolvency proceedings or the insolvency proceedings 
themselves. 
  
Furthermore, on 1 July 2021 a legal basis was also created by legislation that enables the management 
of FWB to make public on the exchange website decisions on measures and sanctions against issuers 
and others pursuant to section 22 (2) sentence 1 and 2 and section 42 (2) sentence 1 Börsengesetz 
(BörsG, German Exchange Act). Eight announcements about sanctions imposed on issuers were 
published on the exchange website up to 31 December 2021.  
 
Our activities and proposals to promote the transparency of capital markets aim to speed up penalty 
proceedings, increase fines for infringements and to provide investors with transparent information about 
the issuers concerned and the steps and sanctions that have been taken against them. 
 
Deutsche Börse Group launched a segment for green bonds – bonds issued to raise capital for projects 
with climate and environmental benefits – on the Frankfurt Stock Exchange in November 2018. This 
segment currently comprises 315 bonds that meet international standards such as the Green Bond 
Principles of the International Capital Market Association. They include the use of issue proceeds, the 
project selection process, management and ongoing reporting. The new segment caters to the demand 
for sustainable financing, which is rising all over the world. Investors who care not only about the 
economic, but also the ecological return of their investments can find bonds with the right strategy at 
www.boerse-frankfurt.de > Bonds > Green Bonds. The bonds included in Deutsche Börse’s segment 
are admitted for trading at various European stock exchanges, including the Frankfurt Stock Exchange.  
 
ESG Best Practice Guide 
In connection with the adoption of national policies for implementing the EU Directive on Corporate 
Sustainability Reporting in effect since 2017, we took the opportunities offered by various meetings and 
forums with representatives from politics, business and society to position our ESG Best Practice Guide 
as a manual for companies affected by the legislation. The guide compiles internationally accepted 
reporting methods, including examples of best practice, and its seven recommendations provide a 
structured guide on how to deal intelligently and above all, efficiently, with the subject of sustainability in 
capital market communications. It is therefore particularly suitable for small and medium-sized 
enterprises and for reporting beginners.  
 
 
 
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Product quality and customer satisfaction 
Our Group growth strategy Compass 2023 (see “Our strategy and steering parameters”) is intended to 
make us more agile, ambitious and effective, and to sharpen our focus on the customer. By improving 
our organisation, we aim to better address changing client needs and gradually realise unused potential 
by means of a Group-wide approach to marketing, sales, innovation and product development.  
 
Internally, we ensure product quality and customer satisfaction by means of functioning internal control 
processes (see “Risk management”) and functioning IT security (see “Stable and secure markets”).  
 
We carry our regular customer surveys for external quality assurance. One example is Clearstream’s 
client services survey. This survey aims to identify customer needs and prioritise and address 
enhancement requests to further improve products and services. The results of this survey are taken up 
by the Clearstream Management Committee, where concrete actions are taken to address customer 
needs. In 2020 the surveys at EEX, Eurex, 360T and Clearstream were harmonised; they now also 
include a standardised Net Promoter Score (NPS). The companies ask their customers how willing they 
would be to recommend the service provider – with the aim of informing the Executive Board of the 
respective group company and employees about the results shortly after the survey is completed. 
 
 
 
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8. Our employees 
The commitment and skills of our employees are a vital cornerstone for Deutsche Börse Group. Together 
with our corporate values of performance, reliability, integrity, openness and responsibility they define 
our corporate culture and form the basis of our commercial success. For this reason we have an active 
People strategy, promote diversity and inclusion, and systematically measure how attractive we are as an 
employer. 
 
People strategy  
Working in its four strategic dimensions (Attract, Develop, Engage, Lead), our HR strategy aims to attract 
talents, to develop them, to enable them to engage effectively and to continue their personal and 
professional development. These four dimensions form the foundation for three long-term projects. With 
these projects we aim to create a flexible and sustainable working environment that offers our employees 
optimal working conditions. 
 
Trust@Work is intended to create the conditions for effective collaboration in a world of hybrid work 
across team boundaries and projects. In this context we are working to develop a flexible working 
environment, which will transform our offices into a space for collaboration, creativity and innovation. 
This process is backed up by DigitizeHR, a project to fully digitise our operating HR processes. 
MissionGrow! is our project for optimising development opportunities for our employees. We continue to 
bank on transparency, equal opportunities and a culture of continuous feedback. 
 
In order to create the right framework to implement the strategic objectives of our projects, we have 
reorganised the HR department. A business partner team as well as a strategic concept and project team 
have been added. We have also set up a global HR services team that is being expanded continuously.  
 
 
 
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Employer attractiveness 
We can only achieve lasting success if we attract top talents to Deutsche Börse Group and ensure they 
are enthusiastic about working for us over the long term. In this spirit, we have redefined our employer 
brand and defined our employer value proposition in the formula “Share value”. It conveys the message 
that with us new talents become part of an international team that drives positive change and is 
characterised by curiosity and an open mind. We welcome people from all different origins, age groups 
and personal backgrounds, and want to give them the opportunity to grow with us. We achieve this with 
a series of apprenticeships and training programmes. Internal courses – on cloud computing, agile 
development methods and digitalisation, for example – are the logical continuation of these 
apprenticeships and are supplemented by mentoring programmes and personality-based courses, on 
communication, assuming responsibility and becoming a team player, for instance.    
 
We expanded our existing range of specific training courses for our managers in 2021. These 
programmes aim to support them in their role as providers of feedback and in personnel development. 
Since 2021 we have also given managers the opportunity to take part in a 360 degree feedback. This 
format enables managers to receive specific feedback on their strengths and areas for development from 
employees, peers and their own managers. 
 
Further information about participation by employees and managers in training and development 
measures can be found in the table “Key data on Deutsche Börse Group’s workforce as at 
31 December 2021”. 
 
In our annual staff survey, the People Survey, which also deals with subjects such as understanding 
strategy and teamwork, we got good marks for our attractiveness as an employer (85 per cent approval). 
The largely positive feedback we have received here underlines how we stand for a working environment 
which makes it easy for staff to reconcile their career and their private life, with flexible models for 
working hours, allowances for child care, part-time degree courses and part-time work. For this purpose, 
we survey the average value of the two topics Strategic Alignment & Organisational Framework and 
Team Effectiveness & Collaboration annually. Our goal is to achieve a value of more than 71.5 per cent. 
In 2021, we achieved a value of 75 per cent.  
 
The following graph “Results of our annual People Survey 2021” shows what employees think about the 
subjects of understanding strategy and teamwork. 
 
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Promotion of diversity and inclusion  
Deutsche Börse Group operates around the world. At our 69 locations around the world we have over 
10,000 employees from the most diverse cultural backgrounds. Our diversity is not only apparent in the 
origins of our employees, however, but also in the breadth of professional expertise and the many other 
differences that make up each individual personality in our team. 
 
We are convinced that this diversity is decisive for our global success. We see the wealth of individual 
characteristics and strengths as the key to fulfilling our corporate purpose. For this reason we strive to 
create an inclusive working environment in which everyone feels welcome and where they feel 
comfortable about contributing their ideas. 
 
We are a signatory of the “Diversity Charter” and acknowledge our corporate social responsibility as 
expressed in the Code of Conduct that applies throughout the Group. A public Diversity & Inclusion 
statement in which we express our appreciation of all present and future employees and a Diversity & 
Inclusion policy constitute further elements of our diverse and inclusive working environment.  
 
We do not tolerate any discrimination, whether on the grounds of age, gender, physical or health 
disability, sexual orientation and identity, ethnic origin or belief and irrespective of whether behaviour 
among employees is concerned or the placing of orders with third parties. We have therefore 
implemented processes designed to ensure equal treatment in the selection of personnel and enable the 
Group to take prompt action whenever discrimination is suspected. No cases of discrimination requiring 
further action were reported to our whistleblower system in 2021. 
 
 
 
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Furthermore, we deliberately decided against the centralised management of our diversity and inclusion 
programmes. Instead, we established a Group-wide Diversity & Inclusion Council last year. The members 
of the council represent our global workforce and our different minorities; they inform and advise the 
Executive Board on initiatives and act as trusted third parties and personal contacts for the employees. 
The council strives to ensure that our everyday workspace continues to be a place where everyone feels 
appreciated and gets the opportunities they deserve. 
 
Ensuring equality of opportunities for men and women has long been part of our corporate social 
responsibility, because we do not want to do without the knowledge and competences of female 
managers and the performance potential of diversified teams. In this spirit, one of our particular 
aspirations is to increase the proportion of women at the management level. Our various programmes for 
promoting talent, and so also for qualifying women for management positions, contribute to the long-
term advancement of women. Other measures include focussed succession planning, as well as internal 
and external mentoring and training programmes. Exchanges among female colleagues are encouraged 
by an internal women’s network. In addition, our Capital Markets Academy offers special training 
courses for women on financial planning, investment and retirement saving, among other things. 
 
For details regarding targets for female quotas, please refer to the section entitled “Corporate governance 
statement – target figures for the proportion of female executives beneath the Executive Board” and the 
“Comparison with the forecast for 2021”. 
 
The results of our staff survey on diversity and inclusion confirm that our employees feel that they are 
welcome here with us (92 per cent positive) and that they are treated fairly and respectfully by their 
managers (95 per cent positive), regardless of their ethnic origins, their gender or their cultural 
background. This positive feedback confirms us in our intention to keep expanding our programme for 
diversity and inclusion, in the spirit of creating a fully inclusive working environment.  
 
 
41

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our employees 
Financial statements and notes 
Remuneration Report 
Further information 
23
Staff developments 
 
 
 
As at 31 December 2021 Deutsche Börse Group employed a total of 10,200 staff (women: 4,124; 
men: 6,068; other: 8; 31 December 2020: 7,238), drawn from 109 nationalities at 69 locations 
worldwide. The average number of employees in the reporting period was 9,347 (2020: 6,996). At 
Group level, this corresponds to an increase of around 34 per cent compared with the previous year.  
 
Our fluctuation rate was 12.7 per cent (31 December 2020: 6.3 per cent). At the end of the year under 
review, the average length of service for the company was 7.3 years (2020: 8 years).  
 
 
 
42

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our employees 
Financial statements and notes 
Remuneration Report 
Further information 
24
The number of Deutsche Börse AG’s employees rose by 50 during the year under review to 1,743 as at 
31 December 2021 (comprising 664 women and 1,079 men; 31 December 2020: 1,693). The 
average number of employees at Deutsche Börse AG in the 2021 financial year was 1,715 (2020: 
1,605). On 31 December 2021, employees of Deutsche Börse AG worked at six locations.  
 
For more details, please refer to the table entitled “Key data on Deutsche Börse Group’s workforce as at 
31 December 2021”. 
 
 
Key data on Deutsche Börse Group’s workforce as at 31 December 2021 (part 1) 
 
Deutsche Börse AG 
Deutsche Börse Group 
 
 
 
All locations 
Germany 
Luxembourg 
Czech Republic 
 
 
 
 
 
 
Male
Female
Male 
Female 
Male 
Female 
Male
Female
Employees (Headcount)1 
1,079
664
2,037
1,371
673
425
701
400
50 years and older 
371
146
587
282
217
103
36
10
40−49 years 
275
151
541
317
245
143
201
87
30−39 years 
323
266
683
572
156
126
373
225
Under 30 years 
111
101
219
194
56
53
91
78
Average age 
44
40
43
40
44
42
37
35
Employee classification 
Full-time employees 
1,023
459
1,894
895
638
281
685
280
Part-time employees 
56
205
143
476
35
144
16
120
Length of service 
Under 5 years (%) 
42
44
44
44
32
33
51
52
5–15 years (%) 
32
33
33
35
26
28
48
48
Over 15 years (%) 
26
23
23
21
42
39
1
1
Staff turnover 
Joiners 
107
67
204
159
52
41
112
82
Leavers 
57
28
104
73
57
42
58
44
Training 
Training days per 
employee (FTEs) 
2.1
2.8
2.1
2.6
2.3
3.1
3.1
4.5
 
1) Due to missing information (e.g. gender or age), headcounts of subcategories do not always add up to the total.
43

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our employees 
Financial statements and notes 
Remuneration Report 
Further information 
25
 
Key data on Deutsche Börse Group’s workforce as at 31 December 2021 (part 2) 
 
Deutsche Börse Group 
 
 
 
Ireland 
USA 
Other locations 
 
 
 
 
 
 
Male
Female 
Male 
Female 
Male 
Female
Total
(part 1 
and 2) 
Employees (Headcount)1 
257
263
749
376
1,651
1,289
10,200
50 years and older 
19
13
161
85
182
70
1,765
40−49 years 
80
92
165
82
337
184
2,477
30−39 years 
64
91
223
94
528
385
3,521
Under 30 years 
94
67
135
86
517
571
2,162
Average age 
36
36
37
37
34
31
38
Employee classification 
Full-time employees 
255
228
745
366
1,620
1,236
9,131
Part-time employees 
2
35
4
10
31
53
1,069
Length of service 
Under 5 years (%) 
65
38
52
51
66
67
51
5–15 years (%) 
26
43
37
33
28
28
33
Over 15 years (%) 
10
19
11
16
5
5
16
Staff turnover 
Joiners 
44
20
121
67
487
377
1,882
Leavers 
33
25
133
69
270
203
1,184
Training 
Training days per employee (FTEs) 
3.2
3.4
0.1
0.2
1.0
1.3
2.0
 
 
 
1) Due to missing information (e.g. gender or age), headcounts of subcategories do not always add up to the total.
44

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
26
9.  Our economic situation  
The third dimension of our integrated report is the economic situation. It is the result of developments by 
our customers and markets, and the commitment of our employees. In the following section we therefore 
look at the macroeconomic and sector-specific environment, the course of business, our earnings, the 
development of profitability and other financial performance indicators. 
 
 
Macroeconomic and sector-specific environment  
Secular growth factors are a core element of our strategy. We can plan them, manage them and adjust 
them to external circumstances. Our business performance is also influenced by macroeconomic and 
sector-specific factors that are beyond our control, however. Looking at the reporting year, these related 
mainly to the course of the COVID-19 pandemic and the accompanying measures to limit the spread of 
infections, together with their economic impact. The following aspects are particularly noteworthy: 
 Uncertainty among participants on financial and capital markets concerning the progression of the 
pandemic and a resulting reluctance regarding investment decisions. 
 Monetary policy measures by central banks to offset the economic effects of the pandemic. 
 Higher new borrowing by many states to alleviate the consequences of the pandemic. 
 Low volatility as measured by the VSTOXX index, given the large amounts of liquidity being provided. 
 An increase of inflation in the USA and Europe and consequently an increase in interest rate 
expectations. 
 Regulatory projects and the resulting stricter requirements for capital market participants. 
 
In its January estimate (2022) the International Monetary Fund (IMF) predicted global economic growth 
of 5.9 per cent for 2021. Growth of 5.2 per cent is expected for the euro area and of 2.7 per cent for 
Germany. 
 
Business developments 
2021 was again dominated by the course of the COVID-19 pandemic. The economic optimism that 
began in the first half of 2021 was partly the result of a positive reporting season, and so companies’ 
higher earnings expectations, and partly due to the success of vaccination campaigns around the world. 
These conditions helped to settle the nerves of many market participants. The main global indices 
approached record highs as a result, whereas market volatility moved sideways at a low level on an 
almost constant plane. Market activity, the need to hedge portfolios and therefore trading volumes in 
various asset classes, declined as a result. This particularly affected the trading-based segments, which 
also had to suffer comparisons with the high figures from the same period the previous year. 
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
27
In the second half-year, the emergence of the Delta variant of the coronavirus again caused uncertainty 
concerning the economic consequences for the markets. High inflation rates on both sides of the Atlantic 
were also a surprise and caused inflation expectations on financial markets to be revised upwards. This 
was accompanied by the assessment of market participants that the central banks would change the 
direction of their monetary policy faster than previously thought. Nominal interest rates rose accordingly 
around the world, especially short-term rates. Over the full year, the low-interest rate environment still 
had a negative effect on net interest income from banking business in the Clearstream segment, 
however. 
 
Results of operations 
Our financial year 2021 was marked by a persistent phase of low market volatility and subdued market 
activity as a result. This reduced net revenue, especially in the trading segments Eurex and Xetra. Net 
interest income from banking business in the Clearstream segment also declined as a result of US 
interest rate changes and was only partly offset by growth in securities settlement and custody. This 
reduced the Group’s cyclical net revenue by some 4 per cent. The effect was offset by strong secular 
growth and the impact of M&A. The Group’s secular net revenue went up by 6 per cent. The fastest 
secular growth was reported by the IFS segment. This is due partly to solid growth in fund settlement 
and fund custody and partly to the strong performance of the fund distribution business. Following the 
purchase of the remaining 49 per cent of the shares in Clearstream Fund Centre from UBS, the IFS 
segment also profited from a positive non-recurring valuation effect of some €40 million, which is also 
included in net revenue. Uncertainty among market participants concerning further developments on 
power and gas markets drove trading in power and gas products, especially in the second half of 2021, 
leading to a new record for net revenue in the EEX segment. Net revenue therefore increased year-on-
year by 9 per cent in 2021 to €3,509.5 million (2020: €3,213.8 million).  
 
The ISS and EEX segments accounted for 93 per cent of ESG net revenue4 at Group level in 2021. This 
mainly consists of net revenue from governance solutions, corporate solutions and ESG in the ISS 
segment, and trading in renewable energy products in the EEX segment. In aggregate, ESG net revenue 
accounted for 7 percent of total net revenue for Deutsche Börse Group. 
 
Operating costs came to €1,551.6 million (2020: €1,368.7 million), an increase of 13 per cent on the 
previous year. The increase is due entirely to M&A-related growth, especially the acquisition of ISS. Staff 
costs went up to €1,002.1 million (2020: €822.9 million), other operating expenses of €549.5 million 
(2020: €545.8 million) were on par with the previous year. 
 
Result from financial investments increased to €85.2 million (2020: €24.3 million). Various minority 
investments contributed to this positive performance. The investment in Clarity AI, Inc. accounted for 
valuation effects of some €45 million.  
 
This boosted earnings before interest, tax, depreciation and amortisation (EBITDA) year-on-year by 9 per 
cent to €2,043.1 per cent (2020: €1,869.4 million). 
 
 
 
 
4ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
46

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
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28
Depreciation, amortisation and impairment losses, which are reported separately from the operating 
costs, came to €293.7 million in the reporting period (2020: €264.3 million). The change stems 
mainly from purchase price allocations for business combinations. A compensating factor was the 
decision to bring the amortisation period into line with the useful life of the assets (see Note 3). 
 
The financial result improved to €–40.1 million (2020: €–76.9 million) and benefited from the positive 
impact of adjusting the expected interest rate for potential tax back-payments. The previous year’s 
financial result also included costs in connection with the issue of a hybrid bond. 
 
The Group’s tax ratio of 26 per cent was on par with the previous year. 
 
Overall, the net profit for the period attributable to Deutsche Börse Group shareholders was 
€1,209.7 million (2020: €1,079.9 million), a year-on-year increase of 12 per cent. Undiluted earnings 
per share were €6.59 (2020: €5.89) for an average of 183.5 million shares. Earnings per share before 
purchase price allocations (Cash EPS) were €6.98 (2020: €6.07). 
 
Net profit for the period attributable to non-controlling interests amounted to €55.2 million (2020: 
€45.2 million) and comprised mainly earnings attributable to non-controlling shareholders of EEX 
Group, ISS HoldCo Inc. and Qontigo GmbH. 
 
Development of profitability 
Deutsche Börse Group’s return on shareholders’ equity expresses the ratio of net income after taxes to 
average equity available to the Group during 2021. In the reporting year, it was at 18.2 per cent (2020: 
18.1 per cent).  
 
Comparison of results of operations with the forecast for 2021 
On the basis of our diversified business model and the resulting growth opportunities we predicted an 
increase in net revenue to some €3.5 billion for financial year 2021, whereby the growth rate for secular 
net revenue should be at least 5 per cent. We expected additional net revenue contributions from the 
acquisitions of Clearstream Fund Centre and ISS. By contrast, we believed that declines in cyclical net 
revenue were likely in view of interest rate developments and changes in market volatility. At the time 
the forecast was made the further development of worrying coronavirus variants and their 
macroeconomic effects were not foreseeable. Despite this, we reported an increase of 9 per cent in net 
revenue to €3,509.5 million, with secular net revenue growth of 6 per cent. This means we met our 
forecast. 
 
Furthermore, we predicted an increase in earnings before interest, tax, depreciation and amortisation 
(EBITDA) to around €2.0 billion. Strict management of operating costs in line with earnings growth and 
positive valuation effects in net income from financial investments led to EBITDA growth of 9 per cent to 
€2,043.1 million. This also corresponds to the forecast.  
 
 
47

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
29
As a result of the M&A growth mentioned above, particularly the acquisition of a majority stake in ISS, 
the ratio of net debt to EBITDA exceeded the target limit of 1.75 at year-end, with a figure of 2.0. As 
expected, the Group’s cash flow from operating activities was clearly positive. Planned investments in 
intangible assets and property, plant and equipment of €200 million finally amounted to 
€206.4 million. Based on the dividend proposal to the Annual General Meeting of €3.20 per share, the 
dividend ratio of 49 per cent will be in the middle of the planned range of 40 to 60 per cent. 
 
 
Comparison forecast 2021 with financial year 2021 
 
Forecast 2021 
Financial year 
2021 
 
€bn 
€m 
Net revenue 
~3.5
3,509.5
EBITDA 
~2.0
2,043.1
 
 
Qontigo (index and analytics business) segment  
 
Key indicators Qontigo (index and analytics business) segment 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Net revenue 
258.7
248.1
4
ETF licences 
41.3
34.7
19
Exchange licences 
33.9
34.7
–2
Other licences 
107.6
105.6
2
Analytics 
75.9
73.1
4
Operating costs 
–123.3
–123.8
–0
EBITDA 
180.6
124.1
46
 
In the Qontigo (index and analytics business) segment, we report on the development of our subsidiary, 
Qontigo, which was formed through the merger of the index business STOXX and DAX with Axioma in 
September 2019. In the index business, Qontigo offers issuers an extensive range of indices, thus 
providing these issuers with a wealth of opportunities to create financial instruments for even the most 
diverse investment strategies. While the ETF licence revenues depend on the volume invested in 
exchange-traded index funds (ETFs) on STOXX® and DAX® indices, the exchange licence revenues are 
derived mainly from the volume traded in index derivatives on STOXX and DAX indices on Eurex. Licence 
fees from structured products are shown as part of other licence fees. In Analytics, Qontigo offers its 
clients risk analytics and portfolio-management software. With regard to ESG, Qontigo contributes by 
licensing sustainable index solutions. 
 
The financial year 2021 saw growing economic optimism combined with expansive fiscal policies to 
alleviate the implications of the COVID-19 pandemic, leading to record highs in both STOXX and DAX 
indices. Accordingly, average assets under management in ETF based on STOXX and DAX indices rose 
significantly and contributed positively to net revenues. Revenues from exchange licences, however, 
decreased slightly in the reporting period because of their dependency on trading volumes in STOXX and 
DAX index derivatives on Eurex. These had been extraordinarily high in 2020 and fell in 2021 due to an 
environment of low market volatility. Other licences revenue benefitted from growth in the business with 
buy-side clients and structured products issuers. 
 
48

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
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Financial statements and notes 
Remuneration Report 
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30
In the analytics business, net revenues increased moderately despite restrictions imposed to contain the 
COVID-19 pandemic continuing to slow down sales activity through reduced travel, remote working, and 
decreased client propensity to implement IT projects. Additionally, exchange rates had an unfavourable 
impact due to the depreciation of the USD relative to the EUR compared to 2020. Net revenue in this 
area is partly recognised upfront on the day of transaction, independently of the contract’s cash flow 
profile, leading to positive and negative deviations of recognised revenue from the run-rate associated 
with the existing customer portfolio.  
 
The former equity method measurement of Clarity AI, Inc. had a positive valuation effect of some 
€45 million for the full year on the result from financial investments. 
 
ISS (Institutional Shareholder Services) segment 
 
Key indicators ISS (Institutional Shareholder Services) segment 
 
20211 
2020 
Change 
 
€m 
€m 
% 
Net revenue 
223.9
n/a
n/a
ESG 
158.2
n/a
n/a
Non-ESG 
65.7
n/a
n/a
Operating costs 
–155.4
n/a
n/a
EBITDA 
63.4
n/a
n/a
 
 
The segment ISS (Institutional Shareholder Services) was introduced in 2021 and showed its first full 
reporting period in the second quarter. Here we report on the development of our majority owned 
subsidiary Institutional Shareholder Services, Inc., which is a US-based leading provider of corporate 
governance and responsible investment solutions, market intelligence, fund services, and events and 
editorial content for institutional investors and corporations, globally. ISS operates at-arm’s-length and 
we have adopted principles protecting the independence and integrity of ISS’ research offerings. The 
transaction was closed on 25 February 2021, therefore the financial figures include some transactional 
effects. The net revenue summarised under ESG includes the Corporate Solutions, ESG Analytics and 
Governance Solutions businesses. With this ISS was the largest contributor regarding ESG net revenue5 
within our Group in 2021. The Non-ESG net revenue contains the business areas Market Intelligence, 
Media as well as among others the entities FWW (fund data), LiquidMetrix and SCAS (Securities Class 
Action Services). 
 
 
 
 
5ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
1) Fully consolidated as at 25 February 2021, see Note 2.
49

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
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Financial statements and notes 
Remuneration Report 
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31
In the 2021 financial year, the Corporate Solutions business showed strong growth due to increased 
demand from companies seeking to comply with market standards. As a leading provider, ISS supports 
clients in terms of designing and managing their corporate governance, executive compensation, 
sustainability and cyber risk programmes. ESG Analytics is the fastest growing area within ISS and as 
such contributed very positively to net revenue in 2021. This business enables institutional investors to 
develop and integrate responsible investment strategies, engage on responsible investment issues, and 
monitor portfolio company practices and performance through screening solutions, cyber risk 
assessments, and the proprietary financial measure, economic value added. Governance Solutions, 
which encompasses ISS’ well-established services, offering institutional clients solutions to apply their 
corporate governance views, identify environmental, social and governance risk, and manage their 
complete proxy voting needs on a global basis, also performed well in the reporting period. 
 
The ISS Market Intelligence business included in the Non-ESG reporting line showed a stable 
development. This service provides critical data, insight, and workflow solutions to global asset 
managers, insurance companies and distributors, steering strategy and data driven decision making 
across a wide range of financial products. To position ISS as a market leader in this space ISS completed 
two acquisitions in 2021. The first was Rainmaker Information on 1 September 2021, a leading 
platform delivering data, research, events, and media solutions to the Australian financial services 
market. The second acquisition, Discovery Data, closed on 9 December 2021. The company is a market 
leading supplier of mission critical financial intermediary data for the financial services industry, serving 
the sales, distribution and recruitment departments of U.S. asset managers and insurers. 
 
 
 
50

Deutsche Börse Group | Annual report 2021
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Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
32
Eurex (financial derivatives) segment 
In the Eurex (financial derivatives) segment we report on the financial derivatives trading and clearing 
business at Eurex Exchange. The clearing volume of OTC interest rate swaps, one of our secular growth 
factors, is reported as a separate item within the segment. Reporting for Eurex Data covers the marketing 
of licences for Eurex-specific real-time trading and market signals and the provision of historical data and 
analytics. The segment offers a wide range of sustainable investment products in the form of ESG equity 
index derivatives and ESG interest rate derivatives traded on the Eurex platform, as well as financing 
products with an ESG connection on Eurex Repo (e.g. green bond general collateral baskets). The 
performance of the Eurex segment largely depends on the trading activities of institutional investors, and 
proprietary trading by professional market participants. 
 
Derivative trading in 2021 was primarily defined by a sharp fall in market volatility, particularly 
compared with the previous year, which was exceptionally volatile due to COVID-19. In an environment 
of better-than-expected economic signals, negative influences only had temporary effects on share 
prices, so there was less need for hedging with financial derivatives and trading volumes declined 
accordingly. This was particularly apparent in trading with equity index derivatives. In interest rate 
derivatives, by contrast, the higher inflation expectations in the US and Europe and the associated fear of 
higher long-term interest rates resulted in greater market activity and a corresponding rise in trading 
volumes. Net revenue from equity derivatives trading was slightly up on the previous year, whereby a 
higher traded volume was partly offset by a different product mix. 
 
 
 
 
Key indicators Eurex (financial derivatives) segment 
 
 
 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Net revenue 
995.8
1,110.3
– 10
Equity index derivatives 
389.9
540.5
– 28
Interest rate derivatives 
225.7
200.1
13
Equity derivatives 
49.5
48.4
2
OTC clearing 
57.1
54.9
4
Margin fees 
68.0
85.4
– 20
Eurex data 
63.0
59.8
5
Other 
142.6
121.2
18
Operative Expenses 
– 387.7
– 373.1
4
EBITDA 
624.2
738.8
– 16
 
51

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
33
Lower market volatility also meant that the collateral required for trading financial derivatives at Eurex 
Clearing declined. 
 
The increase in other net revenue is due mainly to the acquisition of Quantitative Brokers. 
 
Growth in clearing of OTC derivatives continued in financial year 2021. Although the equivalence period 
for UK clearing houses was extended again, the average outstanding notional volume was again higher 
than the previous year. Eurex Clearing’s market share in global euro-denominated OTC interest rate 
derivatives rose accordingly to around 20 per cent (2020: 17.5 per cent). By refining the incentive 
programmes for transferring interest rate derivatives portfolios to Eurex Clearing, customers continue to 
receive focused support when migrating their positions to the EU-27. 
 
EEX (commodities) segment 
 
Key indicators EEX (commodities) segment 
 
 
 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Net revenue 
341.5
302.2
13
Power spot 
71.1
72.1
– 1
Power derivatives 
118.4
115.8
2
Gas 
54.9
43.0
28
Other 
97.1
71.3
36
Operating costs 
– 178.7
– 174.3
3
EBITDA 
162.5
127.0
28
 
 
In the EEX (commodities) segment we report on trading activities on EEX Group’s platforms in Europe, 
Asia and North America. The EEX Group operates marketplaces and clearing houses for energy and 
commodity products, connecting more than 800 participants around the world. The product portfolio 
comprises contracts on energy, environmental, freight and agricultural products. EEX Group’s most 
important revenue drivers are the power spot and derivatives markets, and the gas markets. Activities 
also focus on developing sustainable commodity markets. EEX pursued various initiatives in this area in 
2021, which made it the second-largest contributor to the Group’s ESG net revenue6. This includes 
products such as power derivatives, emissions trading and origin certificates.7  
 
 
 
 
6  ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
7  The part of the EEX ESG net revenue originating in power markets is based on the assumption that the proportion of renewable energies in physical power markets is by 
analogy related to the respective net revenue. 
52

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
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Financial statements and notes 
Remuneration Report 
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34
As for many other business units, COVID-19 meant that EEX was faced with exceptionally high 
comparative figures from 2020 at the beginning of 2021, particularly in the power derivatives market. 
Over the course of the year, particularly from September onwards, the power and gas market saw strong 
price increases, at times with record prices. This originated in the tense situation on the gas market due 
to low storage levels, a global economic recovery with higher gas consumption, and global price 
competition for natural gas as the Asian economy picked up even faster. The resulting high volatility led 
to an increase in trading activity and hedging requirements, which in turn led to higher trading volumes 
in power and particularly gas products on the EEX.  
  
Positive performance on the Nordic markets (market entry in 2020) and intraday markets meant the 
trading volume in the power spot market was slightly higher than the previous year. The gains were 
partly offset by reduced day-ahead volumes, particularly in Germany and the UK. Overall, the power 
spot market reported a slight decrease in net revenue, due to lower volumes in the French capacity 
auctions and incentive programmes, particularly in the day-ahead markets. 
 
Trading volume in the power derivatives market saw a slight increase in financial year 2021. The decline 
in European volumes resulting from initially hesitant trading activity was partly recouped by high trading 
volumes from September onwards. The same applied particularly to the US power derivatives market, 
which had a positive effect on EEX net revenue with a sharp increase of 28 per cent in trading volumes. 
Gains in market share and a stronger competitive position in Europe, Japan and the US underline the 
continuous expansion of power derivatives trading. The Japanese market is particularly noteworthy, 
since within twelve months EEX has established itself here as the market leader for trading in power 
derivatives, with an 87 per cent share of the exchange market in 2021. 
 
European gas markets reached new highs in terms of volumes in October and December 2021, growing 
year-on-year by a total of 28 per cent for the reasons described above. Higher trading volumes were 
recorded on almost all gas spot and derivatives markets, but particularly in Germany and the 
Netherlands. Volume growth was particularly strong on the US gas markets too. Altogether, EEX 
continued to build on its position as the leading gas spot exchange in Europe, achieving a significant 
increase in net revenue from the gas market.  
 
 
 
53

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
35
360T (foreign exchange) segment 
 
Key indicators 360T (foreign exchange) segment 
 
 
 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Net revenue 
107.8
101.5
6
Trading 
84.3
81.9
3
Other 
23.5
19.6
20
Operating costs 
–53.7
–53.9
–0
EBITDA 
54.1
47.6
14
 
 
In the 360T (foreign exchange) segment, we report on our foreign exchange trading business, which 
takes place on the platforms provided by 360T’s subsidiaries 360 Treasury Systems AG and 360TGTX 
Inc. Net revenue in the 360T segment is driven mainly by the trading activities of institutional investors, 
banks and internationally active companies, and the provision of liquidity by so-called liquidity providers. 
During the year under review, the segment generated 78 per cent of its revenue from foreign exchange 
trading and 22 per cent from the provision of other services. 
 
Although the segment was still faced with exceptionally high comparative figures from the previous year 
in the first quarter, growth in the second quarter more than made up for this. This trend continued in the 
second half-year, enabling the 360T Group to report constant double-digit growth rates in average daily 
trading volumes from September onward. At the same time, volatility in the FX spot market declined in 
the reporting period, which had a particularly negative impact on trading volumes in the 360TGTX spot 
business. Trading activity was up year-on-year by around 7 per cent on average and net revenue 
increased by almost the same margin. 
 
Ongoing customer growth across all segments and regions and the corresponding increase in newly 
connected customers and additional trading volumes (e.g., stronger trading in forward and swap 
products) on the 360T platforms, accompanied by a positive performance in the marketing of market 
data and FX trading technology and infrastructure, all helped to offset the negative cyclical effects. This 
shows that the secular growth drivers of the 360T Group are intact and confirms its further growth 
potential. 
 
The Eurex FX market again showed solid growth, with an increase of 19 per cent in average daily 
trading volumes. More activity by existing customers played a role here, as did new customer wins, now 
increasingly also from the US and Asia. Two successful product initiatives also contributed to the positive 
development: the introduction of Scandinavian currency pairs, and the introduction of a partnership 
product with the Korea Exchange KRX for FX futures (USD/KRW FX future). 
 
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36
Xetra (cash equities) segment 
 
In the Xetra segment (cash equities), we bring together our cash market trading venues (Xetra®, the 
Frankfurt Stock Exchange, and Tradegate). Besides trading and clearing services income, the segment 
generates revenue from the ongoing listing of companies’ securities and exchange admissions, the 
marketing of trading data, connecting clients to trading venues, and from services provided to partner 
exchanges. The activities of the recently acquired Crypto Finance AG are also reported in the Xetra 
segment as of December 2021. The acquisition of a majority stake in this provider of trading, custody, 
and investment services for digital assets has enabled us to tap into a new asset class. Xetra contributes 
to ESG net revenue8 by offering products related to trading in green bonds and ESG ETFs. 
 
Cash equities trading was influenced in 2021 by economic signals that were more positive than 
expected, with negative factors only having a temporary impact on share prices. This manifested itself in 
an environment of low market volatility, as measured by the VSTOXX index, and correspondingly reduced 
trading activity, although shares and ETPs (exchange-traded products) did scale record heights at times. 
Order book volumes on the segment’s exchanges fell in consequence by 5 per cent compared with the 
extraordinarily strong figures from the previous year, which were due to the high volatility caused by the 
coronavirus pandemic. Trading and clearing revenue sank accordingly, resulting in an overall decrease of 
net revenue in the Xetra segment. Low market volatility was accompanied by increasing competition in 
cash equities trading with pan-European exchanges, so Xetra’s market share as the reference market for 
trading in DAX shares fell to 69 per cent, the same level as 2018 (–4 percentage points compared to 
2020). 
 
A total of 23 initial public offerings (IPOs) took place in the financial year (2020: nine). The total issue 
volume came to around €10 billion (2020: €1.2 billion). Secular growth in the listing business from the 
large number of entries onto the regulated market was able to compensate partly for the segment’s 
decline in net revenue. 
 
The sale of Regulatory Services GmbH – our regulatory reporting hub – to MarketAxess Holdings Inc. in 
November 2020 resulted in delayed income of around €16 million, which was attributed to Xetra data. 
 
 
 
 
8 ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of ESG net revenue”. 
 
Key indicators Xetra (cash equities) segment 
 
 
 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Net revenue 
364.0
391.7
– 7
Trading and clearing 
188.6
203.3
– 7
Listing 
21.2
18.9
12
Xetra Data 
108.7
125.7
– 14
Other1 
45.5
43.8
4
Operating costs 
– 150.6
– 158.8
– 5
EBITDA 
242.8
258.7
– 6
1) Includes Crypto Finance since 15 December 2021. 
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The business of Tradegate AG Wertpapierhandelsbank remained strong in 2021 thanks to the high 
ongoing level of activity from private investors, and its equity method measurement had a positive 
impact of some €28 million on the result from financial investments. 
 
Clearstream (post-trading) segment 
 
Key indicators Clearstream (post-trading) segment 
 
 
 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Net revenue 
835.4
827.2
1
Custody 
445.2
417.5
7
Settlement 
120.2
114.8
5
Net interest income from banking business 
50.0
100.5
– 50
Collateral management 
80.9
76.9
5
Third party services 
23.8
23.8
0
Other 
115.3
93.7
23
Operating costs 
– 376.3
– 367.3
2
EBITDA 
459.6
458.0
0
 
 
Our settlement and custody activities are reported under the Clearstream (post-trading) segment. In 
providing the post-trade infrastructure for Eurobonds and other markets, Clearstream is responsible for 
the issuance, settlement, management and custody of securities from 59 domestic markets worldwide, 
plus the international market. Net revenue in this segment is driven mainly by the volume and value of 
securities under custody, which determine the deposit fees. The settlement business depends primarily 
on the number of settlement transactions processed by Clearstream via stock exchanges as well as over 
the counter (OTC). This segment also contains net interest income from banking business. Clearstream’s 
contribution to ESG stems from proxy voting instruction and distribution services offered as part of 
investor services supporting customers to comply with regulatory, governance and market standard 
requirements as well as stakeholder expectations. 
 
The financial year 2021 saw continuously high issuance activity on the bond market especially by the 
public sector. The result was a higher average value of assets under custody in the central securities 
depository (CSD) and international central securities depository (ICSD), surpassing the €13 trillion mark 
in June 2021 for the first time. Higher trading volumes especially in the ICSD led to a higher number of 
settlement transactions with a new record volume of 8.3 million transactions in March. Both 
developments had a positive impact on custody and settlement net revenues. Clearstream acquired the 
remaining shares in LuxCSD S.A., the Luxembourg central securities depository, in December 2021. For 
Clearstream, the full acquisition of LuxCSD represents a natural and complementary addition to its 
portfolio and completes the offering for issuers to use Clearstream as a global issuer hub. 
 
 
 
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Central banks’ monetary policy measures related to the COVID-19 pandemic, especially in the US, 
resulted in reference rate levels around zero or even below. The cash handling fee of 30 basis points on 
US-dollar denominated deposits which had been introduced in 2020 could only partly offset this. The 
net interest income from banking business fell accordingly as anticipated. 
 
Average outstanding volumes in collateral management and securities lending grew slightly in the 
reporting year, thus leading to also slightly increased net revenues in this area. 
 
Other net revenue in the Clearstream segment benefited from an exceptional effect related to the claim of 
a reimbursement of legal costs of around €17 million. 
 
IFS (investment fund services) segment 
 
Key indicators IFS (investment fund services) segment 
 
 
 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Net revenue 
382.4
232.8
64
Custody 
113.0
87.4
29
Settlement 
90.2
72.0
25
Fund distribution 
77.6
14.4
439
Other 
101.6
59.0
72
Operating costs 
– 125.9
– 117.5
7
EBITDA 
255.9
115.2
122
 
 
In the IFS (investment fund services) segment, we report the order routing and settlement activity and 
custody volumes of mutual, exchange-traded, and alternative funds processed by Clearstream. Clients 
can settle and manage their entire fund portfolio via Clearstream’s Vestima® fund processing platform. 
The Fund Distribution unit covers the fund platform business of Clearstream Fund Centre, a merger of 
the existing Clearstream Fund Desk with the in 2021 fully acquired UBS Fondcenter AG business. IFS’ 
ESG product suite consists of custody and settlement services for processed ETFs where investors see 
sustainability features. Net revenue in the IFS segment is largely a function of the value of assets under 
custody and the number of orders and transactions processed. 
 
The financial year 2021 saw continuously high activity on the fund retail market, especially in Germany, 
and accordingly high demand for investor services, even when taking into account the extraordinary 
volumes beginning of 2020 related to COVID-19. Combined with organic product development in the 
IFS segment, including the extension of market network coverage, this led to steadily increasing volumes 
and revenues across all line items confirming the continuing growth trend in investment fund services. 
The assets under custody grew significantly also related to higher market index levels. 
 
 
 
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Further information 
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The remaining 49 per cent stake of Clearstream Fund Centre, which was founded in the fourth quarter 
of 2020 by combining UBS’ fund distribution platform with our corresponding business, was acquired 
earlier than planned on 1 June 2021. This makes us the sole shareholder in the Zurich-based fund 
distribution platform, generating a positive valuation effect of around €40 million reported under “Other” 
net revenue. Clearstream Fund Centre’s services which are reported separately in the business line 
“Fund distribution” developed very positively for the reasons already mentioned above, including secular 
growth from winning new clients. The business is considered to be one of the leading market providers 
in the world and centre of competence for global fund distribution services within our Group with around 
€400 billion assets under distribution at the end of the reporting period, giving global fund distributors 
access to contracts covering more than 76,000 funds. Usually resource-intensive distribution support 
services such as fee management and research as well as the administration of fund data and 
documentation can be streamlined in an efficient way by using Clearstream Fund Centre’s services. 
Approximately 600 global asset managers benefit from Clearstream’s global client network which brings 
additional scope and efficiency in the distribution of investment funds. 
 
Disclosures in accordance with Article 8 EU Taxonomy Regulation 
Article 8 of EU Taxonomy Regulation requires companies with a reporting obligation under Section 289b 
HGB (German Civil Code) to disclose to what extent their economic activities qualify as environmentally 
sustainable under the EU Taxonomy Regulation. The delegated act supplementing the EU Taxonomy 
Regulation (EU) 2021/2139 established the technical screening criteria for this assessment, which 
currently concentrate exclusively on economic activities which contribute substantially to climate change 
mitigation or climate change adaptation. According to the delegated act, companies must report on the 
proportion of their eligible and non-eligible turnover and on their capital and operating expenditure for 
financial year 2021. 
  
As a company obliged to prepare non-financial reporting we report for the 2021 financial year at Group 
level on our turnover, operating and capital expenditure covered by the EU Taxonomy Regulation. 
  
For 2021 we have not identified any economic activity covered by the delegated act. Furthermore, we 
did not identify any material capital or operating expenditure that fall within the scope of the delegated 
act in financial year 2021. 
 
The following table shows the proportion of eligible and non-eligible turnover, capital and operating 
expenditure: 
 
EU taxonomy 
 
 
 
Category 
Eligible 
Non-eligible 
Net revenue 
0.00%
100%
Operating expenditures 
0.00%
100%
Capital expenditures 
0.00%
100%
 
 
 
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Basis for determining the quotas 
The quotas were determined in accordance with the requirements of Annex I to Article 8 of the delegated 
act. The determination of the taxonomy-eligible quotas is based on the following principles: 
 
Turnover 
The proportion of eligible economic activities was determined by dividing the turnover from eligible 
economic activities (numerator) by total turnover (denominator). The numerator is based on turnover as 
defined in IAS 1.82(a) and presented in the consolidated income statement. For further details we refer 
to our consolidated financial statements (see Note 4, Net revenue table “Composition of net revenue 
(Part 1-4)” column “net revenue 2021”).  
 
We have reviewed the application of the EU Taxonomy Regulation to our business model on the basis of 
the economic activities listed in the delegated act. Our business model is largely based on the following 
activities: 
 
Integrating various financial market services such as ratings, index and analytics services, 
trading, clearing, settlement, custody, market data services, and liquidity and collateral 
management  
 
Offering these services for various asset classes  
 
Developing and operating proprietary electronic systems for all processes along the value chain, 
in order to provide neutral marketplaces  
 
The above pillars of our business model are not explicitly listed in the economic activities and provisions 
of the delegated act. We therefore limited our analysis to the following economic activities: 
 
8.1 Data processing, hosting and related activities  
 
8.2 Data-driven solutions for GHG emissions reductions  
 
As mentioned, we did not identify any eligible turnover under the Taxonomy Regulation for the past 
financial year.  
 
Operating and capital expenditure 
We calculated the proportion of qualifying operating expenses by comparing our operating expenses (see 
Note 6, table “Composition of other operating expenses”, line IT costs and line premises expenses) with 
the economic activities in Annex I, which contribute substantially to climate change mitigation or climate 
change adaptation.  
 
We calculated the proportion of eligible investment expending in the same way. Investment expenses are 
all additions to intangible and tangible assets (see Note 10, table “Intangible assets” column “Other 
intangible assets” and Note 11, table “Property, plant and equipment (incl. Right-of-use assets)” in the 
lines “Additions”) without depreciation and amortisation, without remeasurement and changes to fair 
value. Goodwill is also not included in the calculation of taxonomy-eligible capital expenditure as it is not 
an intangible asset according to IAS 38. 
 
 
 
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We consider operating and capital expenditures to be eligible if the output stems from an eligible 
economic activity. We have identified and analysed the following economic activities in the delegated act 
that could fundamentally give rise to eligible operating or investment expenses: 
 
 
Infrastructure for personal mobility, cycle logistics 
 
Renovation of existing buildings 
 
Installation, maintenance and repair of charging stations for electric vehicles in buildings (and 
in parking spaces belonging to buildings)  
 
Installation, maintenance and repair of instruments and devices for measuring, regulation and 
controlling energy performance of buildings  
 
Installation, maintenance and repair of technologies for renewable energy technologies 
 
Data processing, hosting and related activities 
 
As mentioned, we did not identify any eligible operating or investment expenses under the Taxonomy 
Regulation for the past financial year. 
 
Definition of our ESG net revenue 
The EU Taxonomy does not apply directly to our business model and is therefore not suitable as a 
reference framework for classifying our products and services in terms of sustainability. We therefore 
devised our own definition of ESG net revenue in the course of a strategic dialogue. Since the beginning 
of the year, we have been explicitly measuring our ESG net revenue according to this definition, which 
we describe in more detail below.   
 
The products and services of our respective segments generate economic value in different areas of the 
financial sector and the real economy and are often not comparable. From a Group perspective, this 
requires a wide-ranging definition of ESG net revenue, which then has to be broken down into more 
detail at the segment level. From the Group perspective, net revenue is deemed to be ESG net revenue if 
the products concerned are related to the transformation of the real and/or financial economy in terms of 
environmental, social and governance aspects.  
 
This relationship exists if our products can increase the general transparency of information in terms of 
the three ESG dimensions – not only for investors, founders, asset managers and market participants, 
but also for external observers: 
 
 Environmental: This particularly comprises compliance with climate targets, regulatory requirements 
and environmental standards and/or credible commitments. 
 Social: This particularly includes compliance with labour law in all regions and operations, equal 
opportunities for all employees and minimum standards for suppliers. 
 Corporate governance: This particularly includes minimum standards for the transparency of internal 
processes and control mechanisms. 
 
Each operating segment in Deutsche Börse Group can increase its information transparency in these 
three dimensions by including ESG aspects in its product portfolio – be it by integrating ESG ratings, 
data and/or analysis, or by reporting data on trading volumes for securities, derivatives, renewable 
energies and/or commodities. Our product portfolio can increase information transparency specifically by 
providing generally accepted indicators as market signals.  
 
 
 
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Deutsche Börse Group | Annual report 2021
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Financial statements and notes 
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The following activities fall within our ESG reference framework for each segment: 
 
ESG net revenue by segment 
 
 
Qontigo 
The corresponding ESG net revenue comprises all revenue from licensing sustainable index solutions. Licence revenue from 
such products can either be observed directly (e.g. in the case of ETF licences) or it is allocated, if it is sold as part of a 
package. Revenue from sustainable analytics solutions will be added as soon as these products are available and actively 
marketed. 
ISS 
ESG net revenue comprises Corporate Solutions, ESG Analytics and Governance Solutions from ISS, without LiquidMetrix and 
SCAS (securities class action services). 
 Corporate Solutions offers web-based tools for governance and sustainability analyses, ESG data, ratings, valuations and 
reports that support corporate customers to design and manage their corporate governance, remuneration and sustainability 
programmes. 
 ESG Analytics comprises solutions that enable investors to develop and integrate responsible investment policies and 
practices, to advocate responsible investment topics, and monitor portfolio companies by means of screening and analytics. 
 Governance Solutions consists of objective governance research and recommendations, end-to-end solutions for proxy advisers 
and reporting, as well as an outsourced proxy voting service, which includes the transmission of voting instructions. 
Eurex 
ESG net revenue at Eurex comes from trading on the platform in ESG equities index and fixed-income index derivatives (based 
on licences from various index providers). 
ESG net revenue at Eurex Repo comes from trading on the platform in ESG-related collateral-based financial products, which 
include green bond general collateral baskets (sovereign and non-sovereign bonds). 
EEX 
EEX defines ESG net revenue as revenue related to sustainable commodity markets (environmental markets, both compliance 
and voluntary). They include contracts for green power, emissions certificates and the related services for registers and 
certificates of origin. In future they may also relate to natural gas, freight or agricultural products. 
360T 
360T does not report any ESG net revenue. 
Xetra 
ESG net revenue relates to trade in green bonds and ESG ETF (best-in-class approach, exclusion method, investment by topic), 
but also to courses on ESG topics like the Master Class SDG Strategy (planned for 2022) (E), seminars to boost women’s 
financial competence (S) or an examination to qualify as a Supervisory Board member (G). 
Clearstream 
Clearstream defines ESG net revenue as revenue in connection with voting instructions and distribution services offered in the 
context of investor services. These products support compliance with regulatory, governance or market standards and make it 
easier for shareholders to exercise their governance rights as active investors. 
IFS 
IFS defines ESG net revenue as revenue related to Vestima’s custody and settlement services for funds classified as ESG funds. 
Vestima acts as a central point of contact and offers a standardised process for all fund transactions, which increases our 
customers’ operating efficiency. 
 
 
 
 
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Deutsche Börse Group | Annual report 2021
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Financial statements and notes 
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43
Financial position 
Cash flow 
 
Consolidated Cash flow statement (condensed) 
 
2021 
2020 
 
€m 
€m 
Cash flows from operating activities (excluding CCP positions) 
1,181.4
1,523.0
Cash flows from operating activities 
908.9
1,412.0
Cash flows from investing activities 
–2,168.0
–787.7
Cash flows from financing activities 
798.7
–254.2
Cash and cash equivalents at 31 December 
2,040.0
2,506.7
Other cash and bank balances as at 31 December 
1,029.6
1,467.3
 
 
Cash and cash equivalents at Deutsche Börse Group, i.e. its liquidity, comprise cash and bank balances 
– to the extent that these do not result from reinvesting current liabilities from cash deposits by market 
participants – as well as receivables and liabilities from banking business with an original maturity of 
three months or less. Change in other cash and bank balances was affected by cash used for 
acquisitions, as well as cash outflows from operating activities.  
 
Cash flow from operating activities was €1,181.4 million (2020: €1,523.0 million) before changes in 
CCP positions on the reporting date and was made up primarily of net income for the period of 
€1,264.9 million (2020: €1,125.1 million) and cash outflows from changes in working capital. 
 
Cash flow from investing activities came to €2,168.0 million in 2021 (2020: €787.7 million) and were 
determined largely by the acquisitions of ISS, Data Discovery and Crypto Finance, which resulted in a 
cash outflow of €1,843.0 million. Capital expenditure on intangible assets and property, plant and 
equipment of €206.4 million (2020: €195.4 million) was similar to the previous year. 
 
Cash flow from financing activities was €798.7 million (2020: cash outflow of €254.2 million) and 
consists mainly of the dividend distributed for financial year 2020 of €550.6 million (2020: dividend for 
financial year 2019 of €531.9 million), the issue of two bonds for €1.0 billion to acquire ISS and the 
issue of commercial paper, which generated net cash proceeds of €0.8 billion. The purchase of the 
remaining 48.8% of the shares in Clearstream Fund Centre also resulted in a cash outflow of 
€356.0 million. 
 
Cash flow for 2021, which is the sum of all inflows and outflows of cash from operating, investing and 
financing activities, came to €–460.5 million (2020: €370.0 million) and was mainly the result of M&A 
activity. 
 
The positive cash flow from operating activities, sufficient credit lines and flexible management and 
planning system mean that we are still adequately supplied with liquidity for 2022. 
 
 
 
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44
For further details of cash flow, see the “Consolidated cash flow statement” and Note 21 to the 
consolidated financial statements. 
 
Liquidity management 
We mainly cover our operational liquidity needs by means of internal financing, i.e. by retaining 
earnings. Our aim is to hold sufficient liquidity to be able to meet all our payment obligations as they fall 
due. We have an intra-Group cash pool to aggregate our surplus cash as far as regulatory and legal 
provisions allow. We invest cash in principle on a short-term basis, in order to ensure rapid availability, 
and these investments are largely secured by liquid bonds from prime-rated issuers. Moreover, we have 
access to external sources of financing, such as bilateral and syndicated credit lines, as well as a 
commercial paper programme (see Note 24 to the consolidated financial statements for details of 
financial risk management). In recent years, we have leveraged our access to the capital markets to 
issue corporate bonds in order to meet our structural financing needs. 
 
 
Debt instruments issued by Deutsche Börse AG (outstanding as at 31 December 2021) 
Type 
Issue volume 
ISIN 
Term to 
Maturity 
Coupon 
(p.a.) 
Listing 
Fixed-rate bearer bond 
€600 m
DE000A1RE1W1
10 years
October 2022
2.375%
Luxembourg/ 
Frankfurt
Fixed-rate bearer bond 
€500 m
DE000A1684V3
10 years
October 2025
1.625%
Luxembourg/ 
Frankfurt
Fixed-rate bearer bond 
€500 m
DE000A3H2457
5 years
February 2026
0.000%
Luxembourg/ 
Frankfurt
Fixed-rate bearer bond 
€600 m
DE000A2LQJ75
10 years
March 2028
1.125%
Luxembourg/ 
Frankfurt
Fixed-rate bearer bond 
€500 m
DE000A3H2465
10 years
February 2031
0.125%
Luxembourg/ 
Frankfurt
Fixed-rate bearer bond 
(hybrid bond) 
 
 
€600 m
DE000A289N78
Call date
7 years/final 
maturity in 
27 years
June 2027/ June 
2047
1.250% 
(until call 
date)
Luxembourg/ 
Frankfurt
 
   
Capital management 
The Group’s clients generally expect us to maintain conservative interest coverage and leverage ratios, 
and hence to achieve a good credit rating. 
 
We are committed to achieving the minimum financial risk profile that is consistent with an AA rating in 
accordance with S&P Global Ratings methodology. Furthermore, we endeavour to maintain the strong AA 
credit ratings of our subsidiaries Clearstream Banking S.A. and Clearstream Banking AG, in order to 
ensure the long-term success of the Clearstream securities settlement and custody segment. The 
activities of our Eurex Clearing AG subsidiary also require strong credit quality. 
 
 
 
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In the course of our capital management we aim for the following relevant ratios:  
 
 Net debt to EBITDA ratio: no more than 1.75 
 Free funds from operations (FFO) to net debt: equal to or greater than 50 per cent 
 Interest cover ratio: at least 14 
 Tangible equity (for Clearstream Banking S.A.): total of at least €1,100 million 
 
We follow the methodology of S&P Global Ratings closely when calculating these ratios.  
 
 To determine EBITDA for rating purposes, reported EBITDA is adjusted by the result from financial 
investments, as well as by unfunded pension obligations. EBITDA for rating purposes in 2021 was 
€1,970 million. 
 FFO for rating purposes is calculated by deducting interest and tax expenses from EBITDA. FFO for 
rating purposes in 2021 was €1,452 million. 
 The Group’s net debt for rating purposes is reconciled by first deducting 50 per cent of the hybrid 
bond, as well as the surplus cash as at the reporting date, from gross debt (i.e. from interest-bearing 
liabilities). Liabilities from operating leases and unfunded pension obligations are then added. Net debt 
for rating purposes in 2021 was €3,873 million.  
 Interest expenses for rating purposes are calculated on the basis of interest expenses for financing, less 
interest expenses of Group entities which are also financial institutions. These are among others 
Clearstream Banking S.A., Clearstream Banking AG and Eurex Clearing AG. Interest expenses which 
are not related to our financing are not included in the calculation of interest expenses. Only 50 per 
cent of the hybrid bond is counted towards interest expenses. Interest expenses for rating purposes in 
2021 came to €42 million. 
 
The following table “Relevant key performance indicators” illustrates our calculation methodology and 
shows the values for the reporting year. 
 
 
Relevant key performance indicators 
 
 
 
 
 
  
Target figures 
2021 
Net debt / EBITDA 
≤ 1.75
2.0
Free funds from operations (FFO) / net debt 
%
≥ 50
38
Interest coverage ratio 
≥ 14
46
Tangible equity of Clearstream Banking S.A. (as at the reporting date) 
€m
≥ 1,100
1,468
 
 
The acquisitions in 2021, particularly the acquisition of a majority interest in ISS and the purchase of 
the remaining shares in Clearstream Fund Centre, resulted in the ratio of FFO to net debt being below 
target and the ratio of net debt to EBITDA being higher. 
 
We intend not to allow tangible equity (equity less intangible assets) of Clearstream Banking S.A. to fall 
below €1,100 million. Clearstream Banking S.A. exceeded this during the year under review, with a 
figure of €1,468 million. 
 
 
 
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Deutsche Börse Group | Annual report 2021
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Financial statements and notes 
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Further information 
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S&P Global Ratings bases the calculation of key performance indicators on the corresponding weighted 
average of the reported or expected results of the previous, the current and the following reporting 
period. To ensure the transparency of the key performance indicators, we report them based on the 
current reporting period. 
 
Dividends and share buy-backs 
We generally aim to distribute dividends equivalent to between 40 and 60 per cent of net profit for the 
period attributable to Deutsche Börse AG shareholders. Within this range, we manage the actual payout 
ratio mainly in relation to our business performance and based on continuity considerations. In addition, 
we plan to invest the remaining available funds primarily in our complementary external development. 
Should the Group not be able to invest these funds, additional distributions, particularly in the form of 
share buy-backs, would be another possible use for them. 
 
At the Annual General Meeting we will be proposing to pay a dividend of €3.20 per no-par value share 
for the financial year 2021 (2020: €3.00). This dividend is equivalent to a distribution ratio of 49 per 
cent of net profit for the period attributable to our shareholders. Given 183.6 million no-par shares 
bearing dividend rights, this would result in a total dividend payment of €587.6 million (2020: 
€550.6 million). The number of shares with dividend rights is produced by deducting 6.4 million 
treasury shares from our ordinary share capital of 190.0 million shares.  
 
Credit ratings 
 
Credit ratings 
 
 
 
Long-term 
Short-term 
Deutsche Börse AG 
S&P Global Ratings 
AA
A–1+
Clearstream Banking S.A. 
Fitch Ratings 
AA
F1+
S&P Global Ratings 
AA
A–1+
Clearstream Banking AG 
S&P Global Ratings 
AA
A–1+
    
Our credit quality is reviewed regularly by S&P Global Ratings, while Clearstream Banking S.A. is rated 
by Fitch Ratings and S&P Global Ratings, and Clearstream Banking AG by S&P Global Ratings. 
 
On 5 July 2021, Fitch Ratings affirmed the AA credit rating of Clearstream Banking S.A. with a stable 
outlook. The rating reflects Clearstream Banking’s leading position in the post-trade business, its diligent 
liquidity management, as well as its impeccable capitalisation.  
 
On 18 January 2022, S&P Global Ratings affirmed the AA credit ratings of Deutsche Börse AG, 
Clearstream Banking AG and Clearstream Banking S.A. Deutsche Börse AG’s rating reflects the 
assumption that the Group will continue its growth strategy. Clearstream Banking S.A.’s rating reflects its 
strong risk management, minimal debt levels and strong position on the international capital markets – 
especially through its international custody and transaction business. 
 
 
 
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Deutsche Börse Group | Annual report 2021
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Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
47
As at 31 December 2021 we were one of only two DAX-listed companies with an AA rating from S&P 
Global Ratings.  
 
Net assets 
Material changes to net assets are described below; the full consolidated balance sheet is shown in the 
consolidated financial statements.  
 
Consolidated balance sheet (extract) 
 
 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
ASSETS 
222,919.3
152,677.91
Non-current assets 
20,462.4
14,570.51
thereof intangible assets 
8,162.9
5,723.2
thereof goodwill 
5,596.0
3,957.6
thereof other intangible assets 
1,913.6
1,255.4
thereof financial assets 
11,460.4
8,059.8
thereof financial assets measured at amortised cost 
1,634.7
997.5
thereof equity investments measured at FVOCI 
227.1
111.4
thereof financial instruments held by central counterparties 
9,442.4
6,908.51
Current assets 
202,457.0
138,107.41
thereof financial instruments held by central counterparties 
103,195.7
80,704.51
thereof restricted bank balances 
78,542.0
38,420.1
thereof other cash and bank balances 
1,029.6
1,467.3
 
EQUITY AND LIABILITIES 
222,919.3
152,677.91
Equity 
7,742.4
6,556.1
Liabilities 
215,177.0
146,121.81
thereof non-current liabilities 
13,623.0
11,005.21
thereof financial instruments held by central counterparties 
9,442.4
6,908.51
thereof financial liabilities measured at amortised cost 
3,037.3
3,474.4
thereof deferred tax liabilities  
338.5
216.7
thereof current liabilities 
201,554.0
135,116.61
thereof financial instruments held by central counterparties 
103,267.7
80,609.51
thereof financial liabilities measured at amortised cost 
16,618.7
15,018.6
thereof cash deposits by market participants 
78,292.5
38,188.8
 
 
 
Deutsche Börse Group’s total assets increased year-on-year by 46 per cent. The increase in intangible 
assets resulted primarily from the acquisitions of Institutional Shareholder Services and Crypto Finance. 
This particularly resulted in significantly higher goodwill and other intangible assets. 
 
The significant increase in total assets was particularly due to the volatility of restricted bank balances 
and financial instruments of the central counterparties at the reporting date. 
 
 
 
1) Prior year adjusted.
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Financial statements and notes 
Remuneration Report 
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48
Group equity rose by 18 per cent compared with the previous year. This was due mainly to the net profit 
for the reporting year 2021, less the dividend payment for the previous financial year 2020. 
 
Deutsche Börse Group invested a total of €206.4 million in the reporting year (2020: €195.4 million) 
in intangible assets and property plant and equipment (capital expenditure, CAPEX). The Group’s largest 
investments were in the Clearstream and Eurex segments. 
 
 
Working capital 
Working capital comprises current assets less current liabilities, excluding technical closing-date items. 
Current assets, excluding technical closing-date items, amounted to €1,387.7 million (2020: 
€875.6 million). As Deutsche Börse Group collects fees for most of its services on a monthly basis, the 
trade receivables of €969.4 million included in current assets as at 31 December 2021 were relatively 
low compared with net revenue (31 December 2020: €616.6 million). The increase in trade receivables 
was particularly due to open items as of the reporting date from the high market volatility of the spot 
markets within EEX Group, which were offset by an increase in trade payables at the same time. The 
current liabilities of the Group, excluding technical closing-date items, amounted to €1,214.8 million 
(2020: €959.4 million, excluding technical closing-date items). For this reason, the Group had a 
working capital of €173.0 million at year-end (2020: negative working capital of €83.8 million). 
 
 
Technical closing-date items 
The “financial instruments of the central counterparties” item relates to the function performed by Eurex 
Clearing AG, European Commodity Clearing AG as well as Nodal Clear, LLC. Since they act as the 
central counterparties for Deutsche Börse Group’s various markets, their financial instruments are carried 
in the balance sheet at their fair value. The financial instruments of the central counterparties are 
described in detail in the section “Risk management” of the Combined management report and in  
Notes 12 and 24 to the consolidated financial statements. 
 
Market participants linked to the Group’s clearing houses partly provide collateral in the form of cash 
deposits, which are subject to daily adjustments. The cash deposits are generally invested on a secured 
basis overnight by the central counterparties and reported in the balance sheet under “restricted bank 
balances”. The total value of cash deposits at the reporting dates relevant for the reporting period 
(31 March, 30 June, 30 September and 31 December) varied between €32.9 billion and €78.3 billion 
(2020: between €38.2 billion and €62.2 billion). 
 
 
 
 
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Financial statements and notes 
Remuneration Report 
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49
Overall assessment of the economic position by the Executive Board  
The financial year 2021 was again dominated by the course of the pandemic and the resulting effects 
on the world economy. Low market volatility and so less activity by market participants led to tangible 
cyclical headwinds in the trading segments. On the other hand, busy trading on gas and power markets 
and in the market for investment fund services resulted in significantly positive secular growth. 
Additional net revenue from M&A growth, particularly ISS, also supported the Group’s growth. Secular 
growth of 6 per cent was therefore able to more than make up for the cyclical contraction of –4 per cent. 
Net revenue growth from M&A activities came to 7 per cent and contributed to net revenue growth at 
Group level of 9 per cent as expected by the Executive Board, taking the total to €3,509.5 million. 
Thereby the Group’s ESG related net revenue9 increased by 210 per cent, in particular due to the 
acquisition of ISS. Higher costs were due entirely to the Group’s M&A growth. Earnings before interest, 
tax, depreciation and amortisation (EBITDA) also rose year-on-year by 9 per cent to €2,043.1 million 
and were in line with the Executive Board’s expectations. Net profit for the period attributable to 
Deutsche Börse AG shareholders went up by 12 per cent to €1,209.7 million. 
 
Based on this, the Executive Board considers that Deutsche Börse Group’s financial position remained 
very solid during the reporting period. The Group generated high operating cash flows as in previous 
years. Net debt in relation to EBITDA of 2.0 was slightly higher than the target limit of 1.75 as a result 
of M&A activities mainly driven by the ISS acquisition. 
 
As in all recent years, we are again offering shareholders a higher dividend for financial year 2021. The 
proposed dividend is €3.20 (2020: €3.00), a year-on-year increase of 7 per cent.  
 
 
 
9 ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
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Deutsche Börse Group | Annual report 2021
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Financial statements and notes 
Remuneration Report 
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50
 
Deutsche Börse Group: five-year overview 
 
 
2017 
2018 
2019 
2020 
2021 
Consolidated income statement 
Net revenue 
€m
2,462.3
2,779.7
2,936.0
3,213.8
3,509.5
thereof treasury result from banking and similar 
business 
€m
132.6
204.5
247,7
196.6
142.7
Operating costs (excluding depreciation, amortisation and 
impairment losses) 
€m
– 1,131.6
– 1,340.2
– 1,264.5
– 1,368.7
– 1,551.6
Earnings before interest, tax, depreciation and amortisation 
(EBITDA) 
€m
1,528.5
1,443.7
1,678.2
1,869.4
2,043.1
Depreciation, amortisation and impairment losses 
€m
– 159.9
– 210.5
– 226.2
– 264.3
– 293.7
Net profit for the period attributable to Deutsche Börse AG 
shareholders 
€m
874.3
824.3
1,003.9
1,079.9
1,209.7
Earnings per share (basic) 
€
4.68
4.46
5.47
5.89
6.59
Consolidated cash flow statement 
Cash flows from operating activities 
€m
1,056.2
1,298.2
926.1
1,412.0
908.9
Consolidated balance sheet 
Non-current assets 
€m
10,883.7
15,642.0
11,706.9
14,570.5
20,462.4
Equity 
€m
4,959.4
4,963.4
6,110.6
6,556.1
7,742.4
Non-current interest-bearing liabilities1 
€m
1,688.4
2,283.2
2,286.2
2,637.1
3,037.3
Performance indicators 
Dividend per share 
€
2.45
2.70
2.90
3.00
3.202
Dividend payout ratio3 
%
52
61
53
51
494
Employees (average annual FTEs) 
5,183
5,397
5,835
6,528
8,855
Deutsche Börse shares 
Year-end closing price 
€ 
96.80
104.95
140.15
139.25
147.10
Average market capitalisation 
€bn
17.2
21.5
24.0
27.7
27.0
Rating key figures 
Net debt / EBITDA 
1.1
1.1
1.0
1.0
2.0
Free funds from operations (FFO) / net debt 
%
59
69
79
76
38
 
 
1) Bonds that will mature in the following year are reported under other current liabilities. 
2) Proposal to the Annual General Meeting 2022. 
3) The ratios for the years 2017–2020 have been adjusted. The dividend payout ratio is determined using reported net profit. 
4) Amount based on the proposal to the Annual General Meeting 2022. 
69

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our social environment 
Financial statements and notes 
Remuneration Report 
Further information 
51
10. Our social environment 
We describe the fourth and last category of our value creation in the section our social environment. We 
consider ourselves to be an established part of society and wish to make a positive contribution here too. 
In this heterogeneous field, our commitments go well beyond those topics that concern us directly as a 
company, such as our own carbon footprint or human rights in the supply chain. As a result our value 
added is very broad. We play an active part in financial market initiatives and offer training courses – 
some free of charge – to increase understanding of our market role and of our products and services. As 
a member of the UN Global Compact (UNGC) and the Sustainable Stock Exchanges initiative (SSE), 
Deutsche Börse Group has committed itself to implementing the 17 Sustainable Development Goals 
(SDGs) of the “2030 Agenda for Sustainable Development” set by the UN. 
 
Our stakeholder engagement 
We regularly review the statutory requirements and the demands of rating agencies and (voluntary) 
market standards and initiatives. We seek dialogue with our internal and external stakeholders 
continuously and systematically and so determine the focus areas of our work – by means of investor 
days, employee and client surveys, dialogue with rating agencies and society as a whole, our 
involvement in various initiatives and our regular materiality analysis, in which we interview our 
stakeholders with respect to our company and the impact we have on society and the economy. 
 
The Group Regulatory Strategy department, which reports to the CEO, is responsible for holistically 
positioning Deutsche Börse Group with regard to political and regulatory developments at the national, 
European and international level. It monitors, analyses and deals with regulatory revenue risks and 
opportunities. Based on our specific knowledge as a financial market infrastructure provider, we share 
our expertise about the evolution of the regulatory framework. Thus, we make a permanent contribution 
to strengthening financial market infrastructure and capital markets as a vital tool for achieving society’s 
overarching objectives. We take part in consultations on political and regulatory initiatives, for example, 
and submit comments and papers to explain the implications of certain regulatory proposals for 
Deutsche Börse Group, our clients, the financial markets and society as a whole. Our white papers and 
studies also contribute to an improved understanding of specific aspects of financial market regulation.  
 
We also seek the exchange with experts from politics, supervisory authorities, civil society and academia  
by participating in expert events, expert groups and associations. We advocate for effective regulation 
that supports the objective of efficient, transparent and stable financial markets while safeguarding our 
corporate interest. 
 
 
 
 
 
 
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52
The initiatives we support do not necessarily have to have a financial or capital market background but 
should rather address issues that Deutsche Börse Group considers to be highly important. For instance, 
the Green and Sustainable Finance Cluster Germany is a sustainability initiative for Germany as a 
financial centre. The cluster aims to drive sustainable development and the related transformation 
process in the finance industry. The Sustainable Stock Exchanges (SSE) initiative mentioned above is a 
peer-to-peer learning platform that enables to research how stock exchanges can work with investors, 
regulatory authorities and companies to increase their ESG performance and promote sustainable 
investments. Our engagement in other forums is more broadly based. One typical example is ecosense, 
the sustainable development forum of German business, a collaboration of global companies and 
organisations based in Germany. Here the focus is on the fundamental integration of sustainability topics 
into business activities. 
 
Another important element of our stakeholder engagement is the dialogue with rating agencies. There 
are many ESG ratings of independent organisations to evaluate companies in terms of how they deal 
with economic, ecological and social opportunities and risks. We use this external validation of our own 
ESG endeavours to continuously improve and sharpen our ESG profile. Insights from the ESG rating 
process were also factored into our materiality analysis. 
 
The following rating agencies, projects and indices measure the sustainability performance of Deutsche 
Börse AG every year and play a particular role for us: 
 
 
ESG ratings 
 
 
 
 
 
 
 
Rating agency 
Valuation 
Comment 
2021 
2020 
S&P 
73
67
We improved in all ESG dimensions 
Sustainalytics 
76
70
Increase in absolute result with market position still strong 
MSCI 
AAA
AAA
AAA rating unchanged since 2016 
 
 
When our revolving credit facility (RCF) was renewed in 2019 the pricing was tied to our ESG ratings 
from Sustainalytics. Originally on 28 March 2017, the credit facility was concluded with a banking 
consortium by us and our subsidiary Clearstream Banking S.A. amounting up to €750 million. 
 
 
Climate strategy and reporting 
We announced our new climate strategy at the Annual General Meeting in May 2021. Our objective is to 
become climate-neutral by 2025, i.e. we will reduce our CO2 emissions per workspace by at least 70 
per cent by 2022 (base year: 2019). The remaining emissions will be offset by external emissions 
reduction projects.  
 
 
 
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We intend to proceed as follows:  
The first step is to reduce the CO2 emissions per workspace by more than 50 per cent compared with 
2019. This will take place by means of direct measures to avoid CO2 emissions. They include switching 
the energy supplies of office buildings to renewable energies and expanding local infrastructure for 
electric vehicles.  
 
The second step is to expand these measures in order to reduce emissions by at least a further 20 
percentage points by 2023. Currently, we assume that we will achieve this target in 2022 (see “Report 
on expected developments”).  
 
The third stage from 2025 is to offset the remaining annual emissions by means of real external 
projects, such as reforestation. We intend to validate our path to climate neutrality with the Sciene Based 
Targets initiative (SBTi). 
 
In addition, we have published a TCFD index, which follows the recommendations of the Task Force on 
Climate-related Financial Disclosures (TCFD). Information on how we deal with climate risks and 
opportunities is presented in the TCFD index on our homepage. 
 
For further sustainability performance indicators we refer to our GRI index on our homepage. 
 
 
Human rights matters 
We are aware of our corporate responsibility and are committed to the principles of sustainability. We 
aspire to lead by example, by assuming our corporate responsibility in a holistic way and reporting on 
how we do so. Our management approach for a Group-wide commitment to sustainability therefore 
includes respect for human rights both in the supply chain and within the company. To ensure that this 
is the case, our human rights declaration applies to all the activities of Deutsche Börse Group and its 
consolidated entities, including our relations with employees, suppliers and clients. In addition, we have 
introduced a code of conduct for suppliers and service providers, which comprises a comprehensive 
catalogue of environmental, social and governance criteria (ESG). Suppliers responsible for 99.3 per 
cent of our purchasing volume have currently signed an agreement based on the Code of Conduct. It is 
standard practice for new suppliers to sign the Deutsche Börse Group’s Code of Conduct or (in 
exceptional cases) to make a voluntary commitment of their own. 
 
 
Capital Markets Academy 
Our Capital Markets Academy offers training courses on everything to do with capital markets. They 
include specialist seminars, certified courses, system training programmes and examinations for traders. 
In addition, Frankfurt Stock Exchange regularly hosts free webinars on current topics for private investors 
and uses video tutorials to present contents in a structured, simple and understandable way. With this 
free service our aim is to simplify access to complex aspects of capital markets and contribute to the 
economic education of society. 
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
54
11. Risk management 
Risk management for Deutsche Börse AG and risk reporting to the Executive Board for Deutsche Börse 
Group as a whole is centralised with the Chief Risk Officer (CRO). Deutsche Börse AG’s risk 
management adheres to the same standards that apply to our subsidiaries that are regulated as banks. 
This includes regular reporting to the Executive Board on a number of metrics, which cover operational 
risks (e.g. system availabilities and litigations), financial risks, business risks and other special risks. The 
Executive Board has defined what is known as a risk appetite for all these areas, which is monitored by 
means of the monthly reporting. The Group’s capital and liquidity position is also part of the extensive 
reporting to the Executive Board. This ensures that the effectiveness of capital and liquidity planning is 
reviewed continuously. The following sections look in more detail at the aspects mentioned above. In 
view of their economic importance, we particularly discuss the largest regulated banks in our Group, 
namely Clearstream Banking S.A. and Clearstream Banking AG (hereafter Clearstream, including 
Clearstream Holding AG) and Eurex Clearing AG. 
 
Our banks follow international standards and comply with the minimum capital requirements set by 
regulation (Capital Requirements Regulation, CRR). In addition, they rely on the internal processes to 
judge the adequacy of capital and liquidity (Internal Capital Adequacy Assessment Process, ICAAP and 
Internal Liquidity Adequacy Assessment Process, ILAAP), which comprise internal stress tests and 
constitute a core component of the risk management approach. Clearstream Banking AG and 
Clearstream Banking S.A. are also subject to the Central Securities Depositories Regulation (CSDR). 
Clearstream companies are also subject to the Minimum Requirements for Own Funds and Eligible 
Liabilities (MREL) as of 2022. Eurex Clearing AG and European Commodity Clearing AG are authorised 
as central counterparties (CCPs) and are subject to the requirements of the European Market 
Infrastructure Regulation (EMIR).  
 
In addition, other Group entities hold different licences to provide regulated activities in the financial 
services sector. As such, these entities are subject to comprehensive statutory requirements, inter alia on 
risk management (for further information on the regulated entities, please refer to the section on 
“Regulatory capital requirements and regulatory capital ratios”). In addition to the above statutory 
requirements, there are the Minimum Requirements for Risk Management (MaRisk) issued by the 
German Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, 
BaFin), and circular 12/552 issued by the Financial Supervisory Authority of Luxembourg (Commission 
de Surveillance du Secteur Financier, CSSF). In this context, significant parts of the risk management for 
a number of our Group’s companies are defined in the context of the second pillar of the Basel III 
regime. Moreover, Clearstream and Eurex Clearing AG have wide-ranging recovery and resolution plans 
to comply with the EU Banking Recovery and Resolution Directive (BRRD). 
 
 
 
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Deutsche Börse Group | Annual report 2021
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Financial statements and notes 
Remuneration Report 
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55
The second core component of our risk management approach is the three lines of defence (3LoD), 
which are established at Deutsche Börse AG and our regulated Group companies (banks and securities 
companies). This model defines a clear division of functions and responsibilities between the operating 
business units (first line of defence), risk management (second line of defence) and internal audit (third 
line of defence). The main aspects of 3LoD are described in detail in the section “Centrally coordinated 
risk management – a five-stage process”. 
 
 
Risk management approach and risk controlling 
We align our risk management approach with our business model and our corporate strategy. As 
Deutsche Börse Group we provide the infrastructure for reliable and secure capital markets, assist 
constructively in their regulation and strive to play a leading role in all our business areas. Our risk 
management approach is based on three principles:  
 
1. Risk limitation – protecting the company against liquidation and ensuring its continuing operation  
“Capital exhaustion should not occur more than once in 1,000 years.” This means that one goal is to 
ensure a minimum probability of 99.9 per cent that the total capital available to cover risks will not be 
lost within the next twelve months. This approach reflects an economic perspective of risk assessment at 
Deutsche Börse Group. In other words, this principle establishes how much risk we can bear and at the 
same time what our risk appetite is. Guaranteeing business continuity also means that the regulatory 
capital requirements have to be met for the banks and securities firms in the Group, which constitutes a 
normative approach to risk assessment. 
 
2. Supporting the business strategy  
“Risk management supports the business units to implement the business strategy within the defined 
risk appetite.” As such, risks are identified, clearly communicated and the compliance with the risk 
appetite monitored. This principle includes risk from organic growth, M&A activities and the use of 
transformational technology. The aim is make well-founded strategic decisions within the boundaries of 
the defined risk appetite. 
 
3. Appropriate risk/return ratio  
“Higher risks are only accepted for an adequate return.” We have set ourselves the goal of ensuring that 
risk and return should be reasonably balanced, both for specific business areas in general and for 
individual regions, products and customers.  
 
Internal risk management is based on the Group-wide detection and management of risk, which is 
focused on its risk appetite, see the chart “Interlocking business strategy and risk management 
approach”. Deutsche Börse AG’s Executive Board has overall responsibility, and defines the framework 
for risk management throughout the Group. Under these Group-wide risk management requirements, 
each business segment and each of our regulated subsidiaries is responsible for managing its own risk.  
 
 
 
 
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56
Implementation in the Group’s organisational structure and workflow 
Our risk management approach applies to the entire Deutsche Börse Group. Risk management 
functions, processes and responsibilities are binding for all our employees and organisational units. To 
ensure that all employees are risk-aware, risk management is firmly anchored in the Group’s 
organisational structure and workflows. Regular mandatory training sessions are also held, which were 
developed in a project to strengthen the risk culture of all employees. The Executive Board is responsible 
for risk management overall, whereas within the subsidiaries it is the responsibility of the management. 
The boards and committees given below receive regular information on the risk situation.  
 
The Supervisory Board of Deutsche Börse AG assesses and monitors the effectiveness of the risk 
management system and its continuing development. The Supervisory Board has delegated the 
evaluation to its Audit Committee. In addition, the Risk Committee examines the risk management 
approach and risk appetite on an annual basis.  
 
Deutsche Börse AG’s Executive Board determines the Group-wide risk management approach and risk 
appetite and allocates the latter to the company’s individual business segments and business units, 
respectively. It ensures that the Group’s risk appetite is and remains compatible with its short- and long-
term strategy, business and capital planning, risk-bearing capacity and remuneration systems. 
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The Executive Board of Deutsche Börse AG also determines what parameters are used to assess risks, 
how risk capital is allocated and what procedures apply. It ensures that the requirements for the risk 
management approach and the risk appetite are met. 
 
The Group Risk Committee (GRC) reviews the risk position of the Group regularly and involves the 
Executive Board in all important matters. The GRC is an internal Group committee, chaired by the Chief 
Financial Officer. 
 
The Chief Risk Officer leads the development of proposals for the risk management approach, risk 
appetite, approaches and methods for risk monitoring and control, capital allocation and the necessary 
processes. Risks are continuously analysed, evaluated and reported quantitatively and qualitatively. The 
reports are submitted regularly to the GRC, once a month or as needed to the Executive Board, once a 
quarter to the Risk Committee of the Supervisory Board and once a year to the Supervisory Board. 
Likewise, the CRO reports to the Audit Committee on the effectiveness of the risk management system 
on an annual basis. This system ensures that the responsible bodies can regularly check whether the 
defined risk limits are being adhered to consistently. 
 
Our regulated subsidiaries act in the same way, always ensuring that they meet the requirements of the 
Group. In particular, they adhere to the risk appetite framework allocated to them by Deutsche Börse 
Group. The relevant supervisory boards and their committees are involved in the process, as are the 
executive boards and the corresponding risk management functions. Clearstream and Eurex Clearing AG 
implement the risk management approach with specific features drawn up for their own businesses. 
They therefore also use metrics and reporting formats adapted to the overarching Group structure. In 
general, the management of the respective subsidiary is responsible for its risk management approach 
and risk appetite; compliance is monitored by the respective supervisory board. 
 
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Centrally coordinated risk management – a five-stage process 
Our risk management is implemented in a five-stage process. All potential losses should be identified, 
recorded centrally and measured, quantitatively whenever possible. Measures for managing them are to 
be recommended as necessary and their implementation ensured (see chart “Five-stage risk 
management process”). The first stage identifies the risks and the possible causes of losses or 
operational malfunctions. In the second stage, the business areas (first line of defence) regularly – or 
immediately, in urgent cases – report the risks that they have identified and quantified. The report goes 
to the risk management function (part of the second line of defence), which evaluates the potential 
threat in a third stage. In the fourth stage the business units manage the risks by avoiding, mitigating or 
transferring them, or by actively accepting them. The fifth and final stage involves monitoring different 
risk metrics and, where necessary, informing the responsible Executive Board members and committees 
of significant risks, their assessment and possible emergency measures. In addition to its regular 
monthly and quarterly reports, the CRO division compiles ad hoc reports for members of the Executive 
and Supervisory Boards. The risk management functions at Clearstream and Eurex Clearing AG submit 
reports to the respective executive boards and supervisory boards. The internal audit function (third line 
of defence) is an independent function and monitors both the business units and the risk management 
functions. 
 
 
 
Approaches and methods for risk monitoring 
We use quantitative and qualitative approaches and methods for risk monitoring, with the objective of 
providing as complete a picture as possible of our risk situation at all times. To this end, the Group 
continuously reviews internal events with regard to their risk properties, while also considering regional 
as well as global developments. We are thus able to recognise and analyse existing risks; at the same 
time, it is able to swiftly and adequately respond to emerging risks, as well as to changes in the market 
or in the business environment. 
 
 
 
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Deutsche Börse Group | Annual report 2021
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Financial statements and notes 
Remuneration Report 
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59
Existing risks 
We measure and monitor operational, financial and commercial risks on a continuous basis using a 
range of instruments. We adopt an economic perspective to quantify and aggregate risks. A normative 
perspective is adopted for the credit institutions that are in focus below – such as Clearstream and Eurex 
Clearing AG in particular – and the financial services institutions in the Group. The value at risk (VaR) 
model is the main tool for quantification. The purpose of the VaR model is to determine the amount of 
capital – given a confidence interval defined ex ante – required to cover very unlikely but possible losses 
incurred within twelve months. Moreover, we carry out stress tests in order to simulate extreme, yet 
plausible, events and their impact upon the Group’s risk-bearing capacity. Another approach to risk 
monitoring, which serves as an early warning system for quantified and non-quantifiable in-house risks, 
is complementary risk metrics. These risk metrics are based on IT and security risks, potential losses, 
credit, liquidity and business risks. 
 
1. Economic perspective: What risk can the capital cover?  
The economic perspective measures risk positions arising from regular operations solely on the basis of 
qualitative and quantitative criteria, regardless of the requirements of individual accounting or regulatory 
models. This perspective defines the minimum amount of required economic capital (REC). Principle 1 
of our risk management approach stipulates that we should not exhaust our risk-bearing capacity in 
more than 0.1 per cent of all years. REC calculated in this manner also complies with the requirements 
of the second pillar of Basel III for our subsidiaries Clearstream and Eurex Clearing AG. At Group level 
we determine our risk-bearing capacity on the basis of reported equity in accordance with International 
Financial Reporting Standards (IFRSs). Clearstream and Eurex Clearing AG determine their risk-bearing 
capacity on the basis of their regulatory capital (for details, see section “Regulatory capital requirements 
and regulatory capital ratios”).  
 
The risk management function regularly calculates the ratio of REC to risk-bearing capacity as a 
management metric and so provides an answer to a repetitive but vital risk management question: how 
much risk can we afford and what is our current risk exposure? The ratio of REC to risk-bearing capacity 
was always below the set limit in the reporting year, i.e. we ensured that our risk-bearing potential was 
adequate and we were at no time exposed to insolvency risk. 
 
2. Normative perspective and other regulatory capital requirements 
Our banks Clearstream and Eurex Clearing AG also calculate their capital requirements for various risk 
types (see the chart “Deutsche Börse Group’s risk profile”) in line with the Pillar I requirements of Basel 
III. In addition, Eurex Clearing AG met the EMIR capital requirements, while Clearstream Banking AG 
has to comply with CSDR capital requirements as authorisation as a CSD was granted by BaFin and the 
CSSF in 2020 and 2021 respectively. Clearstream and Eurex Clearing AG use the standard approach for 
analysing and evaluating credit and market risk.  
 
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The two institutions have adopted different approaches regarding operational risk: Clearstream uses the 
considerably more complex advanced measurement approach (AMA) in all business units. This means 
that it meets the regulatory capital requirements for operational risk set out in the EU’s Capital 
Requirements Regulation (CRR). According to the method – which has been approved and is regularly 
audited by BaFin – the required capital is allocated to the regulated entities. In contrast, Eurex 
Clearing AG employs the basic indicator approach in order to calculate regulatory capital requirements 
(for details, see section “Regulatory capital requirements and regulatory capital ratios”).  
 
As already explained in the 2021 half-year financial report, we reduced the defined confidence level for 
determining the required economic capital from 99.98 percent to 99.9 percent as of 1 January 2021 
while keeping the considered time window constant. This adjustment allows better comparability and 
thus better risk management, since the capital requirements are now subject to a uniform confidence 
assumption in the economic and normative perspective. 
 
3. Stress tests 
Stress tests are carried out in order to simulate separately and in aggregate extreme but plausible events 
for all material types of risk. They simulate the occurrence of extreme losses or the accumulation of large 
losses within a single year. Both hypothetical and historical scenarios are used and calculated for the 
banks and securities firms in the Group. Inverse stress tests are also carried out. They calculate which 
loss scenarios or liquidity squeezes would have to materialise for risk-bearing capacity to be exceeded 
from a capital or liquidity perspective. Additional adverse scenarios are simulated for the normative 
perspective of banks and securities firms. The recovery plans for the banks also include other recovery 
stress tests. 
 
4. Risk metrics 
Risk metrics are used to quantify the exposure to the most important internal risks against set limits. 
They are complementary to the VaR approach and serve to monitor other factors as well as non-
quantifiable risks. Any under- or overshoot of these limits serves as an early warning signal, which is 
reported to the Executive Board on a monthly basis. Furthermore, any such breach immediately triggers 
the necessary analysis and risk mitigation processes.  
 
 
 
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Emerging risks 
Our risk management approach also contains a sustainable long-term component by considering risks 
over a twelve-month horizon, in addition to the current risk exposure. For this purpose, we have 
developed so-called risk maps tailored specifically for expected or upcoming regulatory requirements and 
IT and information security risks. In addition, other operational, business and financial risks are also 
assessed beyond a twelve-month period. Risk maps classify risks by their probability of occurring and by 
their financial impact, should they materialise. A review process of Environment Social Governance 
(ESG) aspects is also carried out as part of the Group Risk Committee. 
 
Structure of the internal control system  
Deutsche Börse has a Group-wide internal control system (ICS) that defines the minimum requirements 
for all entities in the Group. The ICS comprises rules for managing our activities as well as guidelines 
defining how compliance with these rules is monitored. Monitoring takes place by means of both 
process-integrated measures (such as organisational safeguards and controls) as well as process-
independent measures. It should be emphasised that the monitoring covers both the financial and non-
financial effects of risks, especially on the process level. All business divisions are responsible for 
ensuring that Group-wide ICS requirements are met in their respective areas of responsibility. 
 
The purpose of the accounting-related ICS is to ensure correct accounting practices. The central 
Financial Accounting and Controlling (FA&C) division, together with decentralised units acting on the 
requirements set out by FA&C, are responsible for preparing the accounts at Deutsche Börse AG and its 
consolidated subsidiaries. Group Tax is responsible for determining tax items for accounting purposes. 
The relevant department heads are responsible for the related processes, including effective security and 
control measures. The aim is to ensure that risks relating to the accounting process are identified early 
on, so that remedial action can be taken in good time.  
 
In order to assure uniform and consistent accounting, FA&C provides regularly updated accounting 
manuals and guidelines and instructions for the material accounting processes – as part of the 
preparation of the annual and consolidated financial statements of Deutsche Börse AG. All employees in 
the FA&C area, as well as in decentralised units, have access to these documents and the accounting 
and account assignment guidelines, allowing them to see for themselves the scope of managerial 
discretion and accounting options Deutsche Börse Group exercises. 
 
Moreover, we continuously monitor and analyse changes in the accounting environment and adjust our 
processes accordingly. This applies in particular to national and international accounting standards. 
 
Another key component of our ICS is the principle of segregation of duties: tasks and authorities are 
clearly assigned and separated from each other in organisational terms. Incompatible tasks – such as 
modifying master data on the one hand and issuing payment instructions on the other – are strictly 
segregated at a functional level. An independent control unit grants individual employees access rights to 
the accounting system and continuously monitors these permissions using a so-called incompatibility 
matrix. Transactions are initially recorded in the general ledger or the appropriate sub ledgers on the 
basis of the chart of accounts and the account allocation guidelines. 
 
 
 
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Significant subsidiaries of Deutsche Börse Group maintain and consolidate their general ledgers in the 
same system. Accounting data from other companies is uploaded for inclusion in the consolidated 
financial statements. Receivables, liabilities, expenses and income for individual transactions are 
recorded in separate accounts under the name of the counterparty concerned. Any consolidation 
differences are reviewed centrally and sent to the accounting departments of the companies concerned 
for clarification. 
 
The processes, systems and controls described above aim to provide reasonable assurance that our 
accounting system complies with the applicable principles and laws. In addition, Compliance and 
Internal Audit act as a further line of defence, performing risk-based, process-independent controls on 
whether the ICS is appropriate and effective. The Executive Board and the Audit Committee established 
by the Supervisory Board receive regular reports on the effectiveness of the ICS with respect to the 
financial reporting process. 
 
 
Risk description 
The following section describes the types of risk that we generally have to manage and presents the risks 
it actually faces. It also explains the measures that we use to attempt to prevent incidents, and to 
minimise their financial effects.  
 
Risk profile 
Our risk profile is fundamentally different from that of other financial services providers. We differentiate 
between the three types of risk: operational risk, financial risk and business risk. Project risks also exist 
but we do not specifically quantify them as their impact is already reflected in the three risk types. In 
contrast to the risks of traditional financial services providers, the majority of our risks are of an 
operational nature (see the charts below: “Required economic capital for German universal banks by risk 
type” and “Required economic capital for Deutsche Börse Group by risk type”). 
 
 
 
 
 
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Operational risk greater than financial and business risk 
We use the utilisation of risk-bearing capacity from an economic perspective as an internal management 
indicator for the whole Group (see the section “Approaches and methods for risk monitoring” for an 
explanation of these terms). In addition to the financial and operational risk already mentioned, business 
risk is also identified and assessed. This relates in particular to potential threats to revenue such as price 
pressure or loss in market share as well as cost risks. The economic perspective reveals that financial 
risk (including pension risks as part of market risk) accounts for 36 per cent of all Group risks. Business 
risks do not have to be backed up anymore with equity as at the reporting date. This is due to internal 
modifications made to the model in the reporting year to determine these business risks. As a side effect 
of this model adjustment, the reported relative share of financial risks is now also increasing compared 
to the previous year. Details on this will be provided further on. The third type of risk is much more 
important for us: operational risks account for 64 per cent or nearly two thirds of the REC. The 
additional capital requirements of our subsidiaries are described in the section “Regulatory capital 
requirements and regulatory capital ratios”. 
 
The three risk types applicable to us are described in detail below, in the order of their importance. 
 
Operational risk 
For us, operational risks comprise the unavailability of systems, service deficiency, damage to physical 
assets as well as legal disputes and business practices (see the chart below: “Operational risk at 
Deutsche Börse Group”). Human resources risks are quantified just like other operational risks. 
Operational risks are measured using scenarios. The share of operational risk of the REC was 64 per 
cent as at 31 December 2021. 
 
 
 
 
 
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Unavailability of systems 
Operational resources such as the T7® trading system are essential for our service offering. They should 
never fail in order to ensure that market participants can trade securities or derivatives at any time and 
without delay. We therefore measure the availability of these systems as an important risk indicator. In 
line with our risk management approach, the business areas are responsible for monitoring the 
indicators. 
 
The longer the downtime for one of these systems, the larger the potential loss. An outage could be 
caused by software or hardware issues; in unlikely cases, the availability of the systems could be 
affected by acts of cyber-crime or terrorist attack. In the past, only limited failures have occurred with the 
T7 system. In practice, there has never been a system failure lasting longer than one day. We have taken 
a number of measures to further minimise the risk of failure lasting an entire day or longer, e.g. the 
redundancy of the network infrastructure. However, malfunctions in the IT infrastructure can never be 
ruled out completely. In such cases, short-term countermeasures are initiated to address the incidents. 
 
Since availability risk is the biggest operational risk for the Group it is the subject of regular testing. This 
simulates the impact of a failure of our own systems or those of suppliers. 
 
Service deficiency 
Risks can also arise if a service provided to a customer is inadequate and this leads to complaints or 
legal disputes. One example would be errors in the settlement of securities transactions due to defective 
products and processes or mistakes in manual entries. A second example is handling errors in the 
collateral liquidation process in the event of the default of a large clearing customer. Such errors have 
not occurred to date in the rare case of a failure. The related processes are tested at least annually.  
 
Other sources of errors may lie with suppliers or defective products. Then there are errors that may result 
in the loss of client assets and invoicing errors. We register all complaints and formal objections as a key 
indicator of deficient processing risk. 
 
Damage to physical assets 
Natural disasters, accidents, terrorism or sabotage are other operational risks that could, for example, 
cause the destruction of or severe damage to a data centre. Business Continuity Management aims at 
averting significant financial damage (see the chart “Business Continuity Management”).  
 
 
 
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Legal disputes and business practice 
Losses can also result from ongoing legal proceedings. These can occur if Deutsche Börse Group 
breaches laws or other requirements, enters into inadequate contractual agreements or fails to monitor 
and observe case law to a sufficient degree. Legal risk also includes losses due to fraud and labour law 
issues. This could entail, for example, losses resulting from insufficient anti-money laundering controls 
or breaches of competition law or of banking secrecy. Such operational risks can also arise if government 
sanctions are not observed, e.g. in case of conflicting laws of different jurisdictions, or in the event of 
breaches of other governmental or overarching regulations. The claims asserted against Deutsche Börse 
Group in the legal disputes presented below were not translated into the actual reporting currency Euro. 
 
Litigation Involving Clearstream Banking S.A. in connection with the Central Bank of Iran 
Clearstream Banking S.A. is involved in different legal proceedings in Luxembourg and the U.S. in 
connection with the Iranian central bank, Bank Markazi. On the one hand of this, different plaintiffs 
groups – each of which have obtained U.S. judgments against Iran and/or Bank Markazi – are seeking 
turnover of assets that Clearstream Banking S.A. is holding as custodian and that are attributed to Bank 
Markazi. Several of the plaintiffs groups also raise direct claims for damages against Clearstream 
Banking S.A. On the other hand, Bank Markazi is suing, among others, Clearstream Banking S.A. in 
Luxembourg in connection with assets that currently or in the past were held by Clearstream Banking 
S.A. as custodian.  
 
On the basis of a binding and enforceable U.S. judgment in 2013, assets in an amount of approx. 
USD 1.9 billion were already turned over to a plaintiffs group in a U.S. proceeding (“Peterson I”) to 
which also Bank Markazi was a party. Currently, the following proceedings that were initiated by the 
mentioned plaintiffs groups and that primarily target assets attributed to Bank Markazi are ongoing: 
 
 „Peterson II“ plaintiffs group: On 30 December 2013, plaintiffs filed a complaint in the U.S. against 
Clearstream Banking S.A. and other parties seeking turnover of certain assets that Clearstream Banking 
S.A. holds as a custodian in Luxembourg and that are attributed to Bank Markazi. Parts of the case 
since then reached the U.S. Supreme Court. After remand the case now is before the district court 
again where the plaintiffs lastly have filed a motion for summary decision on their asserted turnover 
claim. Alternatively, the plaintiffs have requested a preliminary court decision ordering the transfer to 
the U.S. of the relevant assets.  
 „Havlish“ plaintiffs group: On 14 October 2016, plaintiffs filed a complaint in the U.S. against 
Clearstream Banking S.A. and other parties. Besides the request for turnover of certain assets that 
Clearstream Banking S.A. holds as a custodian in Luxembourg, the complaint also asserted direct 
damage claims against Clearstream Banking S.A. and other defendants in the amount of up to approx. 
USD 6.6 billion (plus punitive damages and interest). On 12 October 2020, an amended complaint 
was filed in this case, which added further plaintiffs and which in turn asserted additional damages of 
approx. USD 3.3 billion (plus punitive damages and interest) against Clearstream Banking S.A. and the 
other defendants. 
 
 
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 „Levin“ plaintiffs group: On 26 December 2018, plaintiffs filed a complaint in the U.S. against 
Clearstream Banking S.A. and other parties. Besides the request for turnover of certain assets that 
Clearstream Banking S.A. holds as a custodian in Luxembourg, the complaint also asserts direct 
damage claims against Clearstream Banking S.A. and other defendants in the amount of up to approx. 
USD 29 million (plus punitive damages and interest). 
 „Heiser“ plaintiffs group: On 4 December 2019, plaintiffs from a previous case filed a new complaint in 
the U.S. against Clearstream Banking S.A. targeting turnover of certain assets that Clearstream Banking 
S.A. holds as a custodian in Luxembourg.  
 „Ofisi“ plaintiffs group: On 26 August 2020, plaintiffs filed a complaint in the U.S. against Clearstream 
Banking S.A. and other parties. Besides the request for turnover of certain assets that Clearstream 
Banking S.A. holds as a custodian in Luxembourg, the complaint also asserts direct damage claims 
against Clearstream Banking S.A. and other defendants in the amount of up to approx. USD 8.7 billion 
(plus punitive damages and interest). 
 On 24 November 2020, plaintiffs from the abovementioned Havlish case also sued Clearstream 
Banking S.A. and other parties in Luxembourg. The complaint, among others, asserts direct damage 
claims against Clearstream Banking S.A. and other defendants in the amount of up to approx. 
USD 5.5 billion (plus interest). 
 
In connection with assets concerning Bank Markazi, Bank Markazi on 17 January 2018 filed a 
complaint in Luxembourg court naming Clearstream Banking S.A. and Banca UBAE S.p.A. as 
defendants. The complaint primarily seeks the restitution of assets totaling approximately USD 4.9 
billion (plus interest), which the complaint alleges are held on accounts of Banca UBAE S.p.A. and Bank 
Markazi with Clearstream Banking S.A. Alternatively, Bank Markazi seeks damages in the same amount.  
 
In another proceeding, on 30 April 2021, a Luxembourg first instance court at the request of Bank 
Markazi issued a declaratory judgment in connection with, amongst others, the abovementioned 
Peterson II proceeding pending in the U.S. The first instance decision of 30 April 2021 subjects the 
transfer of assets attributed to Bank Markazi based on a U.S. decision to the requirement of prior judicial 
recognition in Luxembourg, violation of which is punishable by a fine of €10 million. Clearstream has 
filed an appeal against the decision. 
 
On 15 June 2018, Banca UBAE S.p.A. filed a complaint against Clearstream Banking S.A. in 
Luxembourg court. This complaint is a recourse action related to the above-mentioned complaint filed by 
Bank Markazi against Clearstream Banking S.A. and Banca UBAE S.p.A. and asks that Banca UBAE 
S.p.A. be indemnified and held harmless by Clearstream Banking S.A. in the event that Banca UBAE 
S.p.A. loses the legal dispute brought by Bank Markazi and is ordered by the court to pay damages to 
Bank Markazi. 
 
Independent of whether Clearstream Banking S.A. should be required to turn over assets attributed to 
Bank Markazi in the U.S., the executive board does not think that claims for damages raised against 
Clearstream Banking S.A. in Luxembourg or in the U.S. will be successful. Based on this as of 31 
December 2021 and unchanged from the previous year, no provisions were made in connection with 
the aforementioned matters. 
 
 
 
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Further litigations and proceedings 
 
Litigations 
Starting on 16 July 2010, the insolvency administrators of Fairfield Sentry Ltd. and Fairfield Sigma Ltd., 
two funds domiciled on the British Virgin Islands, filed complaints in the U.S. Bankruptcy Court for the 
Southern District of New York, asserting claims against more than 300 financial institutions for 
restitution of amounts paid to investors in the funds for redemption of units prior to December 2008. On 
14 January 2011, the funds’ insolvency administrators filed litigation against Clearstream Banking S.A. 
for the restitution of USD 13.5 million in payments made for redemption of fund units, which the funds 
made to investors via the settlement system of Clearstream Banking S.A. The proceedings, which were 
suspended for several years, are ongoing. 
 
A buyer of an MBB Clean Energy AG (MBB) bond, which is held in custody by Clearstream Banking AG 
and was listed on the Frankfurt Stock Exchange, filed a lawsuit at a Dutch court concerning claims for 
damages in the amount of € 33 million against Clearstream Banking AG, Deutsche Börse AG and other 
parties. The lawsuit was dismissed at first instance in October 2020; the plaintiff filed an appeal against 
the judgment. 
 
On 23 July 2021, Clearstream Banking AG was served with a lawsuit that Air Berlin PLC i.L. had 
announced by way of an ad hoc announcement on 25 June 2021. The insolvency administrator in 
connection with the assets of Air Berlin PLC i.L. claims the payment of approximately € 497.8 million 
from Clearstream Banking AG as personally liable partner of Air Berlin PLC i.L. due to Brexit and seeks 
declaratory relief that Clearstream Banking AG is liable for all debts which have not already been 
approved to the insolvency table. 
 
On 24 January 2022, Clearstream Banking AG was served with a complaint naming Clearstream 
Banking AG and two other parties as jointly and severally liable defendants. The lawsuit seeks damages 
of approximately € 216 million (plus interest) and declaratory relief that the defendants are liable for 
future damages. The claims pursued in the lawsuit are related to instructions to transfer securities that 
were not executed due to, among others, official measures. 
 
The Executive Board does not expect that Group companies can be successfully held liable for these 
matters either and a material change of the risk situation of the Group currently is not discernible for the 
Executive Board. 
 
Proceedings  
On 2 April 2014, Clearstream Banking S.A. was informed that the United States Attorney for the 
Southern District of New York has opened a grand jury investigation against Clearstream Banking S.A. 
due to Clearstream Banking S.A.’s conduct with respect to Iran and other countries subject to U.S. 
sanction laws. Clearstream Banking S.A. is cooperating with the US attorney. 
 
 
 
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In September 2017, Clearstream Banking AG and Clearstream Banking S.A. were made aware that the 
Public Prosecutor’s Office in Cologne had initiated proceedings for tax evasion against an employee of 
Clearstream Banking AG for his alleged involvement in the settlement of transactions of market 
participants over the dividend date (cum/ex transactions). On 22 January 2018, the Public Prosecutor’s 
Office in Cologne addressed to Clearstream Banking AG a notification of hearing Clearstream Banking AG 
and Clearstream Banking S.A. as potential secondary participants (Nebenbeteiligte). Starting on 27 
August 2019, together with other supporting authorities, the Public Prosecutor’s Office in Cologne 
conducted searches of the offices of Clearstream Banking AG, Clearstream Banking S.A., as well as other 
Deutsche Börse Group companies and sites. In the course of these measures, Deutsche Börse Group 
entities were made aware that the Public Prosecutor’s Office in Cologne has extended the group of 
accused persons (Beschuldigte) to include current and former employees of Deutsche Börse Group 
companies as well as executive board members of subsidiaries of Deutsche Börse AG. In 2020, 
Deutsche Börse became aware of a further extension of the group of accused persons among current 
and former employees of Deutsche Börse AG’s subsidiaries. Due to the still early stage of the 
proceedings, it is still not possible to predict timing, scope or consequences of a potential decision. The 
companies concerned are cooperating with the competent authorities. They do not expect that they could 
be successfully held liable. 
 
Measures to mitigate operational risk 
We take specific measures to reduce operational risks. Among them are emergency and contingency 
plans, measures to ensure information security and the physical safety of employees and buildings as 
well as compliance rules and procedures. In addition, we have insurance policies that partly cover the 
potential financial consequences of operational incidents. 
 
Emergency and contingency plans 
It is essential for the Group that we provide our products and services as reliably as possible. We have to 
maintain our business operations and safeguard against emergencies and crises. If our core processes 
and resources are not available, this represents not only a substantial risk for the entire Group but also 
even a potential systemic risk for the financial markets in general. As a result, we have set up a system 
of emergency and crisis plans covering the entire Group (business continuity management, BCM). This 
covers all processes designed to ensure continuity of operations in the event of a crisis and significantly 
reduces unavailability risk. Measures include precautions relating to all important resources (systems, 
workstations, employees, suppliers), including the redundant design of essential IT systems and the 
technical infrastructure, as well as emergency measures designed to mitigate the unavailability of 
employees or workspaces in core functions. This includes unavailability due to pandemic based events, 
like the coronavirus outbreak in 2020. This situation is being handled in accordance with the Group’s 
Incident and Crisis Management Process. Activities are centrally coordinated to ensure the continuity of 
the Group’s critical operations as well as employees’ health and safety. Examples of such emergency and 
contingency measures are listed in the following chart “Business continuity management” chart.  
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Preparations for emergencies and crises 
Our Group has introduced and tested a management process for emergencies and crises that enables us 
to respond quickly and in a coordinated manner. This is intended to minimise the effects on business 
processes and on the market and to enable a quick return to regular operations. All business segments 
have appointed emergency managers to act as central contacts and take responsibility during 
emergencies and crises. The emergency managers inform the Executive Board or raise the alarm with 
them in the case of severe incidents. In the event of a crisis, the Executive Board member responsible for 
the affected business area acts as the crisis manager or delegates this role.  
 
Our emergency and contingency plans are tested regularly by rehearsing critical situations as realistically 
as possible. Such tests are generally carried out unannounced. The test results are evaluated based on 
the following criteria: 
 
 Functionally effective: the measures must be technically successful.  
 Practicable: the employees must be familiar with the emergency procedure and be able to execute it. 
 Timely: emergency measures must ensure that operations restart within the intended time period, 
namely the recovery time objective (RTO). 
 
Information technology risks 
As mentioned in the section on information security, attacks on IT systems and their data, particularly by 
cybercriminals, constitute operational risks for the Group. For us, as for other financial services providers 
and the industry as a whole, there is a pervasive and ever-increasing set of threats. Unauthorised 
access, change and loss of information, as well as non-availability of information and services, may all 
arise as a result of such attacks (such as phishing, denial-of-service and ransomware attacks). There 
was no successful attack on the Group’s core systems in 2021. 
 
 
 
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Physical security 
We place great importance on physical security issues due to the constantly changing global security 
risks and threats. Corporate Security has developed an integral security concept to protect the company, 
its employees and values from internal and external attacks and threats – in a proactive as well as 
reactive manner. Analysts continuously assess the security situation at our locations and are in close 
contact with authorities (Federal Criminal Police Office – BKA, Federal Office for the Protection of the 
Constitution – BfV, etc.), security services providers, and security departments of other companies. 
Multi-level security processes and controls ensure physical safety at our locations. Physical access to 
buildings and values is monitored permanently; it is based on the access principle of “least privilege” 
(need-to-have basis). Penetration tests and other tests are carried out on a regular basis to verify the 
efficiency and effectiveness (as well as the quality) of the security processes at our locations. 
 
In an increasingly competitive global market environment, access to know-how and confidential 
company information can be a major financial advantage to outsiders or competitors. We apply state-of-
the-art technology to prevent our knowledge from being obtained illegally, e.g. through wiretapping.  
 
Furthermore, Corporate Security is tasked with providing support to our employees while they are 
travelling or on foreign assignment, i.e. protecting them from risks in the areas of crime, civil unrest, 
terrorism and natural disasters. In this context we have established a worldwide travel security 
programme, which guarantees a risk assessment before, during and after travelling, supported by a 
travel-tracking system and a central 24/7 emergency telephone number. 
 
Insurance contracts 
Operational risks that we cannot or do not wish to bear ourselves are transferred to insurance 
companies, if this is possible at a reasonable price. All insurance contracts are reviewed individually and 
regularly to identify potential for optimisation. 
 
Financial risk 
We divide our financial risk into credit, market and liquidity risk (see the “Financial risk at Deutsche 
Börse Group” chart below). At Group level, these risks account for about 36 per cent of the REC (this 
information only includes credit and market risk; liquidity risk is not quantified as part of the REC; see 
Note 24 to the consolidated financial statements). They occur principally at our banking subsidiaries. 
The presentation therefore focuses on our subsidiaries in “Trading & Clearing” (Eurex Clearing AG) and 
“Post-Trading” (Clearstream). By incorporating the Crypto Finance group, our current business has been 
enriched with a brokerage business, having its own risk structure. However, as this business type is 
characterised by a trading book that is widely hedged against market price moves, the general risk 
profile of the group is not significantly impacted. 
 
 
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Credit risk 
Credit risk and counterparty default risks describe the danger that one of our counterparties might not 
meet its contractual obligations, or not meet them in full. Measurement criteria include the credit rating 
of the counterparty, the degree to which the credit line has been utilised, the collateral deposited and 
concentration risk. Although Clearstream and Eurex Clearing AG often have short-term exposures against 
counterparties totalling several billion euros overall, these are generally secured by collateral deposited 
by the market participants. However, Clearstream may have short-term unsecured exposures with 
correspondence banks in the course of clearing securities transactions. 
 
Clearstream grants loans to its clients in order to make the securities settlement more efficient. This type 
of credit business is, however, fundamentally different from the classic lending business. On the one 
hand, credit is extended solely for less than a day, and it is generally collateralised and granted to clients 
with a high credit rating on the other. Furthermore, the credit lines granted can be revoked at any time. 
 
Furthermore, Clearstream Banking S.A. is exposed to credit risk arising from its strategic securities 
lending transactions (ASLplus). Only selected banks act as borrowers. All lending transactions are fully 
backed with collateral. Only selected bonds with a high credit rating are permitted for use as collateral.  
 
Under its terms and conditions, Eurex Clearing AG only enters into transactions with its clearing 
members. Clearing mainly relates to defined securities, rights and derivatives that are traded on specific 
stock exchanges. Eurex Clearing AG also offers this service for over-the-counter (OTC) products such as 
interest rate swaps and forward rate agreements. As a central counterparty, it intervenes between the 
parties to a transaction. By offsetting reciprocal claims and requiring clearing members to post collateral, 
Eurex Clearing AG mitigates the credit risk exposure. 
 
To date, no default by one of our clients with a secured credit line has resulted in a financial loss for us. 
We therefore consider the risk of client default resulting in material losses for us to be low. Moreover, we 
regularly evaluate the reliability of the recovery plans at our subsidiaries Clearstream and Eurex Clearing 
AG in various scenarios (including counterparty defaults), and for the resulting credit risk. 
 
 
 
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Credit risk can also arise from cash investments. The Treasury department is responsible and has Group-
wide authority. Treasury invests both our funds and those deposited with our subsidiaries by our 
customers, mostly on a secured basis. We have never incurred a loss from these investment transactions 
to date.  
 
Clearstream and Eurex Clearing AG run stress tests to analyse scenarios, such as the default of their 
largest client. The figures determined in this way are compared with the limits defined as part of the 
companies’ risk-bearing capacity. In addition, the impact of several clearing counterparties defaulting at 
the same time is calculated for Eurex Clearing AG. Moreover, inverse stress tests are run to determine the 
number of counterparties that would have to default for losses to exceed the risk cover amount. The 
stress scenarios drawn up in the previous year were expanded in 2021, especially in view of the 
ongoing coronavirus pandemic and the potential future defaults at banks. The results were analysed 
continuously and included in the calculation of risk-bearing capacity. 
 
We generally track a variety of risk indicators in addition to our risk metrics REC, regulatory capital 
requirements and the stress tests performed for credit risk. These include the extent to which individual 
clients utilise their credit lines, and where credit is concentrated. 
 
Reducing credit risk 
Our subsidiaries assess the creditworthiness of potential customers or counterparties to an investment 
before entering into a business relationship with them. We do this in the same way and determine the 
credit lines for individual borrowers based on customer requirements and regular credit checks, which 
our subsidiaries supplement with ad hoc analyses if necessary. Our subsidiaries define safety margins for 
the collateral depending on the risk involved and review them continuously.  
 
We reduce our risk when investing funds belonging to Group companies and client deposits by 
distributing investments across multiple counterparties, all with a high credit quality, by defining 
investment limits for each counterparty and by investing funds primarily in the short term and in 
collateralised form if possible. Investment limits are established for each counterparty on the basis of at 
least annual credit checks and using ad hoc analyses, as necessary. Since extending its licence as an 
investment and credit institution under Kreditwesengesetz (German Banking Act), Eurex Clearing AG can 
also use the permanent facilities at Deutsche Bundesbank; it is thus in a position to manage the majority 
of client funds in a central bank environment. 
 
Investment losses on currencies for which Eurex Clearing AG has no access to the respective central 
banks will be borne, on a pro-rata basis, by Eurex Clearing AG and by those clearing members active in 
the currency where losses were incurred. The maximum amount which each clearing member will have 
to contribute in this manner is the total amount such clearing member has pledged with Eurex 
Clearing AG as cash collateral in this currency. The maximum amount to be borne by Eurex Clearing AG 
is €50 million. 
 
Given the size and volatility of its clients’ liabilities, Eurex Clearing AG has developed a leading-edge 
collateral management. This system is described in detail in the following section. 
 
 
 
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Certainty for participants and the clearing house  
Each clearing member must prove that it has liable capital (or, in the case of funds, assets under 
management) equal to at least the amounts that Eurex Clearing AG has defined for the different markets. 
The amount of liable capital (or assets under management) for which evidence must be provided 
depends on the risk. To mitigate Eurex Clearing AG’s risk that clearing members might default before 
settling open transactions, members are obliged to deposit collateral in the form of cash or securities 
(margins) on a daily basis and, if required, to meet additional intraday margin calls.  
 
Eurex Clearing AG only permits securities with a high credit quality and liquidity to be used as securities 
collateral for margin calls. Internal valuations and external ratings are used to determine the credit 
quality. On the basis of these consolidated ratings, only securities that are classified as at least 
investment grade are permitted. The minimum for bank bonds has been raised to at least “A–” due to the 
potential wrong-way risks. Acceptance criteria are reviewed continuously. Market risk is also covered by 
haircuts with a confidence level of at least 99.9 per cent. Hence, securities of issuers with lesser credit 
quality are subject to higher haircuts than those applied to securities with higher credit quality. Eligible 
collateral that no longer meets the high credit rating requirements at a later point in time (e.g. due to a 
new consolidated rating) is excluded. Risk inputs are checked monthly and the haircuts recalculated 
daily for each security. In addition, a minimum safety margin applies to all securities.  
 
Margins are calculated separately for clearing member accounts and client accounts. Gains and losses 
resulting from intraday changes to the value of financial instruments are either settled in cash by the 
counterparties (variation margin) or deposited with Eurex Clearing AG as collateral by the seller due to 
the change in the equivalent value of the item (premium margin). In the case of bond, repo or equity 
transactions, the margin is collected from either the buyer or the seller (current liquidating margin), 
depending on how the transaction price performs compared to the current value of the financial 
instruments. The purpose of these margins is to offset gains and losses.  
 
In addition, Eurex Clearing AG uses additional collateral to protect itself in the case of default by a 
clearing member against any risk that the value of the positions in the member’s account will deteriorate 
in the period before the account is settled. This additional collateral is known as the initial margin. The 
target confidence level here is at least 99.0 per cent (with a minimum two-day holding period) for 
exchange-traded transactions, or 99.5 per cent (with a five-day holding period) for OTC transactions. 
Every day, Eurex Clearing AG verifies whether the margins match the necessary confidence level. The 
initial margin is currently calculated using both the risk-based margining method and the Eurex Clearing 
Prisma method. The Eurex Clearing Prisma method is available for all traded derivatives contracts. In 
contrast to the risk-based margining method, this method takes the clearing member’s entire portfolio – 
as well as historical and stress scenarios – into account when calculating margin requirements. The 
objective is to cover market fluctuations for the entire liquidation period until the account is settled. In 
contrast to the Eurex Clearing Prisma method the risk-based margining method only partially takes 
portfolio effects into consideration when defining margin requirements. At present, it is still used for cash 
market products, physical deliveries and repo transactions. 
 
 
 
 
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In addition to the margins for current transactions, each clearing member contributes to a default fund, 
with the contributions based on its individual risk profile. This fund is jointly liable for the financial 
consequences of a default by a clearing member to the extent that this cannot be covered by the 
member’s individual margin, and its own and Eurex Clearing AG’s contributions to the default fund. 
Eurex Clearing AG uses daily stress tests to check whether its default fund is adequate enough to absorb 
a default of its two largest clearing members. This involves subjecting all current transactions and their 
collateral to market price fluctuations at a confidence level of at least 99.9 per cent. In order to be able 
to determine potential losses in excess of a clearing member’s individual margins, the impact on the 
default fund of a potential default is simulated. Eurex Clearing AG has defined limits which, when 
exceeded, trigger an immediate adjustment to the size of the default fund if necessary. The following 
lines of defence are available in case a clearing member is unable to meet its obligations to Eurex 
Clearing AG due to a delay in performance or a default:  
 
 First, Eurex Clearing AG may net the relevant clearing member’s outstanding positions and transactions 
and/or close them – in terms of the risk involved – by entering into appropriate back-to-back 
transactions, or settle them in cash. Clients’ segregation models would be taken into account 
accordingly. 
 Any potential shortfall that might be incurred in connection with such a closing or cash settlement, as 
well as the associated costs, would be covered in the first instance by the collateral provided by the 
clearing member concerned. As at 31 December 2021, collateral amounting to €74,371 million had 
been provided for the benefit of Eurex Clearing AG (after haircuts).  
 After this, the relevant clearing member’s contribution to the default fund would be used to cover the 
open amount. Contributions ranged from €1 million to €342 million as of 31 December 2021. 
 Any remaining shortfall would initially be covered by a contribution to the default fund by Eurex 
Clearing AG. Eurex Clearing AG’s contribution amounted to €200 million as of 31 December 2021.  
 Only then would the other clearing members’ contributions to the default fund be used proportionately. 
As at 31 December 2021, aggregate default fund contribution requirements for all clearing members of 
Eurex Clearing AG amounted to €6,130 million. After the contributions have been used in full, Eurex 
Clearing AG can request additional contributions from each clearing member, which can be at most 
twice as high as their original default fund contributions. In parallel to these additional contributions, 
Eurex Clearing AG provides additional funds of up to €300 million, provided via a letter of comfort from 
Deutsche Börse AG (see below). These additional funds will be used together with the additional 
clearing member contributions, on a pro-rata basis. 
 Next, the portion of Eurex Clearing AG's equity which exceeds the minimum regulatory equity would be 
realised. 
 Finally, the remaining minimum regulatory equity of Eurex Clearing AG would be drawn upon. 
 Deutsche Börse AG has issued a letter of comfort in favour of Eurex Clearing AG. With this letter of 
comfort, Deutsche Börse AG commits to provide Eurex Clearing AG with the funds required to meet its 
obligations – including the obligation to provide additional funds of up to €300 million, as mentioned 
before. The maximum amount to be provided under the comfort letter amounts to €600 million, 
including payments already made. Third parties are not entitled to any rights under the comfort letter.  
 
 
 
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In the event of default by a clearing member, Eurex Clearing AG carries out a Default Management 
Process (DMP), with the objective of closing out all positions assumed as a result of the default. Within 
the scope of the DMP, any costs incurred in connection with such close-out are covered using collateral 
from Eurex Clearing AG’s lines of defence. Essentially, within the DMP framework, products which share 
similar risk characteristics are assigned to liquidation groups that are liquidated using the same process. 
Within a liquidation group, Eurex Clearing AG will balance its position by transferring defaulted positions 
to other clearing members, either via an auction or by way of bilateral independent sales. Potential 
claims against Eurex Clearing AG, arising from the settlement of positions assumed from the defaulted 
clearing members, are covered by the collateral from the multiple lines of defence. Whenever necessary, 
these collateral items are disposed of in the market by way of bilateral independent sales, in order to 
cover the outstanding claims from settling the open positions. The DMP will therefore not only contribute 
to the security and integrity of capital markets, but will also protect non-defaulted clearing members from 
any negative effects resulting from the default. 
 
In the past, the DMP of Eurex Clearing AG has been used four times, involving the defaults of Gontard & 
MetallBank (2002), Lehman Brothers (2008), MF Global (2011), and Maple Bank (2016). In all of the 
cases mentioned above, the funds pledged as collateral by the defaulted clearing member were sufficient 
to cover losses incurred upon closing out positions – in fact, a significant portion of resources was 
returned to the defaulted clearing member. 
 
European Commodity Clearing AG assumes the function of central counterparty in the Group for clearing 
commodity contracts. As with Eurex Clearing AG, credit risks are managed by a multi-level system 
according to the EMIR and the Group’s risk management standards. The main element for mitigating 
credit risk is highly liquid collateral, which is obtained from clearing members in the form of initial 
margin and contributions to the default fund. Collateral is provided mainly in monetary form. 
 
The geopolitical situation, as well as supply and demand effects, caused significant increases in price 
and volatility for many of the gas and power contracts cleared by European Commodity Clearing AG from 
September 2021 onwards. The models used to calculate the initial margin reflect this higher pricing and 
volatility. This resulted in a significant increase in initial margin to €39,203 million as at 31 December 
2021. There were no defaults by clearing members or other material disruptions to operations. 
 
 
 
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Market risk 
Market risk include risks of an adverse development of interest rates, exchange rates or other market 
prices, as well as pension risks. We measure these risks using Monte Carlo simulations based on 
historical price data, as well as corresponding stress tests.  
 
Our subsidiaries Clearstream and Eurex Clearing AG invest parts of their equity in securities with the 
highest credit quality. Part of these securities have a variable interest rate, interest rate risk is low. We 
avoid open currency positions whenever possible. Furthermore, market risk could result from ring-fenced 
pension plan assets for our employees (Contractual Trust Arrangement (CTA), Clearstream's pension fund 
in Luxembourg). We reduced the risk of extreme losses by deciding to invest the bulk of the CTA on the 
basis of a value preservation mechanism.  
 
Pensions for our past and present employees are managed in a variety of pension funds. The pension 
risk stems from changes in the main parameters: discount rate, salary growth, inflation and the life 
expectancy of employees. Most of the risk comes from the effects of changes in the discount rate used to 
calculate pension obligations and pension plan assets.  
 
Liquidity risk 
Liquidity risk arises if a Group company is potentially unable to meet its upcoming payment obligations 
on time and in full or if it can only do so at a higher refinancing cost. Operating liquidity is mainly 
covered internally, by retaining earnings. Our aim is to hold sufficient liquidity to be able to meet all our 
obligations as they fall due. An intra-Group cash pool is used to pool surplus cash from our subsidiaries 
with Deutsche Börse AG, as far as regulatory and legal provisions allow. Liquid funds are invested in the 
short term in order to ensure that they are available. Short-term investments are also largely secured by 
liquid bonds from first-class issuers. We have access to short-term external sources of financing, such as 
agreed credit lines with individual commercial banks or consortia, and a commercial paper programme. 
In recent years, we have used our access to the capital markets to issue corporate bonds in order to 
meet our structural financing needs. 
 
Since Clearstream’s investment strategy aims to be able to repay customer deposits at all times, maturity 
limits are set carefully. In addition, extensive sources of financing are available at all times, such as 
ongoing access to the liquidity facilities at Deutsche Bundesbank and Banque centrale du Luxembourg.  
 
Due to its role as a central counterparty, Eurex Clearing AG has strict liquidity guidelines and its 
investment policy is correspondingly conservative. Regular analyses ensure the appropriateness of the 
liquidity guidelines. In addition, Eurex Clearing AG can use Deutsche Bundesbank’s permanent facilities. 
 
 
 
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At Group level we can also be exposed to liquidity risk in case of a customer default. If a clearing 
member of Eurex Clearing AG defaults, its member position is liquidated. If a Clearstream customer 
defaults, the – secured and generally intraday – credit line granted to increase settlement efficiency 
would be called, and the collateral provided by the client could then be liquidated. A decline in market 
liquidity, following a market disruption, would increase the liquidity risk exposure at Group level. 
Clearstream and Eurex Clearing AG use stress tests to calculate the daily liquidity that would be required 
if their two biggest customers defaulted and report this monthly. They maintain sufficient liquidity to 
cover the requirement. Potential risks that are identified in the course of stress tests are analysed and 
corresponding risk-reduction measures initiated. Aggregated across all currencies, Eurex Clearing AG and 
Clearstream always had sufficient liquidity to cover their actual liquidity needs in 2021. 
 
Risks from the use of financial instruments 
Since the investment policy for both Clearstream and Eurex Clearing AG is conservative, derivative 
financial instruments such as interest rate or currency swaps are used exclusively for hedging purposes 
and therefore do not contribute to an increase in any financial risks. 
 
Business risk 
Business risk describes the unexpected residual loss that would occur if the earnings at risk exceed the 
forecast net profit after tax, which can be due to the competitive environment (e.g. customer action, 
investment loss, sector developments), macro-economic and geopolitical developments or strategic 
management errors. Factors influencing this residual loss include lower revenue or higher costs than 
originally planned. Business risk is reported when the value at risk is higher than the net profit planned 
for the next four quarters.  
 
The definition and modelling of business risk have changed since last year and no longer include a 
complex scenario analysis. The new approach is based rather on using historical forecasts and actual 
expenses and income, which makes the model more objective and easier to interpret. Modifying the 
model did cause the relationships between different types of risk reported in the overall risk profile to 
change, however, although the Group’s actual risk profile did not in fact change materially compared 
with the previous year. 
 
Business risks are monitored permanently by the business units and no longer have to be backed by 
capital as at the reporting date following the changes made to the internal model. Business risk may 
result in revenue lagging budget projections or in costs being higher. 
 
Business risk includes the risk that competitors, such as the exchanges Euronext, Singapore Exchange 
(SGX), ICE Futures Europe and Mercado Español de Futuros Financieros (MEFF), as operators of 
derivatives markets, might increase their market shares on the European trading markets (both on- and 
off-exchange).  
 
  
 
 
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Other business risks may arise from regulatory requirements and from the geopolitical or economic 
environment. Examples include a crisis in the European currency union, the impact of negative interest 
rates or a customs dispute with negative effects on trade.  
 
In recent years, we took steps to reduce the direct risks associated with “Brexit” – the departure of the 
United Kingdom (UK) from the European Union (EU). They focused on customer access to the Group’s 
systems, on market access to the UK for our business units and on establishing an alternative pool of 
liquidity within the EU 27 for clearing interest rate swaps denominated in euros. Despite this, it will be 
necessary to keep a close eye on how the relationship evolves in future. These relations are expected to 
have an impact on issues of general market access and on the development of the regulatory 
frameworks in the respective markets. In the medium to long term, the latter could diverge and so 
jeopardise market access or result in higher operating costs. It could also result in different competition 
rules, which may lead to uncertainty, additional costs and lost revenue for our Group and for market 
participants. 
  
In terms of political tax discussions, the financial transaction tax (FTT) to which some European states 
aspire represents a variable which could have an adverse effect on our business. The agreement on the 
international reform of corporation tax agreed by the OECD/G20 excludes financial services from the 
scope of Pillar 1 (partial restructuring of taxation rights). It remains to be seen whether there will be any 
European efforts to introduce a digital tax or harmonise the taxation of financial services across the EU, 
which could have an adverse effect on our business, depending on how they are structured. 
 
Furthermore, we as a Group have an exposure to VAT risk following a letter from the German Federal 
Ministry of Finance on 3 May 2021 on the VAT treatment of services by exchange operators. This put an 
end to the standard tax practice that had been in place since the fully electronic trading systems were 
introduced in the mid 1990s. According to the letter, all exchange-based and over-the-counter services 
for securities trading in the cash market are to be invoiced without VAT from 1 July 2021. Since the 
letter is also to be applied retroactively, there is a risk for years which have not yet been definitively 
assessed that the tax authorities will reclassify services that were previously liable for VAT as VAT-free 
and so deny the deduction of input VAT, whereby there would be no objection for transactions with 
customers in Germany. 
  
Other regulatory risks exist in connection with the forthcoming revision of the directive and regulation on 
markets in financial instruments (MiFID II/MiFIR). In terms of trading, the main risks for volumes at the 
Eurex Exchange and our spot market would be if any competitive disadvantages caused trading activities 
to move to alternative venues. The rules on non-discriminatory access to clearing and trading in 
exchange-traded derivatives could also have an adverse effect on trading volumes and revenue if the 
revision of the legislation does not abolish those rules, as the European Commission is currently 
proposing. Finally, it should be noted that proposals at EU level for a consolidated data ticker, 
particularly in combination with stricter regulation of pricing for market data, could result in business 
risks for our market data business. 
  
 
 
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In connection with the review of the Central Securities Depository Regulation (CDSR) there are also risks 
for the business of Eurex Securities Transaction Services GmbH, particularly from further delays to the 
conditions for the use of mandatory buy-in agents, which are linked to rules on settlement discipline. In 
addition, there are a number of risks for the securities depositories in the Group, which may also entail 
changes to their organisational structure. A review of the framework could also lead to restrictive practices 
and so represent a risk to revenue. Finally, the Group’s securities depositories could also be exposed to 
revenue risk as a result of the work carried out by the contact group for the primary market at the European 
Central Bank. 
  
In its clearing business there are some risks for the Group concerning the final structure of the 
framework for the recovery and resolution of central counterparties, as well as from the ongoing 
development of global standards. The former relate particularly to the capital requirements of operators 
of central counterparties and so could represent a revenue and cost risk for the Group. In addition, 
further implementation of the European Market Infrastructure Regulation 2.2 (EMIR 2.2) on the work of 
the European Commission and the ESMA Supervisory Committee for Central Counterparties could affect 
the ongoing development of the Eurex clearing partnership programme for interest rate derivatives. 
Further work on global standards and the European Market Infrastructure Regulation 2.1 (EMIR 2.1) 
could also distort competition and so cause revenue to be lost by changing the incentives for market 
participants in terms of central clearing, existing clearing mandates, requirements of regulatory approval 
procedures or requirements of CCP models. 
  
Other business risks exist in the medium term from legislative initiatives from the European Commission 
on the Digital Finance Package. To encourage the use of distributed ledger technology (DLT) in financial 
markets, the European Commission is proposing limited and experimental DLT pilot regimes to introduce 
dedicated multilateral trading systems (known as multilateral trading facilities, MTF), but also “DLT SSS” 
(settlement systems) as novel DLT market infrastructures. They would be admitted for trading securities 
that are transferred via DLT, which are not recorded with a central depository but rather in a distributed 
ledger of the same DLT MTF or DLT SSS. This potentially poses risks to existing business models in the 
Group, to the extent that the proposed exceptions are established within the existing regulatory 
framework. Part of the package to digitise the financial sector is also the Market in Crypto Assets 
Regulation (MiCA), which is intended to reduce risks for investors, ensure investor protection and 
financial stability and enable innovative new business models based on crypto assets. 
  
Another proposal by the European Commission, the Digital Operational Resilience Act (DORA), provides 
for an EU-wide harmonisation of the requirements for the digital operational resilience of all financial 
market participants in terms of information and communications technologies (ICT). The proposal also 
includes a new prudential regime for third-party ICT providers and critical ICT services, including cloud 
services. DORA creates a risk of increasing costs and growing complexity for the operation of the Group’s 
IT infrastructure and of demarcation from other directives affecting all industries that are also intended to 
guarantee infrastructure security. Furthermore, the proposal could have an adverse impact on our multi-
cloud strategy by making it more difficult to use cloud services in the financial industry.  
  
 
 
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Similar risks could also arise from the implementation in Germany of the EU Directive on the Security of 
Network and Information Systems (NIS Directive) or the current revision of the NIS Directive at the 
European level. The provisions of the Second Act to Increase the Security of Information Systems (IT-SiG 
2.0) must be considered as significant for the companies concerned. Alongside new standards and 
specifications, new responsibilities, technical access rights and powers are defined for the Federal Office 
for IT Security (BSI), and the Federal Ministry of the Interior, Building and Community (BMI) is given the 
right to issue orders. The current situation is that the Group would be classified under the law as of 
“particular public interest”. Its trading systems would now be included within the scope of the 
legislation, which could potentially entail new liability risks, obligations and additional costs.  
  
In the field of ongoing environmental, social and governance (ESG) regulation there are also a number of 
risks for our market data, derivatives and index business. They also include expected European and 
national legislative initiatives to regulate ESG data and ratings providers. A strict and prescriptive 
regulatory approach to environmental standards in the finance sector could also cause disruption in the 
Group’s traditional business areas and so raise questions in terms of market quality, market depth, 
pricing and risk management. These business risks could be reinforced by the proposal announced for a 
European directive on sustainable corporate governance, and so represent revenue risks. 
  
The Federal Financial Supervisory Authority (BaFin) regularly considers whether to classify Deutsche 
Börse AG as a financial holding company. We are currently not classified as a financial holding 
company. Any such classification could also affect our capital requirements. 
 
Finally, it can be said that any further regulatory intervention that may take place in the context of the 
future development of COVID-19 could have an impact on our revenue. 
 
In the context of the current geopolitical events in Ukraine and the potential resulting economic policy 
consequences, we have analysed as a Group which fundamental risks could have an impact on the 
individual business areas. This concerns all risks for Group companies that have business relationships 
with companies based in the affected countries (Ukraine, Russia), hold assets or have other connections 
of both an economic and technical nature. Due to the low level of business relationships with the 
affected countries and the resulting low number of potentially affected assets, it was determined at the 
time of completion of this report that Deutsche Börse Group as a whole is only exposed to a low level of 
direct economic risk. Indirect risks arising, e.g., from our customers' business activities in the countries 
concerned, as well as medium- and long-term risks that may arise, e.g., from further economic 
sanctions that are not yet foreseeable, are monitored on an ongoing basis and, if necessary, controlled 
by means of further risk mitigation measures. 
 
 
 
 
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Compliance – including measures against corruption and bribery 
Responsible business operations imply adherence to laws and regulations; they are also based on the 
principle of integrity and ethically irreproachable conduct at all times. We have a compliance 
management system based on regulatory requirements, with the objectives of preventing misconduct 
and avoiding liability and reputational risks for the Group, its legal representatives, executives and staff. 
Beyond business-related compliance requirements, the focus is on strengthening a uniform compliance 
culture throughout the Group, especially with a view to enhancing compliance awareness. The 
compliance management system – under the responsibility of, and promoted by, the Executive Board of 
Deutsche Börse AG – therefore constitutes an indispensable element of good corporate governance with 
respect to compliance. Such a system provides the foundation for sustainable risk transparency; 
specifically, it facilitates risks in the areas of money laundering/terrorism financing, and other criminal 
acts (fraud), data protection, corruption prevention, as well as market manipulation, conflicts of interest 
and insider trading; it also monitors requirements concerning financial sanctions and embargoes.  
 
The compliance management system applies to us and to the subsidiaries in Germany and abroad in 
which we hold a majority interest. Our Group-wide approach to compliance is intended to ensure that 
our Group companies respect applicable legislation and regulatory requirements.  
 
The Chief Compliance Officers at the companies in the Group that are covered by bank regulations have 
functional reporting lines to the Group Chief Compliance Officer. The same applies to the Chief 
Compliance Officers of Qontigo, ECC/EEX and 360T. As a regulated entity under the Investment Advisors 
Act, ISS has established a compliance function and appointed a Chief Compliance Officer in accordance 
with legal requirements, although due to the business decision to report ISS at arm’s length, there is 
currently no functional reporting line to the Chief Compliance Officer of the Group. However, as part of 
the implementation of the group-wide compliance approach, measures to implement compliance group 
standards (so-called group minimum standards) in ISS have already been initiated. The Group Chief 
Compliance Officer reports in turn directly to the Executive Board of Deutsche Börse AG. Compliance 
reporting includes all relevant compliance risk areas within the mandate of the compliance function.  
 
We are continually developing our compliance management system in order to deal with rising 
complexity and increasing regulatory requirements. Corresponding measures enable us to identify and 
manage compliance risks. This applies particularly to money-laundering, financing of terrorism and other 
criminal acts (fraud), data protection, corruption prevention market manipulation, interest conflicts and 
insider trading as well as financial sanctions and embargoes. 
 
We are guided by applicable regulatory law and regulatory requirements and the recommendations of 
internationally acknowledged standards relating to material compliance risk areas. Based on these 
standards, our compliance function identifies fields of action and measures to ensure the compliance 
management system continues to meet the requirements as they evolve.  
 
 
 
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As a member of the UN Global Compact we have committed to observe its principles, notably the 
principle to work against corruption in all its forms, which includes extortion and bribery. In line with our 
code of business conduct, the Group prohibits its employees from involving themselves in corruption, or 
from taking part in any actions which may lead to the impression that the Group promises, arranges, 
provides, receives, or asks for unlawful benefits. Bribery and facilitation payments are prohibited.  
 
It is our Group’s guiding principle that our actions and the decisions of all employees are taken 
objectively and with integrity. Management plays a particularly important role in this context. We are 
fully aware of what is known as the “tone from the top” for achieving a high level of awareness of the 
need to manage compliance risks – both within the Group and among market participants. In order to 
sustainably enshrine this guiding principle, and to prevent the Group and its staff from legal sanctions 
and reputational damage, Group Compliance has implemented a variety of preventative measures in a 
risk-oriented approach. 
 
 
Compliance organisational structure 
Group Compliance sets standards for the key compliance risks affecting all entities within the Group. In 
this context Group Compliance devises risk-oriented measures in order to contain and manage identified 
risks; to communicate risks, incidents, and the effectiveness of the measures taken; it ensures 
continuous improvement of the compliance management system by way of regular adjustments to the 
relevant internal policies and processes. 
 
Key compliance topics are discussed in the Group Compliance Committee. Committee members are the 
senior managers of the business units and the relevant control functions for the Group as a whole.  
 
Code of business conduct 
Our Group’s code of business conduct, which is communicated to all members of staff, summarises the 
most important aspects with regard to corporate ethics and compliance as well as appropriate conduct. 
The Code focuses on principles to guide decisions – not rules or lists of dos and don’ts. Moreover, Group 
Compliance provides employees with compliance-relevant information via the corresponding intranet 
pages, unless this is not possible for particular confidentiality reasons. For details we refer to the section 
“Corporate governance statement”. 
 
 
 
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Compliance rules 
Group Compliance has implemented Group-wide policies designed to ensure that the internal 
stakeholder groups acting on behalf of the Group comply with the behavioural rules set out in these 
policies. They are intended to prevent, detect and punish breaches of compliance policy. Group-wide 
communications via the intranet are geared towards providing employees (including members of the 
Executive Board and managers) with the necessary guidance for their daily work, and ensuring 
compliance.  
 
Compliance training 
Regular compliance training is an elementary part of promoting our compliance culture. Our employees 
around the world are trained regularly on the relevant compliance topics. We particularly cover money-
laundering, financing of terrorism, other criminal acts (fraud), financial sanctions and embargoes, market 
manipulation, insider trading and data protection. Managers exposed to a higher compliance risk by 
virtue of their work receive additional training as required. Participation in training measures covering 
the compliance topics mentioned above is mandatory for our employees, as well as for managers.  
 
Whistleblowing system 
Deutsche Börse Group has established a whistleblowing system (BKMS), where employees can relay 
information about potential or actual breaches of prudential or regulatory rules and ethical standards, by 
phone or e-mail. The anonymity of whistleblowers is guaranteed. We cultivate an open approach to 
dealing with misconduct. For this reason, concerns are often also passed on directly to the responsible 
line manager, or to Group Compliance. 
 
Analysis of compliance risks 
In line with regulatory requirements we carry out risk analyses regularly and if needed on an ad hoc 
basis to understand and measure relevant risks, and to use the findings to take action. Such risk 
analyses and assessments comprise the Group’s own business activities as well as business 
relationships, market participants, products and services. Risk-mitigation measures are derived from the 
compliance risks identified. 
 
In the context of the current geopolitical events in Ukraine and the potentially resulting economic 
consequences, the Group analyses which risks could have an impact on the individual business areas. 
This concerns all risks for Group companies that have business relationships with companies based in 
the affected countries (Ukraine, Russia), hold assets or have other connections of both an economic and 
technical nature. Deutsche Börse Group has implemented a robust and flexible system for managing 
potential sanctions and embargo risks. Dedicated sanctions experts carefully monitor current 
developments and are in regular communication with stakeholders and Deutsche Börse Group's business 
areas in order to be able to react to restrictions in a timely manner.  
 
 
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Key non-financial performance indicators: corruption prevention and data protection 
 
 
 
2021 
2020 
Corruption prevention 
Punished cases of corruption 
0
0
Percentage of business units for which measures have been taken to address corruption risks 
%
100
100
Number of employees who were trained in ABC measures (anti-bribery and corruption)1 
7,177
1,394
Data protection 
Number of justified customer complaints relating to data protection 
0
0
 
 
Regulatory capital requirements and regulatory capital ratios 
Clearstream Banking S.A., Clearstream Banking AG and Eurex Clearing AG, in their capacity as credit 
institutions, are subject to solvency supervision by the German or Luxembourg banking supervisory 
authorities (Bundesanstalt für Finanzdienstleistungsaufsicht, BaFin, and Commission de Surveillance du 
Secteur Financier, CSSF, respectively). The same applies to the Clearstream Holding at a regulatory 
group level. Eurex Repo GmbH, Eurex Securities Transactions Services GmbH and 360 Treasury Systems 
AG are also subject to specific provisions applicable to certain investment firms under BaFin supervision. 
 
Since the authorisation of both Eurex Clearing AG and European Commodity Clearing AG as central 
counterparties in 2014, these companies have been subject to the capital requirements defined in 
Article 16 EMIR. These requirements apply to Eurex Clearing AG as central counterparty at the same 
time as the solvency requirements; the higher requirement applies. Irrespective of its status as a 
specialist credit institution according to German law, European Commodity Clearing AG is only subject to 
EMIR capital requirements.  
 
Since Clearstream Banking AG as well as Clearstream Banking S.A. are authorised as a central securities 
depositories both are subject to the capital requirements defined in Article 47 CSDR. These requirements 
apply to both Clearstream central securities depositories at the same time as the solvency requirements; 
the higher requirement applies. The additional authorisation for banking-type ancillary services under 
Article 54 CSDR means that Clearstream Banking AG and Clearstream Banking S.A. will in future have 
to comply with the additional capital surcharge for the provision of intra-day credit defined in Article 54 
(3) d CSDR, in addition to the capital requirements mentioned above.  
 
Nodal Clear, LLC is a Derivatives Clearing Organisation (DCO) subject to regulation by the US 
Commodity Futures Trading Commission (CFTC).  
 
REGIS-TR S.A., as a trade repository according to EMIR, is subject to supervision exercised by the 
European Securities and Markets Authority (ESMA). 
 
Crypto Finance (Brokerage) AG is authorised as securities firm according to Article 41 of the Swiss 
Federal Act on Financial Institutions (FinIA) while Crypto Finance (Asset Management) AG is authorised 
as manager of collective investments according to the Swiss Collective Investment Schemes Act (CISA). 
Both are subject to the supervision by the Swiss Financial Market Supervisory Authority (FINMA). 
 
1) All employees of Deutsche Börse Group must repeat the web-based ABC training every two years. Since the course is updated and completed by employees in odd-
numbered years, the number of courses completed in the even-numbered year 2020 is significantly lower. 
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Market risk exposures consist only of relatively small open foreign currency positions. As of 31 
December 2021, the company Crypto Finance (Brokerage) AG has negligible market risk positions 
resulting from exposures to digital assets. The companies concerned uniformly apply the standardised 
approach for credit risk. As a result of the specific business of the central securities depositories and 
central counterparties belonging to Deutsche Börse Group, their recognised assets are subject to wide 
fluctuations. This leads in particular to correspondingly volatile total capital ratios at the Clearstream 
companies. The volatility of the ratio is subject to major fluctuations on a day-to-day basis in the course 
of the year. Due to a high degree of secured or zero-weighted cash investments, the own funds 
requirements for credit risk exposures of Eurex Clearing AG and European Commodity Clearing AG are 
relatively stable despite volatile total assets in the course of the year.  
 
To calculate operational risk, Eurex Clearing AG and European Commodity Clearing AG use the basic 
indicator approach, while the Clearstream companies apply the advanced measurement approach 
(AMA). 
 
The specific provisions of the Investment Firm Regulation (IFR) that took effect in June 2021 and the 
new German Securities Institutions Act (Wertpapierinstitutsgesetz, WpIG) require the investment firms 
360 Treasury Systems AG and Eurex Securities Transactions Services GmbH to calculate their capital 
requirement based on the higher of a) 25 per cent of the fixed overheads, b) what are known as K 
factors or c) a fixed minimum initial capital requirement. As a small, non-interlinked investment firm, 
Eurex Repo GmbH determines its own funds requirement based on the higher of a) 25 percent of the 
fixed overheads or b) its fixed minimum capital requirement. In the reporting year, the capital 
requirements based on fixed overheads were decisive for the companies mentioned. None of the Group 
companies subject to solvency supervision has either Additional Tier 1 or Tier 2 supplementary capital. 
 
A minimum total capital ratio of 8 per cent generally applies to credit institutions subject to the CRR. In 
addition, CRD IV introduced various capital buffers, which the supervised (credit) institutions generally 
have to meet over and above the minimum total capital ratio of 8 per cent, although they may 
temporarily fall below these levels. The current capital buffer is 2.5 per cent. 
 
 
 
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As at 31 December 2021, the bank-specific countercyclical buffer requirement stood at 0.05 per cent of 
risk-weighted assets for Clearstream Banking S.A., at 0.14 per cent for Clearstream Banking AG and at 
0.05 per cent for Clearstream Holding Group, whereas for Eurex Clearing AG it was at 0.07 per cent. As 
at 31 December 2021, the systemic risk buffer was not required by the authorities in Luxembourg or 
Germany. None of the Group companies has been defined as of global systemic importance. Clearstream 
Banking S.A. has been defined by CSSF in accordance with regulation No. 20-07 as an “Other 
systemically relevant institute” (O-SII) since 1 January 2018 and requires an additional buffer of 0.5 per 
cent. 
 
The individual companies’ capital resources sufficiently reflect the fluctuation in risk-weighted assets. In 
addition, buffers are taken into account for the calculation of the recovery indicators specified in the 
recovery plans. The objective of these indicators is to prevent triggering recovery events. The capital 
requirements determined in this way will be used for the mid-term capital planning.  
 
The capital requirements of Clearstream Group as well of the subsidiaries Clearstream Banking AG and 
Clearstream Banking S.A. decreased in the reporting period. There were changes in capital requirements 
which are mainly related to operational risks, both at the single-entity and Group level. 
 
In the medium to long term, the Clearstream Holding Group expects higher capital requirements at a 
regulatory group level for the following reasons:  
 The capital requirements of CSDR will apply in full in future  
 The successive introduction of capital requirements resulting from the minimum requirements for 
equity and eligible liabilities (MREL) as a result of Directive 2014/59/EU 
 The implementation of the so-called CRR II package and other amendments under Basel III 
 
Eurex Clearing AG’s capital requirements increased compared with the previous year. Given the increase 
in revenue in the past years, capital requirements for operational risk rose according to the model. The 
capital requirements for credit and market risk increased as well. 
 
The own funds requirements for operational risk calculated with Eurex Clearing AG’s internal risk model 
are higher than the own funds requirements derived from the basic indicator approach, which is based 
on the profit and loss statement as prescribed by CRR. Hence, Eurex Clearing AG always applies 
additional capital buffers for such risks, surpassing regulatory minimum requirements. Against this 
background, banking supervisors requested in 2011 that Eurex Clearing AG increases the basis for the 
calculation of regulatory own funds requirements by considering an appropriate share of clearing-related 
fees received for the account of operating entities. The own funds requirements for operational risk are 
calculated once a year based on a three-year average of historical income, including the assumed 
clearing fees, and are therefore not subject to daily fluctuations. Compliance with the minimum 
regulatory ratio is maintained at all times due to the sufficient capital buffer for uncollateralised cash 
investments. 
 
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Composition of own funds requirements 
 
Own funds requirements for 
operational risk 
Own funds requirements for 
credit and market risk 
Total capital requirements 
 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
€m 
€m 
Clearstream Holding Group 
348.6
452.6
83.2
83.5
431.8
536.1
Clearstream Banking S.A. 
241.2
307.4
81.8
56.5
323.0
363.9
Clearstream Banking AG 
118.1
145.2
6.7
5.1
124.8
150.3
 
Eurex Clearing AG 
100.3
88.0
20.0
16.2
120.3
104.2
 
 
No capital contributions were made in 2021, but they are planned for the years ahead in order to 
strengthen the capital base.  
 
 
Regulatory capital ratios according to CRR 
 
 
Own funds requirements 
Regulatory equity 
Total capital ratio 
 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
% 
% 
Clearstream Holding Group 
431.8
536.1
1,790.6
1,677.7
33.2
25.0
Clearstream Banking S.A. 
323.0
363.9
1,214.2
1,209.9
30.1
26.6
Clearstream Banking AG 
124.8
150.3
420.1
419.9
26.9
22.4
 
Eurex Clearing AG 
120.3
104.2
749.8
749.8
49.8
57.6
 
 
Clearstream Banking AG’s capital requirements according to CSDR are currently significantly above CRR 
and CRD IV capital requirements. The capital requirements under Article 47 CSDR do not stipulate a 
specific ratio. Instead, the total of share capital and reserves is compared with the capital requirements 
and has to be at least the same.  
 
 
Capital adequacy requirements under CSDR 
 
Clearstream Banking S.A. 
Clearstream Banking AG 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
Own funds requirement for operational, credit and market risk 
318.7
n/a
125.1
150.3
Other CSDR capital requirements 
366.9
n/a
166.6
161.1
Total CSDR capital requirements under Article 47 CSDR 
685.6
n/a
291.7
311.4
 
CSDR capital 
1,214.2
n/a
420.1
419.9
 
 
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Eurex Clearing AG’s capital requirements according to EMIR are currently significantly above CRR and 
CRD IV capital requirements. As with the CSDR, the capital requirements under Article 16 EMIR do not 
stipulate a specific ratio. For both Eurex Clearing AG and European Commodity Clearing AG this means 
that EMIR capital coverage of at least 100 per cent is required. A reporting requirement to the competent 
authority – in this case BaFin – is triggered when this ratio falls below 110 per cent. 
 
The capital resources of Eurex Clearing AG and European Commodity Clearing AG are currently well 
above the regulatory requirements. As at the reporting date, total equity for both entities as disclosed in 
the statement of financial position was fully available to cover the risks according to Article 16 of EMIR, 
given that this equity fulfils the required liquidity standards. Eurex Clearing AG’s own contribution to the 
default fund is €200.0 million. The own contribution to the default fund of European Commodity 
Clearing AG increased by €8.0 million to €23.0 million and was also above the regulatory minimum.  
 
 
Capital adequacy requirements under EMIR 
 
 
Eurex Clearing AG 
European Commodity Clearing 
AG 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
Own funds requirement for operational, credit and market risk 
120.3
104.2
35.1
28.8
Other EMIR capital requirements 
135.5
86.6
58.5
56.1
Total EMIR capital requirements under Article 16 EMIR 
255.8
190.8
93.6
84.9
Equity 
749.8
749.8
158.0
131.9
EMIR deductions 
0
0
0
0
Own contribution to default fund 
– 200.0
– 200.0
– 23.0
– 15.0
EMIR capital adequacy  
549.8
549.8
135.0
116.9
 
 
The Investment Firm Regulation requires Eurex Securities Transactions Services GmbH and 360 Treasury 
Systems AG to hold own funds of the higher of a) 25 per cent of the fixed overheads, b) a fixed 
minimum initial capital requirement of the entity or c) the capital requirements calculated based on the 
K factors. Eurex Repo GmbH determines its own funds requirements according to its classification based 
on the higher of a) or b). The capital requirement for ESTS, 360T and also for the Eurex Repo currently 
corresponds to 25 per cent of the respective fixed overheads of the previous year.  
 
 
Composition of own funds/capital requirements 
 
Own funds requirements for 
credit and market risk 
Own funds requirements on the 
basis of fixed overheads 
Own funds requirements to be 
met 
 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
€m 
€m 
Eurex Repo GmbH 
0
0.7
3.2
1.6
3.2
2.3
Eurex Securities Transactions 
Services GmbH 
0
0
1.2
0
1.2
0
360 Treasury Systems AG 
0
6.3
11.2
3.9
11.2
10.2
 
 
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Compliance with own funds requirements 
 
Own funds requirements 
Regulatory equity 
Total capital ratio 
 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
% 
% 
Eurex Repo GmbH 
3.2
2.3
25.0
27.6
789
95
Eurex Securities Transactions 
Services GmbH 
1.2
0
35.0
0
2,963
0
360 Treasury Systems AG 
11.2
10.2
62.4
39.9
559
31
 
 
According to Article 21 (b) of the Delegated Regulation (EU) No 150/2013, REGIS-TR S.A. is required to 
maintain equity in the amount of at least 50 per cent of annual operating costs. 
 
According to the MAS, EEX Asia Pte. Limited is required to maintain own funds at the rate of either 
18 per cent of annual operating revenue or 50 per cent of annual operating costs, depending on which 
is higher. Regulatory requirements were met throughout the year. Regarding the anticipated upswing in 
the business development of EEX Asia Pte. Limited, we expect slightly increasing own funds 
requirements. Its capital base will be adjusted, if required. 
 
Pursuant to Section 39.11 of the Code for Federal Regulation (CFR), Nodal Clear, LLC is obliged to 
maintain sufficient financial resources to cover all current costs for a minimum period of twelve months, 
whereby highly liquid assets must cover all current costs for at least six months. Regulatory minimum 
requirements were met throughout the year.  
 
 
Compliance with own funds requirements 
 
Own funds requirements 
Regulatory equity 
Equity ratio 
 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
% 
% 
REGIS-TR S.A. 
6.4
6.5
11.5
10.7
179
165
EEX Asia Pte. Limited 
1.1
0.5
2.3
1.8
209
360
Nodal Clear, LLC 
28.2
24.5
31.5
31.9
112
130
Crypto Finance (Brokerage) 
AG 
7.3
n/a
15.0
n/a
206
n/a
Crypto Finance (Asset 
Management) AG 
0.3
n/a
6.1
n/a
2,033
n/a
 
 
The regulatory minimum requirements were complied with at all times by all companies during the 
reporting period and in the period up to the preparation of the consolidated financial statements.  
 
 
 
 
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Overall assessment of the risk situation by the Executive Board 
Deutsche Börse AG’s Executive Board is responsible for risk management throughout the Group and 
regularly reviews the entire Group’s risk situation. The Executive Board of Deutsche Börse AG confirms 
the effectiveness of the risk management system.   
 
Summary  
The risk profile of Deutsche Börse Group did not change significantly in the financial year 2021. The 
aggregate total risk of Deutsche Börse Group across all risk types (operational, financial and business 
risk) was always matched by sufficient risk-bearing capacity.  
 
As at 31 December 2021, the Group’s REC amounted to €1,827 million, a decline of roughly 17 per 
cent year-on-year (31 December 2020: €2,203 million at the now valid 99.9 per cent confidence 
interval).  
 
Outlook  
Deutsche Börse Group continually assesses its risk situation. Based on the calculated REC in stress tests 
and based on the risk management system, Deutsche Börse AG’s Executive Board concludes that the 
available risk cover amount and the available liquidity are sufficient. There is currently no indication that 
the risk coverage amount has to be adjusted for 2022. Furthermore, it cannot identify any risk that 
would endanger the Group’s existence as a going concern.   
 
In 2022, we intend to continue strengthening and expanding its risk management and internal control 
system (ICS). This includes, for example, further expansion of information security management, 
methodological improvements in risk management and the ICS, and a closer coordination between 
control functions, also by means of a Group-wide governance, risk and compliance tool. 
 
 
109

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Financial statements and notes 
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12. Report on opportunities 
 
Organisation of opportunities management 
Our opportunities management aims to identify, evaluate and assess opportunities as early as possible 
and to take appropriate measures in order to transform opportunities into business success. 
We evaluate the organic and inorganic growth opportunities in the individual business areas 
continuously, i.e. over the course of the year. At Group level these opportunities are systematically 
assessed as part of the annual budgeting process and strategic reviews. The process begins with a 
careful analysis of the market environment, which considers both what the customer wants, as well as 
market developments, competitors and regulatory changes. Ideas for growth initiatives are developed 
further using uniform, Group-wide templates and subjected to a profitability analysis. On this basis, our 
Executive Board decides which initiatives are to be implemented.  
 
Organic growth opportunities 
We have a very broad portfolio of products and services with which we cover all areas of a market 
infrastructure provider’s value chain. This makes us one of the most broadly based stock exchange 
organisations in the world. In order to maintain and expand this position we are pursuing a medium-
term growth strategy called Compass 2023. Among other things we are focusing on organic growth 
opportunities in order to achieve our strategic goals. We make a basic distinction between secular and 
cyclical opportunities: secular opportunities arise for example as a result of regulatory changes, new 
client requirements (such as the growing demand for over-the-counter (OTC) transactions to on-
exchange solutions) or from the trend to allocate an increasing portion of assets to passive investment 
strategies (e.g. index funds). We exploit these opportunities in a focused and active way. Cyclical 
opportunities on the other hand cannot be influenced directly by us and are driven by macroeconomic 
changes. In addition, we intend to seize long-term opportunities arising as a result of the technological 
transformation. They particularly include distributed ledger technology (DLT) and public cloud solutions 
for the operation of IT infrastructure.  
 
Secular growth opportunities 
When exploiting secular growth opportunities, we focus on innovative products, increasing market share 
and winning new customers. We expect to see the highest revenue growth in trading and clearing by 
2023, due in part to new financial derivatives, the clearing of OTC derivatives and further growth in the 
trading of energy and gas products. Foreign exchange trading via 360T is also expected to provide a 
contribution to net revenue growth. Post-trading will focus on the further development of investment 
fund business. The growth focus in pre-trading lies in expanding the index, analytics and ESG business. 
The commercial potential of the initiatives mentioned here is described in more detail below. 
 
New financial derivatives: We operate Eurex, one of the leading global derivative exchanges. In addition 
to a broad range of established international benchmark products, we have introduced a large number of 
new products in recent years, such as MSCI, total return, dividend and ESG derivatives. These new 
products reflect changes in customer preferences and regulatory requirements. We anticipate further 
strong growth in these and future products still to be launched in the years ahead. 
 
 
 
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Clearing of OTC derivatives: The liquidity problems experienced by major market participants during the 
financial crisis were triggered by the failure to settle bilateral OTC transactions that were mainly entered 
into on an unsecured basis. In light of this, the leading industrialised nations (G20) agreed to create an 
effective regulatory environment to make OTC derivatives transactions more transparent and more 
secure. Consequently, the European Union has created the European Market Infrastructure Regulation 
(EMIR). EMIR also involves the obligation to clear standardised OTC derivative transactions using a 
central counterparty. Eurex Clearing AG and its market partners have created an alternative for clearing 
interest rates swaps in the EU, and since then has continued to expand its notional outstanding volumes 
and market share. 
 
Trading and clearing of power and gas products on EEX: European Energy Exchange AG (EEX) allows 
us to offer a broad product range for trading and clearing spot and derivatives contracts for power and 
gas as well as emission certificates. EEX has become the central market for energy in continental Europe 
and its product range includes, among others, the markets Germany, France, the Netherlands, Belgium, 
Italy and Spain. It is also active in the US market through its acquisition of Nodal Exchange. EEX’s 
growth is mainly based on the growing importance of renewable energies for power generation. Owing to 
the high degree of fragmentation, as well as the inefficiency of OTC markets, the demand for on-
exchange trading and clearing solutions has also increased over recent years. EEX believes it is well 
positioned in this changing competitive environment to achieve secular growth and gain additional 
market share. 
 
Growth in foreign-exchange trading (360T): 360T® is a leading global platform for currency trading, 
whose broad customer base includes companies, buy-side customers and banks. By combining 360T's 
knowledge and experience in the foreign exchange market with our IT expertise, we have opened up 
additional revenue potential. We have made progress with various measures for achieving synergies, 
including the launch of FX futures and clearing services. We also benefit from a long-term secular trend: 
even though, at present, the vast majority of daily foreign-exchange trading volumes is still executed 
OTC, demand for transparent, electronic multi-bank trading platforms is rising. 
 
Cross-border settlement of investment funds: Our clients can use our settlement and custody services 
for their entire fund portfolio – covering traditional investment funds, exchange-traded funds (ETFs) as 
well as hedge funds. Given that supervisory authorities are also calling for more efficient settlement and 
custody solutions in order to guarantee maximum security for client assets under custody, we expect to 
acquire additional client portfolios in the future by means of outsourcing agreements. We are also 
continuously expanding our range of products and services. We have, for example, significantly 
expanded our range of fund services to include the management of distribution agreements, as well as 
data compilation through acquisitions. In this way, we expect to generate additional net revenue by 
realising revenue synergies. 
 
 
 
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Expansion of the index and analytics business: Our objective in the index business is to give the already 
established European index provider STOXX an even more global profile, in order to develop and market 
other indices worldwide (in addition to its DAX® and STOXX® index families). In addition, Deutsche 
Börse’s index business will continue to take advantage of the structural trend towards passive investment 
products (ETFs). An increasing number of private clients and asset managers now follow this trend; not 
only are the costs lower, but many active investment strategies have been returning under-average 
performance. In order to support these trends more effectively we have acquired Axioma, a leading 
provider of portfolio and risk management solutions. The combination created Qontigo, a fully integrated 
leading information provider for institutional investors, which meets the growing market demand for 
products and analysis in this area. 
 
ESG: The trend towards sustainable business and investing represents an increasingly important secular 
growth opportunity for us, which has been accelerated by the COVID-19 pandemic. Our aim is to 
support market participants with high-quality ESG data, analytics, specialised ESG indices and the 
corresponding trading and hedging options. A big first step in this direction was taken in 2021 with the 
acquisition of Institutional Shareholder Services (ISS). We therefore expect further secular growth to 
come from developing new products and winning new customers across our entire Company. 
 
Cyclical opportunities 
In addition to its secular growth opportunities, we have cyclical opportunities, for instance as a result of 
positive macroeconomic developments. We do not have any direct control over these cyclical 
opportunities, but they do have the potential to increase our net revenue significantly in the medium 
term. 
 
 The volumes of interest rate derivatives traded on the Group’s derivatives markets could rise if 
speculation on trends in long-term yields on German and other European government bonds grows, 
and if the spread between the various European government bonds continues to narrow. 
 Net interest income at Clearstream, which is based on cash deposits from our customers, would profit 
from a change in global low interest rate policies and higher short-term rates. 
 In the spot and future market segment – Xetra and Eurex – an economic recovery after the COVID-19 
pandemic and a lasting increase in investor confidence in capital markets could lead to more normal 
market volatility and increase trading volumes. 
 
Technological opportunities 
New developments such as cloud services, in the context of artificial intelligence (AI), big data, robotics, 
blockchain technology, combined with the potential for innovation offered by fintech companies, are 
driving change in the financial sector. This new wave of technology might help overcome barriers to 
market harmonisation, while creating additional efficiency and mitigating risks. The trend has been 
reinforced by the new environment resulting from the COVID-19 pandemic and is expected to continue 
in the years to come. Digitisation trends will accelerate, and the challenge for established providers is to 
find the right path with regard to new business models and innovative technologies. 
 
 
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We have optimised our internal processes particularly with regard to cloud services. HR processes, 
purchasing and settlement of travel expenses, among others, are now processed in the cloud. This has 
led to a significant streamlining of processes, and also has a positive effect on the Group's costs. We are 
also working on transferring services and processes with clients to the cloud. For instance, the 
introduction of new trading platforms and updating of existing infrastructure might be tested faster and 
better beforehand by clients in the cloud. This would make our processes significantly more agile, as 
new releases could be introduced at more frequent intervals, allowing us to respond better to clients’ 
requirements. We have signed agreements with a number of key cloud service providers, positioning 
ourselves at the forefront of cloud use in the European financial services sector. 
 
Distributed ledger technology (DLT) represents another technological opportunity. It is considered a 
disruptive technology at times – but at present, the financial services sector is increasingly exploring its 
opportunities. Thanks to its decentralised nature, it facilitates direct interaction between participants, 
thus offering the potential for simplifying complex processes. Established market infrastructure providers 
such as Deutsche Börse Group, which covers the entire value creation chain from a single source, play 
an important role when it comes to tapping this potential – meeting existing industry standards at the 
same time. Besides legal and regulatory requirements, this also involves adhering to security standards, 
as well as limiting risks and ensuring cost efficiency. 
 
 
M&A growth opportunities 
 
Inorganic growth is an equally important part of Compass 2023. We focus on areas that are closely 
related to our strategic growth areas, which include the index and analytics business, ESG, commodities, 
forex trading, fixed income trading and investment fund services. The aim is to accelerate growth in 
these areas by means of mergers and acquisitions and make our businesses even more scalable. 
 
 
 
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13. Report on expected developments 
The forecast describes Deutsche Börse Group’s expected performance for the 2022 financial year. It 
contains statements and information on events in the future and is based on the company’s expectations 
and assumptions at the time of publication of this corporate report. In turn, these are subject to known 
and unknown opportunities, risks and uncertainties. Numerous factors, many of which are outside the 
company’s control, influence the Group’s success, its business strategy and its financial results. Should 
opportunities, risks or uncertainties materialise or should one of the assumptions made turn out to be 
incorrect, the Group’s actual performance could deviate either positively or negatively from the 
expectations and assumptions contained in the forward-looking statements and information contained in 
this report on expected developments. 
 
 
Developments in the operating environment 
Macroeconomic environment  
As expected, the global economy recovered relatively well from the impact of COVID-19 pandemic over 
the course of 2021, and we are anticipating further economic growth for the forecast period. It is likely 
to be somewhat slower than the growth rates seen in 2021, however, because rising inflation and the 
expectation of tighter monetary policy by central banks could have a restraining effect. In addition, the 
intensifying conflict between Russia and Ukraine could have a negative impact on the macroeconomic 
environment. 
 
Future development of results of operations 
Given our diversified business model and multiple sources of revenue and despite the extraordinary 
macroeconomic environment, we believe we are very well positioned to further improve our earnings in 
the medium and long term. This expectation is based partly on the secular growth opportunities that we 
intend to exploit (for details, see the “Report on opportunities”), as well as on additional expected 
inorganic growth. 
 
As in previous years, we expect net revenue from secular growth opportunities to increase by at least 
5 per cent in the forecast period. We are driving this growth through investment. By doing so, we aim to 
shift further market share from over-the-counter trading and clearing to the on-exchange segment and to 
further expand our positions in existing asset classes by introducing new products and functionalities 
and acquiring new customers. We are also expecting an additional contribution to net revenue from 
takeovers, particularly the acquisition of ISS on 25 February 2021. Business areas dependent on 
cyclical factors should also see first slightly positive effects on cyclical net revenue due to lower market 
volatility in 2021 and possible US interest rate rises in 2022. In total, we anticipate net revenue of 
approximately €3.8 billion for the forecast period. For the ESG net revenue10 included therein we expect 
growth of more than 10 per cent for the same period. 
 
 
 
 
10ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”. 
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Within the context of our growth strategy, we pursue clearly defined principles for managing operating 
costs. We achieve the necessary flexibility largely by making continuous improvements to our operating 
processes. We are expecting earnings before interest, tax, depreciation and amortisation (EBITDA) to rise 
to around €2.2 billion in the forecast period. This would put us right on track towards our medium-term 
growth targets of 10 per cent per year on average for net revenue and EBITDA over the period from 
2019 to 2023. 
 
 
Forecast for results of operations 2022 
 
 
 
Basis 2021 
Forecast 2022 
 
 
 
Net revenue 
€3,509.5 million
~€3.8 billion
Earnings before interest, tax, depreciation and amortisation (EBITDA) 
€2,043.1 million
~€2.2 billion
ESG net revenue growth1 
210% incl. ISS acquisition
>10%
 
 
 
Development of non-financial performance indicators 
Initiatives to promote the transparency and security of the markets will continue to be a key focus during 
the forecast period, ensuring that we add value for society. As far as the forecast development of non-
financial performance indicators for 2021 is concerned, system availability customer facing IT was 
brought back into line with the high targets by means of additional back-up measures, which became 
part of everyday operations. We therefore expect that the system availability (customer facing IT) will 
remain high in the forecast period. 
 
Being an attractive employer is important for our sustained success. We want to attract top talents and 
retain them for the long term. The measures described in the chapter “Our Employees” put us in a good 
position and we are confident that we can maintain or improve on our employee satisfaction of more 
than 71.5 per cent. 
 
Deutsche Börse AG's Executive Board has defined target quotas for women on the two management 
levels beneath the Executive Board, in accordance with section 76 (4) of the AktG, in each case referring 
to Deutsche Börse AG. By 31 December 2022, the proportion of women holding positions in the first 
and second management levels beneath the Executive Board is planned to reach 15 per cent and 22 per 
cent, respectively. 
 
Moreover, the Executive Board adopted a voluntary commitment to increase the share of women holding 
middle and upper management positions to 22 per cent by the end of 2022, and of women holding 
lower management positions to 30 per cent during the same period. We have extended the scope of our 
voluntary commitment over and above the legal requirements. The defined target refers to Deutsche 
Börse Group worldwide. 
 
The assessment of independent ESG rating agencies is an important benchmark for our ESG efforts. We 
continuously analyse our performance and take action accordingly. Over the forecast period we expect 
that we will be able to maintain our good position above the 90th percentile of the ESG ratings. 
 
1) ESG net revenue according to the internal definition of Deutsche Börse Group – see “Definition of our ESG net revenue”.
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Furthermore, we ensure the climate-neutrality of our Group by avoiding at least 70 per cent of our CO2 
emissions per workspace by 2022 and compensate for the remaining emissions by means of emissions 
reduction projects. This corresponds with the objective of our climate strategy to become climate-neutral 
on a net basis by 2025. All our efforts will be reviewed by the Science Based Target initiative (SBTi) by 
the end of 2023.  
 
 
Forecast for non-financial key performance indicators 2022 
 
 
 
Basis 2021 
Forecast 2022 
 
 
 
System availability (customer facing IT) 
99.9%
>99.5%
Employee satisfaction 
75%
>71.5%
Women in leadership positions1 
21%
22%
ESG ratings 
95th percentile
>90th percentile
CO2 emissions per workspace vs. 20192 
–66%
–70%
 
 
Future development of the Group’s financial position 
We expect that cash flow from operating activities, which is our primary source of financing, will remain 
significantly positive in future. We expect that two significant factors will influence changes in liquidity: 
Firstly, we plan to invest around €200 million in intangible assets and property, plant and equipment at 
Group level. These investments will serve primarily to develop new products and services in our growth 
areas and to enhance existing ones. Secondly, we will propose a dividend of €3.20 per share to the 
Annual General Meeting to be held in May 2022. This would represent a cash outflow of about 
€587 million. Apart from the above, we did not expect any other material factors to impact the Group’s 
liquidity at the time the combined management report was prepared. As in previous years, we assume 
that we will have a sound liquidity base in the forecast period due to positive cash flow from operating 
activities, adequate credit lines (for details see “Note 24 to the consolidated financial statements”), and 
our flexible management and planning systems. 
 
We generally aim to distribute dividends equivalent to between 40 and 60 per cent of net profit for the 
period attributable to the shareholders of Deutsche Börse AG. Within this range, we manage the actual 
distribution ratio mainly in relation to our business performance and based on continuity considerations. 
In addition, we plan to invest the remaining available funds primarily in the continued inorganic 
development of the Group. Should we be unable to invest these funds, additional distributions, 
particularly share buy-backs, represent another opportunity for the use of funds. To maintain its strong 
credit ratings at Group level, we aim for a ratio of net debt to EBITDA of no more than 1.75, and a ratio 
of free funds from operations to net debt of at least 50 per cent. 
 
 
 
1) Group-wide target in senior management. 
2) Unaudited figure. 
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Overall assessment by the Executive Board 
We believe the Group remains very well positioned in terms of international competition, thanks to its 
comprehensive offering along the securities trading value chain and its innovative strength. This being 
the case, we expect to see a positive trend in our results of operations over the long term. Measures 
taken as part of our growth strategy should further accelerate this growth. In this context, we aim to 
become more agile and effective and sharpen our client focus, in order to become the global market 
infrastructure provider of choice, with a top ranking in all our business areas. We endeavour to expand 
our secular growth areas further, and to increase their contribution to net revenue again by at least 5 per 
cent. Taking other cyclical and consolidation effects into account, we are planning an increase in net 
revenue to around €3.8 billion in the forecast period. We expect EBITDA to go up to some €2.2 billion 
in the forecast period. Overall, we assume on this basis that cash flow from operating activities will be 
clearly positive and that, as in previous years, the liquidity base will be sound. The overall assessment 
by the Executive Board is valid as at the publication date for this combined management report. 
 
 
14. Report on post-balance sheet date events 
Deutsche Börse AG has successfully placed a corporate hybrid bond in the amount of €500,0 million on 
16 February 2022. The bond has a term of 26.25 years with a first call date after 6 years and a coupon 
of 2.0 per cent annually until June 2028. 
 
The hybrid bond will be used to refinance last year’s M&A activities. 
 
 
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15. Corporate governance statement 
 
Deutsche Börse Group attaches great importance to the principles of good corporate governance and 
control. In this statement, we report on corporate governance at Deutsche Börse AG in accordance with 
principle 22 of the Deutscher Corporate Governance Kodex (the “Code”, German Corporate Governance 
Code). The statement contains the corporate governance statement pursuant to sections 289f and 315d 
Handelsgesetzbuch (HGB, German Commercial Code). 
 
Declaration of Conformity pursuant to section 161 Aktiengesetz (AktG, German Stock Corporation 
Act) 
On 8 December 2021, the Executive Board and Supervisory Board of Deutsche Börse AG issued the 
following Declaration of Conformity: 
 
“Declaration by the Executive Board and the Supervisory Board of Deutsche Börse AG regarding the 
German Corporate Governance Code in accordance with section 161 of the German Stock Corporation 
Act 
 
The following Declaration of Conformity refers to the current version of the German Corporate 
Governance Code dated 16 December 2019 (GCGC), which was published in the Federal Gazette on 
20 March 2020. 
 
The Executive Board and the Supervisory Board of Deutsche Börse AG declare that the 
recommendations of the GCGC have been complied with in full in the financial year 2021 to date and 
will continue to be complied with in the future.  
 
In the period since the last Declaration of Conformity dated 3 December 2020 until 31 December 2020, 
recommendation G.1, first indent GCGC was not complied with insofar as the Executive Board service 
contracts not newly concluded or extended in 2020 have only contained a total cap also including 
ancillary benefits since their revision as of 1 January 2021. 
 
In detail:  
 
Recommendation G.1, first indent DCGK recommends, among other things, that the remuneration 
system should specify what amount the total remuneration may not exceed (maximum remuneration). 
Already with the introduction of the adjusted remuneration system for the Executive Board on 1 January 
2020, the annual remuneration comprising fixed and variable remuneration components, pension 
benefits and ancillary benefits for each Executive Board member was capped at €9.5 million (total cap), 
after ancillary benefits had previously not been included in the total cap. This means that 
recommendation G.1, first indent of the GCGC has already been complied with in respect of the 
Executive Board service contracts newly concluded or extended since 1 January 2020. All other 
Executive Board service contracts were revised accordingly on 1 January 2021 based on the new 
remuneration system 2021, so that recommendation G.1 GCCG has been complied with in full since 
then.” 
 
The annual declaration of conformity pursuant to section 161 AktG can also be found online at 
www.deutsche-boerse.com > Investor Relations > Corporate Governance > Declaration of Conformity. 
The declarations of conformity for the past five years are also available there. 
 
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Disclosures on overriding statutory provisions 
The Executive Board and Supervisory Board of Deutsche Börse AG declare in accordance with 
recommendation F.4 GCGC that recommendation D.5 GCGC was not applicable to the company in 2021 
because of the overriding statutory requirement of section 4b Stock Exchange Act. Recommendation 
D.5 GCGC states that the Supervisory Board shall form a Nomination Committee composed exclusively 
of shareholder representatives. In accordance with Section 4b of the German Stock Exchange Act, 
however, the Nomination Committee also assists the Supervisory Board of Deutsche Börse AG in 
selecting candidates for the Executive Board. As this task shall not be performed exclusively by 
shareholder representatives of the Supervisory Board, and in line with the practice to date, the 
Nomination Committee also includes employee representatives. 
 
Disclosures on suggestions of the Code 
The Code consists of both recommendations (denoted in the text by the use of the word “shall”), which 
are reported in the Declaration of Conformity in accordance with section 161 AktG, and suggestions 
(denoted in the text by the use of the word “should”). Deutsche Börse AG fully complies with them. 
 
Publicly available information in accordance with section 289f (2) no. 1a HGB 
The 2021 remuneration report and the auditors’ statement pursuant to section 162 AktG, the underlying 
remuneration system pursuant to section 87a (1) and (2) sentence 1 AktG as well as the latest 
resolution on remuneration pursuant to section 113 (3) AktG will be available at www.deutsche-
boerse.com > Investor Relations > Corporate Governance > Remuneration. 
 
Information on corporate governance practices 
Conduct policies 
Deutsche Börse Group’s global orientation means that binding policies and standards of conduct must 
apply at all of the Group’s locations around the world. Specifically, the main objectives of these 
principles for collaboration are to ensure responsibility, respect and mutual esteem. The Group also 
adheres to these principles when implementing its business model. Communications with clients, 
investors, employees and the general public are based on timely information and transparency. In 
addition to focusing on generating profit, Deutsche Börse Group’s business is managed sustainably in 
accordance with recognised social standards. 
 
Code of business conduct 
Acting responsibly means having values that are shared by all employees throughout the Group. 
Deutsche Börse AG therefore has a code of business conduct that is reviewed every year. This 
document, which is adopted by the Executive Board and applies throughout the Group, defines the 
foundations of key ethical and legal standards, including – but not limited to – the following topics: 
 
 Compliance with legislation and regulations; whistleblowing 
 Confidentiality and the handling of sensitive information 
 Conflicts of interest 
 Prevention of insider trading and market manipulation; personal account dealings 
 Prevention of corruption 
 Risk management 
 Environmental awareness 
 Equal opportunities and protection against undesirable behaviour 
 Corporate responsibility; human rights; ethical conduct 
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The code of business conduct applies to members of the Executive Board, all other executives and all 
employees of Deutsche Börse Group. In addition to specifying concrete rules, the code of business 
conduct provides general guidance as to how employees can contribute to implementing the defined 
values in their everyday working life. The goal of the code of business conduct is to provide guidance on 
working together in the company on a day-to-day basis, to help resolve any conflicts and to resolve 
ethical and legal challenges. All newly hired employees receive the code of business conduct as part of 
their employment contract documentation. The code of business conduct is an integral part of the 
relationship between employer and employees at Deutsche Börse Group. Breaches may lead to 
disciplinary action. The document is available on www.deutsche-boerse.com > Sustainability > Our 
ESG profile > Employees > Guiding principles. 
 
Code of conduct for suppliers 
Deutsche Börse Group not only requires its management and staff to adhere to high standards – it 
demands the same from its suppliers and service providers. The code of conduct for suppliers requires 
them to respect human rights and employee rights and comply with minimum standards. Implementing 
a resolution of the Executive Board, the code of conduct for suppliers was amended in 2016 to include 
the requirements set out in the UK Modern Slavery Act, applicable to all corporations conducting 
business in the United Kingdom. Most suppliers have signed up to these conditions; all other key 
suppliers have made voluntary commitments, which correspond to, or in fact, exceed Deutsche Börse 
Group’s standards. Service providers and suppliers must sign this code or enter into an equivalent 
voluntary commitment before they can do business with Deutsche Börse Group. The code of conduct is 
reviewed regularly in the light of current developments and amended if necessary. It is available on 
Deutsche Börse Group’s website www.deutsche-boerse.com > Sustainability > Our ESG Profile > 
Procurement management. 
 
Sustainability and values 
Our business activities are based on the legal frameworks and ethical standards of the different countries 
in which Deutsche Börse Group operates. A key way in which we underscore the values we consider 
important is by joining initiatives and organisations that advocate generally accepted ethical standards. 
Relevant memberships are as follows: 
 
United Nations Global Compact www.unglobalcompact.org: this voluntary business initiative 
established by the United Nations aims to achieve a more sustainable and more equitable global 
economy. At the heart of the compact are ten principles covering the areas of human rights, labour, 
environment protection and anti-corruption. Deutsche Börse Group has submitted annual 
communications on progress (COPs) on its implementation of the UN Global Compact since 2009. 
 
Diversity Charter www.charta-der-vielfalt.de: as a signatory to the Diversity Charter, the company has 
committed to acknowledging, respecting and promoting the diversity of its workforce, customers and 
business associates – irrespective of their age, gender, disability, race, religion, nationality, ethnic 
background, sexual orientation or identity. 
 
International Labour Organization www.ilo.org: this UN agency is the international organisation 
responsible for drawing up and overseeing international labour standards; it brings together 
representatives of governments, employees and employers to promote the joint development of policies 
and programmes. Deutsche Börse Group has signed up to the ILO’s labour standards and hence has 
agreed to abide by them. 
 
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Sustainability in corporate governance 
Sustainability is of significant importance for the corporate strategy of Deutsche Börse Group. It is 
therefore an essential element of corporate governance at the level of both the Executive Board and the 
Supervisory Board. The Executive Board of Deutsche Börse AG takes all strategic decisions concerning 
sustainability matters at Deutsche Börse Group. It is supported on the one hand by the interdisciplinary 
Group Sustainability Board, which is chaired by the CFO. This board takes fundamental decisions, alone 
or in coordination with the Executive Board, on company initiatives relating to environmental, social and 
governance topics (ESG). It also reviews and evaluates sustainability projects and defines quantifiable 
targets and timelines for them. The Group ESG Strategy, which reports to the CEO, provides support by 
coordinating overarching ESG product initiatives, managing the ESG reporting and continuously 
monitoring the ESG profile and climate strategy of Deutsche Börse AG. 
 
At the level of the Supervisory Board, the responsibilities of the existing Strategy Committee were 
expanded in the reporting year to reflect the strategic importance of sustainability and the Strategy and 
Sustainability Committee was formed. In addition to embedding ESG in the work of the Supervisory 
Board in this way, it is particularly important for the board as a whole and in the other Supervisory 
Board committees, especially the Audit Committee, the Risk Committee and the Nomination Committee. 
Current, relevant sustainability aspects also form part of the training programme for the Executive Board 
and Supervisory Board and are dealt with in workshops and seminars. 
 
Further information on this subject can be found online at www.deutsche-boerse.com > Sustainability. 
More information about the Supervisory Board committee Strategy and Sustainability can be found in the 
chapter “Supervisory Board committees”. 
 
Sector-specific policies 
Deutsche Börse Group’s pivotal role in the financial sector requires that it handles information – and 
especially sensitive data and facts – responsibly. A number of rules are in force throughout the Group to 
ensure that employees comply with this. These cover both legal requirements and special policies 
applicable to the relevant industry segments, such as the whistleblowing system and risk and control 
management policies. 
 
Whistleblowing system 
Deutsche Börse Group plays an active role in the fight against breaches of rules and regulations. One 
example is Deutsche Börse Group’s whistleblowing system, which provides a channel to report non-
compliant behaviour. Deutsche Börse Group uses the Business Keeper Monitoring System (BKMS®), an 
online application that enables employees, clients and third parties to report matters that could be 
criminal offences and incidents of non-compliance by employees or third parties concerning the business 
of Deutsche Börse Group. Reports can be in their own name or anonymously and can be made around 
the clock. 
 
Further information regarding the whistleblowing system can be found at www.deutsche-boerse.com > 
Our Company > Contact > Whistleblower system. 
 
 
 
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Risk and control management policies 
Functioning control systems are an important part of stable business processes. Deutsche Börse Group’s 
enterprise-wide control systems are embedded in an overarching framework. This comprises, among 
other things, the legal requirements, the recommendations of the German Corporate Governance Code, 
international regulations and recommendations and other company-specific policies. The executives 
responsible for the different elements of the control system are in close contact with each other and with 
the Executive Board, and report regularly to the Supervisory Board or its committees. Equally, the Group 
has an enterprise-wide risk management system that covers and provides mandatory rules for functions, 
processes and responsibilities. Details of the internal control system and risk management at Deutsche 
Börse Group can be found in the section “Risk management”. 
 
 
Working practices of the Executive Board and the Supervisory Board 
An important fundamental principle of the German Stock Corporation Act is the dual board system – 
which assigns separate, independent responsibilities to the Executive Board and the Supervisory Board. 
These responsibilities and their implementation at Deutsche Börse AG are set out in detail in the 
following paragraphs.  
 
Both boards perform their duties in the interests of the company and with the aim of achieving a 
sustainable, long-term increase in value. Their actions are based on the principle of responsible 
corporate governance. Therefore, Deutsche Börse AG’s Executive Board and Supervisory Board work 
closely together in a spirit of mutual trust, with the Executive Board providing the Supervisory Board with 
comprehensive information on the company’s and the Group’s position and the course of business in a 
regular and timely manner. In addition, the Executive Board regularly informs the Supervisory Board 
concerning issues relating to corporate planning, the risk situation and risk management, compliance 
and the company’s control systems. The strategic orientation of the company is examined in detail and 
agreed upon with the Supervisory Board. Implementation of the relevant measures is discussed at 
regular intervals. The Chief Executive Officer reports to the Supervisory Board without undue delay, orally 
or in writing, on matters that are of special importance to the company.  
 
In addition, the CEO keeps the Chair of the Supervisory Board continuously and regularly informed of the 
current developments affecting the company’s business, significant transactions, upcoming decisions 
and the long-term outlook and discusses these issues with him or her. The Supervisory Board may also 
request reports from the Executive Board at any time, especially on matters and business transactions at 
Deutsche Börse AG and subsidiaries that have a significant impact on Deutsche Börse AG’s position. The 
bylaws for the Executive Board and Supervisory Board govern the corresponding information rights and 
obligations of the Executive Board and Supervisory Board in detail. 
 
Deutsche Börse AG’s Executive Board  
The Executive Board manages Deutsche Börse AG and Deutsche Börse Group; it had six members 
during the reporting period. The main duties of the Executive Board include defining the Group’s 
corporate goals and sustainable strategic orientation, managing and monitoring the operating units, as 
well as establishing and monitoring an efficient risk management system. The Executive Board is 
responsible for preparing the annual and consolidated financial statements of Deutsche Börse AG, as 
well as for producing financial information during the course of the year. In addition, it must ensure the 
company’s compliance with legal requirements and official regulations. 
 
 
 
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The members of the Executive Board are jointly responsible for all aspects of management. Irrespective 
of this collective responsibility, the individual members manage the company’s business areas assigned 
to them in the Executive Board’s schedule of responsibilities independently and are personally 
responsible for them. In addition to the business areas, the functional areas of responsibility are that of 
the Chief Executive Officer (CEO), the Chief Financial Officer (CFO), the Chief Information Officer/ Chief 
Operating Officer (CIO/COO) and HR & Compliance. The business areas cover the operating business 
units, such as the company’s cash market activities, the derivatives business, securities settlement and 
custody and the market data and financial information business. Details can be found in the “Overview 
of Deutsche Börse Group – Organisational structure” section.  
 
Further details of the Executive Board’s work are set out in the bylaws that the Supervisory Board has 
adopted for the Executive Board. Among other things, these list issues that are reserved for the entire 
Executive Board, special measures requiring the approval of the Supervisory Board, other procedural 
details and the arrangements for passing resolutions. The Executive Board holds regular meetings; these 
are convened by the CEO, who coordinates the Executive Board’s work. Any Executive Board member 
can require a meeting to be convened. In accordance with its bylaws, the entire Executive Board 
normally takes decisions on the basis of resolutions passed by a simple majority of the members voting 
on them in each case. If a vote is tied, the CEO has the casting vote.  
 
More information on the Executive Board, its composition, members’ individual appointments and 
biographies can be found at www.deutsche-boerse.com > Investor Relations > Corporate Governance > 
Executive Board. 
 
Deutsche Börse AG’s Supervisory Board  
The Supervisory Board supervises and advises the Executive Board in its management of the company. 
It supports the Executive Board in significant business decisions and provides assistance on strategically 
important issues. The Supervisory Board has specified measures requiring its approval in the bylaws for 
the Executive Board. In addition, the Supervisory Board is responsible for appointing the members of the 
Executive Board, deciding on their total remuneration and examining Deutsche Börse AG’s annual and 
consolidated financial statements and the combined management report. Details of the Supervisory 
Board’s work during the 2021 financial year can be found in the report of the Supervisory Board. 
 
The Supervisory Board consists of 16 members, made up of an equal number of shareholder 
representatives and employee representatives in line with the German Mitbestimmungsgesetz (MitbestG, 
German Co-determination Act). The term of office of the current members ends at the Annual General 
Meeting in 2024. The same applies to the employee representatives elected to the Supervisory Board of 
Deutsche Börse AG in the reporting year. The election procedure was interrupted by the COVID-19 
pandemic and was completed on 17 November 2021. In the period between the Annual General 
Meeting on 19 May 2021 and the close of the election procedure the employee representatives were 
appointed as Supervisory Board members by the district court. 
 
 
 
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The Supervisory Board holds at least six regular meetings every year. In addition, extraordinary meetings 
are held as required. The committees also hold regular meetings. Unless mandatory statutory provisions 
or the Articles of Associations call for a different procedure, the Supervisory Board passes its resolutions 
by a simple majority. If a vote is tied, the Chair has the casting vote. The work of the Supervisory Board 
and its committees is defined by the Rules of Procedure for the Supervisory Board, which is available at 
www.deutsche-boerse.com > Investor Relations > Corporate Governance > Supervisory Board > Rules 
of Procedure. 
 
The Supervisory Board reviews the knowledge, skill and experience of the Executive Board and 
Supervisory Board and their members regularly, at least once a year, and examines the structure, size, 
composition and performance of the Executive Board and Supervisory Board. Its review is based on 
concrete targets. The Supervisory Board also regularly, at least once a year, reviews the effectiveness of 
its work, discusses opportunities for improvement and decides on suitable measures if necessary. The 
concrete targets are described in the chapter “Targets for composition and qualification requirements of 
the Supervisory Board” and the annual effectiveness test is described in the chapter “Examination of the 
effectiveness of Supervisory Board work”. 
 
The Supervisory Board Chair is in regular contact with the representatives of shareholders and 
employees on the Supervisory Board, in addition to the scheduled meetings. 
 
Supervisory Board committees 
The Supervisory Board’s goal in establishing committees is to improve the efficiency of its work by 
examining complex matters in smaller groups that prepare them for the plenary meeting of the 
Supervisory Board. Additionally, the Supervisory Board has delegated individual decision-making powers 
to the committees, to the extent that this is legally permissible. The Supervisory Board had seven 
committees in the reporting period. The responsibilities of the existing Strategy Committee were 
expanded to form a Strategy and Sustainability Committee. For details of the committees, please refer to 
the tables “Supervisory Board committees in the reporting year: composition and responsibilities”. Their 
individual responsibilities are governed by the Supervisory Board’s bylaws. The committees’ rules of 
procedure correspond to those for the plenary meeting of the Supervisory Board. Details of the current 
duties and members of the individual committees can be found online at www.deutsche-boerse.com > 
Corporate Governance > Investor Relations > Supervisory Board > Committees. 
 
The chairs of the individual committees report to the plenary meeting about the subjects addressed and 
resolutions passed in the committee meetings. Information on the Supervisory Board’s concrete work 
and meetings during the reporting period can be found in the report of the Supervisory Board. 
 
More information on the Supervisory Board and its committees, the individual members and their 
appointments and biographies, can be found at: www.deutsche-boerse.com > Corporate Governance > 
Investor Relations > Supervisory Board.  
 
 
 
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Supervisory Board committees in the reporting year: composition and responsibilities 
 
Audit Committee 
 
Members 
Composition 
 Barbara Lambert (Chair)  
 Nadine Absenger1 
(until 19 May 2021) 
 Markus Beck1 
(until 17 November 2021) 
 Katrin Behrens1  
(since 1 December 2021) 
 Andreas Gottschling  
 Oliver Greie1 (from 19 May 2021 to  
17 November 2021) 
 Susann Just-Marx1 
(since 1 December 2021) 
 Achim Karle1 
(since 1 December 2021) 
 Michael Rüdiger  
 Jutta Stuhlfauth1 
(until 17 November 2021) 
 At least four members who are elected by the Supervisory Board 
 At least one member with financial reporting expertise and one other member with auditing 
expertise2 
 Prerequisites for the chair of the committee: the person concerned must be independent, and must 
have specialist knowledge and experience of applying accounting principles as well as internal 
control and risk management processes (financial expert)  
 Persons who cannot chair the committee: the Chair of the Supervisory Board; former members of 
the company’s Executive Board whose appointment ended less than two years ago 
 
Responsibilities 
 Deals with issues relating to the preparation of the annual budget and financial topics, particularly 
capital management 
 Deals with issues relating to the adequacy and effectiveness of the company’s control systems – in 
particular, to risk management, compliance and internal audit 
 Deals with audit reports and financial reporting issues, including oversight of the financial 
reporting process 
 Half-yearly financial reports, plus any quarterly financial reports, discusses the results of the 
reviews with the auditors 
 Examines the annual financial statements and the management report, the consolidated financial 
statements and the group management report, discusses the audit report with the external auditors 
and prepares the Supervisory Board’s resolutions adopting the annual financial statements and 
approving the consolidated financial statements, as well as the resolution on the Executive Board’s 
proposal on the appropriation of profit 
 Prepares the Supervisory Board’s recommendation to the Annual General Meeting on the election 
of the external auditors of the annual financial statements, the consolidated financial statements 
and the half-yearly financial report (to the extent that the latter is audited or reviewed by external 
auditors) and makes corresponding recommendations to the Supervisory Board 
 Reviews the non-financial reporting (sections 289b, 315b HGB) 
 Monitors the audit, particularly the selection and the independence of the external auditors, the 
quality of the audit and the additional services provided by the auditors  
 Issues the engagement letter to the external auditor of the annual financial statements and the 
consolidated financial statements – including, in particular, the review or audit of half-yearly 
financial reports, reviews the non-financial reporting and determines focal areas of the audit and 
the audit fee 
 Prepares the Supervisory Board’s resolution approving the statement on the German Corporate 
Governance Code pursuant to section 161 of the AktG and the corporate governance statement in 
accordance with section 289f of the HGB 
 Control procedures on related-party transactions pursuant to section 111a (2) sentence 2 AktG 
1) Employee representatives. 
2) The by section 100 (5) AktG required expertise in auditing is covered by Ms Barbara Lambert and the expertise in financial reporting is covered by Mr Michael 
Rüdiger.The curricula vitae can be found at: www.deutsche-boerse.com > Investor Relations > Corporate Governance > Supervisory Board. 
 
 
 
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Nomination Committee 
 
Members 
Composition 
 Martin Jetter (Chair) 
 Nadine Absenger1 
(since 19 May 2021) 
 Markus Beck1 
 Anja Greenwood1 
(since 1 December 2021) 
 Michael Rüdiger  
 Clara-Christina Streit 
(since 19 May 2021) 
 Jutta Stuhlfauth1 
(until 17 November 2021) 
 Gerd Tausendfreund1 
(until 19 May 2021) 
 Amy Yip (until 19 May 2021) 
 Chaired by the Chair of the Supervisory Board  
 At least five other members who are elected by the Supervisory Board 
Responsibilities 
 Addresses succession planning for the Executive Board 
 Develops a diversity concept for the Supervisory Board 
 Deals with the annual assessment of the structure, size, composition and performance of the 
Executive Board and Supervisory Board, as well as possible improvements 
 Deals with the annual assessment of the qualification requirements of individual members of the 
Executive Board and Supervisory Board, and the Executive Board and Supervisory Board as a 
whole 
 Reviews the policy for selection and appointment of members of the Executive Board and makes 
recommendations to the Supervisory Board in this regard  
 Proposes suitable candidates to the Supervisory Board for inclusion in the Supervisory Board’s 
election proposal to the Annual General Meeting (the proposal is submitted by shareholder 
representatives), including the regular review of the concrete targets and a job description on 
which proposals are based 
 Enters into, amends or terminates service agreements within the framework defined by the 
Supervisory Board 
 Deals with aggregate remuneration and retirement benefits of individual Executive Board members 
and determines payments to surviving dependants and any other similar payments; regularly 
reviews the reasonableness of Executive Board remuneration and develops proposals for any 
adjustments where required 
 Deals with the remuneration system for the Executive Board and Supervisory Board and the 
remuneration report prepared in accordance with section 162 AktG 
 Approves appointments of members of Deutsche Börse AG’s Executive Board to other executive 
boards, supervisory boards, advisory boards and similar boards, as well as other part-time work 
and honorary appointments, including any exemptions from the approval requirement 
 Approves the grant or revocation of general powers of attorney 
 Approves cases in which the Executive Board grants employees retirement pensions or other 
individually negotiated retirement benefits, or proposes to enter into employer/works council 
agreements establishing pension plans 
 Decides on deferring publication of insider information and on drafting ad hoc notifications on 
information for which the Supervisory Board is responsible  
 Other tasks and duties set forth in section 4b (5) of the BörsG 
1) Employee representatives. 
 
Risk Committee 
 
Members 
Composition 
 Andreas Gottschling (Chair) 
  Susann Just-Marx1 
 Cornelis Kruijssen1 
(until 17 November 2021) 
 Barbara Lambert  
 Daniel Vollstedt1 
(since 1 December 2021) 
 
 At least four members who are elected by the Supervisory Board 
 
Responsibilities 
 Reviews the risk management framework including the risk appetite and the risk management 
roadmap 
 Takes note of and reviews the periodic risk management and compliance reports 
 Oversees monitoring of the Group’s operational, financial and business risks 
 Takes note of and discusses the annual reports on significant risks and the risk management 
systems at regulated Group entities, to the extent legally permissible 
1) Employee representatives 
 
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Strategy Committee 
(until 22 June 2021) 
 
Members 
Composition 
 Martin Jetter (Chair) 
 Susann Just-Marx1 
 Achim Karle1 
 Carsten Schäfer1 
 Charles Stonehill  
 Clara-Christina Streit  
(until 19 May 2021) 
 Chong Lee Tan (since 19 May 2021) 
 Chaired by the Chair of the Supervisory Board 
 At least five other members who are elected by the Supervisory Board 
 
Responsibilities 
 Advises the Executive Board on matters of strategic importance to the company and its affiliates 
 Addresses fundamental strategic and business issues, as well as projects important to Deutsche 
Börse Group 
1) Employee representatives. 
 
Strategy and Sustainability Committee 
(from 22 June 2021) 
Members 
Composition 
 Martin Jetter (Chair) 
 Anja Greenwood1 
(since 1 December 2021) 
 Susann Just-Marx1 
(until 17 November 2021) 
 Achim Karle1 
 Peter Sack1 (since 1 December 2021) 
 Carsten Schäfer1 
(until 17 November 2021) 
 Charles Stonehill  
 Chong Lee Tan 
 Chaired by the Chair of the Supervisory Board 
 At least five other members who are elected by the Supervisory Board 
 
Responsibilities 
 Advises the Executive Board on matters of strategic importance to the company and its affiliates 
 Addresses fundamental strategic and business issues and deals with the group’s purpose 
 Deals with sustainable corporate governance and business activities of Deutsche Börse Group in 
the areas environmental, social and governance (ESG) criteria  
 Deals with significant projects for Deutsche Börse Group 
1) Employee representatives. 
 
Technology Committee 
 
Members 
Composition 
 Karl-Heinz Flöther (Chair) 
 Andreas Gottschling  
(since 19 May 2021) 
 Achim Karle1 
 Cornelis Kruijssen1 
(until 17 November 2021) 
 Peter Sack1 (since 1 December 2021) 
 Carsten Schäfer1 
(until 17 November 2021) 
 Charles Stonehill  
 Daniel Vollstedt1 
(since 1 December 2021) 
 Amy Yip (until 19 May 2021) 
 At least four members who are elected by the Supervisory Board 
 
Responsibilities 
 Supports the Supervisory Board in meeting its supervisory duties with respect to the information 
technology used to execute the Group’s business strategy and with respect to information security  
 Advises on IT strategy and architecture  
 Oversees monitoring of technological innovations, the provision of IT services, the technical 
performance and stability of IT systems, operational IT risks, and information security services and 
risks 
1) Employee representatives. 
 
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Chairman’s Committee  
Members 
Composition 
 Martin Jetter (Chair) 
 Nadine Absenger1 
 Markus Beck1 
(since 8 December 2021) 
 Clara-Christina Streit  
 Jutta Stuhlfauth1 
(until 17 November 2021) 
 Chaired by the Chair of the Supervisory Board 
 Deputy Chair of the Supervisory Board as well as one shareholder representative and one 
employee representative who are elected by the Supervisory Board 
 
Responsibilities 
 Time-sensitive affairs 
1) Employee representatives 
 
Mediation Committee  
Members 
Composition 
 Martin Jetter (Chair) 
 Markus Beck1 
(since 8 December 2021) 
 Katrin Behrens1 
(since 8 December 2021) 
 Karl-Heinz Flöther  
 Susann Just-Marx1 
(until 17 November 2021) 
 Jutta Stuhlfauth1 
(until 17 November 2021) 
 Chaired by the Chair of the Supervisory Board 
 Deputy Chairperson of the Supervisory Board as well as one shareholder representative and one 
employee representative each 
 
Responsibilities 
 Tasks and duties pursuant to section 27 (3) MitbestG 
 
1) Employee representatives. 
 
 
Targets for composition and qualification requirements of the Supervisory Board 
In accordance with recommendation C.1 of the Code, the Supervisory Board has adopted a catalogue of 
specific targets concerning its composition that should serve above all as a basis for the nomination of 
future members. These targets are reviewed regularly and adjusted as necessary. They include 
qualification requirements as well as diversity targets. Furthermore, members shall have sufficient time, 
as well as the personal integrity and suitability of character, to exercise their office. In addition, more 
than half the shareholder representatives on the Supervisory Board shall be independent. 
 
In the reporting year, the Supervisory Board, on the recommendation of the Nomination Committee, 
added the following general qualification requirements and confirmed that the targets had been met. The 
Supervisory Board, supported by the Nomination Committee, also examined the targets for the overall 
board and for the individual members and confirmed that they had been met. 
 
Qualification requirements 
Given their knowledge, skills and professional experience, members of the Supervisory Board shall have 
the ability to perform the duties of a supervisory board member in a company with international 
business activities. The Supervisory Board has determined individual (basic) as well as general 
qualification requirements. Basic requirements are derived from the business model, the concrete 
targets, as well as from specific regulations applicable to Deutsche Börse Group. 
 
 
 
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Individual (basic) qualification requirements  
Ideally, each Supervisory Board member holds the following basic qualifications: 
 
 Understanding of commercial issues 
 Analytical and strategic skills 
 Understanding of the corporate governance system 
 Knowledge of the financial services sector 
 Understanding of Deutsche Börse AG’s activities 
 Understanding of Deutsche Börse Group’s structure 
 Understanding of the member’s own position and responsibilities 
 
General qualification requirements 
The general qualifications refer to the Supervisory Board in its entirety. At least two of its members 
should have sound knowledge, especially concerning the following topics: 
 
 Capital markets, business models of stock exchanges and data business 
 Accounting, finance, audit 
 Risk management and compliance 
 Information technology and security, digitalisation 
 Clearing, settlement and custody business 
 Regulatory requirements 
 
The current composition of the Supervisory Board fulfils these criteria concerning the qualification of its 
members. 
 
 
Supervisory Board members’ general qualification requirements 
 
Capital markets, 
business 
models of stock
exchanges and 
data business 
Accounting, 
finance, audit 
Risk 
management 
and 
compliance 
Information 
technology and 
security, 
digitalisation 
Clearing, 
settlement and 
custody 
business 
Regulatory 
requirements 
Martin Jetter (Chair) 
+ 
 
+ 
+ 
 
+ 
Karl-Heinz Flöther 
+ 
+ 
 
+ 
 
 
Andreas Gottschling 
 
+ 
+ 
 
 
+ 
Barbara Lambert 
 
+ 
+ 
+ 
 
+ 
Michael Rüdiger 
+ 
+ 
+ 
 
+ 
+ 
Charles Stonehill 
+ 
 
+ 
+ 
+ 
+ 
Clara-Christina Streit 
+ 
+ 
 
 
+ 
+ 
Chong Lee Tan 
+ 
+ 
 
 
 
 
 
 
 
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Independence of Supervisory Board members 
In accordance with recommendation C.6 of the Code, the Supervisory Board shall be comprised of what 
it considers to be an appropriate number of independent shareholder representatives. The shareholder 
representatives on the Supervisory Board therefore decided that at least half the shareholder 
representatives on the Supervisory Board shall be independent. Supervisory Board members are 
considered to be independent within the meaning of C.6 of the Code if they are independent of the 
company and its Executive Board and independent of any controlling shareholder. In particular, 
Supervisory Board members are no longer to be considered independent if they have a personal or 
business relationship with the company or its Executive Board that may cause a substantial (and not 
merely temporary) conflict of interest. According to recommendation C.7 of the Code, more than half the 
shareholder representatives shall be independent of the company and the Executive Board.  
 
In the opinion of the shareholder representatives on the Supervisory Board, all of them are independent. 
 
 
Diversity concept for the Executive Board and the Supervisory Board 
The diversity concept for the Executive Board and the Supervisory Board, as adopted by the Supervisory 
Board in accordance with section 289f (2) no. 6 HGB, has the objective of ensuring a wide range of 
perspectives and experience through the composition of both bodies. The concept is implemented within 
the scope of selecting and appointing new Executive Board members or regarding proposals for election 
of new Supervisory Board members. 
 
Flexible age limit and term of office 
The Supervisory Board considers the flexible age limit stipulated in the bylaws (generally 70 years) when 
nominating candidates for election by the Annual General Meeting. Furthermore, the Supervisory Board’s 
bylaws provide for a general limitation to members’ maximum term of office to twelve years, which the 
Supervisory Board shall also consider in its nominations of candidates to the Annual General Meeting. 
 
The flexible age limit for members of the Executive Board provides for the term of office to expire at the 
end of the month during which a member reaches the age of 60 years. From the month during which an 
Executive Board member has reached the age of 60, reappointment is permitted for a period of one year 
in each case, provided that the last term of office shall expire at the end of the month during which the 
Executive Board member reaches the age of 65. When appointing members of the Executive Board, the 
Supervisory Board pursues the objective of achieving an optimal composition of the Executive Board 
from the company’s perspective. In this context, experience and industry knowledge, as well as 
professional and personal qualifications, play a major role. Depending on the Executive Board position to 
be filled, it is not just the scope and depth of skills that is decisive, but also whether the specific skills 
are up to date. The flexible age limit has been deliberately worded to preserve the Supervisory Board's 
flexibility in taking decisions on appointments. 
 
At present, no Executive Board member has passed the age limit of 65 years.  
 
 
 
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Theodor Weimer’s term of office as Chairman of Deutsche Börse AG’s Executive Board runs until 
31 December 2024. Theodor Weimer will reach the age of 65 in 2024. Gregor Pottmeyer’s term of 
office as CFO of Deutsche Börse AG was extended until 30 September 2025. Mr Pottmeyer will reach 
the age of 60 in 2022. While maintaining the general rule on a flexible age limit, the Supervisory Board 
decided in view of their long-standing experience and knowledge of the sector and professional and 
personal qualifications, not to renew Mr Weimer’s and Mr Pottmeyer’s term of office solely on an annual 
basis once they reached the age of 60. 
 
Share of women holding management positions 
Deutsche Börse Group is an international company. Working at our company means collaborating with 
colleagues across 69 locations from more than 100 nations. We take pride in the wealth of cultural, 
professional, and personal backgrounds of our colleagues around the globe. We are committed to 
maintaining, supporting, and fostering the diverse and inclusive culture of Deutsche Börse AG across all 
diversity dimensions.  
 
Regulation requires that in this report we especially reflect on a particular aspect of diversity: the share 
of women holding management positions. 
 
As of today, Deutsche Börse AG is already in full compliance with statutory law regarding to the required 
share of women in both the Executive Board and the Supervisory Board. This is as well particularly true 
for the enhanced diversity requirements for the Executive Board introduced in German law in the year 
2021. 
 
30 percent of the shareholder representatives of the Supervisory Board are women and the Supervisory 
Board is determined to further increase this share. 
 
For the Executive Board, the Supervisory Board is alike determined to further increase the share of 
women, while taking the current appointments into consideration. Currently, there is one female member 
on the board. 
 
Future personnel decisions will take this into account. 
 
In detail: With regard to the Supervisory Board, the legally binding gender quota of 30 per cent in 
accordance with section 96 (2) AktG applies. In order to prevent the possible discrimination of either 
shareholder representatives or employee representatives, and in order to increase the planning security 
in the relevant election procedures, the shareholder representatives on the Supervisory Board have 
opposed the overall compliance of the quota in accordance with section 96 (2) (sentence 2) AktG. Thus, 
the minimum proportion of 30 per cent is to be complied with for each gender with regard to the 
shareholder representatives and the employee representatives. Based on the statutory calculation 
method, this means that at least two women and two men from each the shareholder representatives 
and from the employee representatives must be on the Supervisory Board. Currently, there are two 
women from the shareholder representatives and four women from the employee representatives. The 
legally prescribed gender quota is thus complied with.  
 
 
 
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For the Executive Board, the Act to Supplement and Amend the Regulations for the Equal Participation of 
Women in Leadership Positions in the Private and Public Sector (FüPoG II) dated 10 June 2021 has 
introduced a statutory minimum participation requirement. Executive Boards of listed companies with 
more than three Executive Board members are required to have at least one woman and one man on the 
board (sec. 76 para. 3a AktG (new version)). This statutory minimum participation requirement replaces 
the obligation of companies to set a legally non-binding target quota. Although FüPoG II grants a grace 
period for compliance with the enhanced rules Deutsche Börse AG does already fulfil the new statutory 
requirement and does also report in accordance with section 289f para. 2 no. 5a HGB (new version). 
 
In accordance with previous legal standards, Deutsche Börse AG’s Supervisory Board had defined a 
target quota for women on the Executive Board in accordance with section 111 (5) AktG (old version). 
The first minimum target – 20 per cent of the Executive Board members were to be women – was 
complied with by the end of the implementation period on 30 June 2017. The quota of women on the 
Executive Board was 20 per cent at this time. Effective 1 July 2017, the Supervisory Board decided to 
extend the 20 per cent target quota of women on the Executive Board until 31 December 2021. This 
quota, however, declined due to the increase of the Executive Board to six members as of 1 July 2018, 
despite the fact that the actual number of women on the Executive Board did not change. The quota of 
women on the Executive Board on 31 December 2021 was 16.7 per cent. 
 
International profile 
The composition of the Executive Board and the Supervisory Board shall reflect the company’s 
international activities. With Barbara Lambert, Charles Stonehill, Clara-Christina Streit and Chong Lee 
Tan, there are four shareholder representatives on the Supervisory Board who are not or not exclusively 
German citizens. Cornelis Kruijssen, employee representative on the Supervisory Board until 
17 November 2021, has Dutch nationality. In addition, many of the members of the Supervisory Board 
have long-term professional experience in the international field or are working abroad on a permanent 
basis. The Supervisory Board will therefore continue to meet the objectives concerning its international 
composition.  
 
The same applies to the Executive Board, where Stephan Leithner holds non-German citizenship, and 
whose members have gained long-standing international working experience as well. 
 
Educational and professional background 
The Supervisory Board has set itself the objective of considering an appropriate range of educational and 
professional backgrounds regarding its own composition, as well as regarding the composition of the 
Executive Board. The composition of both the Supervisory Board and the Executive Board reflect these 
objectives. In addition to possessing professional experience in the financial services industry, members 
of the Executive Board and the Supervisory Board also have a professional background in consultancy, 
the IT sector, auditing, administration and regulation. In terms of academic education, most members 
have business, economics or legal degrees, in addition to backgrounds in IT, engineering and other 
areas. Education and professional experience thus also contribute to fulfilling the previously mentioned 
qualification requirements for Supervisory Board members. 
 
 
 
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The composition of both Deutsche Börse AG’s Supervisory Board and Executive Board is in line with the 
objectives stated above. Please refer to www.deutsche-boerse.com > Investor Relations > Corporate 
Governance > Supervisory Board for further information concerning the members of the Supervisory 
Board and its committees. For further information concerning the members of the Executive Board, 
please see www.deutsche-boerse.com > Investor Relations > Corporate Governance > Executive Board. 
 
Preparing the election of a shareholder representative to the Supervisory Board 
The Supervisory Board's Nomination Committee – whose task it is to propose suitable candidates to the 
Supervisory Board for its proposal to the Annual General Meeting – has discussed the matter of a 
successor to Karl-Heinz Flöther, who is expected to leave the Supervisory Board in May 2022. Mr 
Flöther decided to step down because he will then have been a Supervisory Board member for ten years 
since 16 May 2012. 
 
When selecting appropriate candidates, the committee has taken into account the above criteria. After 
screening and holding several interviews with the candidates, the Nomination Committee has decided to 
propose Shannon A. Johnston to the Supervisory Board as the candidate for election at the Annual 
General Meeting. 
 
Further information about the candidate including a CV will be published with the invitation to the 
ordinary Annual General Meeting of Deutsche Börse AG on 18 May 2022 and can also be found before 
the AGM at www.deutsche-boerse.com > Investor Relations > Annual General Meeting. 
 
Training and professional development measures for members of the Supervisory Board 
As a matter of principle, Supervisory Board members are responsible for their continuing professional 
development. Deutsche Börse AG follows recommendation D.12 of the Code and the guidelines of the 
European Securities and Markets Authority (ESMA) on management bodies of market operators and data 
reporting services providers, and supports Supervisory Board members in this endeavour. For example, it 
organises targeted introductory events for new Supervisory Board members and workshops on selected 
strategy issues as well as on professional topics. In addition to one strategy and two technology 
workshops, the Supervisory Board held a workshop on risk and compliance matters in the reporting 
period. In individual cases, Deutsche Börse AG assumes the costs incurred for third-party training, as 
part of its own training programme “Qualified Supervisory Board” for Supervisory Board members, for 
instance. 
 
Examination of the effectiveness of Supervisory Board work 
Deutsche Börse AG regards regular reviews of the effectiveness of Supervisory Board work – in 
accordance with recommendation D.13 of the Code – as a key component of good corporate 
governance. The annual self-assessment is supported by an external service provider every third year, 
most recently in 2019. The 2021 effectiveness examination was completed in the third quarter by 
means of a structured questionnaire and focusing on the tasks and composition of the Supervisory 
Board, co-operation between Supervisory Board members and between the Executive Board and the 
Supervisory Board, Supervisory Board meetings and Supervisory Board committees. In the reporting 
year the questionnaire was expanded to include current topics regarding ESG criteria in the work of the 
Supervisory Board, the format of meetings, conference technology and attendance fees. The review 
yielded positive results, both in terms of overall effectiveness as well as regarding the audited subject 
areas. Where it identifies room for improvement, optimising proposals were discussed by the Supervisory 
Board and measures for their execution implemented.  
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In 2020 the Supervisory Board discussed the efficiency of its work at the initiative of the newly elected 
Supervisory Board Chair Martin Jetter. Under his leadership the members of the Steering Committee, the 
Chair of the Audit Committee and the Chair of the Risk Committee developed concrete measures to 
increase the time available to individual Supervisory Board members for exercising their advisory 
function on business and strategy-related topics. A review of how the corresponding organisational 
measures had been implemented showed that they had largely been put into practice. 
 
Long-term succession planning for the Executive Board 
Together with the Executive Board, the Supervisory Board ensures that long-term succession planning 
takes place. For this purpose the Supervisory Board, or its Nomination Committee, regularly – at least 
once a year – concerns itself with potential candidates for the Executive Board. The Chair of the 
Executive Board is involved in these considerations, provided that the discussions do not refer to their 
own succession. The Supervisory Board prepares an applicant profile for vacant Executive Board 
positions. The Supervisory Board takes care to ensure that the knowledge, expertise and experience of 
all Executive Board members is diverse and well balanced, and adheres to the adopted diversity concept. 
Moreover, the Supervisory Board ensures it is informed regularly about the succession planning at the 
first level beneath the Executive Board, and provides advice to the Executive Board in this regard. 
 
Target figures for the proportion of female executives beneath the Executive Board 
Deutsche Börse AG’s Executive Board has defined target quotas for women on the two management 
levels beneath the Executive Board, in accordance with section 76 (4) AktG, in each case referring to 
Deutsche Börse AG. By 31 December 2021, the proportion of women holding positions in the first and 
second management levels beneath the Executive Board was planned to reach 15 per cent and 20 per 
cent, respectively. As of 31 December 2021, the share of women holding positions on the first and 
second management levels beneath the Executive Board at Deutsche Börse AG in Germany was 14 per 
cent and 22 per cent, respectively. 
 
Moreover, the Executive Board had adopted a voluntary commitment to Group-wide increase in the share 
of women holding management positions (first three management levels below the Executive Board) to 
20 per cent by 31 December 2021, and of women holding lower management positions to 30 per cent 
during the same period. This voluntary commitment in fact went further than the statutory obligation. 
Firstly, the target figures determined in this context relate to Deutsche Börse Group worldwide. Secondly, 
the definition of management levels/positions was expanded to include heads of teams, for example. On 
a global level, as at 31 December 2021, these quotas stood at 21 per cent for upper management levels 
and 30 per cent for lower management positions. 
 
 
 
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Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
116
Shareholder representation, transparent reporting and communication 
Shareholders exercise their rights at the Annual General Meeting (AGM). In the spirit of good corporate 
governance, Deutsche Börse AG aims to make it as easy as possible for shareholders to exercise their 
shareholder rights. For instance, Deutsche Börse AG shareholders may follow the AGM over the internet 
and can be represented at the AGM by proxies nominated by Deutsche Börse AG. These proxies exercise 
voting rights solely in accordance with shareholders’ instructions. Additionally, shareholders may exercise 
their voting rights by post or online. Among other things, the AGM elects the shareholder representatives 
to the Supervisory Board and decides on formal approval for the actions of the Executive Board and the 
Supervisory Board. It also passes resolutions on the appropriation of the unappropriated surplus, 
resolves on capitalisation measures and approves intercompany agreements and amendments to 
Deutsche Börse AG’s Articles of Association and appoints the external auditors. Ordinary AGMs – at 
which the Executive Board and the Supervisory Board give an account for the past financial year – take 
place once a year. 
 
In view of the ongoing effects of the COVID-19 pandemic the Executive Board decided in agreement with 
the Supervisory Board to hold the Annual General Meeting once again as a virtual event in the reporting 
year, without the physical presence of shareholders or their proxies as provided for by section 1 (2) 
sentence 1 (6) Gesetz über Maßnahmen im Gesellschafts-, Genossenschafts-, Vereins-, Stiftungs- und 
Wohnungseigentumsrecht zur Bekämpfung der Auswirkungen der COVID-19-Pandemie (Act on 
Measures in Corporate, Cooperative, Association, Foundation and Residential Property Law to Combat 
the Effects of the COVID-19 pandemic) (extended and amended by Art. 11 of the Act of 22 December 
2020, BGBl. I p. 3332). Shareholders were able to follow the entire Annual General Meeting live online 
and exercise their voting rights by means of postal voting or appointing the company proxies. 
Additionally, the company voluntarily published the speeches by the Chairs of the Executive Board and 
Supervisory Board ahead of the Annual General Meeting, enabling shareholders to submit questions 
about them in advance too. Questions could be submitted to the company electronically up to one day 
before the Annual General Meeting and were answered in full during the meeting. 
 
Additional new functions were also offered in the reporting year to make the virtual AGM more 
interactive. Here Deutsche Börse AG goes well beyond the minimum statutory requirements in the spirit 
of transparency and communication with our shareholders. Shareholders had the opportunity to address 
any further questions to the company during the AGM by using electronic communications technology. 
The company also gave shareholders or their proxies the opportunity to comment on the agenda 
beforehand, in writing or by video message.  
 
To maximise transparency and ensure equal access to information, Deutsche Börse AG’s corporate 
communications generally follow the rule that all target groups should receive all relevant information 
simultaneously. Deutsche Börse AG’s financial calendar informs shareholders, analysts, shareholders’ 
associations, the media and interested members of the public of key events such as the date of the 
AGM, or publication dates for financial performance indicators. 
 
 
 
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Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
117
Ad hoc disclosures, information on directors’ dealings and voting rights notifications, corporate reports 
and interim reports, and company news can all be found on Deutsche Börse's website www.deutsche-
boerse.com. Deutsche Börse AG provides information about its annual and consolidated financial 
statements as well as interim reports in conference calls for analysts and investors. Furthermore, a 
regular investor day is held and Deutsche Börse continuously outlines its strategy and business 
developments to everyone who is interested, abiding by the principle that all target groups worldwide 
must be informed at the same time. 
 
Additionally, Deutsche Börse AG submitted a COP for 2021 to the UN Global Compact. Good corporate 
governance is one of Deutsche Börse Group’s core concerns. The Group has complied with the Global 
Compact’s principles for many years. Public records of this have been available since the company 
officially joined the initiative in 2009: www.deutsche-boerse.com > Sustainability > Our ESG profile > 
Global initiatives > UN Global Compact. 
 
Accounting and auditing 
Deutsche Börse AG’s annual report provides shareholders and interested members of the public with 
detailed information on Deutsche Börse Group’s business performance during the reporting period. 
Additional information is published in its half-yearly financial report and two quarterly statements. The 
annual financial statement documents and the annual report are published within 90 days of the end of 
the financial year (31 December); intra-year financial information (half-yearly financial report and 
quarterly statements) is made available within 45 days of the end of the relevant quarter or six-month 
period. Following preparations by the Audit Committee, the annual and consolidated financial statements 
are discussed by the entire Supervisory Board and with the external auditors, examined, and then 
approved. The Executive Board discusses the half-yearly report and the quarterly statements for the first 
and third quarters with the Supervisory Board’s Audit Committee prior to their publication. The half-
yearly financial report is reviewed by the external auditors. 
 
Following an extensive selection process by the Supervisory Board, the Annual General Meeting 2021 
elected PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, (PwC) as 
the new auditors for the annual and consolidated financial statements 2021 and for the auditor’s review 
of the half-yearly financial report in the reporting year. PwC was also engaged to perform a review of the 
contents of the remuneration report during the 2021 financial year. The auditors responsible are Marc 
Billeb and Dr Michael Rönnberg. The Supervisory Board’s proposal was based on a corresponding 
recommendation by the Audit Committee, which had obtained the necessary statement of independence 
from PwC before the election. This states that there are no personal, business, financial or other 
relationships between the auditor, its governing bodies and audit managers on the one hand, and the 
company and the members of its Executive and Supervisory Boards on the other, that could give cause 
to doubt the auditor’s independence. The Audit Committee checked that this continued to be the case 
during the reporting period. It also oversaw the financial reporting process in 2021. The Supervisory 
Board was informed in a timely manner of the committee’s work and the insights gained; there were no 
material findings. Information on audit services and fees is provided in “Note 6 to the consolidated 
financial statements”. 
 
 
 
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Executive and Supervisory Boards 
Management report | Deutsche Börse AG (disclosures based on HGB)  
Financial statements and notes 
Remuneration Report 
Further information 
118
16. Deutsche Börse AG (disclosures based on HGB) 
The annual financial statements of Deutsche Börse AG are prepared in accordance with the provisions of 
the German Commercial Code (Handelsgesetzbuch, HGB) and the supplementary provisions of the 
German Stock Corporation Act (Aktiengesetz, AktG) and are the underlying basis for the explanations 
that follow. 
 
 
Business and operating environment 
General position 
Deutsche Börse AG is the parent company of Deutsche Börse Group. The parent company’s business 
activities include first and foremost the cash and derivatives markets, which are reflected in the Eurex 
(financial derivatives) and Xetra (cash equities) segments. Deutsche Börse AG also operates essential 
parts of Deutsche Börse Group’s information technology. The development of Deutsche Börse Group’s 
Clearstream (post-trading) segment is reflected in Deutsche Börse AG’s business development, primarily 
due to the profit and loss transfer agreement with Clearstream Holding AG. Contributions from the IFS 
(investment fund services) segment of Deutsche Börse Group, in contrast, play a lesser role for Deutsche 
Börse AG. Despite this, the business and the operating environment of Deutsche Börse AG are 
essentially the same as those of Deutsche Börse Group. They are described in the section 
“Macroeconomic and sector-specific environment”. 
 
Deutsche Börse AG’s course of business in the reporting period 
Deutsche Börse AG’s revenues fell by 5.0 per cent in the 2021 financial year, which was in line with the 
company’s expectations. By contrast, total costs (staff costs, amortisation of intangible assets and 
depreciation of property, plant and equipment and other operating expenses) rose by 4.8 per cent. Net 
profit was down by 18.8 per cent compared with the previous year. Low market volatility and thus lower 
activity among market participants led to cyclical headwinds in the trading-related segments (Eurex and 
Xetra). In the previous reporting year, dividend income also included non-recurring positive effects. 
Based on these developments, the Executive Board of Deutsche Börse AG assesses the development in 
financial year 2021 in context as solid. 
 
 
Performance figures for Deutsche Börse AG 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Sales revenue 
1,485.0
1,563.3
– 5.0
Total costs 
1,003.8
957.7
4.8
Net income from equity investments 
652.5
765.2
– 14.7
EBITDA 
1,233.9
1,470.2
– 16.1
Net profit for the period 
943.3
1,161.9
– 18.8
Earnings per share (€)1 
5.14
6.33
– 18.8
 
 
1) Calculation based on weighted average of shares outstanding
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Deutsche Börse AG (disclosures based on HGB)  
Financial statements and notes 
Remuneration Report 
Further information 
119
Results of operations of Deutsche Börse AG 
Deutsche Börse AG’s net revenue decreased by 5.0 per cent in 2021 to €1,485.0 million (2020: 
€1,563.3 million). At €922.7 million, the largest contribution to revenue came from the Eurex (financial 
derivatives) segment (2020: €1,017.7 million). The breakdown of revenue by company segment is 
provided in the “Sales revenue by segment” table. The “Sales revenue by geographical region” table 
shows the distribution of sales by geographical regions. 
 
For more information on the development of the Eurex (financial derivatives) segment, please refer to 
the “Eurex (financial derivatives) segment” section.  
 
The revenue contributed by the EEX (commodities) and 360T (foreign exchange) segments is generated 
mainly by IT services. Therefore, the explanations in the “EEX (commodities) segment” and “360T 
(foreign exchange) segment” sections relate only indirectly to Deutsche Börse AG. The result of 
operations for the Qontigo segment (index and analytics business) is presented in the section “Qontigo 
segment (index and analytics business). It should be noted that the business development of the 
STOXX Ltd. subsidiary does not directly impact upon the business performance of Deutsche Börse AG. 
Comments on the business development in the Xetra (cash equities) segment can largely be found in 
the “Xetra (cash equities) segment” section. Revenue attributable to the Clearstream (post-trading) and 
IFS (investment fund services) segments result from the IT services Deutsche Börse AG provides to 
companies belonging to the Clearstream Holding subgroup.  
 
Other operating income went down to €39.8 million during the year under review (2020: €50.4 
million). 
 
Income for financial year 2021 includes transfer income of €256.3 million from other companies in the 
Group (2020: €232.8 million). 
 
The company’s total costs of €1,003.8 million were up 4.8 per cent year-on-year (2020: €957.7 
million). For a breakdown, please refer to the table “Overview of total costs”. Staff costs rose by 6.3 per 
cent year-on-year during the year under review, to €258.4 million (2020: €243.1 million). The higher 
staff costs are mainly due to the increase in the number of employees. Staff numbers increased from an 
average of 1,572 in the prior year to 1,664 in the 2021 financial year.  
  
Amortisation of intangible assets and depreciation of property, plant and equipment increased to a total 
of €65.1 million in the year under review (2020: €63.2 million).  
 
Other operating expenses were up 4.4 per cent year-on-year, to €680.3 million (2020: €651.4 million).  
 
Total expenses for 2021 include €347.4 million in internal Group transfer expenses (2020: 
€333.7 million). 
 
Deutsche Börse AG’s result from equity investments for the 2021 financial year totalled €652.5 million 
(2020: €765.2 million). Among others, it consisted of dividend income of €298.1 million (2020: 
€348.2 million) and income from the transfer of profits of €349.4 million (2020: €401.4 million). 
 
 
 
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Executive and Supervisory Boards 
Management report | Deutsche Börse AG (disclosures based on HGB)  
Financial statements and notes 
Remuneration Report 
Further information 
120
Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to €1,233.9 million (2020: 
€1,470.2 million). Net profit for the period amounted to €943.3 million, a fall of 18.8 per cent (2020: 
€1,161.9 million). 
 
 
Sales revenue by segment 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Eurex (financial derivatives) 
922.7
1,017.7
– 9.3
EEX (commodities) 
22.1
18.2
21.4
360T (foreign exchange) 
0.7
0.6
16.7
Xetra (securities trading) 
384.6
387.3
– 0.7
Clearstream (post-trading) 
122.3
111.9
9.3
IFS (investment fund services) 
26.7
23.7
12.7
Qontigo (index and analytics business) 
5.9
3.9
51.3
Total 
1,485.0
1,563.3
– 5.0
 
 
Sales revenue by geographical regions 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Germany 
478.4
468.3
0.6
Other European Union 
480.5
517.6
– 2.4
Other Europe 
424.9
478.7
– 3.4
America 
92.5
92.0
0.0
Asia/Pacific 
8.7
6,7
0.1
Total 
1,485.0
1,563.3
– 5.0
 
 
Overview of total costs 
 
2021 
2020 
Change 
 
€m 
€m 
% 
Staff costs 
258.4
243.1
6.3
Depreciation and amortisation 
65.1
63.2
3.0
Other operating expenses 
680.3
651.4
4.4
Total 
1,003.8
957.7
4.8
 
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Deutsche Börse AG (disclosures based on HGB)  
Financial statements and notes 
Remuneration Report 
Further information 
121
Development of profitability 
Deutsche Börse AG’s return on equity expresses the ratio of net income after taxes to average equity 
available to the company during the course of 2021. Return on equity declined from 37.5 per cent in 
2020 to 26.2 per cent in the year under review. 
 
Financial position of Deutsche Börse AG 
As at 31 December 2021, cash and cash equivalents amounted to €215.5 million 
(2020: €518.4 million). This includes balances on current accounts, fixed-term deposits and other 
short-term investments, whereby the bulk is held in cash. 
 
Deutsche Börse AG has external credit lines available of €600.0 million (2020: €605.0 million), which 
were unused as at 31 December 2021. Moreover, the company has a commercial paper programme in 
place, which allows for flexible and short-term financings of up to €2.5 billion, in various currencies. 
Commercial paper with a nominal value of €801.0 million (2020: €0.0 million) was in circulation at 
year-end. 
 
Through a Group-wide cash-pooling system, Deutsche Börse AG ensures an optimum allocation of 
liquidity throughout Deutsche Börse Group; in this way, the parent entity makes sure that all subsidiaries 
are in a position to honour their payment obligations at any time.  
 
Deutsche Börse AG has issued three corporate bonds with a nominal value of €600 million each and 
three corporate bonds with a nominal value of €500 million each. For more details concerning these 
bonds, please refer to the “Financial position” section.  
 
In the 2021 financial year, Deutsche Börse AG generated cash flow from operating activities of €906.7 
million (2020: €889.9 million).  
 
Cash flow from investing activities amounted to €–2,978.6 million (2020: €–366.9 million). The 
decline is related particularly to the investments made in the reporting year. The equity investments in 
Institutional Shareholder Services Inc. increased by €1,665.4 million, in Clearstream Fund Centre AG by 
€735.2 million and in Crypto Finance AG by €132.1 million. 
 
Cash flow from financing activities amounted to €1,261.9 million in the year under review (2020: 
€– 521.5 million). A dividend of €550.6 million was paid for the 2020 financial year. It was offset by 
the issue of bonds with a nominal value of €1,000 million and commercial paper with a nominal value 
of €801 million. Cash and cash equivalents amounted to €–761.2 million as of the reporting date 
31 December 2021 (2020: €48.8 million). It is made up of liquid funds of €215.5 million (2020: 
€518.4 million), less cash-pooling liabilities of €976.6 million (2020: €469.6 million).  
 
 
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Deutsche Börse AG (disclosures based on HGB)  
Financial statements and notes 
Remuneration Report 
Further information 
122
Cash flow statement (condensed) 
 
2021 
2020 
 
€m 
€m 
Cash flow from operating activities 
906.7
889.9
Cash flow from investing activities 
– 2,978.6
– 366.9
Cash flow from financing activities 
1,261.9
– 521.5
Cash and cash equivalents as at 31 December 
– 761.2
48.8
 
Assets of Deutsche Börse AG 
As at 31 December 2021, the non-current assets of Deutsche Börse AG amounted to €8,559.5 million  
(2020: €5,672.4 million). At €7,842.1 million, most of the non-current assets consisted of shares in 
affiliated companies (2020: €5,309.3 million), mainly the investments in Clearstream Holding AG, 
Institutional Shareholder Services, Inc., Clearstream Fund Centre AG, 360 Treasury Systems AG, Eurex 
Frankfurt AG and Qontigo GmbH.  
 
Deutsche Börse AG’s investments in intangible assets and property, plant and equipment totalled 
€61.5 million during the year under review (2020: €61.4 million), unchanged year-on-year. 
Depreciation and amortisation in 2021 amounted to €65.1 million (2020: €63.2 million).  
 
Receivables from and liabilities to affiliated companies include invoices for intra-Group services and 
amounts invested by Deutsche Börse AG within the scope of cash-pooling arrangements. The receivables 
from affiliated companies relate to invoices for intra-Group services, but primarily to Clearstream Holding 
AG for the company’s profit transfer of €349.4 million. Liabilities to affiliated companies resulted mainly 
from cash-pooling amounting to €976.5 million (2020: €469.6 million) and trade liabilities of 
€48.8 million (2020: €135.3 million). 
 
Working capital amounted to €–1,852.1 million in 2021 (2020: €–249.6 million). The change is 
mainly due to higher liabilities under cash-pooling agreements and the issue of commercial paper. 
 
 
Non-current assets (condensed) 
 
2021 
2020 
 
€m 
€m 
Intangible assets 
116.8
109.2
Property, plant and equipment 
72.1
83.2
Financial assets 
8,370.6
5,480.0
Non-current assets as at 31 December 
8,559.5
5,672.4
 
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Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Deutsche Börse AG (disclosures based on HGB)  
Financial statements and notes 
Remuneration Report 
Further information 
123
Deutsche Börse AG employees 
The number of employees (as defined by HGB)11 at Deutsche Börse AG rose by 50 in the reporting year 
and totalled 1,686 as at 31 December 2021 (31 December 2020: 1,636). The average number of 
employees at Deutsche Börse AG in the 2021 financial year was 1,664 (2020: 1,572). 
 
During the 2021 financial year, 86 employees left Deutsche Börse AG, resulting in a staff turnover rate 
of 5 per cent. 
 
On 31 December 2021, Deutsche Börse AG had employees at six locations around the world. 
Information on the countries, regions, the employees’ age structure and length of service are provided in 
the tables that follow. 
 
 
Employees per country/region 
 
31 Dec 2021 
% 
Germany 
1,658
98.3
Great Britain 
15
0.9
France 
8
0.5
Other European countries 
3
0.2
Asia 
2
0.1
Total Deutsche Börse AG 
1,686
100
    
 
Age structure of employees 
 
 
 
31 Dec 2021 
% 
Under 30 years 
193
11.5
30−39 years 
558
33.1
40−49 years 
418
24.8
More than 50 years 
517
30.6
Total Deutsche Börse AG 
1,686
100
    
 
Employee length of service 
 
31 Dec 2021 
% 
Under 5 years 
710
42.1
5−15 years 
539
32.0
More than 15 years 
437
25.9
Total Deutsche Börse AG 
1,686
100
 
 
 
 
 
 
 
11 Employees do not include the company’s legal representatives, apprentices and employees on parental leave. 
 
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Executive and Supervisory Boards 
Management report | Deutsche Börse AG (disclosures based on HGB)  
Financial statements and notes 
Remuneration Report 
Further information 
124
Remuneration report of Deutsche Börse AG 
The principles governing the structure and design of the remuneration system at Deutsche Börse AG are 
the same as those for Deutsche Börse Group, so reference is made to the “Remuneration report” which 
will be published alongside with the annual report.  
 
Corporate governance statement in accordance with to section 289f HGB 
The corporate governance statement in accordance with section 289f HGB is the same as that for 
Deutsche Börse Group. Reference is therefore made to the section “Corporate governance statement”. 
 
Opportunities and risks facing Deutsche Börse AG 
The opportunities and risks of Deutsche Börse AG and the activities and processes to manage these are 
largely the same as for Deutsche Börse Group, so reference is made to the “Risk management” and the 
“Report on opportunities”. As a rule, Deutsche Börse AG shares the opportunities and risks of its equity 
investments and subsidiaries in accordance with its equity interest. Risks that could potentially threaten 
the existence of the Eurex Clearing AG subsidiary would also have a direct influence on Deutsche Börse 
AG based on a letter of comfort issued by Deutsche Börse AG. As of the reporting date, there were no 
risks jeopardising the company’s existence. Further information on the letter of comfort issued to Eurex 
Clearing AG is available in the section “Other financial obligations and off-balance sheet transactions” in 
the notes to the annual financial statements of Deutsche Börse AG. 
The description of the internal control system (ICS), required by section 289 (4) HGB, is provided in 
the “Risk management” section. 
 
 
Forecast for Deutsche Börse AG 
The expected developments in Deutsche Börse AG’s business are largely subject to the same factors as 
those influencing Deutsche Börse Group. However, Deutsche Börse AG's sales revenue is significantly 
influenced by the trading-related segments Eurex and Xetra. These are mainly generated by passing on 
revenue via Eurex Frankfurt AG (EFAG) and Eurex Clearing AG (ECAG) (so-called 
“Betriebsführungskonstrukt”).  
Against the background of new transfer pricing (TP) rules (applicable as of 1 January 2022), 
comprehensive transfer pricing analysis for the Eurex business was undertaken in the second  half of 
2021. The analysis showed that the transfer pricing set-up used for the Eurex business can be 
maintained in principle. However certain adjustments (TP adjustments) are necessary: 
 Increase of EFAG’s and ECAG’s cost+ plus margin for operation of the Eurex business to 13 per cent 
(so far 7 per cent) and pay additional returns for product development activities and ECAG’s risk 
bearing capital;  
 introduction of a dynamic profit split mechanism between DBAG and EGAG reflecting the Eurex 
revenues derived from the Swiss and German customer base, respectively. 
 
 
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Financial statements and notes 
Remuneration Report 
Further information 
125
As a result of the TP adjustments EFAG and ECAG shall receive a higher remuneration for operation of 
the Eurex business from financial year (FY) 2022 onwards. The remaining Eurex profits (after 
compensation of EFAG and ECAG) shall be split between DBAG and EGAG at an expected distribution 
key of 88/12 (instead of 85/15 applied in previous FY). This will have a negative impact on EBITDA for 
the periods from 2022 onwards. Compared with the reporting year, this is expected to have a negative 
effect of approximately €26 million on Deutsche Börse AG’s EBITDA in 2022. 
Additional factors influencing Deutsche Börse AG’s future results of operations are income from 
investments in affiliated companies and income from profit and loss transfer agreements. 
Deutsche Börse AG expects sales revenue to grow to approximately €1.60 billion and EBITDA to grow to 
approximately €1.25 billion in 2022. 
Further disclosures on Deutsche Börse AG are provided in the “Report on expected developments”. 
 
 
17. Takeover-related disclosures 
 
Disclosures in accordance with sections 289a sentence 1 and 315a sentence 1 of the German 
Commercial Code (HGB) and explanatory notes 
Deutsche Börse AG makes the following disclosure in accordance with sections 289a sentence 1 and 
315a sentence 1 of the German Commercial Code (HGB) as at 31 December 2021: 
 
The share capital of Deutsche Börse AG amounted to €190.0 million on the above-mentioned reporting 
date and was composed of 190 million no-par value registered shares. There are no other classes of 
shares besides these ordinary shares. 
 
The share capital has been contingently increased by up to €17.8 million by issuing up to 17.8 million 
no-par value registered shares (contingent capital 2019). The contingent capital increase will only be 
implemented to the extent that holders of convertible bonds or of warrants attaching to bonds with 
warrants issued by the Company or by a Group company in the period until 7 May 2024 on the basis of 
the authorisation granted to the Executive Board by resolution of the Annual General Meeting of 8 May 
2019 on Item 8 (b) of the agenda exercise their conversion or option rights, that they meet their 
conversion or option obligations, or that shares are tendered, and no other means are used to settle such 
rights or obligations. More details can be found in Article 4 (7) of the Articles of Association of Deutsche 
Börse AG. 
 
The Executive Board is only aware of those restrictions on voting rights that arise from Aktiengesetz 
(AktG, German Stock Corporation Act). Those shares affected by section 136 AktG are therefore 
excluded from voting rights. Furthermore, shares held by Deutsche Börse AG as treasury shares are 
exempted from the exercise of any rights according to section 71b AktG.  
 
Under Wertpapierhandelsgesetz (WpHG, German Securities Trading Act), any investor whose 
shareholding reaches, exceeds or falls below specified voting right thresholds as a result of purchase, 
sale or any other transaction is required to notify the company and Bundesanstalt für 
Finanzdienstleistungsaufsicht (BaFin, German Federal Financial Supervisory Authority). The lowest 
threshold for this disclosure requirement is 3 per cent. Deutsche Börse AG is not aware of any direct or 
indirect equity interests in its capital exceeding 10 per cent of the voting rights. 
 
 
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Financial statements and notes 
Remuneration Report 
Further information 
126
 
There are no shares with special provisions granting the holder control rights. 
 
Employees holding shares in Deutsche Börse AG exercise their rights in the same way as other  
shareholders in accordance with the statutory provisions and the Articles of Association.  
 
Members of the Executive Board are appointed and dismissed in accordance with sections 84 and 85 
AktG and with Article 6 of the Articles of Association of Deutsche Börse AG. Amendments to the Articles 
of Association of Deutsche Börse AG are adopted by resolution of the Annual General Meeting in 
accordance with section 119 (1) No. 6 AktG. Under Article 12 (4) of the Articles of Association of 
Deutsche Börse AG, the Supervisory Board has the power to make changes to the Articles of Association 
that relate to the wording only. In accordance with Article 18 (1) of the Articles of Association of 
Deutsche Börse AG, resolutions of the Annual General Meeting are passed by a simple majority of the 
votes cast, unless otherwise required by AktG. Insofar as AktG additionally prescribes a majority of the 
share capital represented at the time of a resolution, a simple majority of the share capital represented is 
sufficient where this is legally permissible. 
 
Subject to the approval of the Supervisory Board, the Executive Board is authorised to increase the share 
capital by up to a total of €19.0 million on one or more occasions in the period up to 18 May 2026 by 
issuing new no-par value registered shares in exchange for cash and/or non-cash contributions 
(authorised capital I). Shareholders must be granted pre-emptive rights. However, subject to approval by 
the Supervisory Board, the Executive Board may exclude shareholders’ pre-emptive rights with respect to 
fractional amounts. However, according to the authorisation, the Executive Board may only exclude 
shareholders’ pre-emptive rights if the total number of shares that are issued during the term of 
authorisation and that exclude shareholders’ pre-emptive rights does not exceed 10 per cent of the share 
capital. Full authorisation, and particularly the conditions under which shareholders’ pre-emptive rights 
can be excluded, is derived from Article 4 (3) of the Articles of Association of Deutsche Börse AG. 
 
The Executive Board is also authorised to increase the share capital by up to a total of €19.0 million on 
one or more occasions in the period up to 18 May 2025, subject to the approval of the Supervisory 
Board, by issuing new no-par value registered shares against cash and/or non-cash contributions 
(authorised capital II). Shareholders must be granted pre-emptive rights, which the Executive Board can 
exclude in certain cases, subject to the approval of the Supervisory Board in each case. The Executive 
Board is authorised to exclude shareholders’ pre-emptive rights: (1) in the case of cash capital increases, 
provided that the issue price of the new shares is not significantly lower than the quoted price, and the 
total number of shares issued under exclusion of shareholders’ pre-emptive rights does not exceed 10 
per cent of the share capital; (2) in the case of physical capital increases in exchange for non-cash 
contributions for the purpose of acquiring companies, parts of companies, interests in companies, or 
other assets; or (3) with respect to fractional amounts. However, according to the authorisation, the 
Executive Board may only exclude shareholders’ pre-emptive rights if the total number of shares that are 
issued during the term of authorisation and that exclude shareholders’ pre-emptive rights does not 
exceed 10 per cent of the share capital. The full authorisation, and particularly the conditions under 
which shareholders’ pre-emptive rights can be excluded, is derived from Article 4 (4) of the Articles of 
Association of Deutsche Börse AG. 
 
 
 
 
145

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Takeover-related disclosures  
Financial statements and notes 
Remuneration Report 
Further information 
127
In addition, the Executive Board is authorised to increase the share capital by up to a total of 
€19.0 million on one or more occasions in the period up to 18 May 2024, subject to the approval of the 
Supervisory Board, by issuing new no-par value registered shares in exchange for cash contributions 
(authorised capital III). Shareholders must be granted pre-emptive rights, which the Executive Board can 
exclude, subject to the approval of the Supervisory Board, only for fractional amounts. However, 
according to the authorisation, the Executive Board may only exclude shareholders’ pre-emptive rights if 
the total number of shares that are issued during the term of authorisation and that exclude 
shareholders’ pre-emptive rights does not exceed 10 per cent of the share capital. The exact content of 
this authorisation is derived from Article 4 (5) of the Articles of Association of Deutsche Börse AG. 
 
Furthermore, the Executive Board is authorised to increase the share capital by up to a total of 
€6.0 million on one or more occasions in the period up to 16 May 2022, subject to the approval of the 
Supervisory Board, by issuing new no-par value registered shares against cash and/or non-cash 
contributions (authorised capital IV). Shareholders must be granted pre-emptive rights unless the 
Executive Board makes use of the authorisation granted to it to exclude such rights, subject to the 
approval of the Supervisory Board. The Executive Board is authorised to exclude shareholders’ pre-
emptive rights for fractional amounts with the approval of the Supervisory Board. However, according to 
the authorisation, the Executive Board may only exclude shareholders' pre-emptive rights if the total 
number of shares issued during the term of the authorisation, excluding pre-emptive rights, does not 
exceed 20 per cent of the share capital. The full authorisation is derived from Article 4 (6) of the Articles 
of Association of Deutsche Börse AG. 
 
The Executive Board is authorised to purchase treasury shares up to 10 per cent of the share capital. 
However, the acquired shares, together with any treasury shares acquired for other reasons that are held 
by the company or attributed to it in accordance with sections 71a et seq. AktG, may at no time exceed 
10 per cent of the company’s share capital. The authorisation to acquire treasury shares is valid until 7 
May 2024 and may be exercised by the company in full or in part on one or more occasions. However, 
it may also be exercised by dependent companies, by companies in which Deutsche Börse AG holds a 
majority interest or by third parties on its or their behalf. The Executive Board may elect to acquire the 
shares (1) on the stock exchange, (2) via a public tender offer addressed to all shareholders or via a 
public request for offers of sale addressed to the company’s shareholders, (3) by issuing tender rights to 
shareholders or (4) using derivatives (put options, call options, forward purchases or a combination of 
put options, call options and forward purchases). The full and exact wording of the authorisation to 
acquire treasury shares, and particularly the permissible uses to which the shares may be put, can be 
found in items 6 and 7 of the agenda for the Annual General Meeting held on 8 May 2019. 
 
 
 
146

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Takeover-related disclosures  
Financial statements and notes 
Remuneration Report 
Further information 
128
The following material agreements of the Company are subject to a change-of-control clause following a 
takeover bid: 
 
 On 28 March 2017, Deutsche Börse AG and its subsidiary Clearstream Banking S.A. entered into a 
multicurrency revolving facility agreement with a banking syndicate for a working capital credit totalling 
up to €750.0 million. If there is a change of control, the credit relationship between Deutsche 
Börse AG and the lenders can be reviewed in negotiations within a period of no more than 60 days. In 
this process, each lender has the right, at its own discretion, to terminate its credit commitment and 
demand partial or full repayment of the amounts owing to it. A change of control occurs if Deutsche 
Börse AG no longer directly or indirectly holds the majority of Clearstream Banking S.A. or if a 
person or a group of persons acting in concert acquires more than 50 per cent of the voting shares of 
Deutsche Börse AG. 
 Under the terms of Deutsche Börse AG’s €600.0 million fixed-rate bond issue 2020/2047 (hybrid 
bond), Deutsche Börse AG has a termination right in the event of a change of control (as defined in the 
terms of the bond), which, if exercised, entitles Deutsche Börse AG to redeem the bonds at par, plus 
accrued interest. If Deutsche Börse AG does not exercise this termination right, the affected bonds’ 
coupon will increase by an additional 500 basis points per annum. A change of control occurs if a 
person or a group of persons acting in concert, or third parties acting on their behalf, has or have 
acquired more than 50 per cent of the shares of Deutsche Börse AG or the number of Deutsche Börse 
AG shares required to exercise more than 50 per cent of the voting rights at Annual General Meetings 
of Deutsche Börse AG. In addition, the relevant bond terms require that the change of control must 
adversely affect the long-term rating given to Deutsche Börse AG by Moody’s Investors Services, Inc., 
S&P Global Ratings or Fitch Ratings Limited. Further details can be found in the applicable bond 
terms.  
 According to the terms of Deutsche Börse AG’s €600.0 million fixed-rate bond issue 2012/2022, the 
terms of Deutsche Börse AG’s €500.0 million fixed-rate bond issue 2015/2025, the terms of Deutsche 
Börse AG’s €600.0 million fixed-rate bond issue 2018/2028, the terms of Deutsche Börse AG’s 
€500.0 million fixed-rate bond issue 2021/2026, and the terms of Deutsche Börse AG’s 
€500.0 million fixed-rate bond issue 2021/2031, the holders of the respective bonds have a 
termination right in the event of a change of control (as defined in the terms of the respective bond). If 
these termination rights are exercised, the bonds are repayable at par plus any accrued interest. A 
change of control occurs if a person or a group of persons acting in concert, or third parties acting on 
their behalf, has or have acquired more than 50 per cent of the shares of Deutsche Börse AG or the 
number of Deutsche Börse AG shares required to exercise more than 50 per cent of the voting rights at 
Annual General Meetings of Deutsche Börse AG. In addition, the respective bond terms require that the 
change of control must adversely affect the rating given to one of the preferential unsecured debt 
instruments of Deutsche Börse AG by Moody’s Investors Services, Inc., S&P Global Ratings or Fitch 
Ratings Limited. Further details can be found in the applicable bond terms. 
 
147

Consolidated financial 
statements/notes
148
149
150
151
153 
155 
156
169
187
240
267
268
Consolidated financial statements
Consolidated income statement 
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated cash flow statement 
Consolidated statement of changes in equity
Notes to the consolidated financial statements
Consolidated income statement disclosures 
Consolidated Balance sheet disclosures 
Other disclosures
Responsibility statement by the Executive Board
Independent Auditor’s Report

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Consolidated income statement 
Remuneration Report 
Further information  
129
for the period 1 January to 31 December 2021 
Consolidated income statement 
Note 
2021 
2020 
€m 
€m 
Sales revenue 
4
4,218.8
3,519.3
Treasury result from banking and similar business 
4
142.7
196.6
Other operating income 
4
85.1
40.5
Total revenue 
4,446.6
3,756.4
Volume-related costs 
4
– 937.1
– 542.6
Net revenue (total revenue less volume-related costs) 
3,509.5
3,213.8
Staff costs 
5
– 1,002.1
– 822.9
Other operating expenses 
6
– 549.5
– 545.8
Operating costs 
– 1,551.6
– 1,368.7
Result from financial investments 
7
85.2
24.3
Result of the equity method measurement of associates 
38.6
21.5
Other result 
46.6
2.8
Earnings before interest, tax, depreciation, and amortisation (EBITDA) 
2,043.1
1,869.4
Depreciation, amortisation and impairment losses 
10
– 293.7
– 264.3
Earnings before interest and tax (EBIT) 
1,749.4
1,605.1
Financial income 
8
32.9
26.0
Financial expense 
8
– 73.0
– 102.9
Earnings before tax (EBT) 
1,709.3
1,528.2
Tax expense 
9
– 444.4
– 403.1
Net profit for the period 
1,264.9
1,125.1
thereof attributable to Deutsche Börse AG shareholders 
1,209.7
1,079.9
thereof attributable to non-controlling interests 
55.2
45.2
Earnings per share (basic) (€) 
22
6.59
5.89
Earnings per share (diluted) (€) 
22
6.58
5.89
149

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Consolidated statement of comprehensive income 
Remuneration Report 
Further information  
130
for the period 1 January to 31 December 2021 
 
 
 
 
 
 
Note 
2021 
2020 
 
 
€m 
€m 
Net profit for the period reported in consolidated income statement 
1,264.9
1,125.1
 
Items that will not be reclassified to profit or loss: 
Changes from defined benefit obligations 
61.0
– 25.2
Equity investments measured at fair value through OCI 
52.2
25.7
Other 
– 4.8
– 0.4
Deferred taxes 
15
– 29.1
– 0.4
 
79.3
– 0.3
Items that may be reclassified subsequently to profit or loss: 
Exchange rate differences 
15
269.0
– 106.2
Other comprehensive income from investments using the equity method 
– 0.3
– 0.4
Remeasurement of cash flow hedges 
52.7
– 40.3
Deferred taxes 
15
– 3.4
0.1
 
318.0
– 146.8
Other comprehensive income after tax 
397.3
– 147.1
 
Total comprehensive income 
1,662.2
978.0
thereof attributable to Deutsche Börse AG shareholders 
1,570.3
950.4
thereof attributable to non-controlling interests 
91.9
27.6
    
 
Consolidated statement of comprehensive 
income 
150

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Consolidated balance sheet 
Remuneration Report 
Further information  
131
as at 31 December 2021 
 
Assets 
 
 
 
Note
31 Dec 2021
31 Dec 2020
€m
€m
NON-CURRENT ASSETS 
20,462.4
14,570.51
Intangible assets 
10
8,162.9
5,723.2
Software 
553.2
383.8
Goodwill 
5,596.0
3,957.6
Payments on account and assets under development 
100.1
126.3
Other intangible assets 
1,913.6
1,255.4
Property, plant and equipment 
11
593.7
530.4
Land and buildings 
438.0
369.2
Fixtures and fittings 
57.0
52.4
Computer hardware, operating and office equipment 
90.1
101.7
Payments on account and construction in progress 
8.5
7.0
Financial assets 
12
11,460.4
8,059.8
Equity investments measured at FVOCI 
Strategic investments 
224.3
107.0
Debt instruments 
2.8
4.4
Debt financial assets measured at amortised cost 
1,634.7
997.5
Financial assets at FVPL 
Financial instruments held by central counterparties 
9,442.4
6,908.51
Other financial debt assets at FVPL 
156.2
42.4
 
Investment in associates 
88.9
89.5
Other non-current assets 
16.8
6.0
Deferred tax assets 
9
139.8
161.7
CURRENT ASSETS 
202,457.0
138,107.41
Debt financial assets measured at FVOCI 
12
1.5
0.5
Debt financial assets measured at amortised cost 
12
Trade receivables 
969.4
616.6
Other financial assets at amortised cost 
15,799.6
16,225.1
Restricted bank balances 
78,542.0
38,420.1
Other cash and bank balances 
1,029.6
1,467.3
Financial assets at FVPL 
12
Financial instruments held by central counterparties 
103,195.7
80,704.51
Other financial assets at FVPL 
116.0
15.8
Income tax assets 
9
115.5
109.5
Other current assets 
14
2,675.6
548.1
Assets held for sale 
2
11.9
0
Total assets 
222,919.3
152,677.91
 
Consolidated balance sheet 
1) Due to a correction of the previous year's figures, non-current assets decreased by €26.2 million and current assets by €63.6 million. Current and non-current 
liabilities decreased correspondingly. 
151

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Consolidated balance sheet 
Remuneration Report 
Further information  
132
 
Equity and liabilities 
 
 
 
 
Note 
31 Dec 2021 
31 Dec 2020 
 
 
€m 
€m 
EQUITY 
15
Subscribed capital 
190.0
190.0
Share premium 
1,359.6
1,352.4
Treasury shares 
– 458.2
– 465.2
Revaluation surplus 
– 61.7
– 196.3
Retained earnings 
6,163.8
5,287.4
Shareholders’ equity 
7,193.6
6,168.3
Non-controlling interests 
548.8
387.8
Total equity 
7,742.4
6,556.1
NON-CURRENT LIABILITIES 
13,623.0
11,005.21
Provisions for pensions and other employee benefits 
17, 18
149.0
222.4
Other non-current provisions 
18, 19
127.2
168.0
Financial liabilities measured at amortised cost 
12
3,539.9
3,474.4
Financial liabilities at FVPL 
12
Financial instruments held by central counterparties 
9,442.4
6,908.51
Other financial liabilities at FVPL 
8.4
1.5
Other non-current liabilities 
20
17.5
13.9
Deferred tax liabilities 
9
338.5
216.7
CURRENT LIABILITIES 
201,554.0
135,116.61
Income tax liabilities 
244.6
267.1
Other current provisions 
19
335.3
313.7
Financial liabilities at amortised cost 
12
Trade payables 
704.4
388.6
Other financial liabilities at amortised cost 
15,914.3
14,630.0
Cash deposits by market participants 
78,292.5
38,188.8
Financial liabilities at FVPL 
12
Financial instruments held by central counterparties 
103,267.7
80,609.51
Other financial liabilities at FVPL 
4.7
174.1
Other current liabilities 
20
2,788.6
544.7
Liabilities held for sale  
2
1.9
0
 
Total liabilities 
215,177.0
146,121.81
 
Total equity and liabilities 
222,919.3
152,677.91
 
1) Due to a correction of the previous year's figures, non-current assets decreased by € 26.2 million and current assets by € 63.6 million. Current and non-current 
liabilities decreased correspondingly. 
152

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Consolidated cash flow statement 
Remuneration Report 
Further information  
133
for the period 1 January to 31 December 2021 
 
 
 
 
Note
2021
2020
€m
€m
Net profit for the period 
1,264.9
1,125.1
Depreciation, amortisation and impairment losses 
10, 11
293.7
264.3
(Decrease)/increase in non-current provisions 
– 53.1
– 61.8
Deferred tax income 
9
– 0.1
– 11.9
Cash flows from derivatives 
– 6.4
0
Other non-cash income 
– 163.6
143.6
Changes in working capital, net of non-cash items: 
– 154.4
82.8
Decrease/(increase) in receivables and other assets 
– 358.2
– 78.6
Increase/(decrease) in current liabilities 
206.6
163.5
Increase in non-current liabilities 
– 2.8
– 2.1
Net loss on disposal of non-current assets 
0.3
– 19.0
Cash flows from operating activities excluding CCP positions 
1,181.4
1,523.0
Changes in liabilities from CCP positions 
– 2,552.8
– 832.8
Changes in receivables from CCP positions 
2,280.3
721.8
Cash flows from operating activities 
21
908.9
1,412.0
 
Payments to acquire intangible assets 
– 168.6
– 134.3
Payments to acquire property, plant and equipment 
– 37.8
– 61.2
Payments to acquire non-current financial instruments 
– 1,359.3
– 601.2
Payments to acquire investments in associates 
– 12.0
– 26.4
Payments to acquire subsidiaries, net of cash acquired 
– 1,843.0
– 448.5
Effects of the disposal of (shares in) subsidiaries, net of cash disposed 
0
20.2
(Net increase)/net decrease in current receivables and securities from banking 
business with an original term greater than three months 
506.0
– 341.5
Net increase/(net decrease) in current liabilities from banking business with an 
original term greater than three months 
229.3
177.4
Proceeds from disposals of non-current financial instruments 
516.5
625.3
Proceeds from disposals of intangible assets 
0.9
2.5
Cash flows from investing activities 
21
– 2,168.0
– 787.7
 
Proceeds from sale of treasury shares 
8.7
9.1
Payments to non-controlling interests 
– 40.9
– 26.6
Proceeds from long-term financing 
999.1
945.5
Repayment of long-term financing 
– 356.0
– 602.9
Repayment of short-term financing 
– 1,900.0
0
Proceeds from short-term financing 
2,701.0
0
Finance lease payments 
– 62.6
– 47.4
Dividends paid 
16
– 550.6
– 531.9
Cash flows from financing activities 
21
798.7
– 254.2
 
Net change in cash and cash equivalents 
– 460.5
370.0
        
 
Consolidated cash flow statement 
153

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Consolidated cash flow statement 
Remuneration Report 
Further information  
134
Notes 
2021 
2020 
€m 
€m 
Net change in cash and cash equivalents (brought forward) 
– 460.5
370.0
Effect of exchange rate differences 
– 6.3
– 8.9
Cash and cash equivalents at beginning of period 
2,506.7
2,145.5
Cash and cash equivalents at end of period 
21
2,040.0
2,506.7
Interest-similar income received 
441.2
526.1
Dividends received 
10.2
5.4
Interest paid 
– 340.9
– 352.4
Income tax paid 
– 470.7
– 381.8
154

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Consolidated statement of changes in equity 
Remuneration Report 
Further information  
135
for the period 1 January to 31 December 2021 
 
 
 
 
 
 
 
 
 
 
 
Attributable to Deutsche Börse AG shareholders 
 
 
 
 
 
Subs-
cribed
capital 
Share
premium 
Treasury
shares 
Revalua-
tion
surplus 
Retained
earnings 
Share-
holders'
equity 
Non-
control-
ling
interests 
Total
equity 
 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
Balance as at 1 January 2020 
190.0
1,344.7
– 471.8
– 155.81
4,828.21
5,735.3
375.3
6,110.6
Net profit for the period 
–
–
–
–
1,079.9
1,079.9
45.2
1,125.1
Other comprehensive income 
after tax 
–
–
–
– 40.5
– 89.0
– 129.5
– 17.6
– 147.2
Total comprehensive income 
–
–
–
– 40.5
990.9
950.4
27.6
978.0
 
Other adjustments 
–
–
–
–
0.2
0.2
– 0.2
0.0
Sales under the Group Share 
Plan 
–
7.7
6.6
–
–
14.3
–
14.3
Changes from business 
combinations 
–
–
–
–
–
–
11.7
11.7
Dividends paid 
–
–
–
–
– 531.9
– 531.9
– 26.6
– 558.5
Transactions with shareholders 
–
7.7
6.6
–
– 531.7
– 517.4
– 15.1
– 532.5
Balance as at 31 December 2020
190.0
1,352.4
– 465.2
– 196.31
5,287.41
6,168.3
387.8
6,556.1
 
Balance as at 1 January 2021 
190.0
1,352.4
– 465.2
– 196.31
5,287.41
6,168.3
387.8
6,556.1
Profit for the period 
–
–
–
–
1,209.7
1,209.7
55.2
1,264.9
Other comprehensive income 
–
–
–
133.3
227.3
360.6
36.7
397.3
Total comprehensive income 
–
–
–
133.3
1,437.0
1,570.3
91.9
1,662.2
 
Other adjustments 
–
–
–
–
1.2
1.2
0.1
1.2
Sales under the Group Share 
Plan 
–
7.2
7.0
–
–
14.2
–
14.2
Increase in share-based 
payments 
–
–
–
1.3
–
1.3
–
1.3
Changes due to capital 
increases/decreases 
–
–
–
–
–
–
0.4
0.4
Changes from business 
combinations 
–
–
–
–
– 11.1
– 11.1
98.9
87.8
Dividends paid 
–
–
–
–
– 550.6
– 550.6
– 30.3
– 580.9
Transactions with shareholders 
–
7.2
7.0
1.3
– 560.6
– 545.0
69.1
– 476.0
Balance as at 31 December 2021
190.0
1,359.6
– 458.2
– 61.7
6,163.8
7,193.6
548.8
7,742.4
1) Adjustment of revaluation reserve and retained earnings see Note 15. 
Consolidated statement of changes in equity  
155

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes to the consolidated financial statements 
Remuneration Report 
Further information  
136
Basis of preparation 
1. General principles 
Company information 
Deutsche Börse AG is the parent company of Deutsche Börse Group. Deutsche Börse AG (the 
“company”) has its registered office in Frankfurt/Main, Germany, and is registered in the commercial 
register B of the Frankfurt/Main Local Court (Amtsgericht Frankfurt am Main) under HRB 32232. 
Deutsche Börse AG and its subsidiaries operate cash and derivatives markets. Its business areas range 
from pre-IPO and growth financing services, the admission of securities to listing, through trading, 
clearing and settlement, down to custody of securities. Furthermore, IT services are provided and market 
information distributed. Moreover, Deutsche Börse AG has a stock exchange licence and certain 
subsidiaries of Deutsche Börse AG have a banking licence and offer banking services to customers. 
Eurex Clearing AG is a central counterparty, a bank and its role is to mitigate performance risks for 
buyers and sellers. For details regarding internal organisation and reporting, see Fundamental 
information about the Group in the combined management report. 
    
Basis of reporting 
The 2021 consolidated financial statements have been prepared in compliance with the International 
Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) 
and the related interpretations issued by the International Financial Reporting Interpretations Committee 
(IFRIC), as adopted by the European Union in accordance with Regulation No. 1606/2002 of the 
European Parliament and of the Council on the application of international accounting standards.  
 
The disclosures required in accordance with Handelsgesetzbuch (HGB, German Commercial Code) 
section 315e (1) have been presented in the notes to the consolidated financial statements.  
 
The consolidated income statement is structured using the nature of expense method. 
 
Deutsche Börse AG’s consolidated financial statements have been prepared in euros, the functional 
currency of Deutsche Börse AG. Unless stated otherwise, all amounts are shown in millions of euros 
(€m). Due to rounding, actual amounts may differ from unrounded or disclosed figures.  
 
Information about capital management, which is also part of these consolidated financial statements, is 
included in the chapter Regulatory capital requirements and regulatory capital ratios in section Risk 
management in the combined management report. 
 
 
Notes to the consolidated financial statements 
156

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes to the consolidated financial statements 
Remuneration Report 
Further information  
137
All accounting policies, estimates, measurement uncertainties, and discretionary judgements referring to 
a specific subject matter are described in the corresponding note. Such disclosures are focused on 
applicable accounting options under IFRSs. Deutsche Börse Group does not present the underlying 
published IFRS guidelines, unless this is considered crucial to enhance transparency. The annual 
financial statements of subsidiaries included in the consolidated financial statements have been 
prepared on the basis of the Group-wide accounting policies based on IFRS that are described in the 
following. They were applied consistently to the periods shown.  
 
Assets and liabilities, items in the consolidated statement of comprehensive income, and disclosure 
requirements are listed separately if they are material. We define as material a proportion of around 10 
per cent of the relevant total. 
 
New accounting standards – implemented in the year under review 
All the mandatory standards and interpretations endorsed by the European Commission  
were applied by us in the reporting year 2021. They were not applied earlier than required. 
 
Standard/amendment/interpretation 
 
 
Application date 
Effects on 
Deutsche Börse 
Group 
IFRS 4 
Amendments to IFRS 4: Insurance Contracts 
1 Jan 2021
none
IFRS 9, IAS 39, IFRS 7 and 
others 
IBOR Reform 2: Amendment of IFRS 9, IAS 39, IFRS 7 and other 
standards 
1 Jan 2021
none
IFRS 16 
Amendments due to COVID-19-related lease concessions beyond 
30 June 2021 
1 Apr 2021
None
    
New accounting standards – not yet implemented 
The IASB issued the following new or amended standards and interpretations, which were not applied in 
the consolidated financial statements, because endorsement by the EU was still pending or the 
application was not mandatory. The new or amended standards and interpretations must be applied for 
financial years beginning on or after the effective date. Even though early application may be permitted 
for some standards, Deutsche Börse Group does usually not use any early application options. 
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Standard/amendment/interpretation 
 
 
Application date 
Effects on 
Deutsche Börse 
Group 
IAS 1 
Amendments in classifcation of liabilities as current or non-current 
1 Jan 2023
See notes under 
this table
IAS 1 
Amendment to IAS 1 and IFRS Guidance Document 2 on Materiality 
1 Jan 2023
See notes under 
this table
IFRS 3 
Amendments to IFRS 3 relating to a reference in the Conceptual 
Framework 
1 Jan 2022
None
IAS 8 
Amendments relating to accounting estimates 
1 Jan 2023
None
IAS 12 
Amendments in relation to deferred taxes that relate to assets and 
liabilities arising from a single transaction 
1 Jan 2023
See notes under 
this table
IAS 16 
Amendments to IAS 16: Clarifications 
1 Jan 2022
None
IFRS 17 
Insurance Contracts 
1 Jan 2023
See notes under 
this table
IFRS 17, IFRS 9 
First-time Adoption of IFRS 17 and IFRS 9 – Comparative Information 
1 Jan 2023
None
IAS 37 
Amendments to IAS 37 include the definition of what costs an entity 
includes when assessing whether a contract will be loss-making 
1 Jan 2022
None
Annual Improvement Cycle 
2018–2020 
The annual improvements resulted in amendments to IFRS 1, IFRS 9, 
IAS 41 and IFRS 16 
1 Jan 2022
None
    
 
Amendment to IAS 1 “Classification of liabilities as current or non-current” 
The amendments only relate to the presentation of liabilities in the statement of financial position – not 
the amount or the timing of recognition of assets, liabilities, income and expenses or disclosure made by 
entities about these items. The amendments clarify that liabilities must be classified as current or non-
current on the basis of the rights that are in existence at the reporting date. We are currently analysing 
the potential impact of the amendments on the presentation of the consolidated financial statements. 
 
The amendment to IAS 1 and IFRS guidance document 2 on materiality 
The amendment to IAS 1 supplements guidelines for determining disclosures on accounting methods in 
an entity’s financial statements and explains how an entity can identify material accounting policies. We 
are currently analysing potential additions to the disclosures in the notes. 
 
The amendments to deferred tax related to assets and liabilities arising from a single transaction 
The amendment to IAS 12 clarifies that the exemption from recognising deferred taxes on the initial 
recognition of an asset or liability outside a business combination does not apply to transactions in 
which equal amounts of deductible and taxable temporary differences arise on initial recognition. This 
amendment generally matches our approach. Potential effects on the financial performance and financial 
position of the Group are being analysed, however. 
 
 
 
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IFRS 17 “Insurance Contracts” 
IFRS 17 establishes the principles for the recognition, measurement, presentation and disclosure of 
insurance contracts. The objective of IFRS 17 is to ensure that an entity provides information to  
consistently represent insurance contracts. According to the standard, insurance liabilities shall be 
measured at the current fulfilment cash flows instead of historical costs. Furthermore, the objective is to 
form a uniform basis regarding the recognition, measurement and presentation of insurance contracts, 
including the notes. The effective date was deferred. The standard is now applicable in the EU for 
financial years beginning on or after 1 January 2023. The standard was endorsed by the EU on 23 
November 2021. On the basis of our analysis we are not expecting any effect on the financial position 
and financial performance 
 
 
2. Consolidation principles 
Intra-Group assets and liabilities are eliminated. Income arising from intra-Group transactions is netted 
against the corresponding expenses. Intercompany profits or losses arising from deliveries of intra-Group 
goods and services, as well as dividends distributed within the Group are eliminated. Deferred taxes for 
consolidation adjustments are recognised where these are expected to reverse in subsequent years. 
 
Interests in equity attributable to non-controlling shareholders are presented under “non-controlling 
interests” within equity. Where these are classified as “puttable instruments”, they are reported under 
“liabilities” at cost. 
 
Currency translation 
Transactions denominated in a currency other than a company’s functional currency are translated into 
the functional currency at the spot exchange rate applicable at the transaction date. Monetary balance 
sheet items in foreign currencies are measured at the exchange rate on the reporting date. Non-
monetary balance sheet items recognised at historical cost are measured at the exchange rate on the 
transaction date. By contrast, non-monetary balance sheet items measured at fair value are translated at 
the exchange rate prevailing at the valuation date. Exchange rate differences for monetary balance sheet 
items are recognised either as other operating income or expenses or as the treasury result from banking 
and similar business or as net income from financial investments in the period in which they arise, 
unless the underlying transactions are hedged. In the case of equity instruments designated at FVOCI, 
the exchange rate differences are recognised in other comprehensive income. Exchange rate differences 
for non-monetary balance sheet items at fair value are recognised in other comprehensive income. Gains 
and losses from a monetary item that forms part of a net investment in a foreign operation are 
recognised directly in “retained earnings”. 
 
 
 
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Balance sheet items of entities whose functional currency is not the euro are translated into the reporting 
currency as follows: assets and liabilities are translated into euro at the spot rate and equity items at 
historical rates. Resulting exchange differences are recognised directly in “retained earnings”. When the 
relevant subsidiary is sold, these exchange rate differences are recognised in the net profit for the period 
in which the deconsolidation gain or loss is realised. 
The following euro exchange rates of consequence to Deutsche Börse Group were applied: 
Exchange rates 
Average rate
2021 
Average rate
2020 
Closing price as
at 31 Dec 2021 
Closing price as
at 31 Dec 2020 
Swiss franc 
CHF (Fr.)
1.0800
1.0713
1.0337
1.0832
US dollars 
USD (US$)
1.1821
1.1477
1.1317
1.2299
Czech koruna 
CZK (Kč)
25.6569
26.5249
24.8605
26.2698
Singapore dollar 
SGD (S$)
1.5871
1.5791
1.5277
1.6254
British pound 
GBP (£)
0.8589
0.8908
0.8371
0.8999
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the 
carrying amounts of assets and liabilities arising from initial consolidation are reported in the functional 
currency of the foreign operation and translated at the closing rate. 
Net investments in a foreign operation  
Translation differences from a monetary item that is part of a net investment of Deutsche Börse Group in 
a foreign operation are initially recognised in other comprehensive income and reclassified to profit or 
loss when the net investment is sold.  
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Subsidiaries and business combinations 
Deutsche Börse AG and all subsidiaries directly or indirectly controlled by Deutsche Börse AG are 
included in the consolidated financial statements. Deutsche Börse AG controls a company if it is exposed 
to variable returns resulting from its involvement with the company in question or has rights to such 
returns and is able to influence them by using its power over the company.  
 
Initial consolidation of subsidiaries in the course of business combinations uses the purchase method. 
The acquiree’s identifiable assets, liabilities and contingent liabilities are recognised at their acquisition 
date fair values. Any excess of cost over the acquirer’s interest in the fair value of the subsidiary’s net 
identifiable assets is recognised as goodwill. Goodwill is reported in subsequent periods at cost less 
accumulated impairment losses. Non-controlling interests are measured at their relevant interest of the 
acquiree’s net identifiable assets at acquisition date. 
 
Deutsche Börse AG’s equity interests in subsidiaries and associates included in the consolidated 
financial statements as at 31 December 2021 are presented in the list of shareholdings in note 34.  
 
 
Essential acquisitions 
Acquisition of Institutional Shareholder Services Inc., Rockville, USA (ISS) 
In the first quarter 2021, Deutsche Börse AG completed the acquisition of 81.2 per cent of the shares in 
ISS for a price of €1,653.3 million (USD 1,978.9 million), thereby assuming control. The business 
operations of ISS and the Group are a perfect fit. Together the two companies will meet the steadily 
growing demand for detailed data, research solutions and analysis of non-financial information, 
particularly relating to ESG criteria. ISS is included in the segment reporting as a separate operating 
segment as of the closing date of the transaction on 25 February 2021. 
 
Initial recognition of ISS, a provider of governance solutions, ESG data and analytics, in the consolidated 
financial statements took place using the purchase method. Significant synergies are expected from the 
transaction, particularly revenue synergies, which is reflected in the goodwill resulting from the 
transaction. 
 
The identifiable assets and liabilities of ISS are recognised at fair value on the acquisition date. Any 
excess of cost over the acquirer’s interest in the fair value of the subsidiary’s net identifiable assets is 
recognised as goodwill. Goodwill is reported in subsequent periods at cost less accumulated impairment 
losses.  
 
 
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The preliminary purchase price allocation as at the acquisition date was as follows: 
 
 
Goodwill resulting from the business combination with Institutional Shareholder Services Inc., Rockville, 
USA (ISS) 
 
Preliminary 
goodwill 
calculation 
 
25 Feb 2021 
 
€m 
Consideration transferred 
Purchase price in cash 
903.4
Settlement of option programmes 
66.8
Payment to escrow account1 
22.9
Transaction costs for seller2 
25.9
Debt repayment 
584.5
Contingent purchase price components at fair value 
26.5
Sponsor call right3 
– 8.7
Cash flow hedge4 
32.0
Total consideration 
1,653.3
 
Acquired assets and liabilities 
Customer relationships 
476.9
Trade names 
107.6
Software 
30.2
Software in development 
2.2
Property, plant and equipment 
89.9
Other non-current assets 
5.4
Deferred tax assets 
1.6
Other current assets 
9.1
Trade receivables 
35.5
Acquired bank balances 
200.1
Deferred tax liabilities 
– 83.3
Other non-current liabilities 
– 69.5
Contract liabilities 
– 103.8
Other current liabilities 
– 226.4
Non-controlling interests5 
– 67.0
Total assets and liabilities acquired 
408.5
 
Goodwill (not tax-deductible) 
1,244.8
 
The full consolidation of ISS resulted in an increase in net revenues of €222.4 million as well as in an 
increase in profit after tax of €15.7 million. If the company had been fully consolidated as at 1 January 
2021, this would have resulted in an increase in net revenues of €257.7 million as well as in an 
increase in profit after tax of €18.0 million.  
 
1) Purchase price payments to an escrow account until final settlement 
2) Original costs of seller 
3) A call right was purchased for €8.7 million that is recognised as a financial instrument in accordance with IFRS 9 rather than in accordance with IFRS 3. 
4) Reclassification of effective portion of cash flow hedge for the purchase price to acquisition cost of the investment 
5) The non-controlling interests are calculated on the basis of the acquired net assets, excluding goodwill. 
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The contingent purchase price component is based on an increase in company value within the first  
three years and the resulting obligation has no upper limit. It is classified as a financial liability in 
accordance with IFRS 9. 
 
Goodwill amounts to €1,340.1 million as at 31 December 2021. The change compared to the 
acquisition date results from exchange rate differences amounting to €95.3 million. 
 
The purchase price allocation was based on a preliminary basis, as it was not yet possible to make a 
final determination, particularly with regards to taxes. 
 
Acquisition of the 2nd tranche of Clearstream Fund Centre AG, Zurich, Switzerland (CFC)  
On 1 June 2021 Deutsche Börse AG completed the acquisition of the remaining 48.8 per cent of the 
CHF shares in CFC (formerly Fondcenter AG) from UBS Group (UBS) for a purchase price of CHF 390 
million (€356 million). A further 51.2 per cent of the shares in CFC were sold within the Group by 
Clearstream Holding AG to Deutsche Börse AG, making it the sole owner of the Zurich-based fund 
distribution platform. Deutsche Börse Group acquired the first 51.2 per cent of CFC from UBS in 
September 2020. The transaction included the right to buy the remaining shares at a later date. 
Deutsche Börse Group had recognised the related financial liability before acquiring the 2nd tranche, 
accounting for it at the expected settlement amount using the effective interest method (in the category 
“financial liabilities measured at amortised cost”). No non-controlling interests were recognised, in 
accordance with the anticipated acquisition method. The remeasurement of the financial liability on the 
basis of the agreed purchase price resulted in income of €39.9 million, which is shown in the item 
“Other operating income”. 
 
 
Acquisition of Crypto Finance AG., Zurich, Switzerland 
Deutsche Börse AG completed the acquisition of 57.5 per cent of the shares in Crypto Finance AG for a 
price of €77.3 million (CHF 87.4 million) on 15 December 2021, thereby assuming control. In the 
course of a capital increase against cash, Deutsche Börse AG increased its capital share to 67.5 
per cent. The business operations of Crypto Finance and the Group are a perfect fit. With this acquisition 
Deutsche Börse has a direct entry point for investments in digital assets, including post-trading and 
custody services. Crypto Finance was allocated to the Xetra segment (cash market) when the transaction 
was concluded.  
 
Crypto Finance, a FINMA-regulated provider of trading, custody and investment services for digital 
assets, was included in the consolidated financial statements for the first time using the purchase 
method. Significant synergies are expected from the transaction, particularly revenue synergies, which is 
reflected in the goodwill resulting from the transaction. 
 
The identifiable assets and liabilities of Crypto Financ are recognised at fair value on the acquisition 
date. Any excess of cost over the acquirer’s interest in the fair value of the subsidiary’s net identifiable 
assets is recognised as goodwill. Goodwill is reported in subsequent periods at cost less accumulated 
impairment losses.  
 
 
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The preliminary purchase price allocation as at the acquisition date was as follows: 
 
 
Goodwill resulting from the business combination with Crypto Finance AG, Zurich, 
Switzerland (Crypto Finance) 
 
 
Preliminary 
goodwill 
calculation 
 
15 Dec 2021 
 
€m 
Consideration transferred 
Purchase price in cash 
89.4
Call option1 
– 5.7
Cash flow hedge2 
– 6.5
Total consideration 
77.3
 
Acquired assets and liabilities 
Customer relationships 
16.0
Tradename 
3.6
Software 
4.4
Property, plant and equipment 
0.2
Deferred tax assets 
0.9
Acquired bank balances 
23.5
Current assets 
19.0
Non-current liabilities 
– 2.2
Current liabilities 
– 14.5
Deferred tax liabilities on temporary differences 
– 3.0
Non-controlling interests3 
– 20.8
Total assets and liabilities acquired 
27.1
 
0
Goodwill (not tax-deductible) 
50.2
   
The full consolidation of Crypto Finance resulted in an increase in net revenues of €1.6 million as well 
as in an increase in profit after tax of €0.1 million. If the company had been fully consolidated as at 1 
January 2021, this would have resulted in an increase in net revenues of €18.3 million as well as in an 
increase of profit after tax of €2.2 million.  
 
The purchase price allocation was based on a preliminary basis, as it was not yet possible to make a 
final determination, particularly with regards to taxes and the valuation of intangible assets.  
 
 
 
 
1) A call option in the amount of €5.7 million was acquired, which is accounted outside the scope of IFRS 3 as a financial instrument under IFRS 9. 
2) Reclassification of the effective portion of the cash flow hedge of the purchase price to the cost of the investment 
3) Non-controlling interests are calculated on the basis of the acquired net assets excluding goodwill. 
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Acquisition of Discovery Data Holdings Inc., New Jersey, USA (Discovery Data) 
On 9 December 2021, Institutional Shareholder Services Inc. completed the acquisition of 100 per cent 
of the shares in Discovery Data Holdings, Inc. for a price of €201.4 million (USD 228.0 million), 
thereby assuming control. The business operations of Discovery Data and the Group are a perfect fit. 
Together the two companies will serve the growing demand for detailed data, research solutions and 
analytics. Discovery Data was allocated to the ISS segment when the transaction was concluded. 
 
Discovery Data, a global provider of data solutions and analytics, was included in the consolidated 
financial statements using the purchase method. Significant synergies are expected from the transaction, 
particularly revenue synergies, which is reflected in the goodwill resulting from the transaction. 
 
The identifiable assets and liabilities of Discovery Data are recognised at fair value on the acquisition 
date. Any excess of cost over the acquirer’s interest in the fair value of the subsidiary’s net identifiable 
assets is recognised as goodwill. Goodwill is reported in subsequent periods at cost less accumulated 
impairment losses.  
 
 
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The preliminary purchase price allocation as at the acquisition date was as follows: 
Goodwill resulting from the business combination with Discovery Data Holdings Inc., 
New Jersey, USA (Discovery Data) 
Preliminary 
goodwill 
calculation 
9 Dec 2021 
€m 
Consideration transferred 
Purchase price in cash 
201.4
Total consideration 
201.4
Acquired assets and liabilities 
Customer relationships 
33.4
Trade names 
2.8
Database 
36.0
Software 
8.7
Property, plant and equipment 
0.6
Other non-current assets 
0.1
Acquired bank balances 
18.0
Other current assets (without cash) 
3.7
Deferred tax liabilities 
– 14.4
Other non-current and current liabilities 
– 0.4
Contract liabilities 
– 9.4
Other current liabilities 
– 18.1
Total assets and liabilities acquired 
61.2
Goodwill (not tax-deductible) 
140.2
The consolidation of Discovery Data resulted in an increase in net revenues of €1.3 million as well as in 
a decrease  in profit after tax of €– 0.3 million. If the company had been consolidated as at 1 January 
2021, this would have resulted in an increase in net revenues of €18.6 million as well as in an 
decrease  of profit after tax of €– 5.9 million.  
The purchase price allocation was based on a preliminary basis, as it was not yet possible to make a 
final determination, particularly with regards to taxes and the valuation of intangible assets.  
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Disposals  
Disposal Régis-T.R. S.A., Luxembourg, Luxembourg (REGIS-TR) 
 
At the beginning of September 2021, Clearstream International S.A. signed a binding agreement on the 
sale of REGIS-TR S.A., Luxembourg, Luxembourg, and Clearstream Holding AG on the sale of REGIS-TR 
UK Ltd, London, United Kingdom, to the SIX Group. Both entities, assigned to the Clearstream segment, 
were therefore classified as disposal groups as of the same date. We expect the transaction to be closed 
in the first quarter of 2022. 
 
The assets and liabilities of the disposal group are held at their carrying amount, which is lower than 
their fair value less costs to sell, and shown separately in the statement of financial position 
under the items “Assets held for sale” and “Liabilities held for sale”. 
 
No impairment losses were recognised since the agreed sales price is higher than the carrying amount of 
the disposal group. From the date of reclassification, intangible assets and property, plant and 
equipment are no longer depreciated or amortised. 
 
Assets and liabilities held for sale 
 
 
 
 
31.12.2021 
 
€m 
Intangible assets 
11.7
Property, plant and equipment 
0.2
Other non-current assets 
0.0
Assets held for sale (total) 
11.9
 
Provisions for pensions and other employee benefits 
0.3
Financial liabilities 
0.1
Deferred tax liabilities 
1.4
Liabilities held for sale (total) 
1.9
  
 
Associates 
  
Investments in associates and joint ventures are measured at cost on initial recognition and accounted 
for using the equity method upon subsequent measurement. Where Deutsche Börse Group’s share of the 
voting rights in a company amounts to less than 20 per cent, our significant influence is exercised 
through the Group’s representation on the supervisory board or the board of directors. 
 
 
 
 
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3. Adjustments 
Segment reporting  
We modified our segment reporting in the first quarter of 2021, adding the segment Institutional 
Shareholder Services (ISS). The business operations of ISS are now reported in the new segment ISS. 
The separate reporting corresponds to the internal management and reporting structure and increases 
transparency as well as value of information for users of the financial statements.  
 
Internally developed software 
Deutsche Börse AG reviewed its amortisation period for internally developed software in the first quarter. 
The useful lives applied the previous year were five years for internally developed software releases and 
seven years for newly developed systems. 
 
The review showed that the fundamental useful life for internally developed software releases is seven 
years and for newly developed systems ten years. We therefore decided to bring the amortisation period 
into line with the useful life of the assets. The change took place as of 1 January 2021. Amortisation in 
2021 would have been €74.7 million instead of €42.1 million if the useful lives had not been modified. 
 
 
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4. Net revenue  
Recognition of income and expenses 
Overall, Deutsche Börse Group’s net revenue comprised the following items: 
 
 Revenue, 
 result of treasury activities in banking and similar business, 
 other operating income and 
 volume-related costs. 
 
Revenue recognition 
This section comprises details on revenue from contracts with customers. They particularly include 
performance obligations and methods of revenue recognition. Revenue is measured on the basis of the 
consideration agreed in a customer contract. The Group recognises revenue when it transfers control 
over goods or services to the customer. For information on contract assets and liabilities see Note 13. 
Revenue is recognised in Deutsche Börse Group’s segments as follows: 
 
Eurex (financial derivatives) 
Revenue in the derivatives business (mainly equity, interest rate and share index derivatives) is 
generated primarily from fees that are charged for transactions with regard to the matching/registration, 
administration and regulation of order book and off-book transactions on Eurex Germany. Fees, as well 
as any reductions are specified in price lists and circulars. Rebates depend mainly on monthly volumes 
or the monthly fulfilment of liquidity provisioning obligations in certain products or product groups.  
Administration fees of financial derivatives are recognised over time as the service is provided until the 
transaction has been closed, terminated or has matured. Revenue for transactions in listed derivatives is 
recognised as soon as contracts are matched/registered and there is no unfulfilled obligation towards the 
customer. Receivables are recognised when the promised service is provided at a specific point in time 
or monthly based on the utilisation in the respective month and the claim to the consideration solely 
depends on the course of time. Transaction fees are invoiced on a monthly basis and are payable when 
invoiced. Since discounts are generally granted on a monthly basis, the recognition of a contractual 
liability is not necessary. Payments are generally debited directly from the clearing member immediately 
after invoicing.  
 
 
 
Notes on the consolidated income statement 
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Revenue is also generated with clearing and settlement services for over-the-counter (OTC) transactions. 
This mainly comes in the form of booking and management fees. Fees for these transactions and the 
related discounts are also specified in price lists and circulars of Eurex Clearing AG. In the case of OTC 
transactions, posting fees are recognised at novation on a monthly basis. These fees are recognised at a 
specific point in time; namely, when the promised service is transferred at a specific point in time and 
the entitlement to consideration depends solely on the passage of time. OTC administrative fees are 
recognised over time as the service is provided until the transaction has been closed, terminated or has 
matured. A receivable is recognised monthly based on the usage within the respective month, provided 
that the respective position is still open at month end. In general, the payments are directly debited from 
the clearing member.  
 
In addition, infrastructure fees are charged for the technical connections to the trading and clearing 
systems of Deutsche Börse Group. The customer has use of the company’s service and uses the service 
as it is performed over the life of the contract. As the smallest reporting period is the same as the 
contract term, the percentage of completion equals 100 per cent. The infrastructure revenue generated 
from this is usually realised monthly with invoicing. 
 
Market participants subscribe to real-time trading and market signals or licence these services for their 
own use, processing or dissemination. The customer simultaneously receives and consumes the benefits 
provided by the entity’s performance during the contract term. Customers report their usage, and fees 
are charged in the month after usage. Deutsche Börse Group puts together monthly estimates that are 
based on the trend of the preceding months. Revenue estimates are revised when warranted by the 
circumstances. Increases and decreases in estimated revenue are reflected in the consolidated income 
statement in the period in which the circumstances that give rise to the revision become known by the 
management. Revenue is recognised based on the price specified in the price list. Customers are 
invoiced on a monthly basis and consideration is payable when invoiced.  
 
EEX (commodities) 
Its product portfolio comprises contracts on power, natural gas and emission allowances, as well as 
freight rates and agricultural products. Revenue is generated primarily from fees that are charged for 
exchange trading and clearing of commodity products. Transaction fees are specified in the price list. 
Rebates are granted primarily in the form of monthly rebates for the provision of a certain volume or level 
of liquidity. These types of rebates are dependent upon the total monthly volume or the monthly 
fulfilment of certain liquidity provision obligations. Revenue is recognised as soon as contracts are 
matched/registered and there is no unfulfilled obligation towards the customer as the service has already 
been performed by this point in time. EEX recognises receivables when the promised service is provided 
at a certain time and the entitlement to consideration depends solely on the passage of time. Most of the 
invoiced amounts are debited directly from the clearing members. Infrastructure fees and Market Data 
Services are accounted for in the same way as described in the section “Eurex (financial derivatives)”.  
  
 
 
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360T (foreign exchange) 
360T is a provider of optimised services covering the entire trading process of foreign-exchange products 
and generates commission income from trading fees. In addition, 360T generates other fees in the form 
of access fees to use the trading platform, installation fees from the onboarding of customers on its 
trading platform, as well as user set-up fees and fees for the programming and maintenance of 
necessary interfaces. Revenue is recognised when the contractually agreed service is provided to the 
customer. Revenue from the use of the platform and maintenance fees are recognised on a pro-rata 
basis. Access fees, transaction fees, as well as trading platform fees, contain different discount 
schedules on a monthly basis. Such discounts are considered accordingly in the month in which the 
services are rendered and reduce the sales revenue of such period. They are invoiced on a monthly 
basis. Maintenance fees are invoiced on an annual basis. 
 
Xetra (securities trading) 
As a general rule, securities intended for trading on the regulated market of Frankfurter Wertpapierbörse 
(FWB, the Frankfurt Stock Exchange) are subject to the admission and listing or inclusion, resolved by 
FWB’s Management. Deutsche Börse AG, as the operator of the public-sector exchange, charges fees for 
the admission, listing, inclusion and quotation of securities on the regulated market. Fees charged for 
the admission and inclusion of securities with definite maturities on the regulated market are realised 
using the projected useful lives of the underlying securities. Accordingly, the fees charged for the listing 
of securities on the regulated unofficial market are realised using the projected useful lives of the 
underlying securities. The method for measuring the percentage of completion of the performance 
obligation on the basis of projected useful lives is considered appropriate within the meaning of IFRS 15. 
Invoicing is made on a quarterly basis and receivables are payable upon receipt of invoice. 
 
Listing fees are levied for the activity of all bodies of FWB, which supervise the trading and the 
settlement of trades as well as ensure the proper functioning of all trading activities (permanent 
possibility to make use of exchange facilities). Listing fees are recurring fees, which are charged for a 
service that is delivered over time. Accordingly, revenue is realised on a pro-rata basis. Revenue from 
fees for listings on the regulated unofficial market is realised in a similar manner. This revenue is 
presented under “Listing revenue”.  
 
Contracts for trading and clearing cash market products, contracts for trading data and market signals 
and contracts for infrastructure services in the Xetra (securities trading) segment are accounted for in the 
same way as described in the section Eurex (financial derivatives).  
 
Clearstream (post-trading) 
Clearstream provides post-trading infrastructure and services; it offers transaction settlement services as 
well as administration and custody of securities. The fees are calculated in accordance with the prices 
set in the price list as well as with any relevant discounts granted. In accordance with the general terms 
and conditions, the customer authorises direct debiting and consequently no financing component has 
been identified. Customers in the custody business receive the benefit from the service provided and 
consume it at the same time as the performance is fulfilled during the contract period. The revenue 
generated from this is generally realised on a monthly basis upon invoicing.  
 
 
 
171

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Fees collected for the administration of securities, for corporate events for securities and for settlement 
services are recognised when the agreed service is provided to the customer. This occurs when 
instructions are received and the transactions are processed. The service has been fulfilled at this point 
in time. Receivables are recognised if the agreed service is rendered at a specific point in time and the 
claim to the consideration solely depends on the course of time. Since discounts are generally granted 
on a monthly basis, the recognition of a contractual liability is not necessary. Customers are invoiced on 
a monthly basis and consideration is payable when invoiced.  
Via Clearstream, we offer a wide range of global securities financing (GSF) services. These include 
collateral management and securities lending services. Customers of collateral management services 
simultaneously receive and consume the benefits with the company’s performance of the service. 
Revenue is recognised over time concurrent with the provision of collateral management services. 
Services in the securities lending business, on the other hand, are provided at a specific point in time.  
In addition, infrastructure fees are charged for the technical connections to our custody and clearing 
systems. They are accounted for in the same way as described in the section “Eurex (financial 
derivatives)”.   
IFS (Investment Fund Services) 
The segment provides services to standardise fund processing and to increase efficiency and safety in 
the investment fund sector. The services offered comprise order routing, settlement and asset 
administration, as well as custody services. By acquiring Clearstream Fund Centre AG, IFS has expanded 
its range of services related to the distribution and placement of collective investment funds in Germany 
and abroad. Service and distribution agreements are signed with the fund providers or asset managers. 
A trailer fee is charged and recognised in “Funds distribution”. Service fees are also charged for the 
management of distribution contracts and for granting access to the fund platform. Revenue is 
recognised when the promised service is transferred to the customer. This occurs when instructions are 
received and the transactions are processed. The service has been fulfilled at this point in time. Revenue 
is recognised based on the price specified in the price list and reduced by the corresponding rebates. 
Customers are invoiced on a monthly basis and consideration is payable when invoiced.  
Qontigo (index and analytics business)  
The Qontigo segment comprises the index and analytics business. The index offering ranges from blue-
chip, benchmark, strategy, sustainability to smart-beta indices. The Group generates revenue from 
calculating and marketing indices, which financial market participants use as underlyings for financial 
instruments or as a benchmark for the performance of investment funds. In its analytics business 
Qontigo offers its clients risk-analytics and portfolio-construction tools.  
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Customers in the index business simultaneously receive and consume all of the benefits provided during 
the contract term. The recognition of revenue for index licences is based on fixed payments, variable 
payments (usage-based volumes; mostly assets under management) or a combination of the two. For 
variable payments, customers report their usage and fees are invoiced in the quarter after usage; 
monthly estimates are recognised. This is determined either based on the customer’s average usage over 
the previous twelve months, adjusted to take into account current developments in the markets or based 
on the real data in the markets on a customer level. 
Revenue estimates are revised when warranted by the circumstances. Increases and decreases in 
estimated revenue are reflected in the consolidated income statement in the period in which the 
circumstances that give rise to the revision become known by the management. For two fee components 
(minimum fee and usage-based fee), a contract liability is recognised and reduced each month based on 
the usage that has been recognised each month. Customers are invoiced on a quarterly basis and 
consideration is payable when invoiced. 
Customers of the analytics business either receive the right to access the intellectual property or receive 
the right to use the intellectual property. The intellectual property licences are granted for software 
products, which are subsequently referred to as “SaaS Front Office” and “SaaS Middle Office”. Revenue 
generated with SaaS Front Office fees is recognised at a specific point in time because all contractual 
obligations are fulfilled, and the customer obtains control of the asset, as soon as the licence key is 
transferred to the customer. SaaS Middle Office fees are recognised over time, i.e. the contractual term. 
Fees are also charged for the maintenance and servicing (summarised as "Maintenance") of the software 
products, which are realised over the contract term. For this purpose, the transaction price for 
maintenance is calculated and allocated according to the "expected cost plus a margin" approach. This 
revenue is presented under “Axioma”.   
Additional costs are capitalised for multi-year contracts when initiating a contract. 
ISS (Institutional Shareholder Services) 
The ISS segment offers corporate governance solutions, ESG data and analytics services. Net revenue 
aggregated as ESG revenue is generated in the business units Corporate Solutions, ESG Analytics and 
Governance Solutions. Net revenue aggregated as non-ESG revenue is generated in the business units 
Market Intelligence, Media, FWW (fund data), LiquidMetrics and SCAS (Securities Class Action Service). 
Most of this revenue stems from fixed-term contracts and recurring services. Revenue is recognised over 
time when the contractually agreed service is provided to the customer. Fees are generally charged in 
advance, either before the licence starts or periodically over the term of the licence. Proxy voting services 
are provided at a point in time and revenue is recognised when the contractually agreed service is 
provided to the client. 
The other revenue stems from non-recurring service contracts. The performance obligations for 
advertising services and event sponsoring are settled when the service is provided, i.e. when the 
publication takes place or the advert is published. Performance obligations for advisory services are 
settled over time on the basis of the service rendered up to the reporting date. Measurement of the 
percentage of completion follows the invoicing.  
173

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Performance-related fees for services in connection with securities and class-action litigation are variable 
consideration and are only recognised when all the conditions have been met and no uncertainty 
remains concerning the variable consideration that is beyond the control of the entity. This is the case 
when the lawsuit has been won or a settlement has been reached. Fees for exceeding the minimum 
volumes for proxy research and services in connection with the exercise of voting rights are also variable 
consideration. 
 
Since neither the volume that will be used nor the price of these services can be determined with 
reasonable certainty when the contract starts, the variable portion of the consideration is restricted up to 
the date of full performance and only recognised when the transaction price can be determined.  
 
Consideration is generally due 30 days after the invoice date. At the start of the contract ISS expects that 
the period between providing the service and receiving the consideration from the clients is at most one 
year, so there is no significant financing component. 
 
Additional costs are capitalised for multi-year contracts when initiating a contract. 
 
Result of treasury activities in banking and similar business 
The treasury result of banking and similar business stems mainly from investing surplus liquidity and 
from the fair value measurement of foreign exchange transactions. It also includes income from 
exchange rate differences resulting from finance instruments in the banking business. Given the 
currently prevailing interest rate anomaly, we also generate interest income from customer balances held 
with us (in a negative interest rate environment). Furthermore, this item comprises interest payments 
made on customer balances (positive interest rate environment) as well as cash investments (negative 
interest rate environment) and fees for providing customer credit lines. Interest income and interest 
expenses are calculated, allocated and realised when due, with the applicable effective interest rate on a 
daily basis. 
 
Other operating income 
Other operating income is income not directly attributable to our typical business model. Other operating 
income is usually realised when all chances and risks have been transferred. Other operating income 
comprises, for instance from, income from subleasing property, agency contracts as well as the reversal 
of impairments recognised on trade receivables. In addition, valuation effects, such as income from 
exchange rate differences from non-banking business, are reported under other operating income. 
 
Volume-related costs 
The item “volume-related costs” consists of expenses directly related to revenue and which depend 
directly on the following factors: 
 
 The number of certain trading and settlement transactions,  
 The custody volume and volume of global securities financing,  
 The amount of purchased data, 
 The sales commissions to distribution partners for the distribution of capital investments, 
 Revenue sharing agreements and maker-taker price models.  
 
Volume-related costs are not incurred if the corresponding revenue is no longer generated. 
 
174

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Further information  
155
Composition of net revenue (part 1) 
Sales revenue 
Treasury result from banking and 
similar business 
2021 
2020 
2021 
2020 
€m 
€m 
€m 
€m 
Eurex (financial derivatives) 
Equity index derivatives 
450.1
600.3
0
0
Interest rate derivatives 
228.6
203.4
0
0
Equity derivatives 
59.0
56.9
0
0
OTC Clearing 
55.8
50.0
0
0
Margin fees 
24.2
22.6
74.1
83.4
Infrastructure 
88.5
84.2
0
0
Eurex Data 
62.5
62.1
0
0
Other 
50.7
33.5
0
0
1,019.4
1,113.0
74.1
83.4
EEX (commodities) 
Power derivatives 
128.0
128.0
1.2
1.4
Power spot 
71.1
72.7
0
0
Gas 
65.2
54.5
0
0
Annual fees 
20.0
17.0
0
0
Technical connection fees 
10.7
10.2
0
0
Market Data Services 
10.5
7.7
0
0
Other 
44.9
35.6
15.7
3.8
350.4
325.7
16.9
5.2
360T (foreign exchange) 
Trading 
88.6
86.7
0
0
Other 
24.6
20.8
0
0
113.2
107.5
0
0
Xetra (cash equities) 
Trading and clearing 
226.9
237.3
0.4
0
Listing 
19.4
18.0
0
0
Xetra Data 
116.6
113.6
0
0
Regulatory services 
9.9
12.7
0
0
Infrastructure 
42.8
43.9
0
0
415.6
425.5
0.4
0
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Deutsche Börse Group | Annual report 2021
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Further information  
156
Composition of net revenue (part 2) 
 
Other operating income 
Volume-related costs 
Net revenue 
 
 
 
 
 
2021 
2020 
2021 
2020 
2021 
2020 
 
€m 
€m 
€m 
€m 
€m 
€m 
Eurex (financial derivatives) 
Equity index derivatives 
0.1
0.1
– 60.3
– 59.9
389.9
540.5
Interest rate derivatives 
0.1
0.1
– 3.0
– 3.4
225.7
200.1
Equity derivatives 
0.0
0.1
– 9.5
– 8.6
49.5
48.4
OTC Clearing 
23.9
22.3
– 22.6
– 17.4
57.1
54.9
Margin fees 
– 30.2
– 20.6
– 0.1
0.0
68.0
85.4
Infrastructure 
0.0
0.0
– 0.5
– 0.2
88.0
84.0
Eurex Data 
10.9
8.7
– 10.4
– 11.0
63.0
59.8
Other 
11.9
7.3
– 8.0
– 3.6
54.6
37.2
 
16.7
18.0
– 114.4
– 104.1
995.8
1,110.3
 
EEX (commodities) 
Power derivatives 
0.0
0.5
– 10.9
– 14.1
118.3
115.8
Power spot 
0.0
0.0
0.0
– 0.6
71.1
72.1
Gas 
0.0
0.0
– 10.3
– 11.5
54.9
43.0
Annual fees 
0.0
0.0
0.0
0.0
20.0
17.0
Technical connection fees 
0.0
0.0
0.0
0.0
10.7
10.2
Market Data Services 
0.0
0.0
– 1.5
0.0
9.0
7.7
Other 
1.1
1.6
– 4.2
– 4.6
57.5
36.4
 
1.1
2.1
– 26.9
– 30.8
341.5
302.2
 
360T (foreign exchange) 
Trading 
0.0
0.0
– 4.3
– 4.8
84.3
81.9
Other 
0.0
0.4
– 1.1
– 1.6
23.5
19.6
 
0
0.4
– 5.4
– 6.4
107.8
101.5
 
Xetra (cash equities) 
Trading and clearing 
0.9
1.0
– 38.0
– 35.0
190.2
203.3
Listing 
2.7
1.7
– 0.9
– 0.8
21.2
18.9
Xetra Data 
0.1
6.9
– 23.8
– 27.0
92.9
93.5
Regulatory services 
7.0
20.4
– 1.1
– 0.9
15.8
32.2
Infrastructure 
1.2
0.0
– 0.1
– 0.1
43.9
43.8
 
11.9
30.0
– 63.9
– 63.8
364.0
391.7
    
176

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Further information  
157
Composition of net revenue (part 3) 
 
Sales revenue 
Treasury result from banking and 
similar business 
 
 
 
 
2021 
2020 
2021 
2020 
 
€m 
€m 
€m 
€m 
Clearstream (post-trading) 
Custody 
597.4
565.6
– 0.2
0.0
Settlement 
193.0
180.8
0.0
0.0
Net interest income from banking business 
0
0
50.8
100.8
Third-party services 
23.9
23.9
0.0
0.0
GSF lending services 
54.1
54.3
0.0
0.0
GSF collateral management 
51.6
52.9
0.0
0.0
Connectivity ICSD 
80.3
74.4
0.0
0.0
Other 
47.4
47.9
0.7
7.3
 
1,047.7
999.8
51.3
108.1
IFS (investment fund services) 
Custody 
119.5
92.1
0.0
0.0
Settlement 
96.2
78.6
0.0
0.0
Connectivity 
35.5
26.0
0.0
0.0
Funds distribution1 
531.9
101.2
0.0
0.0
Other 
29.4
36.7
0.0
– 0.1
 
812.5
334.6
0
– 0.1
Qontigo (index and analytics business) 
ETF licences 
46.0
39.6
0.0
0.0
Exchange licences 
36.9
37.8
0.0
0.0
Other licences 
116.2
114.8
0.0
0.0
Axioma 
90.8
85.7
0.0
0.0
 
289.9
277.9
0
0
ISS (Institutional Shareholder Services) 
ESG 
166.9
n/a
0.0
n/a
Non-ESG 
70.3
n/a
0.0
n/a
 
237.2
n/a
0
n/a
 
Total 
4,285.9
3,584.0
142.7
196.6
 
Consolidation of internal revenue 
– 67.1
– 64.7
0.0
0.0
thereof Eurex 
– 0.1
– 0.1
0
0
thereof EEX 
0.0
0
0
0
thereof 360T 
0.0
0
0
0
thereof Xetra 
– 5.4
– 5.7
0
0
thereof Clearstream 
– 9.9
– 7.4
0
0
thereof IFS 
– 0.4
– 0.3
0
0
thereof Qontigo 
– 50.3
– 51.2
0
0
thereof ISS 
– 1.0
0
0
0
Group 
4,218.8
3,519.3
142.7
196.6
 1) Clearstream Fund Centre was only included in the Group from 30 September 2020, which means that comparability is not possible.   
177

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158
Composition of net revenue (part 4) 
 
Other operating income 
Volume-related costs 
Net revenue 
 
 
 
 
 
2021 
2020 
2021 
2020 
2021 
2020 
 
€m 
€m 
€m 
€m 
€m 
€m 
Clearstream (post-trading) 
Custody 
1.9
0.2
–153.9
–148.3
445.2
417.5
Settlement 
0.4
0.6
–73.2
–66.6
120.2
114.8
Net interest income from banking business 
0.0
0.0
–0.8
–0.3
50.0
100.5
Third Parties 
0.0
0.0
-0.1
–0.1
23.8
23.8
GSF Lending services 
0.0
0.0
–24.5
–29.0
29.6
25.3
GSF Collateral management 
0.0
0.0
-0.3
–1.3
51.3
51.6
Connectivity ICSD 
0.0
0.0
–6.6
–5.3
73.7
69.1
Other 
20.7
0.8
–27.2
–31.4
41.6
24.6
 
23.0
1.6
– 286.6
– 282.3
835.4
827.2
IFS (investment fund services) 
Custody 
0.0
0.0
-6.5
–4.7
113.0
87.4
Settlement 
0.0
0.0
-6.0
–6.6
90.2
72.0
Connectivity 
0.0
0.0
-1.6
–1.4
33.9
24.6
Funds distribution1 
0.1
0.3
-454.4
–87.1
77.6
14.4
Other 
39.4
0.1
-1.1
–2.3
67.7
34.4
 
39.5
0.4
– 469.6
– 102.1
382.4
232.8
Qontigo (index and analytics business) 
ETF licences 
0.0
0.0
-4.7
–4.9
41.3
34.7
Exchange licences 
0.0
0.0
-3.0
–3.1
33.9
34.7
Other licences 
0.6
0.0
-9.2
–9.2
107.6
105.6
Axioma 
0.1
1.7
-15.0
–14.3
75.9
73.1
 
0.7
1.7
– 31.9
– 31.5
258.7
248.1
ISS (Institutional Shareholder Services) 
ESG 
0.0
n/a
-8.7
n/a
158.2
n/a
Non-ESG 
1.1
n/a
-5.7
n/a
65.7
n/a
 
1.1
n/a
– 14.4
n/a
223.9
n/a
 
Total 
94.0
54.2
– 1,013.1
– 621.0
3,509.5
3,213.8
 
Consolidation of internal revenue 
– 8.9
– 13.7
76.0
78.4
0.0
0
thereof Eurex 
– 8.9
– 8.7
55.6
55.3
46.6
46.5
thereof EEX 
0
0
0
0
0
0
thereof 360T 
0
0
0
0
0
0
thereof Xetra 
0
– 5.0
17.5
21.6
12.1
10.9
thereof Clearstream 
0
0
2.9
1.5
– 7.0
– 5.9
thereof IFS 
0
0
0
0
– 0.4
– 0.3
thereof Qontigo 
0
0
0
0
– 50.3
– 51.2
thereof ISS 
0
0
0
0
– 1.0
0
Group 
85.1
40.5
– 937.1
– 542.6
3,509.5
3,213.8
  1) Clearstream Fund Centre was only included in the Group from 30 September 2020, which means that comparability is not possible. 
 
 
178

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Further information  
159
Revenue recognised in the financial year from performance obligations fulfilled or partially fulfilled in 
prior periods amounted to €12.3 million (2020: €17.1 million).   
Other operating income  
Other operating income of €85.1 million (2020: €40.5 million) related mainly to valuation of the 
acquisition of the second Clearstream Fund Centre tranche in the amount of €39.7 million, a receivable 
for reimbursement of costs in the amount of €17.1 million and the valuation of a contingent purchase 
price component in the amount of €7.0 million. Further effects result from income from exchange rate 
differences of €4.5 million (2020: €6.0 million), income from management services of €1.9 million 
(2020: €1.3 million). 
5. Staff costs
Composition of staff costs 
2021 
2020 
€m 
€m 
Wages and salaries 
827.2
682.2
Social security contributions, retirement and other benefits 
174.9
140.7
Total 
1,002.1
822.9
Wages and salaries comprise costs associated with the efficiency programme of €25.4 million 
(2020: €36.4 million). 
Composition of treasury result from banking and similar business 
2021 
2020 
€m 
€m 
Interest income from positive interest environment 
Debt financial assets measured at amortised cost 
19.9
64.9
Interest expenses from positive interest environment 
Financial liabilities measured at amortised cost 
– 33.4
– 31.3
Interest income from negative interest environment 
Debt financial assets measured at amortised cost 
373.6
378.2
Interest expenses from negative interest environment 
Financial liabilities measured at amortised cost 
– 239.5
– 256.0
Net interest income 
120.6
155.8
Result from fair value valuation of foreign currency derivatives 
20.6
33.4
Other currency result 
1.5
7.3
Total 
142.7
196.6
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6. Other operating expenses 
 
Composition of other operating expenses 
 
 
2021 
2020 
 
€m 
€m 
Costs for IT service providers and other consulting services 
196.6
248.2
IT costs 
152.7
139.3
Non-recoverable input tax 
59.7
40.0
Premises expenses 
37.4
31.8
Insurance premiums, contributions and fees 
29.1
21.6
Advertising and marketing costs 
15.9
15.6
Travel, entertainment and corporate hospitality expenses 
4.3
5.8
Cost of exchange rate differences 
4.6
5.7
Voluntary social benefits 
5.3
4.4
Supervisory Board remuneration 
4.6
4.1
Short-term leases 
2.9
3.0
Miscellaneous 
36.5
26.2
Total 
549.5
545.8
    
    
Composition of fees paid to the auditor (PwC) 
 
 
2021 
 
 
 
PwC network 
thereof PwC 
GmbH 
 
€m
€m
Statutory audit services 
6.8
4.1
Other assurance or valuation services 
0.6
0.2
Tax advisory services 
0.4
0.2
Other services 
0
0
Total 
7.8
4.5
 
 
Composition of fees paid to the auditor (KPMG) 
 
 
2020 
 
 
 
KPMG network 
thereof KPMG 
AG1 
 
€m
€m
Statutory audit services 
6.1
3.9
Other assurance or valuation services 
0.6
0.5
Tax advisory services 
0.8
0.2
Other services 
0.2
0
Total 
7.7
4.6
 
 
 
 
1) Additional values added for the appointed auditor.
180

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Further information  
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In the financial year 2021, after an extensive selection process by the Supervisory Board, the Annual 
General Meeting elected PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft, 
Frankfurt/Main, (PwC) as the new auditors for the annual and consolidated financial statements 2021 
as well as for the review of the half-year financial report in the reporting year. Fees paid for “statutory 
audit services” rendered by PwC mainly comprise the audit of the consolidated financial statements and 
the annual financial statements of Deutsche Börse AG as well as various audits of the annual financial 
statements of subsidiaries. Audit-integrated reviews of interim financial statements were performed. 
Other assurance services relate to ISAE 3000 reports and statutory or contractual audit services. Tax 
advisory services comprise support services for the preparation of tax returns and the assessment of and 
advice on tax matters. Quality assurance support services were provided for Deutsche Börse AG as part 
of other services.  
 
 
7. Result from financial investments 
Net income from financial investments comprises measurement effects, dividend payments, 
distributions, foreign currency translation effects and write-downs on financial investments. Gains and 
losses on financial investments at FVPL are recognised on a net basis in the period in which they arise. 
Distributions from funds and dividends are recognised in profit or loss when the Group’s right to receive 
payments is established and when such dividends are not capital repayments. 
 
 
Composition of result from financial investments 
 
 
 
2021 
2020 
 
€m 
€m 
Result of the equity method measurement of associates 
38.6
21.5
Result of strategic investments measured at fair value through other comprehensive income 
(dividends) 
0
0.3
Result of financial investments measured at amortised cost 
0
– 5.3
Result of financial investments measured at fair value through profit or loss 
53.0
2.9
Result of derivatives 
– 5.0
5.2
Result of hedge accounting 
– 1.4
– 0.2
Total 
85.2
24.3
 
In addition to the result of the equity valuation the net income from associates also includes impairment 
losses. Impairment losses of €0.2 million were recognised in the reporting year on the investment in 
enermarket GmbH (2020: none). The increase in the result of the equity method measurement of 
associates compared with the previous year is mainly attributable to the valuation of Tradegate AG 
Wertpapierhandlesbank in the amount of € 28.2 million and Clarity AI Inc. in the amount of € 10.5 
million, both of which showed a positive business performance in the reporting year. 
 
In 2021, the investment Clarity AI Inc., which was previously measured at equity, was reclassified to the 
category "measured at fair value through profit or loss". The fair value measurement resulted in a -
valuation effect of €34.5 million. Furthermore, this item includes € 18.5 million in valuation effects 
from fund units measured at fair value through profit or loss. For changes in financial investments see 
Note 12. 
 
 
 
181

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8. Financial result
The financial result comprises interest income and expenses which are not attributable to the Group’s 
banking business and are therefore not recognised in net revenue. Interest income and expense are 
recognised using the effective interest method over the respective financial instrument’s term to maturity. 
Interest income is recognised when it is probable that the economic benefits associated with the 
transaction will flow to the entity and the income can be measured reliably. Interest expense is 
recognised in the period in which it is incurred. 
Composition of financial income 
2021 
2020 
€m 
€m 
Interest income from financial assets measured at fair value through other comprehensive income 
0.1
0.1
Interest income from financial assets measured at amortised cost 
5.1
0.4
Interest income from financial liabilities measured at amortised cost 
2.2
0
Interest income from financial assets measured at fair value through profit or loss 
0.1
0.1
Interest income on tax refunds 
24.2
25.3
Other interest income and similar income 
1.2
0.1
Total 
32.9
26.0
Composition of financial expense 
2021 
2020 
€m 
€m 
Interest expense from financial assets measured at amortised cost 
1.2
3.9
Interest expense from financial liabilities measured at amortised cost 
39.8
49.7
Transaction cost of financial liabilities measured at amortised cost 
2.3
3.4
Interest expense on taxes 
20.8
35.8
Interest expense on lease liabilities 
5.2
5.5
Expense of the unwinding of the discount on pension provisions 
1.4
1.8
Other interest expense 
2.2
2.8
Total 
73.0
102.9
The financial result benefited from a one-time effect resulting from the adjustment of the expected 
interest rate (~3 per cent for interest periods as of 2019) for possible tax repayments in the amount of 
€4.8 million due to the decision of the Federal Constitutional Court of 8 July 2021. 
182

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9. Taxes  
Deutsche Börse Group is subject to the tax laws of those countries in which it operates and generates 
income. If it is probable that the tax authorities will not accept the disclosed amounts or the legal 
assessments on which the Group’s tax declarations are based (uncertain tax positions), tax liabilities are 
recognised based on the best possible estimate of expected cash outflows. Tax assets are recognised if it 
is considered likely that they will be realised. The recognition of uncertain tax positions is reassessed if 
there is a change in the underlying facts or their legal assessment (e.g. change in case law). 
 
Deferred tax assets and liabilities are computed using the balance sheet liability approach. The deferred 
tax calculation is based on temporary differences between the carrying amounts of assets and liabilities 
in the IFRS financial statements and their tax base that will lead to a future tax liability or benefit when 
assets are used or sold or liabilities are settled. These differences are used to calculate deferred tax 
assets or liabilities.  
 
The deferred tax assets or liabilities are measured using the tax rates that are currently expected to apply 
when the temporary differences reverse, based on tax rates that have been enacted or substantively 
enacted by the reporting date. Deferred tax assets are recognised for the unused tax loss and interest 
carryforwards only to the extent that it is probable that future taxable profit will be available. Deferred tax 
assets and deferred tax liabilities are offset where a legally enforceable right to set off current tax assets 
against current tax liabilities exists and the deferred tax assets and deferred tax liabilities relate to income 
taxes levied by the same taxation authority. 
 
 
Composition of taxes 
 
 
2021 
2020 
 
€m 
€m 
Current income tax expense/(-income) 
443.6
414.5
for the current year 
425.5
425.5
for previous years 
18.1
– 11.0
Deferred income tax expense/(-income) 
– 0.1
– 11.9
due to temporary differences 
– 3.4
– 25.2
due to tax loss and interest carryforwards 
6.3
0.3
due to changes in tax legislation and/or tax rates 
– 1.0
0
for previous years 
– 2.0
13.0
Total income tax expense 
443.5
402.6
Other taxes 
0.9
0.5
Total taxes 
444.4
403.1
    
183

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Allocation of income tax expense to Germany and foreign jurisdictions 
 
2021 
2020 
 
€m 
€m 
Current income tax expense/(-income) 
443.6
414.5
Germany 
313.4
310.4
Foreign jurisdictions 
130.2
104.1
Deferred income tax expense/(-income) 
– 0.1
– 11.9
Germany 
– 3.7
– 9.9
Foreign jurisdictions 
3.6
– 2.0
Total 
443.5
402.6
 
Tax rates of 27.4 to 31.9 per cent (2020: 27.4 to 31.9 per cent) were used in the reporting period to 
calculate income taxes for the German Group companies. These reflect trade income tax at rates of 
11.6 to 16.1 per cent (2020: 11.6 to 16.1 per cent), corporation tax of 15 per cent (2020: 15 per 
cent) and the 5.5 per cent solidarity surcharge (2020: 5.5 per cent) on corporation tax. 
 
A tax rate of 24.9 per cent (2020: 24.9 per cent) was used for the Group companies in Luxembourg. 
This includes trade tax at a rate of 6.7 per cent (2020: 6.7 per cent) and corporation tax at 18.2 per 
cent (2020: 18.2 per cent). 
 
Tax rates of 10.0 to 34.6 per cent (2020: 10.0 to 34.6 per cent) were applied to the Group companies 
in the remaining countries; see Note 34. 
 
Current income tax expense was reduced by €1.2 million in the reporting year by the utilisation of 
previously unrecognised tax loss carryforwards (2020: €0.3 million). There was no deferred tax income 
from previously unrecognised tax losses (2020: €2.4 million). As in the previous year, there were no 
effects resulting from changes of the impairment of deductible temporary differences. 
 
The following table shows the carrying amounts of deferred tax assets and liabilities as at the reporting 
date by line item or loss carryforwards: 
 
184

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Short-term elements of deferred taxes are recognised in non-current assets and liabilities in the 
consolidated balance sheet, in line with IAS 1 “Presentation of Financial Statements”. 
 
At the end of the reporting period, accumulated unused tax losses for which no deferred tax assets were 
recognised amounted to €55.5 million (2020: €27.2 million). These unused tax losses are attributable 
to domestic losses totalling €14.4 million and to foreign tax losses totalling €41.1 million (2020: 
Germany nil, foreign tax losses €27.2 million). 
 
Tax losses can be carried forward indefinitely in Germany as well as in the United Kingdom under 
consideration of the minimum taxation rules. In the United States, losses may be carried forward for a 
maximum period of 20 years, provided they were incurred before 1 January 2018. In accordance with 
the latest tax reform in the US, adopted at the end of December 2017, losses incurred after 
31 December 2017 may be carried forward indefinitely, taking into account newly introduced minimum 
taxation rules. In all other countries, losses can be carried forward indefinitely. 
 
There were no unrecognised deferred tax liabilities on future dividends of subsidiaries and associates or 
on gains from the disposal of subsidiaries and associates in the reporting period (2020: none). 
 
 
Composition of deferred taxes 
 
Deferred tax assets 
Deferred tax liabilities 
 
 
 
 
31.12.2021 
31.12.2020 
31.12.2021 
31.12.2020 
 
€m 
€m 
€m 
€m 
Intangible assets 
74.5
86.0
– 449.8
– 254.1
Internally developed software 
17.2
30.0
– 38.7
– 32.5
Other 
57.3
56.0
– 411.1
– 221.6
Financial assets 
1.5
1.7
– 31.0
– 13.8
Other assets 
34.4
7.4
– 19.7
– 16.3
Provisions for pensions and other employee benefits 
81.7
88.1
– 25.6
– 17.7
Other provisions 
19.1
18.1
– 2.4
– 0.1
Liabilities 
83.1
40.8
– 22.5
– 10.7
Tax loss and interest carryforwards 
58.0
15.6
0
0
Deferred taxes (before netting) 
352.3
257.7
– 551.0
– 312.7
thereof recognised in profit and loss 
300.9
190.4
– 525.1
– 303.4
thereof recognised in other comprehensive income1) 
51.4
67.3
– 25.9
– 9.3
Deferred taxes set off 
– 212.5
– 96.0
212.5
96.0
Total 
139.8
161.7
– 338.5
– 216.7
1) See Note 15 for further information on deferred taxes recognised in other comprehensive income. 
185

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To determine the expected income tax expense, earnings before tax have been multiplied by the 
composite tax rate of 26 per cent assumed for 2021 (2020: 26 per cent). 
 
As at 31 December 2021, the reported income tax rate was 25.9 per cent (2020: 26.3 per cent). 
 
Reconciliation from expected to reported income tax expense 
 
 
2021 
2020 
 
€m 
€m 
Earnings before tax (EBT) 
1,709.3
1,528.2
Expected income tax expense 
444.4
397.3
Effects of different tax rates 
– 12.8
– 15.2
Effects of non-deductible expenses 
14.0
15.5
Effects of tax-exempt income 
– 3.4
– 1.3
Tax effects from loss carryforwards 
0.3
0.9
Effects from changes in tax rates 
– 1.0
0
Effects from intra-group restructuring 
0
1.5
Other 
– 14.1
2.0
Income tax expense arising from current year 
427.4
400.7
Income taxes for previous years 
16.1
1.9
Income tax expense 
443.5
402.6
186

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10. Intangible assets 
Recognition and measurement 
Capitalised development costs are amortised from the date of first use of the software using the straight-
line method over the asset’s expected useful life. The useful life of internally developed software is 
generally assumed to be seven years; a useful life of ten years is used as the basis in the case of newly 
developed systems.  
 
Purchased software is generally amortised based on the projected useful life. The amortisation period for 
intangible assets with finite useful lives is reviewed at a minimum at the end of each financial year. If 
the expected useful life of an asset differs from previous estimates, the amortisation period is adjusted 
accordingly. 
 
The other intangible assets were largely acquired within the context of business combinations and refer 
to exchange licences, trade names and customer relationships. The acquisition costs correspond to the 
fair values as at the acquisition date. Depending on the relevant acquisition transaction, the expected 
useful life is 5 to 20 years for trade names with finite useful lives, 4 to 24 years for participant and 
customer relationships and 2 to 20 years for other intangible assets. 
 
Exchange licences as well as certain trade names have no finite useful lives and, in addition, there is an 
intention to maintain the exchange licences as part of the general business strategy. Therefore, an 
indefinite useful life is assumed. 
 
Intangible assets are derecognised on disposal or when no further economic benefits are expected to 
flow from them.  
 
Impairment tests 
At each reporting date, the Group assesses whether there are any indications that an intangible asset 
may be impaired. If this is the case, the carrying amount is compared with the recoverable amount (the 
higher of the value in use and fair value less costs of disposal) to determine the amount of any potential 
impairment.  
 
Value in use is estimated on the basis of the discounted estimated future cash flows from continuing use 
of the asset and from its ultimate disposal, before taxes. For this purpose, discount rates are estimated 
based on the prevailing pre-tax weighted average cost of capital. If no recoverable amount can be 
determined for an asset, the recoverable amount of the cash-generating unit (CGU) to which the asset 
can be allocated is determined. 
  
Notes on the consolidated statement of financial 
position 
187

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Irrespective of any indications of impairment, intangible assets with indefinite useful lives and intangible 
assets not yet available for use must be tested for impairment at least once a year. Impairment tests are 
carried out on 1 October every financial year. If the estimated recoverable amount of the asset or CGU is 
lower than the respective carrying amount, an impairment loss is recognised and the net carrying 
amount of the asset or CGU, respectively, is reduced to its estimated recoverable amount. 
 
At the acquisition date, goodwill is allocated to the CGUs or groups of CGUs, that is/are expected to 
create synergies from the relevant acquisition. If changes arise in the structure of CGUs, for example 
through a new segmentation, goodwill is allocated taking into account the relative fair values of the 
newly defined CGUs. Irrespective of any indications of impairment, these items must be tested for 
impairment at least annually at the lowest level of impairment at which Deutsche Börse Group monitors 
the respective goodwill. An impairment loss is recognised if the carrying amount of the CGUs or groups 
of CGUs, to which goodwill is allocated, including the carrying amount of that goodwill, is higher than 
the recoverable amount of this group of assets. The impairment loss is first allocated to the goodwill, 
then to the other assets in proportion to their carrying amounts.  
 
The recoverable amount of the (groups of) CGUs was determined based on the fair value less costs to 
sell. The value in use was only determined if the fair value less costs to sell did not exceed the carrying 
amount. Given that no active market was available for the (groups of) CGUs, the determination of fair 
values less costs to sell was based on the discounted cash flow method (level 3 input factors). The 
detailed planning period usually covers a respective time period of five years; for (groups of) CGUs, 
which have been allocated an asset with an indefinite useful life, such time period ends in perpetuity. 
Individual costs of capital are determined for each (group of) CGU(s), for the purpose of discounting 
projected cash flows. These capital costs are based on data incorporating beta factors, borrowing costs, 
as well as the capital structure of the respective peer group. Pricing, trading volumes, assets under 
custody, market share assumptions or general business development assumptions are based on past 
experience or market research. Other key assumptions are mainly based on external factors and 
generally correspond to internal management planning. Significant macroeconomic indicators include, 
for instance, equity index levels, volatility of equity indices, as well as interest rates, exchange rates, 
GDP growth, unemployment levels and government debt. When calculating value in use, the projections 
are adjusted for the effects of future restructurings and performance investments, if appropriate.  
 
At each reporting date, the Group assesses whether there are any indications that an impairment 
recognised for non-current assets in previous years (except goodwill) no longer applies. If this is the 
case, the carrying amount of the asset is increased and the difference is recognised in profit or loss. The 
maximum amount of this reversal is limited to the carrying amount that would have resulted if no 
impairment loss had been recognised in previous periods. Deutsche Börse Group does not reverse any 
goodwill impairments. 
 
188

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Intangible assets 
Purchased 
software 
Internally 
developed 
software 
Goodwill 
Payments 
on account 
and 
construction 
in progress )
Other 
intangible 
assets 
Total 
€m 
€m 
€m 
€m 
€m 
€m 
Historical cost as at 1 Jan 2020 
296.8
1,147.2
3,470.5
102.4
1,199.8
6,216.7
Acquisitions from business combinations 
15.8
0
550.2
0
271.2
837.2
Adjustment of previous year Goodwill 
0
0
4.3
0
0
4.3
Additions 
13.9
54.8
0
64.8
0.8
134.3
Disposals 
– 3.3
– 0.1
0
– 0.2
0
– 3.6
Reclassifications 
1.1
23.1
0
– 23.8
– 0.1
0.3
Exchange rate differences 
– 8.6
– 1.9
– 67.4
– 1.4
– 19.4
– 98.7
Historical cost as at 
31 Dec 2020 
315.7
1,223.1
3,957.7
141.8
1,452.3
7,090.6
Acquisitions through business combinations
79.5
0
1,456.2
2.4
652.7
2,190.8
Adjustment of previous year Goodwill 
0
0
– 1.2
0
0
– 1.2
Additions 
14.5
76.8
0
76.4
0.9
168.6
Disposals 
0
0
0
0
0
0
Reclassifications 
2.3
98.5
0
– 100.8
0
0
Reclassifications into assets held for sale 
– 7.6
– 10.4
0
– 4.1
0
– 22.1
Exchange rate differences 
12.0
4.0
183.3
– 0.1
78.8
278.0
Historical cost as at 31 Dec 2021 
416.4
1,392.0
5,596.0
115.6
2,184.7
9,704.7
Amortisation and impairment losses as at 
1 Jan 2020 
170.9
868.6
0
9.9
158.9
1,208.3
Amortisation 
30.5
86.3
0
0
38.5
155.3
Impairment losses 
0
2.6
0
5.6
0
8.2
Disposals 
– 2.2
0
0
0
0
– 2.2
Reclassifications 
0
0
0
0
0
0
Exchange rate differences 
– 1.2
– 0.5
0
0
– 0.5
– 2.2
Amortisation and impairment losses as at 
31 Dec 2020 
198.0
957.0
0
15.5
196.9
1,367.4
Amortisation 
37.6
57.8
0
0
71.0
166.4
Impairment losses 
0
11.8
0
0
0
11.8
Reclassifications into assets held for sale 
– 7.3
– 3.5
0
– 0.1
0
– 10.9
Reclassifications 
1.1
– 1.1
0
0
0
0
Exchange rate differences 
2.1
1.7
0
0.1
3.2
7.1
Amortisation and impairment losses as at 
31 Dec 2021 
231.5
1,023.7
0
15.5
271.1
1,541.8
Carrying amount as at 31 Dec 2020 
117.7
266.1
3,957.7
126.3
1,255.4
5,723.2
Carrying amount as at 31 Dec 2021 
184.9
368.3
5,596.0
100.1
1,913.6
8,162.9
189

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Material intangible assets with finite useful lives 
 
Carrying amount as of 
Remaining amortisation period as at 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
years 
years 
Customer Relationship ISS Data & Research 
435.7
n/a
21.2
n/a
Customer Relationship Clearstream Funds Centre 
235.8
237.1
18.8
19.8
Customer Relationship 360T 
169.6
179.7
16.8
17.8
  
  
Software, payments on account and software in development 
Research costs are recognised as expenses in the period in which they are incurred. Development costs 
for internally developed intangible assets are only capitalised when the definition and recognition criteria 
for intangible assets according to IAS 38 are met and development costs can be separated from research 
costs. 
 
Development costs that have to be capitalised include direct labour costs, costs of purchased services 
and workplace costs, including proportionate overheads that can be directly attributed to the preparation 
of the respective asset for use, such as costs for the infrastructure of software development. 
Development costs that do not meet the requirements for capitalisation are recognised through profit or 
loss. Interest expense that cannot be allocated directly to one of the development projects is recognised 
through profit or loss in the reporting period.  
 
Total development costs in the reporting year 2021 came to €202.8 million (2020: €158.2 million), of 
which €128.7 million were capitalised (2020: €104.0 million). 
 
Impairment testing in 2021 revealed an impairment loss of €11.8 million (2020: €8.2 million), which 
is shown in the line item “Depreciation, amortisation and impairment losses” and relates to the following 
assets: 
 
 An impairment loss of €8.0 million (recoverable amount: negative) in the fourth quarter of 2021 
concerned settlement, custody and asset servicing services for the Investor CSD product in the 
Clearstream segment. The asset was intended for use by a particular customer. Finally, the customer 
decided not to use the product. Promotional activities towards other potential customers did not result 
in successful marketing.  
 
 Another impairment loss of €3.9 million (recoverable amount: negative) in the fourth quarter of 2021 
relates to the OTC currency clearing system in the Eurex segment. The combination of internal and 
external operating costs and limited market interest led to the decision to cease providing OTC currency 
clearing services. 
 
 
190

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Goodwill and other intangible assets from business combinations 
 
Changes in goodwill classified by (groups of) CGUs 
 
Eurex 
EEX 
360T 
Xetra 
Clear-
stream 
IFS 
Qontigo 
ISS 
Total 
 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
Balance as at 1 Jan 2020 
1,293.6
119.5
245.2
6.7
969.0
66.3
608.6
0
3,308.9
Reallocation due to change in reporting 
structure 
17.0
0
0
2.5
142.1
0
0
0
161.6
Acquisitions through business 
combinations 
64.1
1.2
0
0
0
484.9
0
0
550.2
Adjustment of previous year Goodwill 
0
0
0
0
0
0
4.3
0
4.3
Exchange rate differences 
– 2.3
– 4.9
– 5.0
– 0.1
0
– 1.5
– 53.6
0
– 67.4
Balance as at 31 Dec 2020 
1,372.4
115.8
240.2
9.1
1,111.1
549.7
559.3
0
3,957.6
Acquisitions through business 
combinations 
0
0
0
52.1
13.7
10.7
78.8
1,300.9
1,456.2
Adjustment of previous year Goodwill 
0
0
0
0
0
– 1.2
0
0
– 1.2
Exchange rate differences 
6.2
4.4
4.4
0.7
1.1
25.5
53.1
88.0
183.4
Balance as at 31 Dec 2021 
1,378.6
120.2
244.6
61.9
1,125.9
584.7
691.2
1,388.9
5,596.0
    
 
Changes in other intangible assets by category 
 
 
Exchange
licences 
Trade
names 
Member and
customer
relationships 
Miscellaneous
intangible
assets 
Total 
 
€m 
€m 
€m 
€m 
€m 
Balance as at 1 Jan 2020 
24.5
524.7
486.8
4.9
1,040.9
Acquisitions through business combinations 
0
0
270.3
0.9
271.2
Additions 
0
0
0.3
0.5
0.8
Amortisation 
0
– 0.4
– 36.5
– 1.6
– 38.5
Exchange rate differences 
– 2.1
– 6.2
– 10.5
– 0.1
– 19.0
Reclassifications 
0
0
0
0
0
Balance as at 31 Dec 2020 
22.4
518.1
710.4
4.6
1,255.4
Acquisitions through business combinations 
0
117.2
535.1
0.4
652.7
Additions 
0
0
0
0.9
0.9
Amortisation 
0
– 1.2
– 67.9
– 2.0
– 71.1
Exchange rate differences 
1.8
14.3
59.5
0.1
75.7
Balance as at 31 Dec 2021 
24.2
648.4
1,237.1
4.0
1,913.6
    
191

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Remuneration Report 
Further information  
172
 
 
Key assumptions used for impairment tests in 2021 
 
 
 
 
 
 CAGR1 
 
 
(Group of) CGUs 
Allocated 
book value 
Risk-free
interest rate 
Market risk
premium 
Discount 
rate 
Long-term 
growth rate 
Net revenue 
Operating 
costs 
 
€m 
% 
% 
% 
% 
% 
% 
Goodwill 
Eurex 
1,379.9
0.1
7.8
6.5
1.5
4.9
4.3
ISS 
1,240.9
2.0
6.0
8.0
2.5
8.2
6.3
Clearstream 
1,125.7
0.1
7.8
6.7
1.0
3.3
2.2
Qontigo 
675.7
0.1
7.8
7.4
1.5
7.1
5.6
IFS 
557.8
0.1
7.8
6.6
1.5
9.9
7.5
360T 
243.3
0.1
7.8
7.0
1.5
6.5
4.1
EEX 
118.8
0.1
7.8
6.6
1.5
6.9
2.5
Xetra 
11.2
0.1
7.8
6.8
1.0
– 0.4
3.9
 
Trade names and exchange licences 
STOXX 
420.0
0.1
7.8
7.4
1.5
5.8
6.8
ISS Core 
96.7
2.0
6.0
8.0
2.5
8.2
6.3
Axioma 
62.1
2.0
6.0
7.7
2.0
9.6
4.6
Nodal 
27.7
2.0
6.0
7.0
1.5
4.6
3.1
360T Core 
19.9
0.1
7.8
7.0
1.5
7.0
4.8
EEX Core 
13.7
0.1
7.8
6.6
1.5
6.7
4.4
360TGTX 
1.7
1.5
6.0
6.9
1.5
2.7
1.8
1) CAGR = compound annual growth rate. 
192

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Even in case of a reasonably possible change of one of the parameters, under the condition that all the 
other parameters remain constant, none of the above-mentioned CGUs or groups of CGUs with the 
exception of ISS CGU, would be impaired. At the ISS CGU, the recoverable amount exceeds the carrying 
amount in the annual impairment test by €136.4 million. A reduction in the annual growth rate of the 
net revenue by 8.7 per cent or rather an increase in operating costs by 9.1 per cent or a reduction in the 
growth rate in perpetuity by 0.6 percent or rather an increase in capital costs by 0.4 per cent would 
result in the recoverable amount being equal to the carrying amount. 
Key assumptions used for impairment tests in 2020 
CAGR1 
Allocated 
book value 
Risk-free
interest rate 
Market risk
premium 
Discount 
rate 
Long-term 
growth rate 
Net revenue 
Operating 
costs 
€m 
% 
% 
% 
% 
% 
% 
Goodwill 
Eurex 
1,310.0
– 0.2
7.8
6.2
1.5
3.9
1.4
Clearstream 
1,111.1
– 0.2
7.8
7.6
1.0
2.7
1.9
Qontigo 
585.5
– 0.2
7.8
7.5
1.5
12.6
6.9
IFS 
551.8
– 0.2
7.8
7.5
1.5
10.4
2.8
360T 
242.7
– 0.2
7.8
7.7
2.0
9.7
5.0
EEX 
118.2
– 0.2
7.8
7.1
1.5
6.9
2.1
Xetra 
9.1
– 0.2
7.8
7.5
1.0
5.6
8.4
Trade names and exchange licences 
STOXX 
420.0
– 0.3
7.8
7.4
1.5
7.9
5.9
Axioma 
58.7
1.4
6.3
7.8
2.5
15.8
4.7
Nodal 
26.1
1.4
6.3
7.6
1.5
23.8
6.8
360T Core 
19.9
– 0.3
7.8
7.7
2.0
8.7
7.1
EEX Core 
13.5
– 0.3
7.8
7.0
1.5
6.0
4.3
360TGTX 
1.6
0.9
6.3
7.7
2.0
17.8
11.0
1) CAGR = compound annual growth rate 
193

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
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Further information  
174
11. Property, plant and equipment 
Measurement of purchased property, plant and equipment 
Depreciable items of property, plant and equipment are carried at cost less cumulative depreciation. The 
straight-line depreciation method is used. The carrying amount is immediately written down to its 
recoverable amount if the carrying amount is higher than its recoverable amount. Costs of an item of 
property, plant and equipment comprise all costs directly attributable to the production process, as well 
as an appropriate proportion of production overheads. No borrowing costs were recognised in the 
reporting period or in the previous year as they could not be directly allocated to any particular 
development project. If it is probable that the future economic benefits associated with an item of 
property, plant and equipment will flow to the Group and the cost of the asset in question can be reliably 
determined, costs subsequent to acquisition is added to the carrying amount of the asset as incurred. 
The carrying amounts of any parts of an asset that have been replaced are derecognised. Repair and 
maintenance costs are expensed as incurred. 
 
 
Useful life of property, plant and equipment 
 
Depreciation period 
IT hardware 
3 to 5 years
Operating and office equipment 
5 to 19 years
Leasehold improvements 
Based on lease term
 
    
Measurement of right-of-use assets 
We lease a large number of different assets. These mainly include buildings and cars. Right-of-use 
assets are measured at cost. Any accumulated depreciation and impairment amounts are deducted from 
the cost of right-of-use assets as part of subsequent measurement. This does not apply to short-term 
leases with a term of not more than twelve months and leases for low-value assets. Expenses in the 
reporting year resulting from the above-mentioned short-term and low-value assets are reported in other 
operating expenses. 
 
 
Useful life of property, plant and equipment 
 
Depreciation period 
Right-of-use - land and buildings 
Based on lease term
Right-of-use - IT hardware, operating and office equipment as well as carpool 
Based on lease term
 
    
As a lessor in the case of an operating lease, we present the leased asset as an item of property, plant 
and equipment and measures the asset at amortised cost. The lease instalments received during the 
period are shown under other operating income. 
 
    
194

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
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Further information  
175
Property, plant and equipment (incl. Right-of-use assets) 
Land and 
buildings 
(right-of-use) 
Fixtures 
and 
fittings 
IT hardware, operating and office 
equipment as well as carpool 
Advance 
payments 
made and 
construction in 
progress 
Total 
Right-of-
use 
Purch-
ased 
Total 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
Historical costs as at 1 Jan 2020 
389.1
77.5
9.8
303.2
313.0
15.8
795.4
Acquisitions through business 
combinations 
3.1
0
0
0.3
0.3
0.5
3.9
Additions 
70.3
13.1
3.0
43.4
46.4
4.7
134.5
Disposals 
– 0.7
– 3.1
0
– 6.3
– 6.3
– 0.9
– 11.0
Reclassifications 
0
9.7
0
3.1
3.1
– 13.1
– 0.3
Exchange rate differences 
– 2.3
– 0.6
– 0.2
– 0.5
– 0.7
0
– 3.6
Historical costs as at 31 Dec 2020 
459.5
96.6
12.6
343.2
355.8
7.0
918.9
Acquisitions through business 
combinations 
85.1
6.0
1.4
4.2
5.6
0.4
97.1
Additions 
42.6
7.2
3.5
25.6
29.1
5.0
83.9
Disposals 
– 2.8
– 0.5
– 0.2
– 2.8
– 3.0
– 0.4
– 6.7
Reclassifications 
0
2.0
0
1.3
1.3
– 3.3
0
Reclassifications into assets held for 
sale 
– 0.1
0
– 0.1
0
– 0.1
0
– 0.2
Exchange rate differences 
3.8
1.0
0.3
1.1
1.4
– 0.2
6.0
Historical costs as at 31 Dec 2021 
588.1
112.3
17.5
372.6
390.1
8.5
1,099.0
0
Depreciation and impairment losses as 
at 1 Jan 2020 
42.6
37.7
2.8
214.3
217.1
0
297.4
Amortisation 
48.5
9.2
4.2
39.0
43.2
0
100.9
Disposals 
– 0.4
– 2.5
0
– 5.8
– 5.8
0
– 8.7
Exchange rate differences 
– 0.4
– 0.3
– 0.1
– 0.3
– 0.4
0
– 1.1
Depreciation and impairment losses as 
at 31 Dec 2020 
90.3
44.1
6.9
247.2
254.1
0
388.5
Amortisation 
59.2
10.5
4.9
42.2
47.1
0
116.9
Disposals 
– 0.3
0
– 0.1
– 2.2
– 2.3
0
– 2.6
Reclassifications into assets held for 
sale 
0.1
0
0
0
0
0
0.1
Exchange rate differences 
0.8
0.7
0
1.0
1.0
0
2.6
Depreciation and impairment losses as 
at 31 Dec 2021 
150.1
55.3
11.7
288.2
299.9
0
505.3
0
Carrying amount as at 31 Dec 2020 
369.2
52.5
5.7
96.0
101.7
7.0
530.4
Carrying amount as at 31 Dec 2021 
438.0
57.0
5.8
84.4
90.1
8.5
593.7
The average remaining term of leases is 13.8 years. 
The remaining term of the material sub-lease is one year; it is then renewed automatically for an 
indefinite period. Both parties can terminate the lease at the end of the remaining term by giving notice 
of six months. 
For details regarding the corresponding lease liabilities, please see Note 12. 
195

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Executive and Supervisory Boards 
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Further information  
176
12. Financial instruments 
Financial assets 
Additions and disposals 
Financial assets are recognised when the Group or one of its companies becomes party to a financial 
instrument. Regular way purchases and sales of financial assets are generally recognised and 
derecognised at the trade date. Purchases and sales of debt instruments classified as “at amortised cost” 
and of equities eligible for clearing via the central counterparties (CCPs) of Deutsche Börse Group are 
recognised and derecognised at the settlement date. Financial assets are derecognised when the 
contractual rights to the cash flows expire or when the company transfers these rights in a transaction 
that transfers substantially all risks and rewards of ownership of the financial assets. 
 
Clearstream Banking S.A. acts as a principal in securities borrowing and lending transactions in the 
context of the ASLplus securities lending system and is an intermediate between lender and borrower 
without becoming a contracting party from an economic perspective. Consequently, these transactions 
are not recognised in the consolidated balance sheet. 
 
First-time measurement and classification 
Financial assets are first recognised at fair value. For financial assets not at fair value through profit or 
loss the recognised amount also includes transaction costs that can be allocated directly to the 
acquisition of this asset. Transaction costs of financial assets at fair value through profit or loss are 
expensed as incurred. 
 
Financial assets are classified at the acquisition date, from which subsequent measurement is derived. 
We assign financial assets to the following measurement categories: 
 
 At fair value (either at “fair value through other comprehensive income” (FVOCI) or “fair value through 
profit or loss” (FVPL)) 
 At amortised cost (aAC) 
 
Debt instruments are allocated on the basis of the business model for managing the financial assets and 
the contractual cash flow characteristics. Debt instruments are only reclassified if the business model for 
managing them is changed. We do not make use of the option to designate debt instruments at fair 
value through profit or loss upon initial recognition (fair value option). 
 
The classification of investments in equity instruments not held for trading depends on whether the 
option of designating the corresponding financial assets as at fair value through other comprehensive 
income (FVOCI option) is used on initial recognition. Each individual equity instrument can be allocated 
separately and may not be changed in subsequent periods.  
 
 
 
196

Deutsche Börse Group | Annual report 2021
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Subsequent measurement of debt instruments 
We allocate each debt instrument to one of the following categories: 
 
 Amortised cost (aAC): Assets allocated to the “hold” business model and whose cash flows consist of 
solely payments of principal and interest are measured at amortised cost. Interest income from these 
financial assets is measured using the effective interest method. Gains and losses from derecognition, 
impairment and exchange rate movements are recognised through profit or loss. Measurement effects 
are shown in banking business or non-banking business depending on how the financial assets are 
allocated. For financial assets from banking business all measurement effects are shown in the treasury 
result of banking and similar business. Interest income from the non-banking business is shown in the 
financial result. All other effects of non-banking business are presented in net income from financial 
investments. All effects relating to the measurement of trade receivables are shown in other operating 
income and expenses. 
 Fair value through other comprehensive income (FVOCI): Investments in debt instruments allocated 
to the “hold and sell” business model and whose cash flows consist solely of payments of principal and 
interest are measured as at fair value through other comprehensive income. Impairments on these debt 
instruments are recognised as net income from financial investments through profit or loss. On disposal 
of these debt instruments all the balances in the revaluation surplus are reclassified to net income from 
financial investments through profit or loss. Interest income from fixed income debt securities in this 
category are shown in the financial result. 
 Fair value through profit or loss (FVPL): Financial assets that do not meet the criteria for 
measurement at amortised cost or at FVOCI are measured at FVPL and their measurement effects are 
shown in net income from financial investments. Distributions from fund interests are also shown in 
net income from financial investments. Interest income from fixed income bonds in this category are 
shown in the financial result. 
 
Subsequent measurement of equity instruments 
Equity instruments are always subsequently measured at fair value. In the reporting year 2021, we are 
reporting three strategic investments for the first time under other financial assets at fair value through 
profit or loss. For all other equity instruments, we have exercised the irrevocable FVOCI option as of the 
reporting date, with the result that the gains and losses are recognised in other comprehensive income. 
When the item is derecognised the gains and losses are not recycled through profit or loss, but 
reclassified to retained earnings. Dividends from these financial assets are shown in Result from 
financial investments. 
 
 
 
197

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Executive and Supervisory Boards 
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Further information  
178
Impairment 
As a rule, any impairment for expected credit losses for debt instruments reported at amortised cost and 
at fair value through other comprehensive income is determined using the three-stage impairment model 
in IFRS 9. The losses represent a forward-looking measurement of future losses that are generally 
subject to estimates. 
 
Stage 1: The impairment upon initial recognition is measured on the basis of the expected losses in the 
event of default within the next twelvemonths after the reporting date. 
Stage 2: If a financial asset's credit risk has increased significantly, the expected credit loss is 
determined over the entire term. A significant increase in credit risk is determined individually using 
internal ratings and is assumed if there is a downgrade of three notches within the internal rating 
system. 
Stage 3: Credit-impaired financial assets are allocated to Stage 3 and the impairment is based on the 
full lifetime expected credit losses. This is the case if there are observable data of significant financial 
difficulties and there is a high risk of default, even if the definition of a default has not yet been met. 
 
If the credit risk for debt instruments at amortised cost and at fair value through profit or loss is low in 
absolute terms as at the reporting date, they remain in Stage 1 even if the default risk has increased. 
 
We have the following two triggers to identify a default event and which cause a transfer to stage 3 of 
the model: 
 
Legal default event: a contractual partner of the Group is unable to fulfil its contractual obligations due 
to its insolvency. 
Contractual default event: a contractual partner of the Group is unable or unwilling to fulfil its 
contractual obligations in a timely manner. The non-fulfilment of the contractual obligation could result 
in a financial loss for us. 
 
We measure the expected credit losses for trade receivables using a simplified approach, which requires 
lifetime expected losses to be recognised from initial recognition of a receivable. Due to the high recovery 
rate for trade receivables with a due date of less than 360 days, a default is assumed for amounts which 
are overdue for more than 360 days. 
 
 
 
198

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
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Further information  
179
Financial Liabilities 
Additions and disposals 
Financial liabilities are recognised when a Group company becomes a party to the instrument. 
Purchases and sales of equities via the central counterparty Eurex Clearing AG are recognised at the 
settlement date analogous to financial assets. Financial liabilities are derecognised when the contractual 
obligation has been extinguished because it has been discharged or cancelled or has expired. 
 
Financial liabilities measured at amortised cost  
Financial liabilities not held for trading are accounted for at amortised cost. The borrowing costs 
associated with the placement of financial liabilities are included in the carrying amount and accounted 
for using the effective interest method if they are directly attributable. Discounts are amortised over the 
term of the liabilities using the effective interest method. Liabilities to non-controlling shareholders for 
the acquisition of non-controlling shares settled in cash or another financial asset are recognised at the 
present value of the future purchase price. The effect of the present value of accrued interest on the 
financial obligation and all measurement changes in the obligation is subsequently measured through 
profit or loss. The equity interest attributable to a non-controlling shareholder underlying the transaction 
is accounted for as if it had already been acquired at the time of the transaction. 
 
Financial liabilities measured at fair value through profit or loss 
Contingent purchase payments recognised by the purchaser of a business combination in accordance 
with IFRS 3 are not measured at amortised cost. The resulting financial liabilities are recognised at fair 
value. With a contingent purchase price component the purchaser is obliged to transfer additional assets 
or shares to the seller if certain conditions are met. Subsequent measurement is at fair value through 
profit or loss. 
 
We do not make use of the option to designate financial liabilities at fair value through profit or loss upon 
initial recognition (fair value option). 
 
Our exposure to various risks associated with the financial instruments is discussed in Note 24. The 
maximum exposure to credit risk at the end of the reporting period is the carrying amount of each class 
of financial assets mentioned above. 
 
Presentation and netting of financial assets and liabilities 
Financial assets and liabilities in the statement of financial position are divided into non-current and 
current. They are presented as non-current if the remaining term is more than twelve months as at the 
reporting date. They are presented as current assets if the remaining term is less than twelve months. 
 
Financial assets and liabilities are offset and only the net amount is presented in the consolidated 
balance sheet when a Group company currently has a legally enforceable right to set off the recognised 
amounts and intends either to settle on a net basis or to realise the asset and settle the liability 
simultaneously. 
 
 
199

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
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Remuneration Report 
Further information  
180
Derivative financial instruments and hedge accounting 
The derivative financial instruments we use include interest rate swaps, foreign exchange swaps, foreign 
exchange forwards and foreign exchange options.  
 
Derivatives are initially recognised at fair value on the date a derivative contract is taken out. The Group 
applies the provisions of IFRS 9 to account for hedges that meet the criteria for hedge accounting. When 
a hedging transaction takes place the economic relationship between the hedging instrument and the 
hedged item is documented in accordance with the requirements of IFRS 9. 
 
All other derivative transactions are mainly used to hedge foreign currency risks in economic hedging 
relationships and are classified as “held for trading” for accounting purposes and are remeasured at the 
end of each reporting period at fair value through profit or loss. Gains and losses from the subsequent 
measurement are either recognised in the result of treasury activities in banking business and similar 
business or in net income from financial investments. 
 
 
Cash flow hedges that qualify for hedge accounting 
In 2021 we used cash flow hedge accounting to hedge the foreign exchange risk on highly likely 
transactions as well as translation effects of intercompany monetary items. We also used cash flow 
hedge accounting to hedge the interest rate risk of a highly probable securities issue by means of interest 
rate swaps. 
 
The effectiveness of the hedging relationship is assessed at the beginning and over the entire duration of 
the hedging relationship to ensure that there is an economic relationship between the hedging 
instrument and the hedged item. This entails establishing hedging transactions in which all the relevant 
contractual parameters of the hedging instrument exactly match those of the hedged item. 
Ineffectiveness may arise in the hedging of planned transactions if the timing of the planned transaction 
changes compared with the original estimate. Ineffectiveness due to changes in our default risk or the 
default risk of the counterparty to the hedging transaction is deemed to be negligible. Effectiveness is 
measured regularly as at the reporting dates. The Group uses the hypothetical derivative method for this 
purpose. 
 
The effective portion of changes in the fair value of derivatives designated as cash flow hedges is shown 
in the reserve for cash flow hedges as part of other comprehensive income; it is limited to the 
cumulative absolute change in the hedged fair value of the hedged since the hedging transaction. Gains 
or losses on the ineffective portion are recognised directly through profit or loss, either in the treasury 
result of banking and similar business or in net income from financial investments. If forward contracts 
are used to hedge planned transactions we designate the entire change in the fair value of the forward, 
including the forward component, as a hedging instrument. In this case, the gains or losses from the 
effective portion of the change in fair value for the entire future transaction are recognised in the reserve 
for cash flow hedges as a component of equity. If the Group uses futures to hedge existing receivables 
and liabilities, only the spot component of the future is designated. Gains or losses from the effective 
portion of the change in the spot component of the future are shown in the reserve for cash flow hedges.  
 
 
200

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Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
181
Changes in the forward component of the hedging instrument that relates to the hedged item are 
considered to be hedging costs and shown separately in the reserve for hedging costs in other 
comprehensive income. The fair value of the forward component not included in the hedging 
relationship at the time it is designated is written off pro rata temporis over the period of the hedging 
relationship. The amount written down is recycled from the reserve for hedging costs to profit or loss. 
 
Cumulative amounts in the reserve for cash flow hedges are reclassified according to the following 
methodology: 
 If the cash flow hedges serve to hedge a planned transaction, the amount from the hedging instrument 
that has accumulated in other comprehensive income up to the acquisition date is derecognised from 
the reserve and treated as part of the acquisition costs. 
 For cash flow hedges of existing receivables and liabilities, the amount that has accumulated in the 
reserve for cash flow hedges is reclassified to profit or loss in the periods in which there are changes in 
the hedged future cash flows recognised through profit or loss. 
 If this amount is a loss, however, and the assumption is that all or part of this loss cannot be recouped 
in future periods, then this amount is recognised immediately through profit or loss. 
 
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the 
criteria for hedge accounting, hedge accounting is discontinued. The hedging relationship continues, 
however, if it was originally designated as a rolling hedge. If the expected transaction is deemed to be 
highly probable, new hedging instruments are arranged to replace those that have expired. When the 
forecast transaction is no longer expected to occur, the cumulative gain or loss and deferred costs of 
hedging that were reported in equity are immediately reclassified to profit or loss. 
 
 
Financial assets measured at fair value through other comprehensive income 
This item comprises strategic investments which we have irrevocably elected to recognise at fair value 
through other comprehensive income in this category at initial recognition. Fixed-income bonds allocated 
to the “Hold and sell” business model are also presented at fair value through other comprehensive 
income. 
 
 
Composition of financial assets measured at fair value through other comprehensive income 
 
2021 
2020 
 
€m 
€m 
Strategic investments 
224.3
107.0
Listed debt instruments 
4.3
4.9
Total 
228.6
111.9
 
 
 
201

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
182
We do not pledge any of these financial assets as collateral. Debt securities amounting to €0.5 million 
expired in 2021 (2020: €0.5 million). Debt securities amounting to €1.5 million were classified as 
current as at 31 December 2021 (2020: €0.5 million); total impairments came to less than €0.1 
million (2020: less than €0.1 million). Additions to this item came partly from follow-on investments of 
€64.7 million and also from the reclassification of two strategic investments of €7.0 million, which were 
previously accounted for using the equity method. 
 
 
The sale of a strategic investment resulted in a disposal of financial assets for €8.8 million  
(2020: €12.5 million) and a resulting effect of €–4,9 million (2020: €0.1 million) recognised directly in 
equity and transferred to the retained earnings. The sale of the strategic investment was due to its 
acquisition by another company outside the Group. 
 
Furthermore, there was a significant positive valuation effect of €39.0 million resulting from a strategic 
investment. 
 
Amounts recognised in profit or loss and other comprehensive income 
 
 
2021 
2020 
 
€m 
€m 
Gains/(losses) recognised in other comprehensive income 
Strategic investments 
49.7
25.5
Debt instruments 
0.11
0.3
Total 
49.8
25.8
Gains/(losses) recognised in profit or loss 
Dividends related to investments derecognised during the period 
0
0.3
Total 
0
0.3
1) Of which €<0.1 million (2020: €0.1 million) are attributable to non-controlling interests. 
202

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
183
Financial assets and liabilities measured at amortised cost 
 
Composition of financial assets at amortised cost 
 
 
31 Dec 2021 
31 Dec 2020 
 
 
 
 
Non-current 
Current 
Total 
Non-current 
Current 
Total 
 
€m 
€m 
€m 
€m 
€m 
€m
Trade receivables 
0
969.4
969.4
0
616.6
616.6
of which expected losses 
0
– 8.8
– 8.8
0
– 9.2
– 9.2
Other financial assets measured at 
amortised costs 
1,634.7
15,799.6
17,434.3
997.5
16,225.1
17,222.5
Fixed income securities 
1,528.8
396.1
1,924.9
992.1
206.0
1,198.1
Reverse repo transactions 
0
4,274.3
4,274.3
0
6,176.7
6,176.7
Balances on nostro accounts 
0
1,905.4
1,905.4
0
2,252.4
2,252.4
Money market lendings 
0
7,440.3
7,440.3
0
6,440.0
6,440.0
Customer overdrafts from settlement 
business 
0
531.6
531.6
0
267.7
267.7
Receivables from CCP balances 
0
1,189.3
1,189.3
0
675.6
675.6
Margin calls 
0
6.7
6.7
0
156.6
156.6
Other 
105.9
55.9
161.8
5.4
50.0
55.4
of which expected losses 
– 0.4
0
– 0.4
– 0.3
0
– 0.3
Restricted bank balances 
0
78,542.0
78,542.0
0
38,420.1
38,420.1
Cash and other bank balances 
0
1,029.6
1,029.6
0
1,467.3
1,467.3
Total 
1,634.7
96,340.6
97,975.3
997.5
56,729.1
57,726.6
 
Debt securities amounting to €218.9 million expired in 2021 (2020: €609.6 million). 
 
Amounts reported separately under liabilities as cash deposits by market participants are restricted. Such 
amounts are mainly invested via bilateral or triparty reverse repurchase agreements and in the form of 
overnight deposits at central banks and banks and shown as restricted bank balances. Government and 
government-guaranteed bonds with an external credit rating of at least AA– are accepted as collateral for 
the reverse repurchase agreements. 
 
203

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Composition of financial liabilities at amortised cost 
 
31 Dec 2021 
31 Dec 2020 
 
 
 
 
Non-current 
Current 
Total 
Non-current 
Current 
Total 
 
€m 
€m 
€m 
€m 
€m 
€m 
Trade payables 
0
704.4
704.4
0
388.6
388.6
Other liabilities at amortised costs 
3,539.9
15,914.3
19,454.2
3,474.4
14,630.0
18,104.4
Bonds issued 
3,037.3
599.4
3,636.7
2,637.1
0
2,637.1
Deposits from securities settlement 
business 
0
12,177.2
12,177.2
0
12,191.6
12,191.6
Money market borrowings 
0
574.4
574.4
0
1,176.2
1,176.2
Purchase price liabilities from business 
combinations 
0
0
0
479.5
0
479.5
Commercial Papers issued 
0
1,551.8
1,551.8
0
546.4
546.4
Liabilities from CCP balances 
0
733.1
733.1
0
565.3
565.3
Leasing liabilities 
423.1
63.6
486.7
357.8
51.1
408.9
Bank overdrafts 
0
74.5
74.5
0
27.8
27.8
Other 
79.5
140.3
219.8
0
71.7
71.7
Cash deposits from market participants 
0
78,292.5
78,292.5
0
38,188.8
38,188.8
Total 
3,539.9
94,911.2
98,451.1
3,474.4
53,207.4
56,681.8
 
 
Deutsche Börse AG issued senior hybrid bonds with a nominal volume of €1,000.0 million in the 
financial year to refinance an acquisition. The issue was divided into two tranches, with maturities of 
five and ten years. The five-year bond pays interest of 0.00 per cent and the ten-year bond pays interest 
of 0.125 per cent. 
 
The financial liabilities recognised on the balance sheet were not secured by liens or similar rights as at 
31 December 2021 or as at 31 December 2020. 
 
 
Cash deposits by market participants 
 
Composition of cash deposits by market participants 
 
 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
Liabilities from margin payments 
to Eurex Clearing AG by clearing members 
34,444.5
31,750.3
to European Commodity Clearing AG by clearing members 
42,567.5
5,964.8
to Nodal Clear, LLC by clearing members 
1,280.1
473.3
to European Energy Exchange AG by clearing members 
0.4
0.4
Total 
78,292.5
38,188.8
    
 
 
204

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Financial assets and liabilities measured at fair value through profit or loss 
Financial instruments of the central counterparties 
Eurex Clearing AG, European Commodity Clearing AG and Nodal Clear, LLC all act as central 
counterparties: 
 
 Eurex Clearing AG guarantees the settlement of all transactions involving futures and options on Eurex 
Germany. It also guarantees the settlement of all transactions for Eurex Repo (repo trading platform), 
certain exchange transactions in equities on Frankfurter Wertpapierbörse (FWB, the Frankfurt Stock 
Exchange). Eurex Clearing AG also guarantees the settlement of off-order-book trades entered for 
clearing in the trading systems of the Eurex exchanges as well as Eurex Repo. In addition, Eurex 
Clearing AG clears over-the-counter (OTC) interest rate derivatives and securities lending transactions, 
where these meet the specified novation criteria. 
 European Commodity Clearing AG guarantees the settlement of spot and derivatives transactions at the 
trading venues of EEX group and the connected partner exchanges. 
 Nodal Clear, LLC, as part of the Nodal Exchange Group, is a Derivatives Clearing Organisation (DCO) 
registered in the United States and is the central counterparty for all transactions executed on Nodal 
Exchange. 
 
The transactions of the clearing houses are only executed between the respective clearing house and a 
clearing member. Purchases and sales of equities and bonds via the Eurex Clearing AG central 
counterparty are recognised and simultaneously derecognised at the settlement date. For products that 
are marked-to-market (futures, options on futures, as well as OTC interest-rate derivatives), the clearing 
houses recognise gains and losses on open positions of clearing members on each exchange day. By 
means of the variation margin, profits and losses on open positions resulting from market price 
fluctuations are settled on a daily basis. The difference between this and other margin types is that the 
variation margin does not comprise collateral, but is a daily offsetting of profits and losses in cash. 
Therefore, futures and OTC interest rate derivatives are not reported in the consolidated balance sheet. 
“Traditional” options, for which the buyer must pay the option premium in full upon purchase, are 
carried in the consolidated balance sheet at fair value. Receivables and liabilities from repo transactions 
and from cash-collateralised securities lending transactions are classified as held for trading and carried 
at fair value.  
 
The fair values recognised in the consolidated balance sheet are based on daily settlement prices. These 
are calculated and published by the clearing houses in accordance with the rules set out in the contract 
specifications. 
 
 
205

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Composition of financial instruments held by central counterparties 
31 Dec 2021 
31 Dec 2020 
€m 
€m 
Repo transactions 
82,264.9
58,020.6
Options 
30,373.2
29,587.41
Others 
0
5.0
Total 
112,638.1
87,613.01
thereof non-current 
9,442.4
6,908.51
thereof current 
103,195.7
80,704.51
1) Due to a correction of the previous year's figures, non-current assets decreased by €26,2 million and current assets by €63,6 million. 
Receivables and liabilities that may be offset against a clearing member are reported on a net basis. 
Financial liabilities of €128,0 million (31 December 2020: €95.0 million) and financial assets of 
€200.0 million (31.December 2020: €0.0 million) were eliminated because of intra-Group GC Pooling 
transactions. 
Other financial assets and liabilities at FVPL 
Other financial assets and liabilities measured at fair value through profit or loss 
Carrying amount 31 Dec 2021 
Carrying amount 31 Dec 2020 
Non-current 
Current 
Total 
Non-current 
Current 
Total 
€m 
€m 
€m 
€m 
€m 
€m
Derivatives 
10.1
102.0
112.2
0.2
8.1
8.3
Forward exchange transactions 
designated as cash flow hedges 
0
0.2
0.2
0.2
0
0.2
Interest rate swaps designated as cash 
flow hedges 
0
11.6
11.6
0
0
0
Foreign currency derivatives not 
designated as hedges 
0
90.2
90.2
0
8.1
8.1
Call options not designated in hedging 
relationships 
10.1
0
10.1
0
0
0
Other financial assets 
146.0
14.0
160.0
42.2
7.6
49.8
Strategic investments 
74.6
0
74.6
0
0.0
0.0
Fund units and debt securities 
71.4
0
71.4
42.2
0
42.2
Contingent consideration 
0
14.0
14.0
0
7.6
7.6
Total assets 
156.2
116.0
272.2
42.4
15.8
58.2
Derivatives 
6.9
4.2
11.1
1.5
172.6
174.1
Forward exchange transactions 
designated as cash flow hedges 
6.9
2.1
9.0
1.5
39.9
41.4
Foreign currency derivatives not 
designated as hedges 
0
2.1
2.1
0
132.7
132.7
Other financial liabilities 
1.5
0.6
2.1
0
1.5
1.5
Contingent consideration 
1.5
0.6
2.1
0
1.5
1.5
Total liabilities 
8.4
4.7
13.1
1.5
174.1
175.6
206

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As at 31 December 2021 there were foreign currency derivatives not designated in hedges with a term 
of less than eight months with a nominal amount of €3,419.2 million (31 December 2020: €2,524.2 
million with a term of less than seven months). Thereof €2,359.1 million (31 December 2020: €510.3 
million) is attributable to derivatives with a positive fair value and thereof €1,060.1 million 
(31 December 2020: €2,013.9 million) is attributable to derivatives with a negative fair value. These 
foreign currency derivatives were entered into mainly in order to convert USD amounts received into 
euros for liquidity management purposes on the one hand and as an alternative to unsecured deposits 
and loans on the other hand with the aim of hedging the unsecured counterparty risk as well as liquidity 
risk in daily liquidity management. 
 
 
Amounts recognised in profit or loss 
 
2021 
2020 
 
€m 
€m 
Net gain/(loss) from derivatives not designated as hedges 
15.6
38.6
Net gain/(loss) from cash flow hedges 
– 1.4
– 0.2
Net gain/(loss) from other financial assets measured at fair value through profit or loss 
59.1
9.4
Distributions from fund units 
0.3
0.8
Net gain/(loss) from other financial liabilities measured at fair value through profit or loss 
1.4
1.8
Total 
75.0
50.4
    
 
Cash flow hedges that qualify for hedge accounting 
 
We enter into cash flow hedges in various currencies to hedge existing or future transactions. The 
hedged items included in hedge accounting are, on the one hand, intercompany loans in USD and CHF 
and, on the other hand, a highly probable planned business acquisition in AUD. In addition, a highly 
probable planned refinancing of a bond maturing in 2022 was designated in a cash flow hedge to hedge 
the interest rate risk. 
 
The effects of interest rate and foreign currency hedging instruments on the net assets, financial position 
and results of operations are as follows: 
 
Changes in value of the hedged items in cash flow hedges 
 
 
 
2021 
2020 
 
€m 
€m 
Hedging foreign currency risks 
Intra-group monetary foreign currency items 
9.9
0.9
Planned acquisitions 
– 0.2
39.9
Hedging interest rate risks 
Planned refinancings 
– 11.7
0
 
 
 
 
207

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Forward exchange contracts and foreign exchange swaps were concluded in USD, CHF and AUD and 
are denominated in the same currency as the intercompany foreign currency transactions and the highly 
probable future transactions. Therefore, the hedge ratio is 1:1. The foreign currency hedges in USD will 
mature in 2024. The other foreign currency hedges and the interest rate hedges expire in 2022. 
 
Hedging transactions in cash flow hedges 
 
 
 
2021
2020
Currency risk 
Foreign exchange swaps and forward exchange contracts 
CHF 
Nominal amount in CHFm 
56.3
436.3
Carrying amount in €m 
– 2.3
1.3
Hedge rate for hedging instruments 
1.08
1.08
USD 
Nominal amount in USDm 
340.8
1,421.8
Carrying amount in €m 
– 7.4
39.9
Weighted average hedge rate for hedging instruments 
1.16
1.20
AUD 
Nominal amount in AUDm 
16.0
0
Carrying amount in €m 
0.2
0
Hedge rate for hedging instruments 
1.56
0
Interest rate risk 
Interest rate swaps 
Nominal amount €m 
600.0
0
Carrying amount €m 
11.6
0
Weighted average hedge rate for hedging instruments 
0.14
0
 
 
The revaluation surplus for cash shown in other comprehensive income relates to the following hedging 
instruments: 
 
 
208

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Cash flow hedge reserve 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cost of hedging 
reserve 
Reserve for 
cash flow 
hedges forward 
exchange 
transactions 
Reserve for 
cash flow 
hedges foreign 
currency swaps 
Reserve for 
cash flow 
hedges interest 
rate swaps 
Total 
 
€m 
€m 
€m 
€m 
 €m 
Balance as at 1 Jan 2020 
0
0
0.2
0
0.2
Change in fair value of hedging 
instruments recognised in OCI 
0
– 41.3
0
0
– 41.3
Hedging costs deferred and recognised in 
OCI 
– 0.3
0
0
0
– 0.3
Reclassification to profit or loss 
0.2
1.3
0
0
1.5
Settlement 
0
0
– 0.2
0
– 0.2
Balance as at 31 Dec 2020 
– 0.1
– 39.9
0
0
– 40.1
Change in fair value of hedging 
instruments recognised in OCI 
0
– 8.1
0.3
11.6
3.8
Hedging costs deferred and recognised in 
OCI 
– 0.4
0
0
0
– 0.4
Reclassification to profit or loss 
1.2
8.3
– 0.3
0
9.2
Settlement 
0.2
39.9
0
0
40.1
Balance as at 31 Dec 2021 
0.9
0.2
0
11.6
12.6
 
    
The separate amount in the cost of hedging reserve comprises the forward component of forward 
contracts. The separated costs relate to over-time hedged items in the form of existing purchase price 
obligations from company acquisitions. 
 
Fair value hierarchy 
The financial assets measured at fair value includes financial assets and liabilities at the following three 
hierarchy levels: 
 
 Level 1: Financial instruments with a quoted price for identical assets and liabilities in an active 
market. 
 Level 2: Financial instruments with no quoted prices for identical instruments on an active market and 
whose fair value is determined using valuation methods based on observable market parameters. 
 Level 3: Financial instruments where the fair value is determined using one or more unobservable 
significant inputs. This does not apply to listed equity instruments 
 
There were no transfers between levels for recurring fair value measurements during the year under 
review. 
 
209

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Fair value hierarchy 
Fair value as at 
31 Dec 2021 
thereof attributable to: 
Level 1 
Level 2 
Level 3 
€m 
€m 
€m 
€m 
ASSETS 
Financial assets measured at fair value through other 
comprehensive income (FVOCI) 
Strategic investments 
224.3
0
0
224.3
Debt instruments 
4.3
4.3
0
0
Total 
228.6
4.3
0
224.3
Financial assets measured at fair value through profit or 
loss (FVPL) 
Non-current financial instruments held by central 
counterparties 
9,442.4
0
9,442.4
0
Other non-current financial assets 
156.2
17.0
0
139.2
Current financial instruments held by central 
counterparties 
103,195.7
0
103,195.7
0
Other current financial assets 
116.0
0
102.0
14.0
Total 
112,910.3
17.0
112,740.2
153.2
Total assets 
113,138.9
21.3
112,740.2
377.4
LIABILITIES 
Financial liabilities measured at fair value through profit or 
loss (FVPL) 
Non-current financial instruments held by central 
counterparties 
9,442.4
0
9,442.4
0
Other non-current financial liabilities 
8.4
0
6.9
1.5
Current financial instruments held by central 
counterparties 
103,267.7
0
103,267.7
0
Other current financial liabilities at FVPL 
4.7
0
4.2
0.6
Total liabilities 
112,723.3
0
112,721.2
2.1
210

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Fair value hierarchy previous year 
 
 
Fair value as at 
31 Dec 2020 
 
 
 
 
 thereof attributable to: 
 
 
 
 
Level 1 
Level 2 
Level 3 
 
€m 
€m 
€m 
€m 
ASSETS 
Financial assets measured at fair value through other 
comprehensive income (FVOCI) 
Strategic investments 
107.0
0
0
107.0
Debt instruments 
4.9
4.9
0
0
Total 
111.9
4.9
0
107.0
Financial assets measured at fair value through profit or 
loss (FVPL) 
Non-current financial instruments held by central 
counterparties 
6,908.51
0
6,908.51
0
Other non-current financial assets 
42.4
15.8
0.2
26.4
Current financial instruments held by central 
counterparties 
80,704.51
0
80,704.51
0
Other current financial assets 
15.7
0
8.1
7.6
Total 
87,671.11
15.8
87,621.41
34.0
Total assets 
87,783.01
20.7
87,621.41
141.0
 
LIABILITIES 
Financial liabilities measured at fair value through profit or 
loss (FVPL) 
Non-current financial instruments held by central 
counterparties 
6,908.51
0
6,908.51
0
Other non-current financial liabilities 
1.5
0
1.5
0
Current financial instruments held by central 
counterparties 
80,609.51
0
80,609.51
0
Other current financial liabilities 
174.1
0
172.6
1.5
Total liabilities 
87,693.61
0
87,692.11
1.5
1) Due to a correction of the previous year’s figures non-current financial assets held by central counterparties decreased by €26.2 million and current financial assets 
held by central counterparties by €63.6 million. The current and non-current liabilities oft the central counterparties decreased correspondingly.  
 
The other non-current and current assets and liabilities included in the Level 2 hierarchy include foreign 
currency forwards. The basis for measuring the market value of the foreign currency forwards is the 
forward rate at the reporting date for the remaining term. They are based on observable market prices. 
The basis for measuring the market value of financial instruments held by central counterparties are 
market transactions for identical or similar assets on non-active markets and option pricing models 
based on observable prices. 
 
The following table shows the valuation techniques including the significant unobservable inputs used to 
determine the fair value of financial instruments (FVPL) in Level 3. 
 
 
 
211

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Measurement methods and inputs for the fair value hierarchy Level 3 
Financial instrument 
Measurement Method 
Material unobservable inputs 
Connection between 
material unobser-
vable inputs and fair 
value measurement 
Derivates 
Internal Black-Scholes 
option pricing 
model 
Value of equity 
Volatility 
 
The estimated fair 
value would go up 
(down), if: 
- the expected value 
 of the equity were 
 higher (lower) 
- the volatility were 
 higher (lower) 
Strategic investments 
Adjusted prices for 
assets on inactive 
markets 
Measurement by means of price 
adjustments for assets on inactive markets 
A descriptive sensitivity analysis is not 
used here for this reason. 
n/a 
Interests in institutional investment funds 
Net asset value 
These investments include private equity 
funds and alternative investments held 
by Deutsche Börse Group They are valued 
by the fund manager based on net asset 
value. Net asset value is determined 
using non-public information from the 
respective private equity managers. 
Deutsche Börse Group only has limited 
insight into the specific inputs used by the 
fund managers; a descriptive sensitivity 
analysis is therefore not used here. 
n/a 
Contingent purchase price components 
Discounted-cash flow- 
model 
Value of equity 
 
The estimated fair 
value would go up 
(down), if: 
- the expected value    
 of the equity were   
 higher (lower) 
 
 
 
 
 
 
 
212

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The table below shows the reconciliation of the opening balance to the closing balance for Level 3 fair 
values. 
 
 
Changes in Level 3 financial instruments 
 
Assets 
Liabilities 
Total 
 
 
 
 
Strategic 
investments 
Financial assets 
measured at fair 
value through 
profit or loss 
Financial 
liabilities 
measured at fair 
value through 
profit or loss 
 
 
 €m 
€m 
€m 
€m 
Balance as at 1 Jan 2020 
53.8
17.5
– 87.9
– 16.7
Additions 
25.0
14.5
– 3.3
36.2
Disposals 
0
– 0.9
0
– 0.9
Reclassifications 
5.2
– 6.7
87.8
86.3
Realised capital gains/(losses) recognised in profit or 
loss 
0
0
2.2
2.2
Other operating income 
0
0
2.2
2.2
Unrealised capital gains/(losses) recognised in profit 
or loss 
0
9.6
– 0.3
9.3
Other operating income 
0
7.6
– 0.3
7.3
Other operating expenses 
0
– 0.3
0
– 0.3
Result from financial investments 
0
2.3
0
2.3
Changes recognised in the revaluation surplus 
26.6
0
0
26.6
Unrealised gains/(losses) from currency translation 
recognised in equity 
– 3.6
0
0
– 3.6
Balance as at 31 Dec 2020 
107.0
34.0
– 1.5
139.4
Acquisitions from business combinations 
0
0.8
0
0.8
Additions 
73.0
40.4
– 1.9
111.5
Disposals 
– 9.1
– 12.8
0
– 21.9
Reclassifications 
37.0
0
0
37.0
Unrealised capital gains/(losses) recognised in profit 
or loss 
34.1
16.1
1.5
51.7
Other operating income 
0
6.4
1.5
7.8
Result from financial investments 
34.1
9.8
0
43.8
Changes recognised in the revaluation surplus 
44.9
0
0
44.9
Unrealised gains/(losses) from currency translation 
recognised in equity 
7.1
0
0
7.1
Gains/(losses) recognised in equity 
4.9
0
0
4.9
Balance as at 31 Dec 2021 
298.9
78.6
– 1.9
375.4
 
The unobservable inputs can generally consist of a range of values that are considered probable. The 
sensitivity analysis determines the fair values of the financial instruments using input factors that lie at 
the lower or upper limit of the possible range. The fair values of the financial instruments in Level 3 
would change as follows using these inputs: 
 
213

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Sensitivity analysis of the financial assets and financial liabilities allocated to Level 3 depending 
on unobservable input parameters. 
 
 Fair value change 
 
 
 
Change input paramter1 
Increase 
Decrease 
 
 
€m
€m
Financial assets 
 
Derivatives 
Expected value of equity (10% change) 
5.5
– 3.8
 
Volatility (10% change) 
3.0
– 2.7
Financial liabilities 
 
Contingent consideration 
Value of equity (10% change) 
7.6
– 15.3
1)  A possible change in one of the significant unobservable input factors with the other input factors remaining unchanged would have the effects shown in the table 
above. 
 
 
The fair values of the other financial assets and liabilities not measured at fair value were determined as 
follows: 
 
The financial assets measured at amortised cost held by Deutsche Börse Group include debt instruments 
with a fair value of €1,914.7 million (31 December 2020: €1,205.0 million ). The fair value of the 
debt instruments was determined by reference to published price quotations in an active market. The 
securities were allocated to Level 1. 
 
The bonds issued by Deutsche Börse Group have a fair value of €3,722.9 million (31 December 2020: 
€2,784.0 million) and are disclosed under liabilities measured at amortised cost. The fair value of such 
instruments is based on the debt instruments’ quoted prices. Due to insufficient market liquidity, the 
debt securities were allocated to Level 2.  
 
The financial instrument’s carrying amount represents a reasonable approximation of fair value for all 
other positions.  
 
 
 
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195
Offsetting financial instruments 
 
Gross presentation of offset financial instruments held by central counterparties 
 
Gross amount of financial 
instruments 
Gross amount of offset financial 
instruments 
Net amount of financial 
instruments 
 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
€m 
€m 
Financial assets from repo 
transactions 
126,856.4
81,173.2
– 44,591.5
– 23,152.6
82,264.9
58,020.6
Financial liabilities from repo 
transactions 
– 126,928.4
– 81,078.2
44,591.5
23,152.6
– 82,336.9
– 57,925.6
Financial assets 
from options 
108,810.4
78,015.01
– 78,437.2
– 48,427.6
30,373.2
29,587.41
Financial liabilities 
from options 
– 108,810.4
– 78,015.01
78,437.2
48,427.6
– 30,373.2
– 29,587.41
 1) Due to a correction of the previous year's figures, the gross amounts and thus also the net amounts of financial assets from options decreased by € 89.7 million. 
The financial liabilities from options decreased correspondingly. 
 
Cash or securities held as collateral by central counterparties 
As the clearing houses of the Deutsche Börse Group guarantee the settlement of all traded contracts, 
they have established multi-level collateral systems. The central pillar of the collateral systems is the 
determination of the overall risk per clearing member (margin) to be covered by cash or securities 
collateral. Losses calculated on the basis of current prices and potential future price risks are covered up 
to the date of the next collateral payment. 
 
In addition to these daily collateral payments, each clearing member must make contributions to the 
respective default fund (for further details, see section risk management in the combined management 
report). Cash collateral is reported in the consolidated balance sheet under “cash deposits by market 
participants” and the corresponding amounts under “restricted bank balances”. 
 
Securities collateral is generally not derecognised by the clearing member providing the collateral, as the 
opportunities and risks associated with the securities are not transferred to the secure party. Recognition 
at the secure party is only permissible if the clearing member providing the transfer is in default 
according to the underlying contract. 
 
The aggregate margin calls based on the executed transactions and default fund requirements after 
haircuts was €109,657.0 million as at the reporting date (2020: €62,467.3 million). Collateral 
totalling €126,842.0 million (2020: €79,747.6 million) was actually deposited. 
 
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13. Contract balances 
The Group has recognised the following other contract assets and liabilities: 
 
Contract balances 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
Contract costs 
Non-current contract costs 
2.9
0
Current contract costs 
1.2
0
Total 
4.1
0
Contract liabilities 
Long-term contract liabilities 
15.1
13.8
Short-term contract liabilities 
136.3
30.5
Total 
151.4
44.3
 
 
Contract costs are “incremental costs of obtaining a contract” within the meaning of IFRS 15 and include 
sales commissions. The Group only recognises the costs of obtaining a contract as an asset for multi-
year contracts. The recognised costs are amortised in line with revenue recognition. Total amortisation 
came to €1.6 million in 2021 (2020: €0 million) and is shown in the consolidated income statement 
under depreciation, amortisation and impairment losses. Other contract assets are presented in the 
consolidated statement of financial position in “Other non-current assets” and “Other current assets”.  
 
Contract liabilities are generally advance payments by customers for performance obligations that have 
not yet been satisfied in full. The increase in contract liabilities mainly results from changes in the basis 
of consolidation amounting to €117.3 million. The €34.4 million included in contract liabilities as at 31 
December 2020 (2020: €30.0 million) was recognised as revenue in 2021. Contract liabilities are 
presented in the consolidated statement of financial position in “Other non-current liabilities” and “Other 
current liabilities”.  
 
 
 
 
Composition of collateral held by central counterparties 
 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
Cash collateral (cash deposits)1, 3 
78,250.7
38,193.0
Securities and book-entry securities collateral2, 3 
48,591.2
41,554.6
Total 
126,842.0
79,747.6
1) The amount includes the clearing fund totalling €5,943.5 million (2019: € 4,600.8 million). 
2) The amount includes the clearing fund totalling €2,995.7 million (2019: € 2,294.1 million). 
3) The collateral value is determined on the basis of the fair value less a haircut 
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The total transaction price allocated to performance obligations that have not been satisfied in full as at 
31 December 2021 for multi-year contracts that are not invoiced on a variable basis as performance 
obligations are satisfied is €148.3 million. We anticipate that €75.5 million of the transaction price will 
be recognised as revenue in the next reporting period. The remaining €72.7 million will be recognised in 
subsequent financial years.  
14. Other current assets
Composition of other current assets 
31 Dec 2021 
31 Dec 2020 
€m 
€m 
Other receivables from CCP transactions (commodities) 
2,477.0
414.3
Prepaid expenses 
93.0
67.6
Tax receivables (excluding income taxes) 
47.8
28.9
Interest receivables on taxes 
15.3
26.6
Crypto assets 
6.3
0
Miscellaneous 
36.2
10.7
Total 
2,675.6
548.1
The increase in other current assets results almost exclusively from the increase in other receivables from 
the CCP business in connection with physical commodity deliveries not yet settled on the spot markets, 
which were subject to high volatility at year-end 2021. Other current liabilities also increased 
correspondingly, see Note 20. These receivables do not belong to the financial assets, as the claims do 
not include receipts of cash or cash equivalents but claims on physical deliveries of commodities. 
15. Equity
Changes in equity are presented in the consolidated statement of changes in equity. As at 31 December 
2021 the number of no-par value registered shares of Deutsche Börse AG in issue was 190,000,000 
(31 December 2020: 190,000,000).  
Subject to the agreement of the Supervisory Board, the Executive Board is authorised to increase the 
subscribed share capital by the following amounts: 
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Contingent capital  
By resolution of the Annual General Meeting of 8 May 2019, the Executive Board is authorised, subject 
to the consent of the Supervisory Board, to issue in the period until 7 May 2024 on one or several 
occasions convertible bonds and/or warrant-linked bonds or a combination of such instruments with a 
total principal amount of up to €5,000,000,000 with or without a limited term and to grant holders or 
creditors of such bonds conversion or option rights, respectively, to acquire new no-par value registered 
shares in Deutsche Börse AG representing a notional interest in the share capital of up to €17,800,000 
as stipulated in the terms and conditions of convertible bonds or the terms and conditions of the 
warrants attaching to the warrant-linked bonds.  
 
The Executive Board is authorised, subject to the consent of the Supervisory Board, to exclude the 
subscription rights of the shareholders in relation to bonds with conversion or option rights to acquire 
shares in Deutsche Börse AG in the following cases: (i) to avoid fractional amounts, (ii) when the issue 
price of a bond is not materially below the theoretical fair value determined in accordance with 
recognised financial techniques and the total number of shares attributable to these bonds does not 
exceed 10 per cent of the share capital, (iii) to grant the holders of conversion or option rights to shares 
of Deutsche Börse AG subscription rights to offset any dilutive effects to the same extent as they would 
be entitled to receive after exercising these rights. 
 
The bonds may also be issued by companies based in Germany or abroad that are affiliated with 
Deutsche Börse AG within the meaning of sections 15 ff. Aktiengesetz (AktG, German Stock Corporation 
Act). Accordingly, the share capital was contingently increased by up to €17,800,000 (contingent 
capital 2019). To date, the authorisation to issue convertible bonds and/or bonds with warrants has not 
been exercised. 
 
There were no further subscription rights to shares as at 31 December 2021 or 31 December 2020. 
 
Composition of authorised share capital 
 
 
Number 
shares 
Date of 
authori­
sation by the
shareholders 
Expiry date 
Existing shareholders’ pre-emptive rights may be disapplied for 
fractioning and/or may be disapplied if the share issue is: 
Authorised share 
capital I1 
19,000,000
19 May 2021
18 May 2026
n/a 
Authorised share 
capital II1 
19,000,000
19 May 2020
18 May 2025
 for cash at an issue price not significantly lower than the stock 
exchange price, up to a maximum amount of 10 per cent of 
the nominal capital. 
 
 against non-cash contributions for the purpose of acquiring 
companies, parts of companies, interests in companies or 
other assets. 
Authorised share 
capital III1 
19,000,000
19 May 2020
18 May 2024
n/a 
Authorised share 
capital IV2 
6,000,000
17 May 2017
16 May 2022
n/a 
1) Shares may only be issued, excluding shareholders’ pre-emptive subscription rights, provided that the aggregate amount of new shares issued excluding 
shareholders' pre-emptive rights during the term of the authorisation (including under other authorisations) does not exceed 20 per cent of the issued share capital. 
2) Shares may only be issued, excluding shareholders’ pre-emptive subscription rights, provided that the aggregate amount of new shares issued excluding shareholders' pre-
emptive rights during the term of the authorisation (including under other authorisations) does not exceed 10 per cent of the issued share capital.   
218

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Revaluation surplus 
 
Revaluation surplus 
 
 
Share-based 
payments 
Equity 
investments 
measured
at FVOCI 
Cash flow 
hedges 
Defined benefit
obligations 
Other 
Total1 
 
€m 
€m 
€m 
€m 
€m 
€m 
Balance as at 1 Jan 2020 (gross) 
0
6.1
0.2
– 219.2
– 1.2
– 214.1
Changes from defined benefit 
obligations 
0
0
0
– 25.2
– 0.4
– 25.6
Fair value measurement 
0
25.7
– 40.3
0
0
– 14.6
Balance as at 31 Dec 2020 (gross)
0
31.8
– 40.1
– 244.4
– 1.6
– 254.3
Changes from defined benefit 
obligations 
0
0
0
60.8
0.1
60.9
Changes from share-based 
payments 
1.3
0
0
0
0
1.3
Fair value measurement 
0
52.2
52.7
0
0
104.9
Balance as at 31 Dec 2021 (gross)
1.3
84.0
12.6
– 183.6
– 1.5
– 87.2
 
Deferred taxes 
Balance as at 1 Jan 2020 
0
– 1.8
– 0.1
59.9
0.3
58.3
Additions 
0
0
0.2
6.9
0.1
7.2
Reversals 
0
– 7.5
0
0
0
– 7.5
Balance as at 31 Dec 2020 
0
– 9.3
0.1
66.8
0.4
58.0
Reversals 
0
– 13.0
– 3.5
– 16.0
0
– 32.5
Balance as at 31 Dec 2021 
0
– 22.3
– 3.4
50.8
0.4
25.5
 
Balance as at 1 Jan 2020 (net) 
0
4.3
0.1
– 159.3
– 0.9
– 155.8
Balance as at 31 Dec 2020 (net) 
0
22.5
– 40.0
– 177.6
– 1.2
– 196.3
Balance as at 31 Dec 2021 (net) 
1.3
61.7
9.2
– 132.8
– 1.1
– 61.7
 
    
Retained earnings 
The “retained earnings” item includes exchange rate differences amounting to €133.9 million  
(2020: €–98.3 million).  
 
    
 
 
1) The position recognition of hidden reserves from fair value measurement, which was included in the previous year, was retroactively allocated to the retained earnings.
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200
16. Shareholders’ equity and appropriation of net profit of Deutsche Börse AG 
 
The annual financial statements of the parent company Deutsche Börse AG, prepared as at 
31 December 2021 in accordance with the provisions of Handelsgesetzbuch (HGB, the German 
Commercial Code), report net profit for the period of €943.3 million) (2020: €1,161.9 million) and 
equity of €3,919.9 million (2020: €3,511.8 million). In 2021, Deutsche Börse AG distributed 
€550.6 million (€3.00 per share) from distributable profit for the previous year. 
 
Proposal on the appropriation of the unappropriated surplus 
 
 
31 Dec 2021 
 
€m 
Net profit for the period 
943.3
Appropriation to other retained earnings in the annual financial statements 
– 323.3
Unappropriated surplus 
620.0
Proposal by the Executive Board: 
Distribution of a regular dividend to the shareholders of €3.20 per share for 183,618,782 no-par value shares carrying 
dividend rights 
587.6
Appropriation to retained earnings 
32.4
    
 
No-par value shares carrying dividend rights 
 
 
 
31 Dec 2021 
31 Dec 2020 
 
Number
Number
Number of shares issued as at 31 December 
190,000,000
190,000,000
Number of treasury shares as at the reporting date 
– 6,381,218
– 6,478,743
Number of shares outstanding as at 31 December 
183,618,782
183,521,257
    
The proposal on the appropriation of distributable profit reflects treasury shares held directly or indirectly 
by the company that do not carry dividend rights under section 71b Aktiengesetz (AktG, the German 
Stock Corporation Act). The number of shares carrying dividend rights can change until the Annual 
General Meeting through the repurchase or sale of further treasury shares. In this case, with a dividend 
of €3.20 per eligible share, an amended resolution for the appropriation of distributable profit will be 
proposed to the Annual General Meeting. 
 
 
17. Provisions for pensions and other employee benefits 
Defined benefit pension plans 
Provisions for pensions and similar obligations are measured using the projected unit credit method on 
the basis of actuarial reports. Calculating the present value requires certain actuarial assumptions (e.g. 
discount rate, staff turnover rate, salary and pension trends) to be made. The current service cost and 
the net interest expense or income for the subsequent period are calculated on the basis of these 
assumptions.  
 
 
 
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Remuneration Report 
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The fair value of the plan assets is deducted from the present value of the pension obligations, if 
necessary taking into account the regulations on the upper limit of the value of plan assets in excess of 
the obligation (so-called asset ceiling), so that the net pension obligation or the asset value from the 
defined benefit plans results.  
 
Net interest expense for the financial year is calculated by applying the discount rate determined at the 
beginning of the financial year to the net defined benefit liability determined as at that date. 
 
The relevant discount rate is determined by reference to the return on long-term corporate bonds with a 
rating of at least AA (Moody’s Investors Service, S&P Global Ratings, Fitch Ratings and DBRS) on the 
basis of the information provided by Bloomberg and a maturity that corresponds approximately to the 
maturity of the pension obligations. Moreover, the bonds must be denominated in the same currency as 
the underlying pension obligation. Measurement of the pension obligations in euros is based on a 
discount rate which is determined according to the adjusted “GlobalRate:Link” methodology from the 
advisory company Willis Towers Watson, updated in line with the current market trend.  
 
The actuarial gains or losses and the difference between the expected and the actual return or loss on 
plan assets are recognised in other comprehensive income in the revaluation surplus. They result from 
changes in expectations with regard to life expectancy, pension trends, salary trends and the discount 
rate.  
 
Other long-term benefits for employees and members of executive boards (e.g. total disability pension, 
transitional payments) are also measured using the projected unit credit method. Actuarial gains and 
losses and past service cost are recognised immediately and in full through profit or loss.  
 
The defined benefit obligations of the companies of Deutsche Börse Group relate primarily to final salary 
arrangements and pension plans based on capital components, which guarantee employees a choice of 
either lifelong pensions or capital payments on the basis of the final salary paid. Deutsche Börse Group 
uses external trust solutions to cover some of its pension obligations. 
 
 
Net liability of defined benefit obligations 
 
 
 
 
 
Total 
Total 
 
Germany 
Luxembourg 
Other 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
€m 
Present value of defined benefit 
obligations that are at least partially 
funded 
513.8
83.9
65.4
663.1
666.7
Fair value of plan assets 
– 414.1
– 63.8
– 55.2
– 533.1
– 464.4
Funded status 
99.7
20.1
10.2
130.0
202.3
Present value of unfunded obligations 
4.8
0.6
0.1
5.5
5.5
Net liability of defined benefit 
obligations 
104.5
20.7
10.3
135.5
207.8
Amount recognised in the balance sheet
104.5
20.7
10.3
135.5
207.8
    
 
 
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202
The defined benefit plans comprise a total of 4,156 beneficiaries (2020: 2,882). The present value of 
defined benefit obligations can be allocated to the beneficiaries as follows:  
 
 
Allocation of the present value of the defined benefit obligation to the beneficiaries 
 
 
 
 
Total 
Total 
 
Germany 
Luxembourg 
Other 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
€m 
€m 
€m 
Eligible current employees 
216.1
74.9
62.1
353.1
347.0
Former employees with vested 
entitlements 
184.5
9.1
0
193.6
206.8
Pensioners or surviving dependants 
118.4
0.6
2.9
121.9
118.4
Total 
519.0
84.6
65.0
668.6
672.2
    
Essentially, the retirement benefits encompass the following retirement benefit plans: 
 
Executive boards of Group companies (Germany and Luxembourg) 
Individual commitment plans exist for executive board members of certain Group companies; they are 
based on the plan for executives described in the second paragraph below, i.e. in each calendar year the 
company provides an annual contribution to a capital component calculated in accordance with actuarial 
principles. The benefit assets equal the total of the acquired capital components of the individual years 
and are converted into a lifelong pension once the benefits fall due. In addition, retirement benefit 
agreements are in place with members of the executive boards of Group companies, under which they 
are entitled to pension benefits upon reaching the age of 63 and following reappointment. When the 
term of office began, the replacement rate was 30 per cent of individual pensionable income. It rose by 
5 percentage points with each reappointment, up to a maximum of 50 per cent of pensionable income. 
 
Germany 
There is an employee-funded deferred compensation plan for employees of certain Deutsche Börse 
Group companies in Germany who joined prior to 1 January 2019. Under this plan, it is possible to 
convert portions of future remuneration entitlements into benefit assets of equal value which bear 
interest of 6 per cent p.a. The benefits consist of a capital payment made in equal annual instalments 
over a period of three years upon the reaching the age of 65 or at an earlier date due to disability or 
death.  
 
In the period from 1 January 2004 to 30 June 2006, executives in Germany were offered the 
opportunity to participate in the following pension system based on capital components: the benefit is 
based on annual income received, composed of fixed annual salary and the variable remuneration. Every 
year, participating Group companies provide for an amount that corresponds to a certain percentage of 
the pensionable income. The participating companies provide an amount corresponding to a specific 
percentage of this eligible income every year. This amount is multiplied by a capitalisation factor 
depending on age, resulting in the annual capital component. The benefit assets equal the total of the 
acquired capital components of the individual years and are converted into a lifelong pension once the 
benefits fall due. This benefit plan was closed to new staff on 30 June 2006; the executives who were 
employed in the above period can continue to earn capital components. 
 
 
 
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Remuneration Report 
Further information  
203
As part of adjustments to the remuneration systems to bring them into line with supervisory 
requirements contracts were adjusted for some executives. For executives affected, whose contracts 
allowed for the inclusion of only the income received and the variable remuneration above the upper 
limit of the contribution assessment as pensionable income, the pensionable income was determined on 
the basis of income received from the year 2016. This is adjusted annually to account for the increase of 
the cost of living according to the consumer price index for Germany as issued by the Federal Statistical 
Office. For executives affected, whose capital components were calculated on the basis of income 
received, without observing the upper limit of the contribution assessment, an amount has been 
determined that will be reviewed annually and adjusted if necessary, by the Supervisory Board, taking 
any changes in circumstances in terms of income and purchasing power into account.  
 
Luxembourg 
The defined benefit pension plan in favour of Luxembourg employees is funded by means of cash 
contributions to an “association d'épargne pension” (ASSEP) organised in accordance with Luxembourg 
law. The benefits consist of a one-off capital payment, which is generally paid upon reaching the age of 
65. Employees receive an annual account statement showing their current balance. The pension plan 
does not pay any benefits in the event of death or disability. Contributions to the ASSEP are funded in 
full by the participating companies. The contributions are determined annually on the basis of actuarial 
opinions in accordance with Luxembourg law.  
 
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Remuneration Report 
Further information  
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Changes in net defined benefit obligations 
 
 
Present value of 
obligations 
Fair value of plan 
assets 
Total 
 
 
 
 
 
 
2021 
2020 
2021 
2020 
2021 
2020 
 
€m 
€m 
€m 
€m 
€m 
€m 
Balance as at 1 Jan 
672.2
621.6
– 464.4
– 428.2
207.8
157.2
Current service cost 
27.9
26.2
0
0
27.9
26.2
Interest expense/(income) 
4.7
6.0
– 3.3
– 4.1
1.4
1.9
Past service cost 
0
0.3
0
0
0
0.3
 
32.6
32.5
– 3.3
– 4.1
29.3
28.4
Remeasurements 
Return on plan assets, excluding amounts 
already recognised in interest income 
0
0
– 20.2
6.0
– 20.2
6.0
Adjustments to demographic assumptions 
– 2.3
0
0
0
– 2.3
0
Adjustments to financial assumptions 
– 38.0
25.1
0
0
– 38.0
25.1
Experience adjustments 
– 0.9
– 5.8
0
0
– 0.9
– 5.8
 
– 41.2
19.3
– 20.2
6.0
– 61.4
25.3
Effect of exchange rate differences 
2.7
0.1
– 1.6
0
1.1
0.1
Contributions: 
Employers 
0
0
– 42.9
– 43.6
– 42.9
– 43.6
Plan participants 
1.4
0.9
– 1.4
– 0.9
0.0
0
Benefit payments 
– 8.7
– 13.5
8.7
13.5
0.0
0
Withdrawal from plan assets 
0
0
0
0
0
0
Settlements 
0
0
0
0
0
0
Tax and administration costs 
– 0.7
– 0.8
1.3
1.4
0.6
0.6
Reclassification to “Held for Sale” 
– 0.6
0
0.3
0
– 0.3
0
Changes in the basis of consolidation 
11.0
12.1
– 9.8
– 8.5
1.2
3.6
Balance as at 31 Dec 
668.6
672.2
– 533.1
– 464.4
135.5
207.8
 
 
In the 2021 financial year, employees converted a total of €5.0 million (2020: €4.8 million) of their 
variable remuneration into deferred compensation benefits.  
 
Assumptions 
Provisions for pension plans and other employee benefits are measured annually at the reporting date 
using actuarial techniques. The assumptions for determining the actuarial obligations for the pension 
plans differ according to the individual conditions in the countries concerned and are shown in the 
following table:  
 
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Further information  
205
In Germany, the “2018 G” mortality tables (generation tables) developed by Prof Klaus Heubeck are 
used. For Luxembourg, generation tables of “Institut national de la statistique et des études économiques 
du Grand-Duché de Luxembourg“ are used.  
Sensitivity analysis 
The sensitivity analysis presented in the following considers the change in one assumption of the main 
plans in Germany and Luxembourg at a time, leaving the other assumptions unchanged from the original 
calculation, i.e. possible correlation effects between the individual assumptions are not taken into 
account.  
Actuarial assumptions 
31 Dec 2021 
31 Dec 2020 
Germany 
Luxembourg 
Germany 
Luxembourg 
% 
% 
% 
% 
Discount rate 
1.10
1.10
0.70
0.70
Salary growth 
3.00
3.30
3.00
3.30
Pension growth 
2.00
n/a
1.90
n/a
Staff turnover rate1 
2.00
2.00
2.00
2.00
1) Up to the age of 50, afterwards 0 per cent 
Sensitivity of defined benefit obligation  
Change in actuarial assumption Effect on defined benefit obligation 
2021 
2020 
Defined benefit
obligation 
Change 
Defined benefit
obligation 
Change 
€m 
% 
€m 
% 
Present value of the obligation 
603.1
–
630.6
–
Discount rate 
Increase by 1.0 percentage point 
519.2
–13.9
537.8
–14.7
Reduction by 1.0 percentage point 
707.9
17.4
746.9
18.4
Salary growth 
Increase by 0.5 percentage points 
613.5
1.7
642.1
1.8
Reduction by 0.5 percentage points 
593.4
–1.6
619.3
–1.8
Pension growth 
Increase by 0.5 percentage points 
615.3
2.0
643.8
2.1
Reduction by 0.5 percentage points 
591.4
–1.9
617.2
–2.1
Life expectancy 
Increase by one year 
621.0
3.0
650.1
3.1
Reduction by one year 
584.6
–3.1
609.9
–3.3
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Remuneration Report 
Further information  
206
Composition of plan assets 
 
Germany 
In Germany, plan assets are held by a trustee in safekeeping for individual companies of the Group and 
for the beneficiaries. At the company’s instruction, the trustee uses the funds transferred to acquire 
securities, without any consulting by the trustee. The contributions are invested in accordance with an 
investment policy, which may be amended by the companies represented in the investment committee. 
The trustee may refuse to carry out instructions if they are in conflict with the fund’s allocation rules or 
the payment provisions. In accordance with the investment policy, a value preservation mechanism is 
applied; investments can be made in different asset classes. 
 
Luxembourg 
In Luxembourg, the Board of Directors of the Clearstream Pension Fund is responsible for determining 
the investment strategy, with the aim of maximising returns in relation to a benchmark. This benchmark 
is 75 per cent derived from the return on five-year German federal government bonds and 25 per cent 
from the return on the EURO STOXX 50 Index. According to the investment policy, the fund may only 
invest in fixed-income and variable-rate securities, as well as listed investment fund units; it may hold 
cash, including in the form of money market funds. 
 
 
Composition of plan assets 
 
 
 
 
 
31 Dec 2021 
31 Dec 2020 
 
 
 
 
€m 
% 
€m 
% 
Bonds 
402.9
75.6
349.9
75.3
Government bonds 
241.2
211.5
Multilateral development banks 
144.4
0
Corporate bonds 
17.3
138.4
Derivatives 
2.8
0.5
3.0
0.6
Stock index futures 
3.0
2.9
Interest rate futures 
–0.2
0.1
Investment funds 
31.2
5.9
28.1
6.1
Total listed 
436.9
82.0
381.0
82.0
 
Qualifying insurance policies 
42.8
8.0
31.8
6.8
Cash 
53.3
10.0
51.6
11.1
Total not listed 
96.2
18.0
83.4
18.0
Total plan assets 
533.1
100.0
464.4
100.0
   
  
As at 31 December 2021 the plan assets did not include any financial instruments of the Group (2020: 
zero). Neither did they include any properties or other assets used by companies in Deutsche Börse 
Group.  
 
Risks 
In addition to the general actuarial risks, the risks associated with the defined benefit obligations relate 
especially to financial risks in connection with the plan assets, including in particular counterparty credit 
and market risks.  
 
226

Deutsche Börse Group | Annual report 2021
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Management report  
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Remuneration Report 
Further information  
207
Market risk 
The return on plan assets is assumed to be the discount rate determined on the basis of corporate bonds 
with an AA rating. If the actual rate of return on plan assets is lower than the discount rate used, the net 
defined benefit liability increases accordingly. If volatility is low, the actual return is further expected to 
exceed the return on corporate bonds with a good rating in the medium to long term. The level of the net 
liability is influenced by the discount rates in particular, whereby the current low interest rates contribute 
to a relatively high net liability. We consider the share price risk resulting from derivative positions in 
equity index futures in the plan assets to be appropriate. The company bases its assessment on the 
expectation that the overall volume of payments from the pension plans will be manageable in the next 
few years, that the total amount of the obligations will also be manageable and that it will be able to 
meet these payments in full from operating cash flows. Any amendments to the investment policy take 
into account the duration of the pension obligation as well as the expected payments over a period of ten 
years. 
 
Inflation risk 
Possible inflation risks that could lead to an increase in defined benefit obligations exist because some 
pension plans are final salary plans or the annual capital components are directly related to salaries, i.e. 
a significant increase in salaries would lead to an increase in the benefit obligation from these plans. In 
Germany, however, there are no contractual arrangements with regard to inflation risk for these pension 
plans. An interest rate of 6 per cent p.a. has been agreed for the employee-financed deferred 
compensation plan; the plan does not include any arrangements for inflation, so that it has to be 
assumed that there will be little incentive for employees to contribute to the deferred compensation plan 
in times of rising inflation. In Luxembourg, salaries are adjusted for the effects of inflation on the basis of 
a consumer price index no more than once a year; this adjustment leads to a corresponding increase in 
the benefit obligation from the pension plan. Since the obligation will be met in the form of a capital 
payment, there will be no inflation-linked effects once the beneficiary reaches retirement age.  
 
Duration and expected maturities of the pension obligations 
The weighted duration of the pension obligations as at 31 December 2021 is 15.6 years  
(2020: 16.6 years). 
 
    
The expected costs of defined benefit plans (excluding service cost for deferred compensation) amount to 
approximately €15.2 million plus €1.5 million for the net interest expense. 
 
Expected maturities of undiscounted pension payments 
 
Expected pension payments1 
 
 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
Less than 1 year 
16.7
15.7
Between 1 and 2 years 
13.5
15.6
Between 2 and 5 years 
57.0
50.1
More than 5 years up to 10 years 
161.6
144.6
Total 
248.8
226.0
1) The expected payments in Swiss francs were translated into euros at the relevant closing rate on 31 December. 
227

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
208
Defined contribution pension plans and multi-employer plans 
Defined contribution plans 
There are defined contribution plans as part of the occupational pension system using pension funds 
and similar pension institutions. In addition, contributions are paid to the statutory pension insurance 
scheme. The level of contributions is normally determined in relation to income. As a rule, no provisions 
are recognised for defined contribution plans. The contributions paid are reported as pension expenses 
in the year of payment. There are defined contribution pension plans for employees in several countries. 
In addition, the employer pays contributions to employees’ private pension funds. 
 
During the reporting period, the costs associated with defined contribution plans amounted to 
€43.5 million (2020: €37.0 million). 
 
Multi-employer plans 
Amongst other financial institutions, several Deutsche Börse Group companies are member institutions 
of BVV Versicherungsverein des Bankgewerbes a.G., a pension insurance provider with registered office 
in Berlin. Employees and employers make regular contributions, which are used to provide guaranteed 
pension plans and a potential surplus. The contributions to be made are derived from contribution rates 
applied to active employees’ monthly gross salaries, taking into account specific financial thresholds. 
Member institutions have a subsidiary liability for the fulfilment of BVV’s agreed pension benefits. 
However, we consider the risk that this liability will be invoked as remote. Given that BVV membership is 
governed by several Works Council Agreements, membership termination is subject to certain conditions. 
The notice period is specified in the BVV constitution. The subsidiary liability for the reached entitlement 
of each employee remains with the employer after the membership termination. Deutsche Börse Group 
considers BVV pension obligations as multi-employer defined benefit pension plans. However, we 
currently lack information regarding the allocation of BVV assets to individual member institutions and 
the respective beneficiaries. Moreover, we do not know Deutsche Börse Group’s actual share in BVV’s 
total obligations. This plan is therefore shown in the Group’s financial reporting as a defined contribution 
plan. On the basis of current information published by BVV there is no shortfall that could affect the 
future contributions payable by the Group. Deutsche Börse group is not liable for other BVV members’ 
obligations. 
 
EPEX Netherlands B.V. participates in the ABP pension fund within the EEX subgroup. Participation is 
mandatory for all employees. Employer contributions are calculated by ABP and adjusted, if necessary. 
Since the allocation of assets to member institutions and beneficiaries is not possible, this pension plan 
can also be presented only as a defined contribution plan.  
 
During the reporting period, the costs associated with designated multi-employer plans, amounted to 
€10.3 million (2020: €10.0 million). In 2022 we expect to make contributions to multi-employer plans 
amounting to around €10.2 million.  
 
228

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
209
Other long-term employee benefits 
 
Other long-term employee benefits 
 
 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
Pensions obligations (IHK) 
7.7
8.5
Jubilee 
6.0
6.2
Total 
13.7
14.6
   
The obligation arising from partial retirement agreements is reported under other current assets, as the 
allocated plan assets exceed the corresponding liability.  
  
 
18. Share-based payment  
Deutsche Börse Group operates the Group Share Plan (GSP), the Stock Bonus Plan (SBP), the Co-
Performance Investment Plan (CPIP), the Performance Share Plan (PSP) and the Management Incentive 
Programme (MIP) as well as the Long-term Sustainable Instrument (LSI) and the Restricted Stock Units 
(RSU), which provide share-based payment components for employees, senior executives and executive 
board members. 
 
Stock Bonus Plan (SBP) 
The SBP is open to senior executives of Deutsche Börse AG and its participating subsidiaries. It grants a 
long-term remuneration component in the form of so-called SBP shares. These are generally accounted 
for as share-based payments for which Deutsche Börse AG has a choice of settlement in cash or equity 
instruments for certain tranches. Tranches due in previous years were each settled in cash. In the 
reporting period, the company established an additional tranche of the SBP for senior executives who 
are not risk takers. In order to participate in the SBP, a beneficiary must have earned a bonus. The 
awards are settled in cash and the SBP shares are measured as cash-settled share-based payment 
transactions. The cost of the options is estimated using an option pricing model (fair value 
measurement) and recognised in staff costs in the consolidated income statement.  
 
The number of stock options is determined by the amount of the individual and performance-based SBP 
bonus for the financial year, divided by the average share price (Xetra closing price) of Deutsche Börse 
AG’s shares in the fourth quarter of the financial year in question. Neither the converted SBP bonus nor 
the stock options are paid at the time the bonus is determined. Rather, the entitlement is generally 
received three years after the grant date (the "waiting period"). Within this period, beneficiaries cannot 
assert shareholder rights (in particular, the rights to receive dividends and attend the Annual General 
Meeting). Once they have met the condition of service, the beneficiaries’ claims resulting from the SBP 
are calculated on the first trading day following the last day of the waiting period. The current market 
price at that date (closing auction price of Deutsche Börse shares in electronic trading on the Frankfurt 
Stock Exchange) is multiplied by the number of stock options. Stock options are settled in cash. 
 
 
 
229

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
210
Evaluation of the SBP  
To determine the fair value of the stock options the intrinsic value of the additional pro rata stock options 
is calculated, which also includes an expectation about future dividend payments. 
 
 
Valuation of SBP shares 
 
Tranche 
Balance at
31 Dec 2021 
Deutsche Börse 
AG share price at
31 Dec 2021 
Intrinsic value/
option at
31 Dec 2021 
Fair value/
option at
31 Dec 2021 
Settlement 
obligation 
Current 
provision at
31 Dec 2021 
Non-current 
provision at
31 Dec 2021 
 
Number 
€ 
€ 
€ 
€m 
€m 
€m 
2017 
45
147.10
136.00
136.00
0.0
0.0
0.0
2018 
10,596
147.10
147.10
138.45
1.5
1.5
0.0
2019 
6,409
147.10
147.10
101.71
0.7
0.0
0.7
2020 
7,739
147.10
147.10
66.39
0.5
0.0
0.5
2021 
9,768
147.10
147.10
32.48
0.3
0.0
0.3
Total 
34,557
3.0
1.5
1.5
    
 
Average price of the exercised and forfeited share options 
 
Tranche 
Average price of the exercised 
share options 
Average price of the forfeited 
share options 
 
€ 
€ 
2017 
135.97
130.51
2018 
138.55
104.78
2019 
140.38
74.02
2020 
142.26
50.56
    
The stock options from the 2017 SBP tranche were exercised in the reporting period following the 
expiration of the waiting period. Shares of the SBP tranches 2018, 2019 and 2020 were paid to former 
employees as part of severance payments in the year under review.  
 
The carrying amount of the provision for the SBP results from the measurement of the number of SBP 
stock options at the fair value of the closing auction price of Deutsche Börse shares in electronic trading 
at the Frankfurt Stock Exchange at the reporting date and its proportionate recognition over the waiting 
period.  
 
Provisions for the SBP amounting to €3.0 million were recognised at the reporting date of 31 December 
2021 (31 December 2020: €3.4 million). The total expense for SBP stock options in the reporting 
period amounted to €1.3 million (2020: €1.5 million).  
 
 
230

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
211
Change in number of SBP shares allocated 
 
Balance at
31 Dec 
2020 
Disposals 
tranche 
2017 
Disposals 
tranche 
2018 
Disposals 
tranche 
2019 
Disposals 
tranche 
2020 
Additions
tranche 
2021 
Fully 
settled 
cash 
options 
Options
forfeited
Balance at
31 Dec 2021 
To other senior 
executives 
38,225
303
278
107
– 171
9,768
– 12,539
– 1,414
34,557
Total 
38,225
303
278
107
– 171
9,768
– 12,539
– 1,414
34,557
   
  
Long-term Sustainable Instrument (LSI) and Restricted Stock Units (RSU) 
In 2014, Deutsche Börse Group introduced the Long-Term Sustainable Instrument (LSI) plan in order to 
provide share-based remuneration in line with regulatory requirements. This programme was extended 
in 2016 with the Restricted Stock Units (RSU) plan. The following disclosures relate to both plans.  
 
Long-term Sustainable Instrument (LSI) 
The LSI remuneration model requires at least half of a part of the variable remuneration to be settled in 
cash and half in phantom shares of Deutsche Börse AG (LSI shares). All tranches will be settled in cash. 
A portion of the variable remuneration is paid in the subsequent year and another portion over a further 
period of three or four years. Moreover, a portion of the variable remuneration shall be converted into 
RSU, subject to a three-year retention period after grant and a one-year waiting period (RSU shares). 
Deutsche Börse Group thus measures the LSI shares as cash-settled share-based payment transactions. 
The options are measured using an option pricing model (fair value measurement). Any right to payment 
of a stock bonus only vests after the expiration of the one-year service period on which the plan is 
based, taking certain waiting periods into account. 
 
The number of LSI and RSU shares for the 2016 to 2020 tranches is calculated by dividing the 
proportionate LSI or RSU bonus, respectively, for the year in question by the average closing price of 
Deutsche Börse AG shares in the last month of a financial year. The number of LSI and RSU shares for 
the 2021 tranche is based on the closing auction price of Deutsche Börse shares as at the disbursement 
date of the cash component of the 2021 tranche in 2022 or on the closing price as at the following 
trading day on the Frankfurt Stock Exchange. This results in individual LSI tranches for the LSI bonus, 
which have maturities of between one and five years. The RSU bonus is used as a basis for another 
four-year tranche. Payment of each tranche is made after a waiting period of one year. Neither 
remuneration system stipulates any condition of service. Following the expiry of the waiting period, both 
the LSI and the RSU shares of the 2016 to 2020 tranches are measured on the basis of the average 
closing price of Deutsche Börse AG shares in the last month preceding the end of the waiting period. 
The LSI and RSU shares of the 2021 tranche are measured at the closing auction price as at the first 
trading day in February of the year in which the holding period ends. In the reporting year, LSI shares of 
the tranches 2015 to 2019 were paid out with a relevant payout share price of € 138.22 for shares of 
tranches 2015 to 2017. For shares of tranches 2018 and 2019 the relevant payout share price was 
€ 136.90. The difference in payout share prices is caused by the nature of the specific terms and 
conditions for the respective tranches. 
 
 
 
231

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
212
Restricted Stock Units (RSU) 
Like the LSI plan, the RSU plan applies to risk takers within Deutsche Börse Group. RSU shares are 
settled in cash; Deutsche Börse Group thus measures the RSU shares as cash-settled share-based 
payment transactions. The options are measured using an option pricing model (fair value 
measurement). Any right to payment of a stock bonus only vests after the expiration of the one-year 
service period on which the plan is based, taking a three-year retention period and a one-year waiting 
period into account. In the reporting year, RSU shares of tranche 2016 were paid out with a relevant 
payout share price of € 138.22. 
 
Evaluation of the LSI and the RSU 
To determine the fair value of the subscription rights the intrinsic value of the additional pro rata 
subscription rights is calculated, which also includes an expectation about future dividend payments. 
 
 
 
Valuation of LSI and RSU shares 
Tran-
che 
Balance as at
31 Dec 2021 
Deutsche Börse AG 
share price as at
31 Dec 2021 
Intrinsic value/
option as at
31 Dec 2021 
Fair value/
option as at
31 Dec 2021 
Settlement 
obligation 
Current 
provision as at
31 Dec 2021 
Non-current 
provision as at
31 Dec 2021 
 
Number 
€ 
€ 
€ 
€m 
€m 
€m 
2016 
1,748
147.10
147.10
147.10
0.2
0.2
0.0
2017 
42,764
147.10
147.10
147.10
6.3
6.3
0.0
2018 
51,178
147.10
147.10
138.03-147.10
7.3
0.8
6.5
2019 
40,408
147.10
147.10
128.88-147.10
5.7
0.6
5.1
2020 
41,963
147.10
147.10
126.10-147.10
5.9
1.6
4.3
2021 
48,024
147.10
147.10
134.98-144.09
6.8
0.0
6.8
Total 
226,085
32.2
9.5
22.7
     
Provisions amounting to €32.2 million were recognised as at 31 December 2021 (31 December 2020: 
€33.3 million). The total expense for LSI/RSU stock options in the reporting period amounted to 
€9.5 million (31 December 2020: €5.9 million). 
 
 
 
 
 
Change in number of LSI and RSU shares allocated 
 
 
Balance at
31 Dec 
2020 
Additions/ 
(disposals) 
Tranche 
2016 
Additions/ 
(disposals)  
Tranche 
2017 
Additions/ 
(disposals)  
Tranche 
2018 
Additions/ 
(disposals)  
Tranche 
2019 
Additions/ 
(disposals)  
Tranche 
2020 
Additions/ 
(disposals) 
Tranche 
2021 
Fully 
settled
cash 
options 
Balance at
31 Dec 2021 
To other senior 
executives 
247,236
1,149
– 1,287
395
4,881
1,064
48,024
– 75,377
226,085
Total 
247,236
1,149
– 1,287
395
4,881
1,064
48,024
– 75,377
226,085
232

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
213
Co-Performance Investment Plan (CPIP) and Performance Share Plan (PSP) 
Performance Share Plan (PSP) 
The PSP was launched in the financial year 2016 for members of the Executive Board of Deutsche 
Börse AG as well as selected senior executives and employees of Deutsche Börse AG and of participating 
subsidiaries. The number of phantom PSP shares to be allocated is calculated based on the number of 
shares granted and the increase of net profit for the period attributable to Deutsche Börse AG 
shareholders, as well as on the relative performance of the total shareholder return (TSR) on Deutsche 
Börse AG’s shares compared with the total shareholder return of the STOXX Europe 600 Financials Index 
constituents. The shares are subject to a performance period of five years. The subsequent payment of 
the stock bonus will be settled in cash.  
The 100 per cent stock bonus target was calculated in euros for each Executive Board member. The 100 
per cent stock bonus target for selected executives and employees of Deutsche Börse AG and 
participating subsidiaries is defined by the responsible decision-making bodies. Based on the PSP 100 
per cent stock bonus target, the corresponding number of phantom shares for each beneficiary was 
calculated by dividing the stock bonus target by the average share price (Xetra closing price) of Deutsche 
Börse AG’s shares in the last calendar month preceding the performance period. Any right to payment of 
a PSP stock bonus vested only at the end of a five-year performance period. 
The final number of performance shares was calculated by multiplying the original number of 
Performance Shares with the level of overall target achievement. The PSP level of overall target 
achievement was based on two performance factors during the performance period: firstly, on the 
relative performance of the total shareholder return (TSR) on Deutsche Börse AG’s shares compared with 
the total shareholder return of the STOXX Europe 600 Financials Index as the peer group; and secondly, 
on the increase of Deutsche Börse AG’s net profit for the period attributable to shareholders of the parent 
company. The two performance factors contribute 50 per cent each to calculate overall target 
achievement. For the 2021 tranche the overall target achievement depends on the performance against 
three different metrics over the performance period. The total shareholder return (TSR) for the Deutsche 
Börse AG share compared with the total shareholder return for the STOXX Europe 600 Financials Index 
accounts for 50 per cent. The annual growth rate for adjusted earnings per share over the performance 
period accounts for a further 25 per cent. The remaining 25 per cent are calculated by reference to 
performance against four equally weighted ESG targets. 
The payout amount is calculated by multiplying the final number of performance shares with the average 
share price of Deutsche Börse AG’s shares (Xetra closing price) in the last calendar month preceding the 
performance period, plus the total of dividend payments made during the performance period based on 
the final number of performance shares. In the reporting year, PSP shares of tranche 2016 were paid 
out with a relevant payout share price of €150.87. Until the 2020 tranche, servicing and treatment will 
be in accordance with the cash settlement rules. Settlement is in cash and with the exception of the 
2021 tranche the transaction is measured and recognised as cash-settled share-based remuneration. 
Because of its specific contractual conditions the 2021 tranche is treated as a settlement with equity 
instruments. 
233

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
214
Co-Performance Investment Plan (CPIP) 
In the financial year 2015, a new remuneration programme (Co-Performance Investment Plan, CPIP) 
was introduced, and the former CEO of Deutsche Börse AG, Carsten Kengeter, was offered a one-time 
participation. The appropriate number of phantom shares was calculated based on the number of shares 
granted and the increase of Deutsche Börse AG’s net profit for the period attributable to shareholders of 
Deutsche Börse AG, as well as on the relative performance of the total shareholder return (TSR) on 
Deutsche Börse AG’s shares compared with the total shareholder return of the STOXX Europe 600 
Financials Index entities. The performance period for the measurement of the performance criteria 
commenced on 1 January 2015 and ends on 31 December 2019. The shares are subject to a 
performance period of five years and a waiting period until 31 December 2019. The payment of the 
stock bonus was settled in cash and paid in full as at 31 March 2021.  
 
Evaluation of the CPIP and the PSP 
To determine the fair value of the subscription rights, the intrinsic value of the additional pro rata 
subscription rights is calculated, which also includes an expectation about future dividend payments. 
 
 
Valuation parameters for CPIP and PSP shares 
 
 
Tranche
2021
Tranche
2020
Tranche
2019
Tranche
2018
Tranche
2017 
Tranche
2016
Term to 
31 Dec 2025
31 Dec 2024
31 Dec 2023
31 Dec 2022
31 Dec 2021
31 Dec 2020
Relative total shareholder return 
%
100.0
0.0
75.0
235.0
235.0
250.0
Net profit for the period 
attributable to Deutsche Börse AG 
shareholders 
%
n/a
119.59
120.80
144.13
139.72 - 
149.97
171.86 - 
182.10
Growth rate Earnings per Share 
%
150.00
n/a
n/a
n/a
n/a
n/a
ESG-Target Achievement 
%
175.00
n/a
n/a
n/a
n/a
n/a
    
 
 
 
 
 
Valuation of CPIP and PSP shares 
Tranche 
Balance as at
31 Dec 2021 
Deutsche Börse AG 
share price as at
31 Dec 2021 
Intrinsic value/
option as at
31 Dec 2021 
Fair value/
option as at
31 Dec 2021 
Settlement 
obligation 
Current 
provision as at
31 Dec 2021 
Non-current 
provision as at
31 Dec 2021 
 
Number 
€ 
€ 
€ 
€m 
€m 
€m 
2016 
9,965
147.10
138.22
152.18
1.5
1.5
0.0
2017 
132,150
147.10
141.35
154.75
20.4
20.4
0.0
2018 
132,606
147.10
147.10
126.76
18.8
0.0
18.8
2019 
53,342
147.10
147.10
93.57
5.7
0.0
5.7
2020 
22,820
147.10
147.10
61.27
1.6
0.0
1.6
20211 
49,458
147.10
147.10
27.41
1.4
0
0
Total 
400,341
49.4
21.9
26.1
1) Due to the treatment of the 2021 tranche as equity-settled, no provisions are recognized for this tranche. The above figures also include the shares of the members 
of the Board of Management 
234

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report  
Financial statements and notes | Notes on the consolidated statement of financial position 
Remuneration Report 
Further information  
215
Provisions for the CPIP and the PSP amounting to €48.0 million were recognised at the reporting date 
31 December 2021 (31 December 2020: €68.8 million). Of these provisions, €14.8 million were 
attributable to members of the Executive Board (2020: €8.5 million). The total expense for CPIP and 
PSP stock options in the reporting period was €6.0 million (2020: €8.5 million). Of that amount, an 
expense of €3.5 million was attributable to members of the Executive Board (2020: €6.0 million).  
Granting of PSP-Tranche 2021 for Board Members 
At the beginning of the fiscal year 2021 PSP-tranche 2021 was granted. The relevant grant share price 
for tranche 2021 shares was at €138.22. The performance period ends on 31 December 2025. The 
individual investment target amounts, grant share price, number of initially granted virtual shares as well 
as the fair value at reporting date can be summarised for the respective board members as follows:  
Granted PSP-Tranche 2021 for Board Members 
Board member 
Investment 
Target 
Grant Share 
Price 
Granted 
Number of 
Performance 
Shares 
Fair value/
option as at
31 Dec 2021 
€ 
€ 
Number 
€ 
Dr. Theodor Weimer 
1,300,000
138.22
9,406
338,376
Dr. Christoph Böhm 
560,000
138.22
4,052
145,794
Dr. Thomas Book 
516,666
138.22
3,738
134,501
Heike Eckert 
516,666
138.22
3,738
134,501
Dr. Stephan Leithner 
560,000
138.22
4,052
145,794
Gregor Pottmeyer 
560,000
138.22
4,052
145,794
Total 
4,013,332
1,044,760
Group Share Plan (GSP) 
Employees of Deutsche Börse Group who are not members of the Executive Board or senior executives 
have the opportunity to acquire shares of Deutsche Börse AG at a discount under the Group Share Plan 
(GSP). Under the GSP tranche for the year 2021, the participating employees could subscribe for up to 
50 shares of the Company at a discount of 40 per cent and another 50 shares at a discount of 10 per 
cent. The acquired shares are subject to a lock-up period of two years. 
Change in number of CPIP and PSP shares allocated 
Balance 
at
31 Dec 
2020 
Additions/ 
(disposals)
Tranche 
2015 
Additions/ 
(disposals)
Tranche 
2016 
Additions/ 
(disposals)
Tranche 
2017 
Additions/ 
(disposals)
Tranche 
2018 
Additions/ 
(disposals)
Tranche 
2019 
Additions/ 
(disposals)
Tranche 
2020 
Additions/ 
(disposals)
Tranche 
2021 
Balance 
at
31 Dec 
2021 
To the 
Executive 
Board1 
496,043
– 87,574
– 87,744
– 3,025
– 3,574
– 20,117
– 24,016
38,116
308,109
To other senior 
executives 
144,977
–
– 44,018
– 2,876
– 3,112
– 6,833
– 7,248
11,342
92,232
Total 
641,020
– 87,574
– 131,762
– 5,901
– 6,686
– 26,950
– 31,264
49,458
400,341
1) Active and former Executive Board members. 
235

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216
The expense of this discount is recognised in the income statement at the grant date. In the reporting 
period, an expense totalling €4.8 million (2020: €4.8 million) was recognised in staff expense for the 
GSP.  
 
Other share based payment programmes in the light of acquisitions 
Axioma Management Incentive Programme (MIP) 
The MIP was set up for the senior management of the Qontigo Group (index and analytics business of 
Group Deutsche Börse) as part of the acquisition. It grants a non-current remuneration component in the 
form of virtual shares of the Qontigo Group. These are generally accounted for as share based payments. 
The amounts payable to the beneficiaries are intended to reflect the economic development of the 
Qontigo Group. The MIP contains a time-based and a performance-based component. The vesting 
period is three years with the possibility of an early execution and started with the implementation of the 
transaction. Due to a potential payout with cash by Group Deutsche Börse, the MIP is accounted for 
under the principles of a cash-settlement. 
 
Valuation 
The value of the virtual shares is determined using a Monte Carlo simulation on the respective balance 
sheet date, which appropriately reflects the contract-specific conditions. The underlying simulations 
depend on the underlying from which the payment is linked to the beneficiaries of the MIP. The 
enterprise value of the Qontigo Group serves as the underlying. On the basis of the simulations carried 
out, a discounted average payment of the contractually agreed payment flows to the respective 
participants is calculated. The main valuation parameters include the enterprise value and the expected 
volatility of the Qontigo Group as well as the expected term and the contract-specific payment profile. A 
pro rata addition of expenses over the vesting period is conducted in accordance with the criteria for a 
non-forfeiture of the programme.   
 
 
ISS Employee Share Programme (MBP) 
An employee share programme was set up for the senior management of ISS in the course of the 
acquisition. It enables management to purchase shares in the parent of ISS, Inc. (ISS HoldCo, Inc.). 
Deutsche Börse Group has the right to buy back the shares after not less than three years at their fair 
value. According to an IFRIC interpretation from 2005, this programme is treated like an award of stock 
options. Since Deutsche Börse Group has a unilateral right to settle the transaction with treasury shares 
in Deutsche Börse AG, the programme is treated according to the rules for equity settlement. 
 
Valuation 
The value of the programme was calculated using the Black-Scholes model and contract-specific inputs 
at the time the transaction was completed. The main valuation parameters were the enterprise value of 
ISS, its expected volatility, the contractually agreed interest rate on the loan and the expected time until 
maturity. Since the programme does not have a vesting period, the total value was recognised as 
expense at the transaction date. 
 
 
 
236

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ISS Employee Incentive Programme (MAP) 
An employee incentive programme was set up for selected managers at ISS, which has not yet been fully 
awarded as at the reporting date. It grants a long-term remuneration component in the form of virtual 
shares in ISS. The programme is accounted for as share-based payments. The amounts awarded to the 
beneficiaries are intended to reflect the economic development of ISS. The MAP contains a time-based 
and a performance-based component. The vesting period is three years, and under certain 
circumstances can be exercised early. Since Deutsche Börse Group has a unilateral right to settle the 
transaction with treasury shares in Deutsche Börse AG, the programme is treated according to the rules 
for equity settlement. 
Valuation 
The value of the virtual shares is calculated at the date of each allocation to the beneficiaries, using a 
Black-Scholes model with contract-specific inputs. The main valuation parameters include the enterprise 
value and the expected volatility of ISS, as well as the expected term and the contract-specific payment 
profile. In line with the vesting criteria, the value of the award is recognised as an expense over the 
vesting period. 
19. Changes in other provisions
Other provisions 
Provisions are recognised if the Group has a present obligation from an event in the past, it is probable 
that there will be an outflow of resources embodying economic benefits to settle the obligation and the 
amount of this obligation can be estimated reliably. The amount of the provision corresponds to the best 
estimate of the expenditure required to settle the obligation at the reporting date. The provision is to be 
reversed if it is no longer probable that settling the obligation will entail the outflow of resources 
embodying economic benefits.  
A provision is only recognised for restructuring when a detailed, formal restructuring plan has been 
adopted and those concerned have been given the reasonable impression that the restructuring 
measures will be implemented. This can be by starting to implement the plan or by announcing its key 
elements to those concerned. The restructuring provisions and the provisions for contractually agreed 
early retirement benefits and severance payments are recognised in other provisions. 
237

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218
Changes in other provisions (part 1) 
 
Bonuses 
Share-based 
payments 
Interest on taxes 
Restructuring and
efficiency measures 
 
€m 
€m 
€m 
€m 
Balance as at 1 Jan 2021 
122.8
112.6
92.1
79.5
Changes in the basis of consolidation 
3.7
0
0
0
Reclassification 
– 4.8
– 0.3
0
– 0.2
Utilisation 
– 88.8
– 27.3
– 2.3
– 28.0
Reversal 
– 11.0
– 19.5
– 24.1
– 2.6
Additions 
129.1
19.6
11.2
7.7
Currency translation 
3.1
0.22
0
0.1
Interest 
0
0
0
– 0.2
Balance as at 31 Dec 2021 
154.1
85.4
76.9
56.2
    
 
Changes in other provisions (part 2) 
 
Other tax provisions 
Anticipated Losses 
Other personnel 
provision 
Miscellaneous 
 
€m 
€m 
€m 
€m 
Balance as at 1 Jan 2021 
38.9
7.9
4.5
23.4
Changes in the basis of consolidation 
0.0
0
0.3
1.8
Reclassification 
0
0
0
– 1.1
Utilisation 
– 3.1
– 0.1
– 4.0
– 9.8
Reversal 
– 0.5
– 0.2
– 0.3
– 2.8
Additions 
9.3
7.5
4.6
12.9
Currency translation 
0.0
0.2
0.2
0.2
Interest 
0.0
0
0.0
0
Balance as at 31 Dec 2021 
44.6
15.4
5.2
24.7
    
The other non-current and current provisions amount to a total of €462.5 million (31 December 2020: 
€481.7 million). The non-current provisions of €127.2 million (31 December 2020: €168.0 million) 
largely have a remaining term of one to five years. Furthermore current provisions exist for 
€335.3 million (31 December 2020: €313.7 million).  
 
Provisions for restructuring and efficiency measures include provisions for contractually agreed early 
retirement benefits and severance payments as well as expenses directly related to restructuring 
measures.  
 
For details of share-based payments, see Note 18. 
 
 
238

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Further information  
219
20. Other current liabilities 
 
Composition of other current liabilities 
 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
Other Liabilities from CCP positions (Commodities) 
2,527.6
415.1
Contract liabilities 
136.3
30.5
Tax liabilities (excluding income tax) 
41.9
42.8
Vacation entitlements, flextime and overtime credits  
30.6
29.9
Social security liabilities 
13.8
9.1
Liabilities to employees 
11.4
6.7
Liabilities to supervisory bodies 
3.3
3.0
Miscellaneous 
23.7
7.6
Total 
2,788.6
544,7
 
 
The increase in other current liabilities results almost exclusively from the increase in liabilities from CCP 
business. These liabilities are not part of the financial liabilities because the obligation does not consist 
in payment of cash but in physical delivery of commodities.  
239

Deutsche Börse Group | Annual report 2021
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Further information  
220
  
21. Notes on the consolidated cash flow statement 
 
Composition of other non-cash income 
 
 
2021 
2020 
 
€m 
€m 
Subsequent measurement of non-derivative financial instruments 
– 156.4
39.5
Reversal of discount and transaction costs from long-term financing 
0.5
8.9
Equity method measurement 
– 18.1
– 17.2
Impairment of financial instruments 
– 0.4
2.1
Subsequent measurement of derivatives 
19.4
101.5
Contract assets and liabilities 
– 3.9
2.6
Gains on the disposal of subsidiaries and equity investments 
– 10.5
0
Miscellaneous 
5.8
6.3
Total 
– 163.6
143.6
 
    
Reconciliation to cash and cash equivalents 
Cash and cash equivalents comprise cash and bank balances – to the extent that these do not result 
from reinvesting current liabilities from cash deposits by market participants – as well as receivables and 
liabilities from banking business with an original maturity of three months or less. 
 
 
Reconciliation to cash and cash equivalents 
 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
Restricted bank balances 
78,542.0
38,420.1
Other cash and bank balances 
1,029.6
1,467.3
Net position of financial instruments held by central counterparties 
– 72.0
95.0
Current financial instruments measured at amortised cost 
15,799.7
16,225.1
less financial instruments with an original maturity exceeding 3 months 
– 2,019.0
– 1,919.7
Current financial liabilities measured at amortised cost 
– 15,914.3
– 14,630.0
less financial instruments with an original maturity exceeding 3 months 
2,966.5
1,037.7
Current liabilities from cash deposits by market participants 
– 78,292.5
– 38,188.8
Cash and cash equivalents 
2,040.0
2,506.7
 
 
Other disclosures 
240

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221
Changes in liabilities arising from financing activities 
 
Bonds
issued 
Leasing
liabilities 
Commercial
paper 
 
€m 
€m 
€m 
Balance as at 1 Jan 2020 
2,286.2
380.1
0
Lease payments (IFRS 16) 
0
– 47.4
0
Acquisition from business combinations 
0
2.9
0
Additions 
948.2
73.3
0
Disposals 
0
– 0.7
0
Repayments 
– 602.9
0
0
Other and exchange rate differences 
5.5
0.7
0
Balance as at 31 Dec 2020 
2,637.0
408.7
0
Lease payments (IFRS 16) 
0
– 62.8
0
Acquisition from business combinations 
0
87.1
0
Additions 
999.1
46.1
2,701.0
Disposals 
0
– 4.7
0
Repayments 
0
0
– 1,900.0
Other and exchange rate differences 
0
12.1
0
Balance as at 31 Dec 2021 
3,636.1
486.7
801.0
 
 
22. Earnings per share 
Under IAS 33, earnings per share are calculated by dividing the net profit for the period attributable to 
Deutsche Börse AG shareholders (net income) by the weighted average number of shares outstanding. 
 
In order to determine diluted earnings per share, potentially dilutive ordinary shares that may be 
acquired under the share-based payment programmes are added to the average number of shares.  
 
In order to determine diluted earnings per share, all subscription rights, for which a cash settlement has 
not been determined are assumed to be settled with equity instruments – regardless of actual accounting 
in accordance with IFRS 2. 
 
All tranches of the Long-term Sustainability Instrument (LSI) for which a choice between settlement in 
cash or equity instruments exists were settled in the previous year. All current and future tranches may 
only be settled in cash. There are therefore no potentially dilutive ordinary shares from the Long-term 
Sustainability Instrument. 
 
As part of the acquisition of Institutional Shareholder Services Inc. there are ongoing option rights valid 
until 25 February 2024, which did have a small dilutive effect during the reporting year up to the 
reporting date. 
241

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Calculation of earnings per share (basic and diluted) 
2021 
2020 
Number of shares outstanding at beginning of period 
183,521,257
183,429,035
Number of shares outstanding at end of period 
183,618,782
183,521,257
Weighted average number of shares outstanding 
183,546,106
183,452,436
Number of potentially dilutive ordinary shares 
368,326
0
Weighted average number of shares used to compute diluted earnings per share 
183,914,432
183,452,436
Net profit for the period attributable to Deutsche Börse AG shareholders (€m) 
1,209.7
1,079.9
Earnings per share (basic) (€) 
6.59
5.89
Earnings per share (diluted) (€) 
6.58
5.89
23. Segment reporting
Deutsche Börse Group divides its business into eight segments: This structure serves as a basis for the 
Group’s internal management and financial reporting. Detailed information about the segment structure, 
which is part of these consolidated financial statements, can be found under the heading Business 
operations and Group structure in section Deutsche Börse: Fundamental information about the Group in 
the combined management report. Due to the acquisition of Institutional Shareholder Services (ISS), we 
adapted the segment reporting in the first quarter 2021 and added Institutional Shareholder Services as 
a segment, please see Note 3. 
Segment reporting (part 1) 
Eurex    
(financial derivatives) 
EEX (commodities) 
360T      
(foreign exchange) 
2021
2020 
2021
2020
2021 
2020
Net revenue (€m) 
995.8
1,110.3
341.5
302.2
107.8
101.5
Operating costs (€m) 
– 387.7
– 373.1
– 178.7
– 174.3
– 53.7
– 53.9
Result from financial investments 
16.1
1.6
– 0.3
– 0.9
0
0
thereof result of the equity method measurement of associates
– 0.8
– 1.0
– 0.3
– 0.9
0
0
EBITDA (€m) 
624.2
738.8
162.5
127.0
54.1
47.6
EBITDA margin (%) 
63
67
48
42
50
47
Depreciation, amortisation and impairment losses (€m) 
– 44.1
– 55.3
– 33.1
– 35.6
– 21.5
– 20.4
EBIT (€m) 
580.1
683.5
129.4
91.4
32.6
27.2
Capital expenditure1 (€m) 
48.3
46.1
22.8
21.4
7.6
8.6
Employees (as at 31 December) 
1,746
1,661
1,009
934
274
272
1) Excluding investments from business combinations. 
242

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Remuneration Report 
Further information  
223
  
 
Segment reporting (part 3) 
 
Qontigo (index and 
analytics business) 
ISS (Institutional 
Shareholder Services) 
 Group 
 
 
 
 
 
2021
2020 
2021
2020
2021 
2020
Net revenue (€m) 
258.7
248.1
223.9
n/a
3,509.5
3,213.8
Operating costs (€m) 
– 123.3
– 123.8
– 155.4
n/a
– 1,551.6
– 1,368.7
Result from financial investments 
45.2
– 0.2
– 5.1
n/a
85.2
24.3
thereof result of the equity method measurement of associates
10.5
– 0.2
0
n/a
38.6
21.5
EBITDA (€m) 
180.6
124.1
63.4
n/a
2,043.1
1,869.4
EBITDA margin (%) 
70
50
28
n/a
58
58
Depreciation, amortisation and impairment losses (€m) 
– 28.5
– 28.3
– 44.6
n/a
– 293.7
– 264.3
EBIT (€m) 
152.1
95.8
18.8
n/a
1,749.4
1,605.1
Capital expenditure1 (€m) 
7.7
8.1
17.3
n/a
206.4
195.4
Employees (as at 31 December) 
611
585
2,741
n/a
10,200
7,238
 
 
 
The net revenue includes revenue generated through external parties as well as through intercompany 
transactions. The impact of intercompany revenue is eliminated on Group level as such internally 
generated revenue of one segment has an adverse effect on revenue by the same amount on the 
corresponding partner segment. For an overview of intercompany revenue see Note 4. Services between 
segments are offset on the basis of measured amounts or fixed prices. 
 
 
 
 
Segment reporting (part 2) 
 
Xetra (cash equities) 
Clearstream       
(post-trading) 
IFS (investment fund 
services) 
 
 
 
 
 
2021
2020 
2021
2020
2021 
2020
Net revenue (€m) 
364.0
391.7
835.4
827.2
382.4
232.8
Operating costs (€m) 
– 150.6
– 158.8
– 376.3
– 367.3
– 125.9
– 117.5
Result from financial investments 
29.4
25.8
0.5
– 1.9
– 0.6
– 0.1
thereof result of the equity method measurement of associates
29.2
25.4
0.4
– 1.7
– 0.5
– 0.1
EBITDA (€m) 
242.8
258.7
459.6
458.0
255.9
115.2
EBITDA margin (%) 
67
66
55
55
67
49
Depreciation, amortisation and impairment losses (€m) 
– 15.3
– 23.7
– 69.7
– 72.5
– 36.9
– 28.5
EBIT (€m) 
227.5
235.0
389.9
385.5
219.0
86.7
Capital expenditure1 (€m) 
13.5
15.3
72.8
68.4
16.4
27.5
Employees (as at 31 December) 
774
739
2,159
2,136
886
911
1) Excluding investments from business combinations.
243

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Further information  
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Our business model – and that of all our segments – is focused on an internationally operating 
participant base and pricing does not differ depending on the customer’s location. From a price, margin 
and risk perspective, this means it does not matter whether sales revenue is generated from German or 
international participants.  
 
The risks and returns from the activities of the subsidiaries operating within the economic environment 
of the European Monetary Union (EMU) do not differ significantly from each other on the basis of the 
factors to be considered in identifying information on geographical regions under IFRS 8. We have 
therefore identified the following segments: Euro area, other Europe, America and Asia-Pacific.  
 
Sales revenue is allocated to the individual regions according to the customer’s domicile, while 
investments and non-current assets are allocated according to the company’s domicile and employees 
according to their location. 
 
As described above, the analysis of sales is based on the direct customer’s billing address. This means, 
for example, that sales to an American investor trading a product with an Asian underlying via a 
European clearing member are classified as European sales. 
 
  
 
 
 
Information on geographical regions 
 
Sales revenue1 
Investments2 
Non-financial non-
current assets3, 4 
Number of employees 
 
 
 
 
 
 
2021 
2020 
2021 
2020 
2021 
2020 
2021 
2020 
 
€m 
€m 
€m 
€m 
€m 
€m 
 
 
European Union 
2,358.5
2,047.8
177.7
172.8
4,199.1
4,008.7
5,464
5,042
Other Europe 
1,201.0
1,063.2
4.2
15.4
1,339.4
1,241.0
1,792
1,449
America 
472.1
289.1
24.3
6.5
3,279.2
1,061.6
1,209
435
Asia-Pacific 
254.3
183.9
0.2
0.7
27.7
31.7
1,734
312
Total of all regions 
4,285.9
3,584.0
206.4
195.4
8,845.4
6,343.0
10,200
7,238
Consolidation of internal net revenue 
– 67.1
– 64.7
0
0
0
0
0
0
Group 
4,218.8
3,519.3
206.4
195.4
8,845.4
6,343.0
10,200
7,238
1) Including countries in which more than 10 per cent of sales revenue was generated: UK (2021: €807.1 million, 2020: €732.1 million) and Germany (2021: 
€1,014.7 million,2020: €910.9 million). 
2) Excluding goodwill and right-of-use assets from leasing. 
3) Including countries in which more than 10 per cent of assets are held: Germany (2021: €3,859.2 million, 2020: €3,648.1 million), Switzerland (2021: 
€1,307.0 million, 2020: €1,210.1 million) and United States (2021: €3,279.2 million, 2020: €1,061.6 million). 
4) These include intangible assets, property, plant and equipment as well as investments in associates and joint ventures. 
244

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Further information  
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24. Financial risk management 
Detailed qualitative disclosures on financial instruments in accordance with IFRS 7.33 that are part of 
these consolidated financial statements, such as the nature and extent of risk arising from financial 
instruments and risk management objectives, strategies and procedures, are included under the caption  
Risk management approach and risk controlling in the combined management report in the section risk 
management.  
 
  
Financial risks mainly arise in the form of credit risks and to a lesser extent in the form of market price 
risks. They are quantified using the economic capital concept. Detailed information, which is part of 
these consolidated financial statements, can be found under the caption financial risks in the combined 
management report in section risk management. Required economic capital is assessed on a 99.9 per 
cent confidence level for a one-year holding period. It is compared with the Group’s liable equity capital 
adjusted for intangible assets so as to test the Group’s ability to absorb extreme and unexpected losses. 
Required economic capital (REC) for financial risk is calculated at the end of each month and amounted 
to €664.0 million as at 31 December 2021, whereby €488.0 million stems from credit risk and 
€176.0 million stems from market risk. 
 
We evaluate our risk position continuously. In the view of the Executive Board, no threat to the continued 
existence of the Group can be identified at this time. 
245

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Credit risk 
Credit risk of financial instruments (part 1) 
Carrying amounts – 
maximum risk exposure 
Collateral 
Segment 
Amount at  
31 Dec 2021 
Amount at
31 Dec 2020 
Amount at  
31 Dec 2021 
Amount at
31 Dec 2020 
€m 
€m 
€m 
€m 
Collateralised cash investments 
Reverse repo transactions 
Eurex (financial derivatives)1 
820.9
574.9
828.9
580.5
Clearstream (post-trading) 
4,274.3
6,176.7
4,360.6
6,346.0
5,095.2
6,751.6
5,189.5
6,926.5
Uncollateralised cash 
investments 
Money market lendings – 
central banks 
Eurex (financial derivatives) 
33,709.3
31,711.6
0
0
Clearstream (post-trading) 
7,350.7
6,291.8
0
0
Money market lendings – 
other counterparties 
Eurex (financial derivatives) 
298.5
187.5
0
0
Clearstream (post-trading) 
89.6
148.3
0
0
Balances on nostro accounts and 
other bank deposits 
Clearstream (post-trading) 
1,905.4
2,252.4
0
0
EEX (commodities) 
43,888.7
3,809.7
0
0
Group 
854.1
3,603.7
0
0
Securities 
Clearstream (post-trading) 
1,910.2
1,186.3
0
0
Eurex (financial derivatives) 
10.1
7.0
0
0
Group 
14.02
14.92
0
0
Fund assets 
Group 
66.73
37.13
0
0
90,097.3
49,250.3
0
0
Loans for settling 
securities transactions 
Technical overdraft 
facilities 
Clearstream (post-trading) 
531.6
267.7
n/a4
n/a4
Automated Securities Fails 
Financing5 
Clearstream (GSF) 
885.76
427.36
1,122.3
560.6
1,417.3
695.07
1,122.3
560.67
Total 
96,609.8
56,696.97
6,311.8
7,487.17
246

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Executive and Supervisory Boards 
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Further information  
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Cash investments 
Clearstream receives cash deposits from its customers in various currencies, whereas Eurex Clearing AG 
receives cash collateral mainly in EUR and CHF. In line with treasury policy, these entities shall invest 
such funds, and this is where the credit risk is potentially stemming from. 
 
We mitigate such risks either – to the extent possible – by investing short-term funds on a secured basis, 
e.g. via reverse repurchase agreements, or by depositing them with central banks. 
 
According to the treasury policy, eligible collateral mainly consists of highly liquid financial instruments 
with a minimum rating of AA– (S&P Global Ratings/Fitch) or Aa3 (Moody’s) issued or guaranteed by 
governments or supranational institutions. 
 
 
 
Credit risk of financial instruments (part 2) 
 
 
 
 
 
 
Carrying amounts – 
maximum risk exposure 
Collateral 
 
 
 
 
Segment 
Amount at  
31 Dec 2021 
Amount at
31 Dec 2020 
Amount at  
31 Dec 2021 
Amount at  
31 Dec 2020 
 
 
€m 
€m 
€m 
€m 
Balance brought forward 
 
96,609.8
56,696.97
6,311.8
7,487.17)
 
 
Other financial instruments 
 
Other loans 
Group 
100.5
0.3
100.5
0
Other assets 
Group 
13.3
15.3
0
0
Trade receivables 
Group 
978.2
625.8
0
0
Other receivables 
Clearstream (post-trading) 
17.3
147.2
0
0
 
Eurex (financial derivatives) 
1,217.0
697.0
0
0
 
Group 
9.8
27.8
0
0
Other financial assets at fair 
value 
Group 
14.0
7.6
0
0
 
2,350.1
1,521.0
100.5
0
 
Financial instruments 
held by central counterparties 
109,657.08
62,467.38
126,842.09
79,747.69
 
Derivatives 
112.1
8.4
0
0
 
Total 
208,729.0
120,693.67
133,254.3
87,234.77
1) Presented in the items “restricted bank balances” and “other cash and bank balances”. 
2) The amount includes collateral totalling €5.0 million (2020: €5.1 million) 
3)   The amount includes collateral totalling €8.0 million (2020: €8.0 million) 
4) The portfolio of deposited collateral is not directly attributed to any utilisation, but is determined by the scope of the entire business relationship and the limits granted. 
5) Off-balance-sheet items 
6) Meets the IFRS 9 criteria for a financial guarantee contract 
7)  Prior-year figures adjusted as securities lending transactions from Clearsteam Banking S.A.’s ASLplus programme do not represent a risk position 
8) Net value of all margin requirements resulting from executed trades at the reporting date as well as default fund requirements: this figure represents the risk-oriented view 
of Eurex Clearing AG and European Commodity Clearing AG, while the carrying amount of the “financial instruments held by central counterparties” item in the balance 
sheet shows the gross amount of the open trades according to IAS 32. 
9) Collateral value of cash and securities collateral deposited for margins, covering the net value of all margin and default fund requirements 
247

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Unsecured cash investments are permitted only with counterparties with impeccable credit ratings within 
the framework of defined counterparty credit limits. In this context, impeccable creditworthiness means 
an internal rating of at least “D”, which corresponds to an external rating from Fitch of at least “BBB”. 
Counterparty credit risk is monitored on the basis of an internal rating system. 
 
The fair value of securities received under reverse repurchase agreements was €5,189.5 million (2020: 
€6,926.0 million). Clearstream Banking S.A. and Eurex Clearing AG are entitled to pledge the eligible 
securities received to their central banks in order to make use of the central banks’ monetary policy 
instruments. 
 
As at 31 December 2021, Clearstream Banking S.A. had pledged securities with a value of 
€229.0 million (2020: €168.20 million) to central banks as collateral for credit lines received from the 
central banks. As in the previous year, these all come from the Clearstream investment portfolio. 
 
Eurex Clearing AG had pledged no securities to central banks as at 31 December 2021, the same as the 
previous year. 
 
Loans for settling securities transactions 
Clearstream grants customers intraday technical overdraft facilities to maximise settlement efficiency. 
These settlement facilities are subject to internal credit review procedures. They are revocable at the 
discretion of the Clearstream subgroup and are in general fully secured. As at 31 December 2021 they 
came to €110.2 billion (2020: €106.2 billion). Of the total, €5.9 billion (2020: €5.5 billion) are 
unsecured and only relate to credit lines granted to selected central banks and multilateral development 
banks in accordance with the CSDR exception defined in Article 23 of the Delegated Regulation (EU) 
2017/390 based on the creditworthiness of the borrowers and zero risk weight applied by the 
Regulation (EU) No 575/2013 (CRR). Actual outstandings at the end of each business day generally 
represent a small fraction of the facilities and amounted to €531.6 million as at 31 December 2021 
(2020: €267.7 million); see Note 12. 
 
Clearstream also guarantees the undue residual risk resulting from the Automated Securities Fails 
Financing (ASL) programme it offers to its customers, where Clearstream Banking S.A. acts as an 
intermediary between borrower and lender. Such risks are secured. As at 31 December 2021 the 
outstanding loans under this programme amounted to €885.8 million (2020: €427.3 million). 
Collateral received by Clearstream Banking S.A. in connection with these loans amounted to 
€1,122.3 million (2020: €560.6 million). 
 
In 2020 and 2021, no losses from credit transactions occurred in relation to any of the transaction types 
described. 
 
Financial instruments of the central counterparties 
To safeguard the Group’s central counterparties against the risk of default by a clearing member, the 
clearing conditions require the clearing members to deposit margins in the form of cash or securities on 
a daily basis or an intraday basis in the amount stipulated by the respective clearing house. Additional 
security mechanisms of the Group’s central counterparties are described in detail in the section risk 
management. 
 
 
 
248

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Trade receivables  
Trading, settlement and custody fees are generally collected without delay by direct debit. Fees for other 
services, such as the provision of data and information, are settled mainly by transfer. Trade receivables 
are analysed using an expected credit loss model based on the simplified approach as outlined in 
IFRS 9. To measure the expected credit loss, trade receivables and contract assets have been grouped 
based on the days past due. The trade receivables share the main risk characteristics. The expected loss 
amount has been determined by applying the lifetime expected loss approach. The expected loss rates 
are based on the payment profiles over a period of five years and the loss profile experienced over that 
period. As at 31 December 2021 there were no contract assets (2020: nil). 
 
 
Loss allowances for trade receivables as at 31 December 2021 
 
Not more 
than 30 
days past 
due 
Not more 
than 60 
days past 
due 
Not more 
than 90 
days past 
due 
Not more 
than 120 
days past 
due 
Not more 
than 360 
days past 
due 
More 
than 360 
days past 
due 
Insol-
vent
Total
 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
Expected loss rate 
0.0%
0.0%
0.5%
0.9%
5.4%
89.4%
100%
Trade receivables 
38.9
7.8
9.3
2.7
13.0
6.4
1.9
80.0
Loss allowance 
0.0
0.0
0.0
0.0
0.7
6.1
1.9
8.8
 
    
 
Loss allowances for trade receivables as at 31 December 2020 
 
Not more 
than 30 
days past 
due 
Not more 
than 60 
days past 
due 
Not more 
than 90 
days past 
due 
Not more 
than 120 
days past 
due 
Not more 
than 360 
days past 
due 
More 
than 360 
days past 
due 
Insolvent 
Total 
 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
Expected loss rate 
0.0%
0.0%
0.1%
1.3%
5.4%
81.9%
100%
Trade receivables 
33.0
13.3
5.9
3.2
15.0
7.9
1.8
80.1
Loss allowance 
0.0
0.0
0.0
0.1
0.8
6.5
1.8
9.2
     
 
 
249

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Trade receivables are written off when there is no reasonable expectation of recovery. The following 
criteria are used for the assessment of derecognition: 
 
 Insolvency proceedings are not started for want of assets. 
 Insolvency proceedings have not resulted in any payment for a period of three years and there is no 
indication that any amount will be received going forward. 
 Enforcement activities are not pursued by Deutsche Börse Group due to cost-benefit analysis or 
Deutsche Börse Group has tried unsuccessfully to collect the receivable for a period of three years. 
 
In the reporting year, as in the previous year there were no significant write-offs due to customer 
defaults. Moreover, no significant payments were received for receivables which had previously been 
written off (2020: nil). 
 
Debt securities 
All debt securities measured at amortised cost are considered to have low default risk and the loss 
allowance recognised during the period was therefore limited to twelve months’ expected losses. The 
Group considers listed bonds to have a low credit risk if they have an investment grade credit rating from 
an external rating agency. All debt securities measured at fair value through OCI are assigned to Level 1 
on recognition and are reviewed regularly for changes in credit risk on the basis of their rating. The 
expected loss for listed debt securities is determined using the default rates provided by a rating agency. 
 
Development of the loss allowance 
 
 
Development of the loss allowance 
 
Debt securities 
Trade 
receivables 
Trade 
receivables 
 
 
Stage 1 
Stage 1/2 
Stage 3 
Total 
 
€m 
€m 
€m 
€m 
Closing loss allowance as at 1 January 2020 
0
1.1
6.0
7.1
Increase from business combinations 
0
0.1
1.0
1.1
Increase in the allowance recognised 
in profit or loss during the period 
0.3
0.3
2.1
2.7
Decrease in the allowance recognised 
in profit or loss during the period 
0
– 0.6
– 0.8
– 1.4
Closing loss allowance as at 31 December 2020 
0.3
0.9
8.3
9.5
Increase from business combinations 
0
0
0
0
Increase in the allowance recognised 
in profit or loss during the period 
0.2
0.2
0.8
1.2
Decrease in the allowance recognised 
in profit or loss during the period 
– 0.1
– 0.3
– 1.2
– 1.6
Closing loss allowance as at 31 December 2021 
0.4
0.8
8.0
9.2
    
 
 
250

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Credit risk concentrations 
Our business model and the resulting business relationships mean that, as a rule, credit risk is 
concentrated on the financial services sector. Potential concentrations of credit risk are limited by 
application of counterparty, group and country credit limits. Collateral and currency concentrations are 
also monitored.   
 
Management of credit risk concentration, including collateral concentration, and so-called large 
exposures, is conducted in compliance with applicable regulatory requirements such as those arising 
from, among others, articles 387–410 of Regulation (EU) 575/2013 (Capital Requirements Regulation, 
CRR), article 47 paragraph 8 of Regulation (EU) 648/2012 (European Market Infrastructure Regulation, 
EMIR) and respectively applicable national requirements (see also section regulatory capital 
requirements and regulatory capital ratios in the section risk management for a description of the 
regulatory capital requirements). Requirements of concentration risks arising from Regulation (EU) 
909/2014 (Central Securities Depository Regulation, CSDR) have been implemented as part of Deutsche 
Börse Group’s affiliated CSD authorisation under article 16 CSDR. 
 
The required economic capital (based on the so-called “Value at Risk” (VaR) with a confidence level of 
99.90 per cent) for credit risk is calculated monthly for each day and amounted to €488.0 million as at 
31 December 2021 (2020: €657.0 million, based on VaR with a confidence level of 99.98 per cent).  
 
We also apply additional methods in order to detect credit concentration risks. It analyses the impact of a 
default by its two largest counterparties with unsecured exposures and stressed recovery parameters. In 
addition, analyses are carried out for the Group’s top 5 and top 10 counterparties, based on the risk-
weighted exposures of the individual counterparties. All the concentration metrics have dedicated early 
warning thresholds and limits and are part of the quarterly risk reporting to the Executive Board. As in 
the previous year, no material adverse credit concentrations were detected in 2021. 
 
 
Market risk 
Market risk arises from changes in interest rates, foreign-exchange rates and other market prices. 
Deutsche Börse Group is generally only affected to a limited extent by market risk. For market price risks, 
the required economic capital (based on the so-called “Value at Risk” (VaR) with a confidence level of 
99.90 per cent) is determined on a monthly basis. As at 31 December 2021 the economic capital for 
market price risks was €176.0 million (2019: €107.0 million, based on VaR with a confidence level of 
99.98 per cent).  
 
Impairment losses of €0.2 million (2020: nil) were recognised in profit or loss in the financial year 
2021 for strategic investments not included in VaR for market price risks. 
 
 
 
251

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Interest rate risk  
Changes in market interest rates may affect Deutsche Börse Group’s net profit for the period attributable 
to Deutsche Börse AG shareholders. This risk arises whenever interest terms of financial assets and 
liabilities are different. 
 
Interest rate sensitive assets include the Group’s money market and investment portfolios, while interest 
rate sensitive liabilities mainly consist of short-term debt instruments. Interest rate risk from long-term 
liabilities of Deutsche Börse AG is mitigated through issuance of fixed-coupon bonds. 
 
In order to finance the acquisition of a majority stake in Institutional Shareholder Services, Deutsche 
Börse AG issued debt securities with a nominal volume of €1,000 million. For further details of the 
outstanding bonds issued by Deutsche Börse Group, see section “Net assets” section in the combined 
management report. 
 
Cash received as deposits from market participants is invested mainly via short-term reverse repos and 
in the form of overnight deposits at central banks, limiting the risk of a negative impact due to a changed 
interest rate environment. Negative interest rates resulting from reinvestments of these cash deposits are 
passed on to the respective Clearstream (post-trading) customers after applying an additional margin. 
For Eurex Clearing AG, interest rates on cash collateral are in principle calculated based on a predefined 
market benchmark rate per currency after deducting an additional spread per currency. In exceptional 
cases such as market disruption, Eurex Clearing AG reserves the right to calculate interest rates on cash 
collateral based on the realised interest rate. 
 
Group entities may furthermore invest their own capital and part of customer cash balances in high-
quality liquid bonds. The bond portfolio consists mostly of variable-rate instruments, which leads to a 
comparably low interest rate risk for the Group. 
 
The risk arising from interest-earning assets and interest-bearing liabilities is monitored on each business 
day and limited by using a system which includes mismatch limits in combination with interest rate risk 
limits and stop-loss limits. The interest rate risk limits determine the acceptable maximum loss caused 
by a hypothetical adverse yield curve shift. The stop-loss limits define the fair value of a portfolio 
triggering an ad hoc review and risk-reducing actions. 
 
In line with its risk strategy, we may use financial instruments to hedge highly probable interest rate 
exposures. For this purpose, interest rate swaps, as well as swaptions, might be used. Our Treasury 
policy requires that the critical terms of swaps and swaptions must align with the hedged items. 
 
In 2021, we entered into forward interest rate swap contracts to hedge the interest rate risk in 
connection with the highly probable planned refinancing of a bond maturing in 2022. In this way, the 
cash flow risk arising from potential interest rate changes was hedged. Cash flow hedge accounting was 
applied for this hedge. 
 
 
 
252

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Foreign-exchange rate risk  
Measuring and managing foreign-exchange risk is important for reducing our exposure to exchange rate 
movements. The three main types of foreign-exchange risk that we are exposed to are cash flow-, 
translation- and transaction-related foreign-exchange risk. Cash flow risk reflects the risk of fluctuations 
in present value of future operating cash flows from foreign-exchange movements. Translation risk 
comprises effects from the valuation of our assets and liabilities in foreign currencies. Finally, transaction 
risk is closely related to cash flow risk; it may arise through changes in the structure of Deutsche Börse 
Group’s asset and liabilities in foreign currencies. 
 
We operate internationally and are, to a limited extent, exposed to foreign-exchange risk, primarily in 
USD, CHF, GBP and CZK. Exchange rate fluctuations may affect the Group’s profit margins and the 
value of assets and liabilities denominated in a currency that is not the functional currency of the 
relevant Group entity. Respective currency risks arise mainly from operating income and expenses 
denominated in a currency other than the functional currency, inter alia from that portion of the 
Clearstream (post-trading) segment’s sales revenue and treasury result from banking business that is 
directly or indirectly in USD. The Clearstream (post-trading) segment generated 10 per cent of its 
revenue and treasury result from banking business directly or indirectly in USD (2020: 14 per cent). 
 
Currency mismatches are avoided to the maximum extent possible. All types of foreign-exchange risks 
are measured on a regular basis and monitored on a Group as well as single entity level. Limits are 
defined for cash flow and translation risk affecting our profits and losses. Deutsche Börse Group’s 
treasury policy defines risk limits which take into account historic foreign-exchange rate fluctuations. Any 
exposure exceeding those limits must be hedged. Foreign-exchange exposures below the defined limits 
may also be hedged. Management of foreign-exchange risks is in principle based on the Group level. 
Hedging may take place on a single entity level if foreign-exchange risk threatens the viability of the 
single entity. 
 
To eliminate foreign-exchange risks, we use financial instruments to hedge existing or highly probable 
forecast transactions. The Group may use foreign-exchange forwards, foreign-exchange options as well 
as cross-currency swaps to hedge the exposure to foreign-exchange risk. Under the Group’s policy, the 
critical terms of forwards and options must align with the hedged items. 
 
In 2021, Deutsche Börse AG entered into FX derivative contracts to hedge the foreign currency exposure 
associated to transaction risk. Hereby, the cash flow risk arising from the time gap between signing the 
contracts and the actual payment out of the transaction was hedged. Cash flow hedge accounting was 
applied to this hedging. In addition to that, the Group entered into FX derivative contracts to hedge the 
foreign currency exposure associated with intercompany cash pooling and loans.   
  
 
 
253

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For Clearstream, the policy stipulates that intraperiod open net foreign-exchange positions are closed out 
when they exceed €15.0 million. This policy was complied with as in the previous year; as at 
31 December 2021 there were no significant net foreign-exchange positions (2020: nil). 
Other market risks 
Market risk arises also from investments in bonds, investments in funds, futures within the framework of 
contractual trust arrangements (CTAs) and from the Clearstream Pension Fund in Luxembourg. For the 
CTAs, the investment is protected by a pre-defined floor, which reduces the risk of extreme losses for 
Deutsche Börse Group. In addition, there are equity price risks arising from strategic equity investments. 
No sensitivity analyses were performed, as both interest rate and foreign currency risks are fully hedged. 
As in the previous year, there were no risk concentrations from market prices in the reporting year. 
Liquidity risk 
For the Group, liquidity risk may arise from potential difficulties in renewing maturing financing, such as 
commercial paper, issued bonds as well as bilateral and syndicated credit facilities. In addition, 
financing required for unexpected events may result in a liquidity risk. Most of the Group’s cash 
investments are short-term to ensure that liquidity is available, should such a financing need arise. 
Eurex Clearing AG and Clearstream may invest stable customer balances for a maximum of one year in 
secured money market products, or in high-quality securities with a remaining maturity of less than ten 
years for Clearstream and less than five years for Eurex Clearing, subject to strict monitoring of mismatch 
and interest rate limits. Term investments can be transacted via reverse repurchase agreements against 
highly liquid collateral. For refinancing purposes, Eurex Clearing AG and Clearstream Banking S.A. can 
pledge eligible securities with their respective central banks. Eurex Clearing AG remains almost perfectly 
matched with respect to the durations of customer cash margins received and respective investments. 
The companies of Deutsche Börse Group have the following credit lines at their disposal, which were not 
utilised as of the balance sheet date. 
254

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Clearstream Banking S.A. has a bank guarantee (letter of credit) in favour of Euroclear Bank S.A./N.V. 
issued by an international consortium to secure daily deliveries of securities between Euroclear Bank 
S.A./N.V. and Clearstream Banking S.A. This guarantee amounted to US$3.0 billion as at 
31 December 2021 (2020: US$3.0 billion). Euroclear Bank S.A./N.V. has also issued a guarantee in 
favour of Clearstream Banking S.A. amounting to US$3.0 billion (2020: US$3.0 billion). 
 
A commercial paper programme offers Deutsche Börse AG an opportunity for flexible, short-term 
financing, involving a total facility of €2.5 billion in various currencies. As at 31 December 2021 
Deutsche Börse AG had issued commercial paper with a nominal volume of €801.0 million (2020: nil). 
 
Clearstream Banking S.A. also has a commercial paper programme with a programme limit of 
€1.0 billion, which is used to provide additional short-term liquidity. As at 31 December 2021 it had 
issued commercial paper with a nominal volume of €750.3 million (2020: €546.4 million). 
 
In 2021, S&P Global Ratings (S&P) confirmed Deutsche Börse AG’s AA credit rating with a stable 
outlook. Deutsche Börse AG’s commercial paper programme also had the highest short-term rating of  
A-1+. The AA rating of Clearstream Banking S.A. was confirmed with a stable outlook by the rating 
agencies Fitch and S&P Global Ratings (S&P) in 2021. S&P also rated Clearstream Banking AG as AA in 
November 2021. For further details on the rating of Deutsche Börse Group, see section “Financial 
position” section in the combined management report.  
 
As in the previous year, there were no concentrations of liquidity risk in the reporting year. 
 
Contractually agreed credit lines 
 
Company 
Purpose of credit line 
Currency 
Amount at  
31 Dec 2021 
Amount at  
31 Dec 2020 
 
 
 
m 
m 
Deutsche Börse AG 
Working capital1 
€
600.0
600.0
Eurex Clearing AG 
Settlement 
€
900.0
900.0
 
Settlement 
Fr.
200.0
200.0
 
Settlement2 
US$
300.0
300.0
Clearstream Banking S.A. 
Working capital1 
€
750.0
750.0
 
Settlement2 
€
3,290.0
1,250.0
 
Settlement2 
US$
3,450.0
3,050.0
 
Settlement2 
£
3,200.0
350.0
Clearstream Banking AG 
Settlement 
€
200.0
0
European Energy Exchange AG 
Working capital 
€
22.0
22.0
 
Settlement 
€
110.0
81.6
 
Settlement 
£
0
1.0
Axioma Inc. 
Working capital 
US$
4.9
29.1
Quantitative Brokers LLC 
Working capital 
US$
3.0
0
1) €400.0 million of Deutsche Börse AG’s working capital credit lines is a sub-credit line of Clearstream Banking S.A.’s €750.0 million working capital credit line. 
2)  Including committed foreign exchange swap lines and committed repo lines. 
255

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Maturity analysis of financial instruments (1) 
 
Contractual maturity 
 
 
 
Sight
Not more 
than 3 
months
More than 
3 months 
but not 
more than 
1 year
More than 
1 year but 
not more 
than 5 
years
Over 5 
years
Reconcili-
ation to 
carrying 
amount
Carrying 
amount
31 Dec 2021 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
Non-derivative financial liabilities 
Non-current financial liabilities 
measured at amortised cost 
0
7.4
38.9
1,747.5
1,986.5
– 240.4
3,539.9
thereof lease liabilities 
0
0
0
198.1
253.4
– 28.4
423.1
Non-current financial liabilities at fair 
value through profit or loss 
0
0
0
1.5
0
0
1.5
Trade payables 
0.1
702.5
1.8
0
0
0
704.4
Current financial liabilities measured at 
amortised cost 
13,605.7
1,627.8
686.9
0
0
– 6.1
15,926.4
thereof lease liabilities 
0
16.9
52.1
0
0
– 5.4
63.6
Current financial liabilities at fair value 
through profit or loss 
0
0
0.6
0
0
0
0.6
Cash deposits by market participants 
0
77,632.3
660.2
0
0
0
78,292.5
Total  
13,605.8
79,970.0
1,388.4
1,749.0
1,986.5
– 246.5
98,453.2
 
Derivatives and financial instruments 
held by central counterparties 
Financial liabilities and derivatives 
held by central counterparties 
61,366.4
34,231.1
7,670.2
8,465.2
977.2
0
112,710.1
less financial assets and derivatives held 
by central counterparties 
– 61,294.4
– 34,231.1
– 7,670.2
– 8,465.2
– 977.2
0
– 112,638.1
 
Cash inflow – derivatives and hedges 
Cash flow hedges 
0
10.3
11.6
194.0
0
Fair value hedges 
0
0
0
0
0
Derivatives held for trading 
615.1
1,850.5
1,233.1
Cash outflow – derivatives and hedges 
Cash flow hedges 
0
– 10.1
– 54.5
– 207.4
0
Fair value hedges 
0
0
0
0
0
Derivatives held for trading 
– 615.3
– 1,806.4
– 1,204.4
0
Total  
71.8
44.3
– 14.2
– 13.4
0
 
 
 
256

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Maturity analysis of financial instruments (2) 
 
Contractual maturity 
 
 
 
 
 
Sight
Not more 
than 3 
months
More than 3 
months but 
not more 
than 1 year
More than 
1 year but 
not more 
than 5 
years
Over 5 
years
Reconcili-
ation to 
carrying 
amount
Carrying 
amount
31 Dec 2020 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
Non-derivative financial liabilities 
Non-current financial liabilities 
measured at amortised cost 
0
6.8
38.9
2,239.0
1,477.6
– 287.9
3,474.4
thereof lease liabilities 
0
0
0
169.7
224.4
– 36.2
357.9
Non-current financial liabilities at fair 
value through profit or loss 
0
0
0
0
0
0
0
Trade payables 
0
388.6
0
0
0
0
388.6
Current financial liabilities measured at 
amortised cost 
13,999.7
409.4
219.2
0
0
1.7
14,630.0
thereof lease liabilities 
0
12.8
36.4
0
0
1.8
51.0
Current financial liabilities at fair value 
through profit or loss 
0
0
1.5
0
0
0
1.5
Cash deposits by market participants 
38,188.8
0
0
0
0
0
38,188.8
Total  
52,188.5
804.8
259.6
2,239.0
1,477.6
– 286.2
56,683.3
 
Derivatives and financial instruments 
held by central counterparties 
Financial liabilities and derivatives 
held by central counterparties 
41,684.5
25,955.11
12,970.01
5,876.91
1,031.6
0
87,518.11
less financial assets and derivatives held 
by central counterparties 
– 41,684.5
– 26,050.11
– 12,970.01
– 5,876.91
– 1,031.6
0
– 87,613.11
 
Cash inflow – derivatives and hedges 
Cash flow hedges 
0
1,156.0
0
403.2
0
Fair value hedges 
0
0
0
0
0
Derivatives held for trading 
0
1,870.6
654.1
0
0
Cash outflow – derivatives and hedges 
Cash flow hedges 
0
– 1,200.5
0
– 405.3
0
Fair value hedges 
0
0
0
0
0
Derivatives held for trading 
0
– 1,968.3
– 687.5
0
0
Total  
0
– 237.2
– 33.4
– 2.1
0
 
1) Due to a correction of the previous year's figures, the financial instruments held by central counterparties decreased by in total €89.7 million.
257

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238
25. Financial liabilities and other risks 
Legal risks 
The companies of Deutsche Börse Group are exposed to litigation. Such litigation may result in 
payments by entities in the Group. If it is more likely than not that an outflow of resources will occur, a 
provision will be recognised based on an estimate of the most probable amount necessary to settle the 
obligation if such amount is reasonably estimable. The management of the entity affected must assess 
whether the possible obligation results from a past event, as well as evaluate the probability of a cash 
outflow and estimate its amount.  
 
We recognise provisions for possible losses only if there is a present obligation arising from a past event 
that is likely to result in an outflow of resources and if the Group can reliably estimate the amount of the 
obligation (see also note 19). Contingent liabilities may result from present obligations and from possible 
obligations arising from events in the past. In order to identify the litigation for which the possibility of a 
loss is more than unlikely, as well as how the possible loss is estimated, Deutsche Börse Group 
considers a large number of factors, including the nature of the claim and the facts on which it is based, 
the jurisdiction and course of the individual proceedings, the experience of Deutsche Börse Group, prior 
settlement talks (to the extent that they have already taken place) as well as expert opinions and 
evaluations of legal advisers. Losses may also arise from legal risks which are not highly probable, so 
that no provisions have been recognised. If the event is not completely improbable, the legal risks may 
have to be recognised as contingent liabilities. As neither the timing of these contingent liabilities nor the 
amount of any payment can be estimated reliably, any quantitative disclosure would not be a useful 
guide to possible future losses. For this reason, no figure is provided for contingent liabilities.  
 
Detailed information about the legal disputes, which have been classified as contingent liabilities as of 
31 December 2021 and for which consequently no provisions have been recognised, is part of these 
consolidated financial statements and included in the combined management report in the section risk 
management under the heading legal disputes and business practice. 
 
 
Tax risks 
Due to its business activities in various countries, Deutsche Börse Group is exposed to tax risks. A 
process has been developed to recognise and evaluate these risks, which are initially recognised based 
on their probability of occurrence. These risks are then measured on the basis of their expected value. A 
tax liability is recognised in the event that it is more probable than not that the risks will occur. We 
continuously review whether the conditions for recognising corresponding tax liabilities are met. These 
tax risks, that are also part of these consolidated financial statements,  
are included under the caption business risks in the combined management report in the section risk 
management.  
 
 
258

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Further information  
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26. Corporate governance
On 8 December 2021 the Executive and Supervisory Boards issued the latest version of the declaration 
of compliance in accordance with section 161 Aktiengesetz (AktG, the German Stock Corporation Act) 
and made it permanently available to shareholders on the company’s website (see also the Corporate 
governance statement). 
27. Related party disclosures
Related parties as defined by IAS 24 are members of the executive bodies of Deutsche Börse AG and 
their close family members, as well as the companies classified as associates of Deutsche Börse AG, 
investors and investees and companies that are controlled or significantly influenced by members of the 
executive bodies. 
Business relationships with related parties 
The following table shows transactions entered into within the scope of business relationships with non-
consolidated companies of Deutsche Börse AG during the 2021 financial year. All transactions took 
place at standard market terms. 
Transactions with related parties 
Amount of the 
transactions: revenue 
Amount of the 
transactions: expenses
Outstanding balances:
receivables 
Outstanding balances:
liabilities 
2021 
2020 
2021 
2020 
31 Dec 
2021 
31 Dec 
2020 
31 Dec 
2021 
31 Dec 
2020 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
€m 
Associates 
17.4
18.6
–28.7
–29.4
1.9
1.9
–5.0
–2.2
Total sum of business transactions 
17.4
18.6
–28.7
–29.4
1.9
1.9
–5.0
–2.2
Business relationships with key management personnel 
Key management personnel are persons who directly or indirectly have authority and responsibility for 
planning, directing and controlling the company’s activities. The Group only defines the members of the 
Executive Board and Supervisory Board of Deutsche Börse AG who were active in the reporting period as 
key management personnel for the purposes of IAS 24. In the reporting year and the previous year, no 
material transactions took place with key management personnel.  
259

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Executive Board 
In the reporting year the fixed and variable remuneration of the members of the Executive Board, 
including non-cash benefits granted in the financial year, amounted to €18.2 million (2020: €19.4 
million). During the year under review, expenses of €3.5 million (2020: €6.0 million) were recognised 
in connection with share-based payments to Executive Board members. 
The actuarial present value of the pension obligations to Executive Board members was €17.3 million as 
at 31 December 2021 (2020: €18.4 million). Expenses of €2.6 million (2020: €3.2 million) were 
recognised as additions to pension provisions. 
Former members of the Executive Board or their surviving dependants 
The remuneration paid to former members of the Executive Board or their surviving dependants 
amounted to €6.5 million in 2021 (2020: €8.3 million). The actuarial present value of the pension 
obligations was €79.3 million as at 31 December 2021 (2020: €86.0 million). 
Termination benefits 
There were no changes in the membership of the Executive Board of Deutsche Börse AG in the reporting 
year 2021, therefore no expenses were incurred in 2021 (2020 €0.7 million).  
Supervisory Board 
The aggregate remuneration paid to members of the Supervisory Board in the reporting year was 
€2.6 million (2020: €2.5 million).  
In financial year 2021 the employee representatives on Deutsche Börse AG’s Supervisory Board received 
remuneration (excluding Supervisory Board remuneration) amounting to €1.3 million 
(2020: €0.8 million). The total consists of the fixed and variable salary components for those employee 
representatives. 
28. Employees
Employees 
2021 
2020 
Average number of employees during the year 
9,347
6,996
Employed at the reporting date 
10,200
7,238
Employees (average annual FTEs) 
8,855
6,528
Of the average number of employees during the year, 29 (2020: 28) were managing directors (not 
including the Executive Board), 484 (2020: 348) were other senior managers and 8,834 
(2020: 6,620) were employees.  
Including part-time staff there were 8,855 full-time equivalents (FTE) on average during the year 
(2020: 6,528). Please also refer to the section “Our employees” in the combined management report.  
260

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Further information  
241
29. Decision-making bodies
The members of the company’s decision-making bodies are listed in the chapters “The Executive Board” 
and “The Supervisory Board” of this annual report. 
30. Events after the end of the reporting period
Deutsche Börse AG has successfully placed a corporate hybrind bond in the amount of €500,0 million 
on 16 February 2022. The bond has a term of 26.25 years with a first call date after 6 years and a 
coupon of 2.0 per cent annually until June 2028.  
The hybrid bond will be used to refinance last year’s M&A activities. 
31. Date of approval for publication
Deutsche Börse AG's Executive Board approved the consolidated financial statements for submission to 
the Supervisory Board on 28 February 2022. The Supervisory Board is responsible for examining the 
consolidated financial statements and stating whether it endorses them. 
32. Disclosures on material non-controlling interests
Material non-controlling interests (1/2) 
European Energy Exchange Group 
Qontigo Group 
Leipzig, Germany 
Frankfurt/Main, Germany 
31 Dec 2021
31 Dec 2020 
31 Dec 2021 
31 Dec 2020 
Attributable to non-controlling interests: 
Capital (%) 
24.9
24.9
21.7
21.7
Voting rights (%) 
37.2
37.2
21.7
21.7
Net profit for the period (in €m) 
15.9
10.3
21.0
19.2
Equity (in €m) 
150.4
130.7
181.6
161.0
Dividend payments (in €m) 
4.0
4.0
16.2
13.3
Assets (in €m) 
47,938.8
7,783.6
1,028.4
958.7
Liabilities (in €m) 
47,335.0
7,258.7
208.1
216.9
Profit/loss (in €m) 
63.9
41.2
96.6
88.5
Other comprehensive income (in €m) 
14.7
– 32.7
59.7
– 66.6
Comprehensive income (in €m) 
78.6
8.5
156.3
22.0
Cash flows (in €m) 
81.9
33.5
– 8.7
7.7
261

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Material non-controlling interests (2/2) 
 
 
 
 
 
ISS Group 
Crypto Finance Group 
 
Rockville, USA 
Zug, Switzerland 
 
 
 
 
31 Dec 2021
31 Dec 2020
31 Dec 2021 
31 Dec 2020 
Attributable to non-controlling interests: 
Capital (%) 
18.8
n/a
33.3
n/a
Voting rights (%) 
18.8
n/a
33.3
n/a
 
Net profit for the period (in €m) 
3.1
n/a
0
n/a
Equity (in €m) 
345.8
n/a
51.3
n/a
Dividend payments (in €m) 
0
n/a
0
n/a
 
Assets (in €m) 
2,435.8
n/a
166.8
n/a
Liabilities (in €m) 
596.5
n/a
12.7
n/a
Profit/loss (in €m) 
16.5
n/a
0.1
n/a
Other comprehensive income (in €m) 
0
n/a
0
n/a
Comprehensive income (in €m) 
16.5
n/a
0.1
n/a
Cash flows (in €m) 
– 87.4
n/a
42.3
n/a
 
 
33. Disclosures on associates 
 
    
 
 
Non-material associates 
 
31 Dec 2021 
31 Dec 2020 
 
€m 
€m 
Book value of non-material associates 
88.91
89.5
Profit after tax 
19.31
18.6
Other income 
– 0.11
0
Comprehensive income 
19.31
18.6
1) Disclosures are based on preliminary and unaudited figures which may be adjusted subsequently. 
262

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34. List of shareholdings
Deutsche Börse AG’s equity interests in subsidiaries, associates and joint ventures as at  
31 December 2021 included in the consolidated financial statements are presented in the following 
tables. There were no joint ventures as of the reporting date. 
Consolidated subsidiaries (part 1) 
Company
Domicile
Equity interest as at 31 Dec 2021 
direct/(indirect)
%
Börse Frankfurt Zertifikate AG 
Frankfurt/Main, Germany 
100.00
Clearstream Fund Centre AG 
Zurich, Switzerland 
100.00
Clearstream Fund Centre (Hong Kong) Limited 
Hong Kong, Hong Kong 
(100.00)
Clearstream Holding AG 
Frankfurt/Main, Germany 
100.00
Clearstream Banking AG 
Frankfurt/Main, Germany 
(100.00)
Clearstream Banking S.A. 
Luxembourg, Luxembourg 
(100.00)
Clearstream Australia Limited 
Sydney, Australia 
(100.00)
Clearstream Australia Nominees Pty Ltd. (dormant) 
Sydney, Australia 
(100.00)
Clearstream Banking Japan, Ltd. 
Tokyo, Japan 
(100.00)
Clearstream Fund Centre SA 
Luxembourg, Luxembourg 
(100.00)
Clearstream London Ltd. (dormant) 
London, United Kingdom 
(100.00)
REGIS-TR S.A. 
Luxembourg, Luxembourg 
(50.00)
Clearstream Global Securities Services Limited 
Cork, Ireland 
(100.00)
Clearstream International S.A. 
Luxembourg, Luxembourg 
(100.00)
LuxCSD S.A. 
Luxembourg, Luxembourg 
(100.00)
Clearstream Nominees Limited 
London, United Kingdom 
(100.00)
Clearstream Operations Prague s.r.o. 
Prague, Czech Republic 
(100.00)
Clearstream Services S.A. 
Luxembourg, Luxembourg 
(100.00)
REGIS-TR UK Ltd. (dormant) 
London, United Kingdom 
(50.00)
Crypto Finance AG 
Zug, Switzerland 
66.671)
Crypto Finance (Brokerage) AG 
Zug, Switzerland 
(66.67)
Crypto Finance (Infrastructure Services) AG 
Zug, Switzerland 
(66.67)
Crypto Finance (Asset Management) AG 
Zug, Switzerland 
(66.67)
DB1 Ventures GmbH 
Frankfurt/Main, Germany 
100.00
Deutsche Boerse Market Data + Services Singapore Pte. Ltd. 
Singapore, Singapore 
100.00
Deutsche Boerse Systems Inc. 
Chicago, USA 
100.00
Centana Growth Partners, LLC 
New York, USA 
(100.00)
Bryant Sands Partners, LLC 
Delaware, USA 
(100.00)
Bryant Sands Partners II, LLC 
Delaware, USA 
(100.00)
Quantitative Brokers LLC 
New York, USA 
(72.60)
Quantitative Brokers UK Limited 
Hounslow, United Kingdom 
(72.60)
Quantitative Brokers Australia Pty Ltd 
Sydney, Australia 
(72.60)
Quantitative Brokers Singapore Pte Ltd. 
Singapore, Singapore 
(72.60)
Quantitative Brokers Software India Private Limited 
Chennai, India 
(72.24)
U.S. Exchange, L.L.C. (dormant) 
Wilmington, USA 
(100.00)
Deutsche Börse Photography Foundation gGmbH 
Frankfurt/Main, Germany 
100.00
Deutsche Börse Services s.r.o. 
Prague, Czech Republic 
100.00
Eurex Frankfurt AG 
Frankfurt/Main, Germany 
100.00
Eurex Clearing AG 
Frankfurt/Main, Germany 
(100.00)
Eurex Repo GmbH 
Frankfurt/Main, Germany 
(100.00)
Eurex Securities Transactions Services GmbH 
Frankfurt/Main, Germany 
(100.00)
Eurex Global Derivatives AG 
Zug, Switzerland 
100.00
Eurex Services GmbH 
Frankfurt/Main, Germany 
100.00
263

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Consolidated subsidiaries (part 2) 
 
Company 
Domicile 
Equity interest as at 31 Dec 
2021 direct/(indirect) 
 
 
% 
European Energy Exchange AG 
Leipzig, Germany 
75.05
EEX Asia Pte. Limited 
Singapore, Singapore 
(75.05)
EEX Australia Pty Ltd 
Sydney, Australia 
(75.05)
EEX Link GmbH 
Leipzig, Germany 
(75.05)
European Commodity Clearing AG 
Leipzig, Germany 
(75.05)
European Commodity Clearing Luxembourg S.à r.l. 
Luxembourg, Luxembourg 
(75.05)
Grexel Systems oy 
Helsinki, Finland 
(75.05)
KB Tech Ltd. 
Tunbridge Wells, United Kingdom 
(75.05)
Nodal Exchange Holdings, LLC 
Tysons Corner, USA 
(75.05)
Nodal Exchange, LLC 
Tysons Corner, USA 
(75.05)
Nodal Clear, LLC 
Tysons Corner, USA 
(75.05)
EEX CEGH Gas Exchange Services GmbH 
Vienna, Austria 
(38.27)
EPEX SPOT SE 
Paris, France 
(38.27)
EPEX Netherlands B.V. 
Amsterdam, Netherlands 
(38.27)
EPEX SPOT Schweiz AG 
Bern, Switzerland 
(38.27)
Power Exchange Central Europe a.s. 
Prague, Czech Republic 
(50.03)
ISS HoldCo Inc. 
Rockville, USA 
81.20
Institutional Shareholder Services Inc. 
Rockville, USA 
(81.20)
Asset International, Inc. 
Rockville, USA 
(81.20)
Asset International Financial Information UK Holdings 
Ltd. 
London, United Kingdom 
(81.20)
AI Financial Information UK Ltd. 
London, United Kingdom 
(81.20)
Asset International Australia Pty Ltd. 
Melbourne, Australia 
(81.20)
Rainmaker Information Pty Limited 
Sydney, Australia 
(81.20)
Data Management & Integrity Systems Pty 
Ltd. 
Sydney, Australia 
(81.20)
Financial Standard Pty Ltd 
Sydney, Australia 
(81.20)
Asset International Deutschland GmbH 
Haar, Germany 
(81.20)
FWW Fundservices GmbH 
Haar, Germany 
(81.20)
FWW Media GmbH 
Haar, Germany 
(81.20)
Intelligent Financial Systems Limited 
London, United Kingdom 
(81.20)
Matrix-Data Limited 
London, United Kingdom 
(81.20)
Discovery Data Holdings Inc. 
Eatontown, USA 
(81.20)
Discovery Data Inc 
Eatontown, USA 
(81.20)
Institutional Shareholder Services (Australia) Pty. Ltd. 
Sydney, Australia 
(81.20)
Institutional Shareholder Services (Hong Kong) Limited 
Hong Kong, Hong Kong 
(81.20)
Institutional Shareholder Services Canada Inc. 
Toronto, Canada 
(81.20)
ACRe Data Inc. 
Oakville, Canada 
(81.20)
Institutional Shareholder Services Europe S.A. 
Brussels, Belgium 
(81.20)
Institutional Shareholder Services France S.A.S 
Paris, France 
(81.20)
Institutional Shareholder Services Switzerland AG 
Zurich, Switzerland 
(81.20)
   
 
264

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245
Consolidated subsidiaries (part 3) 
 
Company 
Domicile 
Equity interest as at 31 Dec 2021 
direct/(indirect) 
 
 
% 
Institutional Shareholder Services Germany AG 
Munich, Germany 
(81.20)
Institutional Shareholder Services India Private Limited 
Mumbai, India 
(81.20)
Institutional Shareholder Services K.K. 
Tokyo, Japan 
(81.20)
Institutional Shareholder Services Philippines Inc. 
Manila, Philippines 
(81.20)
Institutional Shareholder Services (Singapore) Private 
Limited 
Singapore, Singapore 
(81.20)
ISS Corporate Solutions, Inc. 
Rockville, USA 
(81.20)
ISS Europe Limited 
London, United Kingdom 
(81.20)
ISS-Ethix AB 
Stockholm, Sweden 
(81.20)
Nordic Investor Services AB 
Stockholm, Sweden 
(81.20)
Institutional Shareholder Services UK Limited 
London, United Kingdom 
(81.20)
Securities Class Action Services, LLC 
Rockville, USA 
(81.20)
Qontigo GmbH 
Frankfurt/Main, Germany 
78.32
Axioma Inc. 
New York, USA 
(78.32)
Axioma (CH) GmbH 
Geneva, Switzerland 
(78.32)
Axioma (HK) Ltd. 
Hong Kong, Hong Kong 
(78.32)
Axioma (UK) Ltd. 
London, United Kingdom 
(78.32)
Axioma Argentina S.A.U. 
Buenos Aires, Argentina 
(78.32)
Axioma Asia Pte Ltd. 
Singapore, Singapore 
(78.32)
Axioma Deutschland GmbH 
Frankfurt/Main, Germany 
(78.32)
Axioma Japan G.K. 
Tokyo, Japan 
(78.32)
Axioma Ltd. 
Sydney, Australia 
(78.32)
Axioma S.A.S.U. 
Paris, France 
(78.32)
Qontigo Index GmbH 
Frankfurt/Main, Germany 
(78.32)
Stoxx Ltd. 
Zug, Switzerland 
(78.32)
INDEX PROXXY Ltd. 
London, United Kingdom 
(78.32)
Tradegate Exchange GmbH 
Berlin, Germany 
63.971
Börse Berlin AG 
Berlin, Germany 
(63.97)
360 Treasury Systems AG 
Frankfurt/Main, Germany 
100.00
360 Trading Networks Inc. 
New York, USA 
(100.00)
360 Trading Networks Limited 
Dubai, United Arab Emirates (UAE) 
(100.00)
360 Trading Networks Sdn Bhd 
Kuala Lumpur, Malaysia 
(100.00)
360T Asia Pacific Pte. Ltd. 
Singapore, Singapore 
(100.00)
360TGTX Inc. 
New York, USA 
(100.00)
Finbird GmbH 
Frankfurt/Main, Germany 
(100.00)
ThreeSixty Trading Networks (India) Pte. Ltd. 
Mumbai, India 
(100.00)
 
 
1) Of which 59.98 per cent direct and 3.99 per cent indirect equity interest.
265

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246
Associates 
Company 
Domicile 
Equity interest as at 31 Dec 2021 
direct/(indirect) 
% 
360X AG 
Frankfurt/Main, Germany 
48.30
BrainTrade Gesellschaft für Börsensysteme mbH 
Frankfurt/Main, Germany 
(37.72)
China Europe International Exchange AG 
Frankfurt/Main, Germany 
40.00
Deutsche Börse Commodities GmbH 
Frankfurt/Main, Germany 
16.20
EMEX East Med. Energy Exchange Ltd. 
Giv’atajim, Israel 
(30.02)
enermarket GmbH 
Frankfurt/Main, Germany 
(30.02)
FundsDLT 
Luxembourg, Luxembourg 
17.91
HQLAx S.à r.l. 
Luxembourg, Luxembourg 
31.40
Origin Primary Limited 
London, United Kingdom 
20.00
R5FX Ltd 
London, United Kingdom 
15.65
SEEPEX a.d. 
Belgrade, Serbia 
(9.57)
SPARK Commodities Ltd. 
Singapore, Singapore 
(18.76)
Tradegate AG Wertpapierhandelsbank 
Berlin, Germany 
19.99
ZDB Cloud Exchange GmbH in Liquidation 
Eschborn, Germany 
49.90
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Executive and Supervisory Boards 
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Remuneration Report 
Further information  
247
To the best of our knowledge, and in accordance with the applicable reporting principles, the 
consolidated financial statements give a true and fair view of the assets, liabilities, financial position and 
profit or loss of the Group, and the combined management report includes a fair review of the 
development and performance of the business and the position of the Group, together with a description 
of the principal opportunities and risks associated with the expected development of the Group. 
 
Frankfurt / Main, 2 March 2022 
Deutsche Börse AG 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Responsibility statement by the Executive Board 
267

To Deutsche Börse Aktiengesellschaft, Frankfurt am Main 
Report on the Audit of the Consolidated Financial Statements and of the 
Group Management Report
Audit Opinions
We have audited the consolidated financial statements of Deutsche Börse Aktiengesellschaft, Frankfurt 
am Main, and its subsidiaries (the Group), which comprise the consolidated statement of financial  
position as at December 31, 2021, and the consolidated statement of comprehensive income, consoli-
dated statement of profit or loss, consolidated statement of changes in equity, and consolidated 
statement of cash flows for the financial year from January 1 to December 31, 2021, and notes to the 
consolidated financial statements, including a summary of significant accounting policies. In addition, 
we have audited the group management report of Deutsche Börse Aktiengesellschaft, which is com-
bined with the Company‘s management report, – which comprises the content included to comply with 
the German legal requirements as well as the non-financial statement pursuant to § [Article] 289b Abs. 
[paragraph] 1 HGB [Handelsgesetzbuch: German Commercial Code]and § 315b Abs. 1 HGB included 
in section “About this report” of the group management report – for the financial year from January 1 
to December 31, 2021. In accordance with the German legal requirements, we have not audited the 
content of those parts of the group management report listed in the “Other Information” section of our 
auditor‘s report.
In our opinion, on the basis of the knowledge obtained in the audit,
  the accompanying consolidated financial statements comply, in all material respects, with the IFRSs 
as adopted by the EU, and the additional requirements of German commercial law pursuant to 
§ 315e Abs. 1 HGB and, in compliance with these requirements, give a true and fair view of the 
assets, liabilities, and financial position of the Group as at December 31, 2021, and of its financial 
performance for the financial year from January 1 to December 31, 2021, and
  the accompanying group management report as a whole provides an appropriate view of the Group‘s 
position. In all material respects, this group management report is consistent with the consolidated 
financial statements, complies with German legal requirements and appropriately presents the 
opportunities and risks of future development. Our audit opinion on the group management report 
does not cover the content of those parts of the group management report listed in the “Other 
Information” section of our auditor‘s report.
Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any 
­reservations relating to the legal compliance of the consolidated financial statements and of the group 
management report.
Independent Auditors’  
Report
268
Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards
Management report 
Financial statements and notes | Independent Auditors’ Report
Remuneration Report
Further information

Basis for the Audit Opinions
We conducted our audit of the consolidated financial statements and of the group management report in 
accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to subsequently as 
“EU Audit Regulation”) in compliance with German Generally Accepted Standards for Financial Statement 
Audits promulgated by the Institut der Wirtschaftsprüfer [Institute of Public Auditors in Germany] (IDW). 
Our responsibilities under those requirements and principles are further described in the “Auditor‘s 
Responsibilities for the Audit of the Consolidated Financial Statements and of the Group Management 
Report” section of our auditor‘s report. We are independent of the group entities in accordance with the 
requirements of European law and German commercial and professional law, and we have fulfilled our 
other German professional responsibilities in accordance with these requirements. In addition, in accor-
dance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not provided 
non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe that the audit 
evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions on the 
consolidated financial statements and on the group management report.
Key Audit Matters in the Audit of the Consolidated Financial Statements
Key audit matters are those matters that, in our professional judgment, were of most significance in our 
audit of the consolidated financial statements for the financial year from January 1 to December 31, 
2021. These matters were addressed in the context of our audit of the consolidated financial statements 
as a whole, and in forming our audit opinion thereon; we do not provide a separate audit opinion on 
these matters.
In our view, the matters of most significance in our audit were as follows:
1   Recoverability of goodwill and other intangible assets
2   Assessment of certain legal risks
Our presentation of these key audit matters has been structured in each case as follows:
 1   Matter and issue 
 2  Audit approach and findings
 3   Reference to further information
Hereinafter we present the key audit matters:
1   Recoverability of goodwill and other intangible assets
 1   In the Company‘s consolidated financial statements goodwill and other intangible assets amounting 
in total to EUR 7,509.6 million (97% of total consolidated assets) are reported under the “Intangi-
ble assets” balance sheet item. Other intangible assets relate in particular to stock exchange 
licenses, brand names and customer relationships. Goodwill and other intangible assets are tested 
for impairment by the Company once a year and/or when there are indications of impairment to 
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determine any need for write-downs. The carrying amount of the relevant cash-generating units (for 
the test of the goodwill including their carrying amount) is compared with recoverable amount in 
the context of the impairment test. The recoverable amount is generally calculated on the basis of 
fair value less costs of disposal. The present value of the future cash flows from the respective 
cash-generating unit or the groups of cash-generating units normally serves as the basis of valua-
tion. Present values are calculated using discounted cash flow models. For this purpose, the 
adopted medium-term business plan of the Group forms the starting point which is extrapolated 
based on assumptions about long-term rates of growth. Expectations relating to future market 
developments and assumptions about the development of macroeconomic factors fair value also 
taken into account. The discount rate used is the weighted average cost of capital for the respective 
cash-generating units. The impairment test determined that no write-downs were necessary.  
 
The outcome of this valuation is dependent to a large extent on the estimates made by the execu-
tive directors with respect to the future cash flows from the respective cash-generating units, the 
discount rate used, the rate of growth and other assumptions, and is therefore subject to consider-
able uncertainty. Against this background and due to the complex nature of the valuation, this 
matter was of particular significance in the context of our audit.
 2   As part of our audit, we initially assessed the methodology used for the purposes of performing the 
impairment test. After matching the future cash flows used for the calculation against the adopted 
medium-term business plan of the Group for the respective groups of cash-generating units, we 
analyzed in particular the material planning assumptions, compared the plans against analyst 
expectations and performed plan-actual and plan-plan analyses in order to assess the appropriate-
ness of these plans. In addition, we assessed the appropriate consideration of the costs of Group 
functions and the appropriateness of the growth assumptions after the forecast period and of the 
assumed weighted average cost of capital. The Company‘s valuation was additionally verified by 
comparing the implied multiples with market multiples. In order to reflect the uncertainty inherent 
in the projections, we evaluated the sensitivity analyses performed by the Company and carried out 
our own sensitivity analyses for those cash-generating units with low headroom (carrying amount 
compared with the recoverable amount). Taking into account the information available, we deter-
mined that the carrying amounts of the cash-generating units (including the allocated carrying 
amounts for goodwill) were adequately covered by the discounted future cash flows. 
 
Overall, the valuation methods, parameters and assumptions used by the executive directors are in  
line with our expectations and are also within the ranges considered by us to be reasonable.
 3   The Company‘s disclosures on impairment tests of goodwill and other intangible assets are 
­contained in note 10 “Intangible assets” to the consolidated financial statements.
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2   Assessment of certain legal risks
 1   Companies of the Deutsche Börse Group are exposed to certain legal risks. These specific legal 
risks include legal disputes involving Clearstream Banking S.A. in connection with the Iranian 
Central Bank in which Clearstream Banking S.A. sees itself exposed to surrender and compensa-
tion claims from the Iranian Central Bank amounting to USD 4.9 billion (plus interest) and claims 
from additional group of claimants, an action by the insolvency administrator for the assets of Air 
Berlin PLC i.I. against Clearstream Banking AG demanding payment of approximately EUR 498 
million and an investigation relating to securities transactions by market participants beyond the 
dividend date (cum/ex transactions). The determination of whether or not a provision should be 
recognized to cover the risks, and if so, in what amount, is subject to a high degree of uncertainty. 
Deutsche Börse Group recognizes provisions if a current obligation arises from a past event which 
is likely to result in an outflow of funds and can be reliably estimated. No provisions are recognized 
in the consolidated financial statements as at December 31, 2021 for the aforementioned legal 
risks, as the executive directors do not believe an outflow of funds to be likely. In our view, due to 
their legal complexity, the aforementioned legal risks are of particular significance to our audit 
based on the significant uncertainty as to their further development and potential effects on the 
assets, liabilities, financial position and financial performance. 
 2   As part of our audit, we examined the underlying documents to the above-mentioned legal disputes 
and proceedings and analyzed the legal assessment of Deutsche Börse Group. With the knowledge 
that uncertainty results in an increased risk of accounting misstatements and that the executive 
directors‘ decisions have a direct effect on consolidated net profit, we assessed the executive 
directors‘ estimates with the assistance of our own specialists. Furthermore, we also held regular 
meetings with the Company‘s legal department in order to receive updates on current develop-
ments and understand the reasons for the corresponding estimates of the outcomes of the proceed-
ings. The development of material legal risks, including executive directors‘ assessments as to their 
potential outcomes, was provided to us by the legal departments in writing. Furthermore, we 
obtained external legal confirmations and assessed legal opinions prepared by external attorneys as 
at the balance sheet date. The executive directors‘ estimates regarding the aforementioned matters 
and their presentation in the consolidated financial statements are sufficiently substantiated and 
documented.
 3   The Company‘s disclosures relating to material legal risks are contained in note 24 “Financial 
obligations and other risks” to the consolidated financial statements as well as in the risk report in 
the Group management report. 
Other Information
The executive directors are responsible for the other information. The other information comprises  
the following non-audited parts of the group management report:
  the statement on corporate governance pursuant to § 289f HGB and § 315d HGB included  
in the “Corporate governance statement” section of the group management report.
  the information on CO2 emissions classified as unaudited. 
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The other information comprises further 
  the remuneration report pursuant to § 162 AktG [Aktiengesetz: German Stock Corporation Act],  
for which the supervisory board is also responsible
  all remaining parts of the annual report – excluding cross-references to external information – with 
the exception of the audited consolidated financial statements, the audited group management report 
and our auditor‘s report
Our audit opinions on the consolidated financial statements and on the group management report do 
not cover the other information, and consequently we do not express an audit opinion or any other 
form of assurance conclusion thereon.
In connection with our audit, our responsibility is to read the other information mentioned above and, 
in so doing, to consider whether the other information
  is materially inconsistent with the consolidated financial statements, with the group management 
report disclosures audited in terms of content or with our knowledge obtained in the audit, or
  otherwise appears to be materially misstated.
Responsibilities of the Executive Directors and the Supervisory Board for the Consolidated 
­Financial Statements and the Group Management Report
The executive directors are responsible for the preparation of the consolidated financial statements  
that comply, in all material respects, with IFRSs as adopted by the EU and the additional requirements 
of German commercial law pursuant to § 315e Abs. 1 HGB and that the consolidated financial 
statements, in compliance with these requirements, give a true and fair view of the assets, liabilities, 
financial position, and financial performance of the Group. In addition the executive directors are 
responsible for such internal control as they have determined necessary to enable the preparation of 
consolidated financial statements that are free from material misstatement, whether due to fraud or 
error. 
In preparing the consolidated financial statements, the executive directors are responsible for assessing 
the Group‘s ability to continue as a going concern. They also have the responsibility for disclosing, as 
applicable, matters related to going concern. In addition, they are responsible for financial reporting 
based on the going concern basis of accounting unless there is an intention to liquidate the Group or  
to cease operations, or there is no realistic alternative but to do so.
Furthermore, the executive directors are responsible for the preparation of the group management 
report that, as a whole, provides an appropriate view of the Group‘s position and is, in all material 
respects, consistent with the consolidated financial statements, complies with German legal require-
ments, and appropriately presents the opportunities and risks of future development. In addition,  
the executive directors are responsible for such arrangements and measures (systems) as they have 
considered necessary to enable the preparation of a group management report that is in accordance 
with the applicable German legal requirements, and to be able to provide sufficient appropriate 
evidence for the assertions in the group management report.
The supervisory board is responsible for overseeing the Group‘s financial reporting process for the 
preparation of the consolidated financial statements and of the group management report.
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Auditor‘s Responsibilities for the Audit of the Consolidated Financial Statements and of the  
Group Management Report
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements 
as a whole are free from material misstatement, whether due to fraud or error, and whether the group 
management report as a whole provides an appropriate view of the Group‘s position and, in all material 
respects, is consistent with the consolidated financial statements and the knowledge obtained in the 
audit, complies with the German legal requirements and appropriately presents the opportunities and 
risks of future development, as well as to issue an auditor‘s report that includes our audit opinions on 
the consolidated financial statements and on the group management report.
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with § 317 HGB and the EU Audit Regulation and in compliance with German Generally 
Accepted Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer 
(IDW) will always detect a material misstatement. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of these consolidated financial statements and this 
group management report.
We exercise professional judgment and maintain professional skepticism throughout the audit. We also:
  Identify and assess the risks of material misstatement of the consolidated financial statements and 
of the group management report, whether due to fraud or error, design and per-form audit proce-
dures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to 
provide a basis for our audit opinions. The risk of not detecting a material misstatement resulting 
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, 
intentional omissions, misrepresentations, or the override of internal controls. 
  Obtain an understanding of internal control relevant to the audit of the consolidated financial 
statements and of arrangements and measures (systems) relevant to the audit of the group manage-
ment report in order to design audit procedures that are appropriate in the circumstances, but not for 
the purpose of expressing an audit opinion on the effectiveness of these systems.
  Evaluate the appropriateness of accounting policies used by the executive directors and the reason-
ableness of estimates made by the executive directors and related disclosures.
  Conclude on the appropriateness of the executive directors‘ use of the going concern basis of 
accounting and, based on the audit evidence obtained, whether a material uncertainty exists related 
to events or conditions that may cast significant doubt on the Group’s ability to continue as a going 
concern. If we conclude that a material uncertainty exists, we are required to draw attention in the 
auditor‘s report to the related disclosures in the consolidated financial statements and in the group 
management report or, if such disclosures are inadequate, to modify our respective audit opinions. 
Our conclusions are based on the audit evidence obtained up to the date of our auditor‘s report. 
However, future events or conditions may cause the Group to cease to be able to continue as a 
going concern.
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Evaluate the overall presentation, structure and content of the consolidated financial statements, 
including the disclosures, and whether the consolidated financial statements present the underlying 
transactions and events in a manner that the consolidated financial statements give a true and fair 
view of the assets, liabilities, financial position and financial performance of the Group in compliance 
with IFRSs as adopted by the EU and the additional requirements of German commercial law 
pursuant to § 315e Abs. 1 HGB.
  Obtain sufficient appropriate audit evidence regarding the financial information of the entities or busi-
ness activities within the Group to express audit opinions on the consolidated financial statements 
and on the group management report. We are responsible for the direction, supervision and perfor-
mance of the group audit. We remain solely responsible for our audit opinions.
  Evaluate the consistency of the group management report with the consolidated financial statements, 
its conformity with German law, and the view of the Group‘s position it provides.
  Perform audit procedures on the prospective information presented by the executive directors in the 
group management report. On the basis of sufficient appropriate audit evidence we evaluate, in 
particular, the significant assumptions used by the executive directors as a basis for the prospective 
information, and evaluate the proper derivation of the prospective information from these assump-
tions. We do not express a separate audit opinion on the prospective information and on the 
assumptions used as a basis. There is a substantial unavoidable risk that future events will differ 
materially from the prospective information.
We communicate with those charged with governance regarding, among other matters, the planned 
scope and timing of the audit and significant audit findings, including any significant deficiencies in 
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with the 
relevant independence requirements, and communicate with them all relationships and other matters 
that may reasonably be thought to bear on our independence, and where applicable, the related 
safeguards.
From the matters communicated with those charged with governance, we determine those matters that 
were of most significance in the audit of the consolidated financial statements of the current period and 
are therefore the key audit matters. We describe these matters in our auditor‘s report unless law or 
regulation precludes public disclosure about the matter.
Other Legal and Regulatory Requirements 
Report on the Assurance on the Electronic Rendering of the Consolidated Financial Statements 
and the Group Management Report Prepared for Publication Purposes in Accordance with  
§ 317 Abs. 3a HGB
Assurance Opinion
We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasonable 
assurance as to whether the rendering of the consolidated financial statements and the group manage-
ment report (hereinafter the “ESEF documents”) contained in the electronic file “deutschebrseag-2021-
12-31-de.zip” and prepared for publication purposes complies in all material respects with the require-
ments of § 328 Abs. 1 HGB for the electronic reporting format (“ESEF format”). In accordance with 
German legal requirements, this assurance work extends only to the conversion of the information 
contained in the consolidated financial statements and the group management report into the ESEF 
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format and therefore relates neither to the information contained within these renderings nor to any 
other information contained in the electronic file identified above.
In our opinion, the rendering of the consolidated financial statements and the group management 
report contained in the electronic file identified above and prepared for publication purposes complies 
in all material respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting format. 
Beyond this assurance opinion and our audit opinion on the accompanying consolidated financial 
statements and the accompanying group management report for the financial year from January 1 to 
December 31, 2021 contained in the “Report on the Audit of the Consolidated Financial Statements 
and on the Group Management Report” above, we do not express any assurance opinion on the 
information contained within these renderings or on the other information contained in the electronic 
file identified above.
Basis for the Assurance Opinion 
We conducted our assurance work on the rendering of the consolidated financial statements and the 
group management report contained in the electronic file identified above in accordance with § 317 
Abs. 3a HGB and the IDW Assurance Standard: Assurance Work on the Electronic Rendering, of 
Financial Statements and Management Reports, Prepared for Publication Purposes in Accordance with 
§ 317 Abs. 3a HGB (IDW AsS 410 (10.2021)) and the International Standard on Assurance Engage-
ments 3000 (Revised). Our responsibility in accordance therewith is further described in the “Group 
Auditor’s Responsibilities for the Assurance Work on the ESEF Documents” section. Our audit firm 
applies the IDW Standard on Quality Management 1: Requirements for Quality Management in the 
Audit Firm (IDW QS 1).
Responsibilities of the Executive Directors and the Supervisory Board for the ESEF Documents
The executive directors of the Company are responsible for the preparation of the ESEF documents 
including the electronic renderings of the consolidated financial statements and the group management 
report in accordance with § 328 Abs. 1 Satz 4 Nr. [number] 1 HGB and for the tagging of the consoli-
dated financial statements in accordance with § 328 Abs. 1 Satz 4 Nr. 2 HGB.
In addition, the executive directors of the Company are responsible for such internal control as they 
have considered necessary to enable the preparation of ESEF documents that are free from material 
non-compliance with the requirements of § 328 Abs. 1 HGB for the electronic reporting format, 
whether due to fraud or error. 
The supervisory board is responsible for overseeing the process for preparing the ESEF documents as 
part of the financial reporting process.
Group Auditor’s Responsibilities for the Assurance Work on the ESEF Documents
Our objective is to obtain reasonable assurance about whether the ESEF documents are free from 
material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud or error. 
We exercise professional judgment and maintain professional skepticism throughout the assurance 
work. We also:
  Identify and assess the risks of material non-compliance with the requirements of § 328 Abs. 1 
HGB, whether due to fraud or error, design and perform assurance procedures responsive to those 
risks, and obtain assurance evidence that is sufficient and appropriate to provide a basis for our 
assurance opinion.
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Obtain an understanding of internal control relevant to the assurance work on the ESEF documents 
in order to design assurance procedures that are appropriate in the circumstances, but not for the 
purpose of expressing an assurance opinion on the effectiveness of these controls.
  Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file containing the 
ESEF documents meets the requirements of the Delegated Regulation (EU) 2019/815 in the version 
in force at the date of the consolidated financial statements on the technical specification for this 
electronic file.
  Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent to the 
audited consolidated financial statements and to the audited group management report.
  Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in 
accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 2019/815, 
in the version in force at the date of the consolidated financial statements, enables an appropriate 
and complete machine-readable XBRL copy of the XHTML rendering.
Further Information pursuant to Article 10 of the EU Audit Regulation 
We were elected as group auditor by the annual general meeting on May 19, 2021. We were engaged 
by the supervisory board on April 8, 2021. We have been the group auditor of the Deutsche Börse 
Aktiengesellschaft, Frankfurt am Main, without interruption since the financial year 2021.
We declare that the audit opinions expressed in this auditor‘s report are consistent with the additional 
report to the audit committee pursuant to Article 11 of the EU Audit Regulation (long-form audit 
report).
Reference to an other matter– use of the Auditor’s Report 
Our auditor’s report must always be read together with the audited consolidated financial statements 
and the audited group management report as well as the assured ESEF documents. The consolidated 
financial statements and the group management report converted to the ESEF format – including the 
versions to be published in the Federal Gazette – are merely electronic renderings of the audited 
consolidated financial statements and the audited group management report and do not take their 
place. In particular, the “Report on the Assurance on the Electronic Rendering of the Consolidated 
Financial Statements and the Group Management Report Prepared for Publication Purposes in Accor-
dance with § 317 Abs. 3a HGB” and our assurance opinion contained therein are to be used solely 
together with the assured ESEF documents made available in electronic form.
German Public Auditor Responsible for the Engagement
The German Public Auditor responsible for the engagement is Dr. Michael Rönnberg.
Frankfurt am Main, March 2, 2022
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
sgd. Marc Billeb	
sgd. Dr. Michael Rönnberg
Wirtschaftsprüfer	
Wirtschaftsprüfer
(German Public Auditor)	
(German Public Auditor)
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I  Introduction 
The remuneration report describes the principles and the structure of the remuneration of the Executive 
Board and Supervisory Board of Deutsche Börse AG and reports on the remuneration awarded and due 
to members of the Executive and Supervisory Boards in 2021. The report was prepared by the Executive 
Board and Supervisory Board in accordance with the requirements of section 162 Aktiengesetz (Stock 
Corporation Act, AktG) and follows the recommendations and suggestions of the German Corporate 
Governance Code (GCGC) as amended on 16 December 2019. It also takes into account the current 
version of the guidelines of the Working Group for sustainable Management Board remuneration 
systems, which is made up of the Supervisory Board Chairs of listed companies in Germany, as well as 
representatives of institutional investors, academics and corporate governance experts. 
 
Above and beyond the requirements of section 162 (3) AktG, the remuneration report was reviewed by 
PricewaterhouseCoopers GmbH Wirtschaftsprüfungsgesellschaft both in a formal as well as material 
audit. The remuneration report and the attached memorandum on the review of the remuneration report 
can be found on the Deutsche Börse AG website under https://www.deutsche-boerse.com/dbg-
en/investor-relations/corporate-governance/remuneration. 
 
 
II  Review of the 2021 financial year 
This review of the 2021 financial year explains the context in which the remuneration decisions were 
taken and enables their comprehensive perception. 
 
Changes in the legal framework for remuneration reports 
 
Gesetz zur Umsetzung der zweiten Aktionärsrechterichtlinie (Act to Transpose the Second Shareholder 
Rights Directive, ARUG II) which took effect on 1 January 2020 required the remuneration report for 
2021 to be prepared for the first time on the basis of the new legal requirements of section 162 AktG. 
The remuneration report for 2020 already complied with most of these requirements. The changes in 
the legal framework meant that for the first time the remuneration report for 2021 was prepared jointly 
by the Executive Board and Supervisory Board. 
 
Deutsche Börse AG believes that transparency, and understandable and comprehensible reporting, are 
key principles for the broad acceptance by all stakeholders of Executive Board and Supervisory Board 
remuneration. When preparing the new remuneration report, Deutsche Börse AG therefore followed 
national and international best practice, particularly, in order to meet the expectations of the capital 
market in terms of high transparency and comprehensibility. The remuneration report of Deutsche Börse 
AG significantly exceeds the new legal requirements. 
 
The remuneration report for 2021 will be presented to the Annual General Meeting 2022 for approval by 
consultative vote pursuant to section 120a (4) AktG. 
 
Remuneration Report  
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Approval of the new remuneration system by the Annual General Meeting 2021 
 
The new remuneration system for the Executive Board was adopted by the Supervisory Board on  
16 December 2020 and approved at the Annual General Meeting 2021 by a large majority of 94.97 per 
cent. The approval rate increased by 29.52 percentage points compared with the vote on the previous 
remuneration system at the Annual General Meeting 2020. 
 
The new remuneration system applies to all members of the Executive Board as of 1 January 2021. 
 
The revision was preceded by a review of the previous remuneration system by the Supervisory Board in 
terms of its strategic direction and necessary alignment with the current Deutsche Börse Group growth 
strategy “Compass 2023”. With the advice of the Nomination Committee, the Supervisory Board carried 
out a wide-ranging revision and enhancement of the remuneration system, bringing it into line with 
Deutsche Börse Group’s clear focus on profitable organic and inorganic growth. In particular, the new 
remuneration system reflects the greater importance of acquisitions and equity holdings. In the course of 
the revision, the Supervisory Board also took into account feedback from investors as part of the Say on 
Pay 2020 and the corresponding recommendations of some proxy advisors. 
 
The following table shows the main changes to the new remuneration system for the Executive Board 
compared with the previous remuneration system, which only applied in the 2020 financial year: 
 
 
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Deutsche Börse Group | Annual report 2021
3
 
Performance and target achievement in 2021 
 
The Supervisory Board believes it is vitally important to have a clear link between Executive Board 
members’ remuneration and their performance (“pay for performance”). A large proportion of Executive 
Board remuneration therefore consists of performance-based remuneration components. For this reason 
and because strategically relevant indicators are used as performance criteria, the amount of Executive 
Board remuneration is closely linked to the performance of Deutsche Börse Group. 
 
Deutsche Börse Group achieved its growth targets in 2021, despite the ongoing challenges of the 
COVID-19 pandemic and strong cyclical headwinds.  
 
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The target of at least 5 per cent secular growth in net revenue was reached in 2021. Net revenue rose 
overall by 9 per cent. In addition to the increase in net revenue, EBITDA rose by 9 per cent and EPS by 
12 per cent. 
 
The M&A targets set as part of “Compass 2023” were even slightly exceeded, despite the challenging 
conditions resulting from the COVID-19 pandemic. The majority stake of 81 per cent in Institutional 
Shareholder Services, Inc. (ISS) acquired in 2021 made a major contribution to reaching this target. 
This acquisition enables Deutsche Börse Group to position itself as a leading global market infrastructure 
provider in the ongoing transformation of capital markets towards more sustainable investing. As a 
result, Deutsche Börse Group is already the world’s third-largest provider of ESG information. Together 
with the acquisition of Axioma completed before 2021, the purchase of a majority stake in ISS in 2021 
significantly strengthened Deutsche Börse Group’s position in the fast-growing data and analytics 
business. At the same time, the data and research business strengthens the entire value chain. With the 
full takeover of Clearstream Fund Center AG from UBS, the Investment Fund Services business was 
significantly expanded and strengthened. Due to the majority stake in European Energy Exchange AG 
(EEX), with its products and services relating to energy trading and energy-related markets such as 
carbon emission rights, Deutsche Börse Group is also well positioned in this promising market. Deutsche 
Börse Group substantially strengthened its strategic position in key growth markets overall, and again 
improved its line-up for further organic growth. Investments in new asset classes such as digital assets 
and crypto currencies, as well as increased capital expenditure on new technologies, further 
strengthened the foundation for Deutsche Börse Group’s future competitiveness. Finally, Deutsche Börse 
Group continued to manage its investment portfolio very actively, both in terms of divestments and with 
further minority investments in the context of the Group’s corporate venture capital activities. 
 
The successful implementation of the corporate strategy “Compass 2023” again improved a number of 
key financial indicators, which are also used as performance criteria for the performance-based 
components of the Executive Board remuneration. 
 
 
 
 
 
 
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In view of this successful growth, a proposal will be made at the Annual General Meeting 2022 to 
increase the dividend again to €3.20 for the 2021 financial year. The successful performance in 2021, 
which also included achieving ambitious targets for further increases in net revenue and EBITDA, was 
also reflected in the average target achievement of 140.88 per cent for the Performance Bonus. Net 
revenue and EBITDA are the performance criteria for the Performance Bonus, in addition to individual 
targets. 
 
The following chart shows the average overall target achievement of the Executive Board members in the 
Performance Bonus for 2021: 
 
A detailed description of the performance criteria, target achievement and resulting payouts can be found 
in the chapter “Performance Bonus”. 
 
The tranche of the Performance Share Plan (PSP) granted in 2017 (PSP Tranche 2017) ended at the 
close of the 2021 financial year. Overall target achievement in the PSP Tranche 2017 of 188.82 per 
cent reflects Deutsche Börse Group’s strong growth over the five-year performance period. Targets were 
exceeded for both the criterion “Adjusted Net Income Growth” and the criterion “Total Shareholder Return 
(TSR) Performance”. The maximum target achievement for relative TSR not only reflects the strong 
absolute performance of the Deutsche Börse share on the capital market, but also its above-average 
relative performance compared with the relevant peer group. Overall target achievement of the Executive 
Board members for the PSP Tranche 2017 is as follows: 
 
A detailed description of the performance criteria, target achievement and resulting payouts can be found 
in the section “Overall target achievement and payouts from the PSP Tranche 2017”. 
 
 
 
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Composition of the Executive Board and Supervisory Board 
 
There were no changes among the members of the Executive Board in 2021. The Supervisory Board 
voted on 8 December 2021 to renew the period of office of Gregor Pottmeyer for three years as of  
1 October 2022. 
 
The Annual General Meeting 2021 elected Chong Lee Tan to the Supervisory Board by a majority of 
97.56 per cent. He succeeded Amy Yok Tak Yip, who was no longer a candidate.  
 
Oliver Greie was a member of the Supervisory Board temporarily, as an employee representative from  
19 May 2021. As a trade union representative he succeeded Gerd Tausendfreund, who stepped down 
from the Board when he retired from work. 
 
After an interruption due to the COVID-19 pandemic, the employee representatives on the Supervisory 
Board were elected on 15 and 16 November 2021. The following employee representatives were 
elected: Markus Beck, Anja Greenwood, Susann Just-Marx, Achim Karle, Peter Sack and Daniel 
Vollstedt, with Nadine Absenger and Katrin Behrens as trade union representatives. 
 
 
III 
Executive Board remuneration in 2021 
1. Principles of Executive Board remuneration 
 
Executive Board remuneration serves as an important steering element for the strategic direction of 
Deutsche Börse Group and makes a key contribution to advancing and implementing the corporate 
strategy, as well as to the sustainable long-term development of Deutsche Börse AG. Choosing suitable 
performance criteria for performance-based remuneration sets incentives to manage the company 
sustainably and successfully over the long term and to drive the realisation of its strategic objectives. 
 
In order to support a strong equity culture and further align the interests of the Executive Board and 
shareholders, most of the performance-based remuneration components are share-based. 
 
Executive Board remuneration is based on the principle that Executive Board members should receive 
appropriate remuneration in line with their performance, functions and responsibilities. By setting 
ambitious performance criteria, the Supervisory Board follows a strict pay-for-performance approach. 
The long-term structure of the remuneration system, as expressed in the largely multi-year assessment 
basis for the performance-based remuneration components, also avoids creating incentives for taking 
unreasonable risks. 
 
The following overview shows the main guidelines applied by the Supervisory Board for the Executive 
Board remuneration: 
 
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1.1 
Process for determining, implementing and reviewing the remuneration system 
The Supervisory Board, being advised by its Nomination Committee, determines the remuneration 
system for the members of the Executive Board. The remuneration system adopted by the Supervisory 
Board is presented to the Annual General Meeting for approval. The Supervisory Board reviews the 
remuneration system regularly with the support of its Nomination Committee. After any significant 
changes, but not less than every four years, the Supervisory Board again presents the remuneration 
system to the Annual General Meeting for approval. 
 
1.2 
Appropriateness of Executive Board remuneration 
The remuneration of Executive Board members is determined by the Supervisory Board on the basis of 
the remuneration system, whereby the Nomination Committee prepares the Supervisory Board’s 
decision. The Supervisory Board ensures that remuneration is appropriate to the corresponding Executive 
Board member’s tasks and performance, as well as to the company’s financial situation, and that it does 
not exceed common market pay levels without special justification. For this purpose, the Supervisory 
Board conducts a regular horizontal and vertical peer group comparison, generally every other year. 
 
To do so, the Supervisory Board may engage external experts who are independent of the Executive 
Board and the Company. The horizontal comparison is based on relevant national and international peer 
groups. The Supervisory Board selects the peer groups based on the criteria country, size and industry 
sector as stipulated in AktG. Based on the country criterion and given their comparable size, DAX-listed 
companies are included as a suitable peer group for the purpose of the horizontal comparison. In order 
to reflect the industry sector criterion, European financial institutions were used as customers and 
competitors of Deutsche Börse Group, as well as international stock exchange operators as additional 
peer groups. 
 
In order to assess whether the remuneration is in line with usual levels within the Company (vertical 
comparison), the Supervisory Board – in accordance with the recommendations of the GCGC – also 
takes into account the ratio of Executive Board remuneration to the remuneration of senior managers and 
the workforce as a whole, and how the various salary grades have developed over time. In this context, 
senior managers mean the two management levels below the Executive Board. The Supervisory Board 
considers the remuneration ratio in respect of both the employees of Deutsche Börse AG and the 
employees of Deutsche Börse Group as a whole. 
 
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The results of the review are taken into account by the Supervisory Board when setting the target 
remuneration for the Executive Board members, which also ensures that the Executive Board 
remuneration is appropriate. 
 
The last review of appropriateness took place in the 2021 financial year. The Supervisory Board was 
supported by an independent external advisor and the Executive Board remuneration was found to be 
appropriate. 
 
1.3 
Target remuneration 
In their service contract, each Executive Board member is promised a target remuneration in line with 
common market levels, which depends largely on their relevant knowledge and experience for the role. It 
is also based on the target remuneration for the other Executive Board members. Target remuneration for 
the Executive Board members was not changed in 2021. Differences in total target remuneration result 
from the volatility of fringe benefits and the service cost for pension purposes. 
 
Target remuneration (part 1) 
 
Theodor Weimer
(CEO) 
Christoph Böhm
(CIO/COO) 
 
 
 
 
2021 
2020 
2021 
2020 
 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
Base salary 
1,500.0
25.7
1,500.0
24.2
720.0
25.9
720.0
25.4
Fringe benefits 
60.5
1.0
61.4
1.0
28.5
1.0
55.3
1.9
One-year variable 
remuneration 
1,100.0
18.8
1,100.0
17.8
560.0
20.1
560.0
19.7
Performance Bonus 
(cash component) 
1,100.0
–
1,100.0
–
560.0
–
560.0
–
Multi-year variable 
remuneration 
2,400.0
41.1
2,400.0
38.8
1,120.0
40.3
1,120.0
39.4
Performance Bonus 
(Restricted Stock) 
1,100.0
–
1,100.0
–
560.0
–
560.0
–
Performance Shares 
Tranche 2020–2024 
0
–
1,300.0
–
0
–
560.0
–
Performance Shares 
Tranche 2021–2025 
1,300.0
–
0
–
560.0
–
0
–
Pension expense 
782.4
13.4
1,126.8
18.2
351.8
12.7
386.7
13.6
Total target remuneration 
5,842.9
100.0
6,188.2
100.0
2,780.3
100.0
2,842.0
100.0
 
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Target remuneration (part 2) 
 
Thomas Book
(responsible for Trading & Clearing) 
Heike Eckert
(responsible for HR & Compliance, 
Director of Labour Relations; since 1 July 2020) 
 
 
 
 
2021 
2020 
2021 
2020 
 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
Base salary 
650.0
23.8
650.0
23.7
650.0
25.3
325.0
24.4
Fringe benefits 
27.2
1.0
32.2
1.2
25.7
1.0
12.5
1.0
One-year variable 
remuneration 
516.7
18.9
516.7
18.8
516.7
20.1
258.3
19.4
Performance Bonus 
(cash component) 
516.7
–
516.7
–
516.7
–
258.3
–
Multi-year variable 
remuneration 
1,033.4
37.9
1,033.4
37.6
1,033.4
40.2
516.6
38.8
Performance Bonus 
(Restricted Stock) 
516.7
–
516.7
–
516.7
–
258.3
–
Performance Shares 
Tranche 2020–2024 
0
–
516.7
–
0
–
258.3
–
Performance Shares 
Tranche 2021–2025 
516.7
–
0
–
516.7
–
0
–
Pension expense 
502.1
18.4
514.8
18.7
345.0
13.4
218.3
16.4
Total target remuneration 
2,729.4
100.0
2,747.1
100.0
2,570.8
100.0
1,330.7
100.0
 
 
Target remuneration (part 3) 
 
Stephan Leithner
(responsible for Pre- & Post-Trading) 
Gregor Pottmeyer
(CFO) 
 
 
 
 
2021 
2020 
2021 
2020 
 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
Base salary 
720.0
26.0
720.0
25.8
720.0
26.1
720.0
26.2
Fringe benefits 
22.3
0.8
17.3
0.6
35.8
1.3
35.2
1.3
One-year variable 
remuneration 
560.0
20.2
560.0
20.0
560.0
20.3
560.0
20.3
Performance Bonus 
(cash component) 
560.0
–
560.0
–
560.0
–
560.0
–
Multi-year variable 
remuneration 
1,120.0
40.5
1,120.0
40.1
1,120.0
40.6
1,120.0
40.7
Performance Bonus 
(Restricted Stock) 
560.0
–
560.0
–
560.0
–
560.0
–
Performance Shares 
Tranche 2020–2024 
0
–
560.0
–
0
–
560.0
–
Performance Shares 
Tranche 2021–2025 
560.0
–
0
–
560.0
–
0
–
Pension expense 
346.4
12.5
378.3
13.5
319.8
11.7
317.3
11.5
Total target remuneration 
2,768.7
100.0
2,795.6
100.0
2,755.6
100.0
2,752.5
100.0
 
 
 
 
 
 
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1.4 
Compliance with maximum remuneration 
The Supervisory Board has defined a maximum remuneration for Executive Board members in 
accordance with section 87a (1) sentence 2 no. 1 AktG, which limits the maximum payouts of 
compensation promised in one financial year. In the remuneration system for 2021 the maximum 
remuneration for the Chief Executive Officer is €12,000,000 and for the ordinary Executive Board 
members €6,000,000. The maximum remuneration includes all payouts of non-performance-based 
remuneration (base salary, fringe benefits, pension and risk protection) and performance-based 
remuneration components (Performance Bonus, Performance Shares), whereby the pension and risk 
protection are based on the service cost. 
 
It will only be possible to report on compliance with maximum remuneration for 2021 after the payout 
for the tranche of Performance Shares granted in 2021. To the extent that the payout from Performance 
Shares would result in the maximum remuneration being exceeded, the payout would be reduced 
accordingly to ensure compliance with the maximum remuneration. 
 
A maximum remuneration figure also existed before the remuneration system for 2021 to cap the annual 
payouts from remuneration components. It was set at €9,500,000 for each active Executive Board 
member and was always complied with. 
 
2. 
Overview of the remuneration system for Executive Board members 
 
In structuring the remuneration, the Supervisory Board strives to ensure that the overall framework for 
remuneration within the Executive Board is as uniform as possible. The remuneration system for 
Executive Board members consists of non-performance-based and performance-based components. 
  
The non-performance-based remuneration components consist of base salary, contractual fringe benefits 
and provisions for retirement and risk protection. The performance-based component consists of the 
Performance Bonus and the Performance Shares. 
 
In addition, the company’s share ownership guidelines require Executive Board members to invest a 
substantial amount in Deutsche Börse AG shares during their term of office. 
 
To ensure the pay for performance orientation of Executive Board remuneration, around 70 per cent of 
the target direct remuneration (base salary, target amount of Performance Bonus and target amount of 
Performance Shares) consists of performance-based remuneration components. Furthermore, around 70 
per cent of this performance-based remuneration has a multi-year assessment basis and is also share-
based. This ensures that the remuneration structure is aligned with the company’s sustainable long-term 
development. It also ensures that the performance-based remuneration to reward the achievement of 
long-term targets is higher than that for short-term targets and that the interests of the Executive Board 
are aligned with those of shareholders. 
 
Base salary accounts for around 30 per cent of the target direct remuneration. The Performance Bonus, 
which is paid out after the respective financial year, accounts for approx. 22.5 per cent of the target 
direct remuneration. The Performance Bonus, which is available to the Executive Board members after 
further four financial years (performance-based restricted stock) also accounts for approx. 22.5 per cent. 
Performance Shares account for approx. 25 per cent of the target direct remuneration. 
 
 
 
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3. 
Application of remuneration components in the 2021 financial year in detail 
 
3.1 
Non-performance-based remuneration components 
 
3.1.1 Base salary 
The members of the Executive Board receive a fixed base salary, which is paid in twelve equal monthly 
instalments. When setting the amount of base salary the Supervisory Board is guided by the relevant 
knowledge and experience of the Executive Board members for their respective role. 
 
3.1.2 Fringe benefits 
Executive Board members receive contractually agreed fringe benefits. These include i.a. an appropriate 
company car for business and personal use. They also receive taxable contributions towards private 
pensions. In addition, the company takes out appropriate insurance coverage for them. This included 
accident insurance in the 2021 financial year. Another fringe benefit in the 2021 financial year was the 
use of carpool vehicles or vehicles with drivers. 
 
Executive Board members were not granted any other fringe benefits in the 2021 financial year apart 
from those mentioned. 
 
In the 2021 financial year, there was also directors & officers (D&O) insurance for Executive Board 
members. 
 
 
 
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3.1.3 
Pension and risk coverage 
As another non-performance-based component of the remuneration system the Executive Board 
members are entitled to a pension as well as invalidity and life insurance. 
 
The members of the Executive Board are generally entitled to receive retirement benefits upon reaching 
the age of 60, provided that they are no longer in the service of Deutsche Börse AG at that time – for 
Thomas Book, this applies on reaching the age of 63. The Supervisory Board reviews and determines 
the pensionable income that is used as the basis for retirement benefits. Executive Board members 
normally receive a defined contribution pension. An exception applies to Executive Board members with 
existing entitlements from previous positions within Deutsche Börse Group. In this case, they may 
receive a defined benefit pension instead. This exception only applies to Thomas Book. 
 
a. Defined contribution pension system 
The rules of the defined contribution pension scheme apply to Theodor Weimer, Christoph Böhm, Heike 
Eckert, Stephan Leithner and Gregor Pottmeyer. 
 
Under the defined contribution pension scheme, the Company makes an annual capital contribution to 
the scheme for each calendar year that a member serves on the Executive Board. This pension 
contribution is calculated by applying an individual contribution rate to their pensionable income. The 
Supervisory Board determines and regularly reviews the pensionable income. The capital contributions 
calculated in this manner bear interest at 3 per cent p.a. The benefit is generally paid out in the form of 
a monthly pension. However, the Executive Board member may choose for payment to be made in the 
form of a one-off lump sum or as five instalments. The entitlements vest in accordance with the 
provisions of Betriebsrentengesetz (German Company Pensions Act). 
 
b. Defined benefit pension system (legacy provisions) 
Under the defined benefit pension scheme, eligible beneficiaries who have reached the contractually 
agreed age receive pensions calculated as a defined proportion of their individual pensionable income 
(replacement rate). The requirement is that the respective Executive Board member was in office for at 
least three years and was reappointed at least once. As is the case under the defined contribution 
scheme, the Supervisory Board determines and regularly reviews the pensionable income. The 
replacement rate depends on the length of Executive Board service and number of reappointments, and 
amounts to a maximum of 50 per cent. The payment terms and the rules governing vesting correspond 
to those of the defined contribution scheme. 
 
 
Members of the Executive Board are entitled to an early pension if the Company does not extend their 
service agreements, unless the reasons for doing so are attributable to the Executive Board member or 
would justify terminating the agreement without observance of a notice period. As in the case of a 
retirement pension, the amount of the early pension is calculated by applying the replacement rate to the 
respective pensionable income. Executive Board members with a defined contribution pension are not 
eligible for an early pension. 
 
 
 
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c. Benefits in the case of permanent occupational disability or death 
A key component of the pension commitments relates to the Executive Board members’ benefits in the 
case of permanent occupational disability or death. If an Executive Board member has a permanent 
occupational disability, the Company has the right to put that Executive Board member into retirement. A 
permanent occupational disability arises if the Executive Board member is incapable of working for more 
than six months and it is not expected that they will be fit to return to work within another six months. In 
this case, Executive Board members with defined benefit pensions receive an amount calculated by 
applying the achieved replacement rate to the respective pensionable income. Executive Board members 
with defined contribution pensions receive the plan assets already accrued when the pension benefits 
fall due, plus a supplement. The supplement corresponds to the full annual pension contribution that 
would have been due in the year of departure multiplied by the number of years between the date on 
which the pension benefits fall due and the Executive Board member's sixtieth birthday. If an Executive 
Board member dies, their surviving spouse receives 60 per cent and each eligible child 10 per cent (for 
full orphans: 25 per cent) of the amount presented above, however up to a maximum of 100 per cent of 
the pension contribution. 
 
d. Transitional payments 
In the event that an Executive Board member becomes permanently incapable of working, the defined 
benefit pension agreements for Executive Board members provide for a transitional payment. The 
amount of this payment corresponds to the target amount of performance-based remuneration 
(Performance Bonus and Performance Shares) in the year in which the event triggering the benefits 
occurs. It is paid out in two tranches in the two following years. If an Executive Board member dies, 
their spouse receives 60 per cent of the transitional payment. 
 
The pensionable income and the present value of the pension commitments as at 31 December 2021 
are shown in the following tables in consolidated form for each Executive Board member.  
 
Retirement benefits (defined contribution pension system) 
 
 
 
 
 
IAS 19 
 
Pensionable income 
Contribution 
percentage 
Service cost 
Present value of 
pension commitments 
 
 
 
 
 
 
2021 
2020 
2021 
2020 
2021 
2020 
2021 
2020 
Executive Board member 
€ thous. 
€ thous. 
% 
% 
€ thous. 
€ thous. 
€ thous. 
€ thous. 
Theodor Weimer 
1,200.0
1,200.0
50.0
50.0
782.4
1,126.8
2,729.7
2,026.2
Christoph Böhm 
500.0
500.0
48.0
48.0
351.8
386.7
1,157.1
856.0
Heike Eckert 
500.0
500.0
40.0
40.0
345.0
218.3
512.8
208.2
Stephan Leithner 
500.0
500.0
48.0
48.0
346.4
378.3
1,273.0
976.2
Gregor Pottmeyer 
500.0
500.0
48.0
48.0
319.8
317.3
4,630.7
4,610.9
 
 
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Retirement benefits (defined benefit pension system) 
 
 
 
 
 
IAS 19 
 
Pensionable income 
Replacement rate 
Service cost 
Present value of 
pension commitments 
 
 
 
 
 
 
2021
2020
2021
2020
2021
2020
2021
2020
Executive Board member 
€ thous.
€ thous.
%
%
€ thous.
€ thous.
€ thous.
€ thous.
Thomas Book 
500.0
500.0
50.0
50.0
502.1
514.8
6,969.3
7,354.1
 
 
3.2 
Performance-based remuneration components 
Performance-based remuneration components account for the majority of the Executive Board members’ 
remuneration. Performance-based remuneration comprises a Performance Bonus and Performance 
Shares. The performance-based remuneration components are mostly assessed on a multi-year basis to 
ensure the sustainable long-term development of Deutsche Börse AG. They are also mostly share-based, 
which aligns the interests of the Executive Board and the shareholders. Performance-based remuneration 
is largely calculated on the basis of long-term performance by measuring various performance criteria 
over five years (Performance Shares and performance-based restricted stock: one-year performance 
period plus four-year blocking period). The cash portion of the Performance Bonus (annual payout) is 
the only short-term element of the performance-based remuneration. The performance criteria include 
both financial and non-financial targets. In order to systematically pursue the idea of pay for 
performance, the performance criteria are ambitiously set. In order to take a holistic approach to the 
company’s success, different performance criteria are used for the Performance Bonus and Performance 
Shares. 
 
In accordance with recommendation G.8 GCGC, targets and reference parameters set by the Supervisory 
Board for performance-based remuneration components for each upcoming financial year may not be 
changed retrospectively.  
 
The performance criteria and other important aspects of the performance-based remuneration 
components address the core pillars of the corporate strategy “Compass 2023”. The following chart 
illustrates the close link between the corporate strategy and the performance criteria and key aspects of 
the performance-based remuneration. 
 
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As the core principle of Executive Board remuneration at Deutsche Börse AG, the focus is always on pay 
for performance. The following overview illustrates this for an ordinary Executive Board member using 
three performance scenarios to highlight the connection between target achievement and amount of 
direct remuneration: 
 
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3.2.1 
Performance Bonus 
 
a. Principles of the Performance Bonus 
The Performance Bonus comprises, in equal parts, a cash portion and a share-based portion 
(performance-based restricted stock). The target achievement and the resulting cash payout as well as 
the amount to be invested in shares (performance-based restricted stock) are measured based on three 
equally weighted performance criteria: net revenue, EBITDA and individual targets. 
 
The Performance Bonus is intended to set an incentive for the realisation of operational objectives which 
are materially important to the long-term development of Deutsche Börse AG. For this reason, the 
performance criteria include net revenue and EBITDA, financial indicators which are vital for the 
successful execution of the “Compass 2023” growth strategy and create incentives for profitable growth. 
Individual targets make it possible to differentiate performance according to the operational and strategic 
responsibilities of the individual Executive Board members. At the same time, the individual targets allow 
to guide the Executive Board as a whole, particularly in terms of achieving core strategic targets which 
are essential for the implementation of the corporate strategy. 
 
A Performance Bonus with a certain target amount is agreed with each Executive Board member every 
year, with target achievement being measured over the course of a financial year. In total, an overall 
target achievement ranging from 0 per cent to 200 per cent is possible. This means that a complete loss 
of the Performance Bonus is also possible. 
 
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b. Performance criteria for the Performance Bonus 
Overall target achievement for the Performance Bonus is measured using the performance criteria net 
revenue, EBITDA and individual targets. Target achievement of 0 per cent to 200 per cent is possible for 
each performance criterion. 
 
Net revenue 
The basis is net revenue as reported in the consolidated financial statements. This consists of revenue 
plus net interest income from banking business and other operating income, less volume-related costs. 
Using net revenue as a performance criterion for the Performance Bonus is intended to incentivise the 
desired growth in net revenue. This serves as the basis for all the other activities carried out by Deutsche 
Börse AG and for its long-term, sustainable success. 
 
The target achievement for the market expectation component and the target achievement for the growth 
component are added to calculate the target achievement for the net revenue performance criterion. 
 
Target achievement for the market expectation component of net revenue 
To calculate target achievement for the market expectation component of net revenue, a target value is 
set by the Supervisory Board before the financial year begins. The target value set by the Supervisory 
Board is based on capital market consensus. In this way the Supervisory Board ensures that the target is 
in line with investors’ expectations for the upcoming financial year. For the 2021 financial year, the 
Supervisory Board set a target value of €3,264.0 million. 
 
The target value determines the lower limit, which is 85 per cent of the target value and so €2,774.4 
million for the 2021 financial year. The upper limit is 110 per cent of the target value and so €3,590.4 
million. 
 
 
 
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To calculate target achievement in the market expectation component, the net revenue as reported, 
which amounted to €3,509.5 million in 2021, is adjusted for M&A transactions not included in the 
target setting. This ensures that the target achievement is measured by reference to the target set. Net 
revenue for the measurement of target achievement was reduced by €–223.9 million in the 2021 
financial year to reflect the takeover of ISS, which was not included in the target set. On this basis the 
actual value was €3,285.6 million. 
 
Determination of actual value Net revenue 
 
Net revenue 2021 
 
€m 
“As reported” 
3,509.5
Adjustments 
–223.9
Actual value 
3,285.6
 
This represents a target achievement of 106.62 per cent in the market expectation component of net 
revenue. 
 
Target achievement Net revenue 
 
Target value €m 
3,264.0
Actual value €m 
3,285.6
Deviation % 
0.66
Target achievement % 
106.62
 
 
Target achievement for the growth component of net revenue 
The growth component establishes a link between the focus on absolute growth, on the one hand, and 
investor expectations, on the other. This incentivises both internal and external growth expectations in 
order to sharpen the focus on strategic growth. The indicator net revenue as reported is used for the 
growth component, which includes any M&A effects. 
 
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To measure the target achievement for the growth component of net revenue, the actual percentage 
change in net revenue compared with the previous year’s net revenue is multiplied by three. 
 
Whereas net revenue in the 2020 financial year was €3,213.8 million, the figure in the 2021 financial 
year was €3,509.5 million, which is an increase of 9.20 per cent. This means the target achievement 
for the 2021 financial year in the growth component of net revenue was 27.60 per cent. 
 
Adding the target achievement for the market expectation and growth components gives a total target 
achievement for net revenue of 134.22 per cent in 2021. 
 
Target achievement Net revenue 2021 
 
 
Growth component 
 
 
 
 
Market expectation 
component
Target achievement
%
Net revenue 
2021
€m
Net revenue 
2020
€m 
Change
% 
Target 
achievement
% 
Total target 
achievement 
Net revenue
%
Net revenue 
106.62
3,509.5
3,213.8
9.20
27.60
134.22
 
EBITDA 
The basis is EBITDA as reported in the consolidated financial statements. This stands for earnings before 
interest, tax, depreciation, amortisation and impairment losses. One of the main pillars of the corporate 
strategy, alongside absolute growth, is the profitability of this growth. To reflect this strategic relevance, 
EBITDA has been established as a key indicator for the purpose of managing Deutsche Börse AG and 
implementing the corporate strategy, and thus serves as a performance criterion for the Performance 
Bonus. 
 
The target achievement for the market expectation component and the target achievement for the growth 
component are added to calculate the target achievement for the EBITDA criterion. 
 
Target achievement for the market expectation component of EBITDA 
To calculate target achievement for the market expectation component of EBITDA, a target value is set by 
the Supervisory Board before the financial year begins. The target value is determined by multiplying the 
EBITDA margin in the previous year by the target value for the performance criterion net revenue for the 
upcoming financial year, as described above. For the 2021 financial year, the Supervisory Board set a 
target value of €1,898.0 million. 
 
The target determines the lower limit, which is 85 per cent of the target value and so €1,613.3 million 
for the 2021 financial year. The upper limit is 110 per cent of the target value and so €2,087.8 million 
for the 2021 financial year. 
 
 
 
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To calculate the target achievement for the market expectation component, EBITDA as reported, which 
was €2,043.1 million in the 2021 financial year, is adjusted firstly for the financial effects of any non-
budgeted M&A transactions in the year of the legally binding agreement on the respective M&A 
transaction, and secondly for any material extraordinary non-recurring effects that were not or not fully 
budgeted for, and which were not caused by the current Executive Board. EBITDA for the measurement 
of target achievement was reduced by €–63.4 million in the 2021 financial year to reflect the takeover 
of ISS, which was not included in the target set. On this basis, the actual value was €1,979.7 million. 
 
Determination of actual value EBITDA 
 
EBITDA 2021 
 
€m 
“As reported” 
2,043.1
Adjustments 
–63.4
Actual value 
1,979.7
 
This represents a target achievement of 143.05 per cent in the market expectation component of 
EBITDA. 
 
Target achievement EBITDA 
 
Target value €m 
1,898.0
Actual value €m 
1,979.7
Deviation % 
4.3
Target achievement % 
143.05
 
 
 
 
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Target achievement for the growth component of EBITDA 
As in the net revenue criterion, the growth component of EBITDA ensures that the focus on absolute 
growth is maintained, in addition to the target based on investor expectations. To measure the target 
achievement for the growth component of EBITDA, the actual percentage change in EBITDA compared 
with the previous year’s EBITDA is multiplied by three. 
 
To determine the growth component of EBITDA, EBITDA as reported may only be adjusted for any 
material extraordinary non-recurring effects that were not or not fully budgeted for, and which were not 
caused by the current Executive Board. 
 
Whereas EBITDA in the 2020 financial year was €1,869.4 million, the figure in the 2021 financial year 
was €2,043.1 million, which is an increase of 9.29 per cent. This means the target achievement for the 
2021 financial year in the growth component of EBITDA was 27.88 per cent. 
 
Adding the target achievement for the market expectation and growth components gives a total target 
achievement for EBITDA of 170.92 per cent in the 2021 financial year. 
 
Target achievement EBITDA 2021 
 
 
Growth component 
 
 
 
 
Market expectation 
component
Target achievement
%
EBITDA 2021
€m
EBITDA 2020
€m 
Change
% 
Target 
achievement
% 
Total target 
achievement
EBITDA
%
EBITDA 
143.05
2,043.1
1,869.4
9.29
27.88
170.92
 
Individual targets 
The individual targets are set by the Supervisory Board for each Executive Board member for the 
upcoming financial year (or for the remainder of the year if the member is appointed in the course of the 
year). Individual targets may be defined for multiple or all Executive Board members together. When 
setting individual targets, the Supervisory Board ensures that they are demanding and quantifiable. To 
ensure this is the case, concrete figures or expectations are defined for the target achievement. To avoid 
any dilution of the incentive effect, each Executive Board member has no more than four targets per 
financial year. 
 
The targets are derived from the corporate strategy and include its implementation. Strategic projects and 
initiatives can be used, as can operating measures that serve directly or indirectly for the implementation 
of the corporate strategy. 
 
Individual targets should contribute to an implementation of the corporate strategy as well as the long-
term, sustainable development of Deutsche Börse AG. Targets can be based on both financial and non-
financial indicators. ESG targets are also potential individual targets. By defining financial and non-
financial targets and measuring their achievement, the Supervisory Board ensures that the 
implementation of the corporate strategy is advanced and pursued sustainably, and that a holistic 
approach is taken to the success of Deutsche Börse Group. 
 
Four individual targets were defined for all Executive Board members at the start of the 2021 financial 
year. 
 
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In accordance with the Deutsche Börse AG corporate strategy “Compass 2023”, which also provides for 
a higher proportion of inorganic growth, the initiation and implementation of M&A, including post-
merger integration, was agreed as a target for the CEO Theodor Weimer, for the CFO Gregor Pottmeyer 
and for the Executive Board members Thomas Book and Stephan Leithner. For Thomas Book and 
Stephan Leithner the target was limited to their respective divisions Trading & Clearing and Pre- and 
Post-Trading. 
 
Other individual targets for the CEO Theodor Weimer, which were defined according to a quantitative 
assessment, were the acceptance and quality of implementation of “Compass 2023”, and the reputation 
of Deutsche Börse Group. 
 
The ordinary Executive Board members were set the following specific targets for their area of 
responsibility. 
 
For Christoph Böhm, CIO and COO, the Supervisory Board set the target of an effective IT organisation 
as determined by a quantitative assessment, and the elaboration of a new IT strategy in line with the 
corporate strategy “Compass 2023”. 
 
Gregor Pottmeyer as CFO was tasked with ensuring an effective and efficient CFO organisation in line 
with a quantitative assessment by the Supervisory Board. 
 
The performance of Thomas Book and Stephan Leithner was measured, in particular, by reference to 
their business results. These were assessed in terms of the achievement of predefined financial targets. 
 
Heike Eckert was set the individual target for the 2021 financial year of ensuring an effective 
compliance function in line with a quantitative assessment by the Supervisory Board and effective HR 
work. An additional target for her was to refine and implement the HR strategy of Deutsche Börse Group. 
 
The performance of all ordinary Executive Board members was measured in terms of their contribution 
to effective collaboration across all divisions to promote innovation, agility and overall corporate results. 
 
Collective targets for the Executive Board included managing business activities with regard to 
regulations applicable to the entire Group, and to ongoing legal proceedings. In particular, the Executive 
Board had to manage business activities so as to comply with the wide-ranging and diverse regulatory 
and legal requirements and to make improvements where necessary. A quantitative assessment of this 
performance by the Supervisory Board was also required. 
 
The Nomination Committee and the Supervisory Board both discussed the individual targets in detail. A 
decision on the target achievement was taken on the basis of a detailed presentation and assessment of 
the Executive Board’s collective and individual performances. 
 
 
 
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c. Overall target achievement for the Performance Bonus 2021, payable in 2022 
Half the amount of the Performance Bonus resulting from the overall target achievement is paid out in 
cash and half is invested in restricted stock in the amount of the net payout. The cash payout is made at 
the latest with the regular salary payment for the calendar month following the approval of the 
consolidated financial statements. The performance-based restricted stock increases the long-term 
incentive effect of the Performance Bonus and aligns the interests of the Executive Board even more 
closely with those of shareholders. Restricted stock is subject to a four-year blocking period in line with 
recommendation G.10 GCGC. The Executive Board member can only dispose of the stock freely after 
this four-year period. 
 
The following table shows the target achievement and payout amounts for each Executive Board 
member: 
 
 
Overview of Performance Bonus 2021 
 
Target amount € thous. 
Target achievement % 
Payout amount in €thous. 
 
 
 
Executive Board 
member 
Cash 
component 
Restricted 
Stock 
Net revenue 
EBITDA 
Individual 
targets 
Total 
Cash 
Restricted 
Stock 
Theodor Weimer 
1,100.0
1,100.0
134.22
170.92
145.0
150.05
1,650.6
1,650.6
Christoph Böhm 
560.0
560.0
134.22
170.92
100.0
135.05
756.3
756.3
Thomas Book 
516.7
516.7
134.22
170.92
110.0
138.38
715.0
715.0
Heike Eckert 
516.7
516.7
134.22
170.92
110.0
138.38
715.0
715.0
Stephan Leithner 
560.0
560.0
134.22
170.92
130.0
145.05
812.3
812.3
Gregor Pottmeyer 
560.0
560.0
134.22
170.92
110.0
138.38
774.9
774.9
 
3.2.2 
Performance Shares 
 
Executive Board members were granted the Performance Share Plan (PSP) Tranche 2021 at the 
beginning of the 2021 financial year. The performance period for the PSP Tranche 2017 also ended at 
the close of the 2021 financial year. Other PSP tranches have also been granted in recent years, for 
which the performance periods are still ongoing.  
 
 
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The following overview shows the consolidated PSP tranches in the 2021 financial year: 
 
 
a. General principles of the PSP Tranche 2021 
The Performance Share Plan supports the realisation of the growth-oriented corporate strategy, on the 
one hand, through the selection of financial performance criteria. On the other hand, the inclusion of 
ESG targets in the PSP emphasises a focus on Deutsche Börse AG’s sustainable development. At the 
same time, the five-year performance period encourages a focus, in particular, on the long-term 
development of Deutsche Börse AG. 
 
The PSP provides each Executive Board member with a number of so-called Performance Shares at the 
beginning of every financial year. The number of these initial (virtual) Performance Shares is determined 
by dividing the amount of the individual target remuneration in euros by the average Xetra® closing 
price of Deutsche Börse shares in the calendar month preceding the start of the performance period. 
 
The relevant share price at grant for the PSP Tranche 2021, which was granted at the beginning of the 
2021 financial year and ends at the close of the 2025 financial year, was €138.22. The individual 
target amounts, the share price at grant, the number of virtual Performance Shares granted and the 
potential maximum number of Performance Shares at the end of the performance period are shown for 
the individual Executive Board members below: 
 
Grant of the PSP Tranche 2021 
Executive Board member 
Target amount 
€ thous.
Share price at grant 
€
Number of 
Performance Shares 
granted
Maximum number of 
Performance Shares possible 
(250% target achievement)
Theodor Weimer 
1,300.0
138.22
9,406
23,515
Christoph Böhm 
560.0
138.22
4,052
10,130
Thomas Book 
516.7
138.22
3,739
9,348
Heike Eckert 
516.7
138.22
3,739
9,348
Stephan Leithner 
560.0
138.22
4,052
10,130
Gregor Pottmeyer 
560.0
138.22
4,052
10,130
 
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Target achievement regarding the final number of Performance Shares is determined after the end of a 
five-year performance period. Overall target achievement for the Performance Shares is measured using 
the performance criteria relative total shareholder return (TSR), earnings per share (EPS) and ESG 
targets. The financial performance criteria each allow for a target achievement of 0 per cent to 250 per 
cent, whereas the ESG targets allow for a target achievement of 0 per cent to 217.5 per cent. Target 
achievement for the criteria relative TSR and EPS is measured at the end of the five-year performance 
period. Target achievement for the ESG targets is determined and locked in at the end of every financial 
year, however. Final target achievement for the ESG targets is measured at the end of the five-year 
performance period using the average target achievement over the financial years. 
 
The final number of virtual Performance Shares is determined by the overall target achievement for the 
performance criteria over the five-year performance period, multiplied by the number of Performance 
Shares initially granted. The final number of Performance Shares determined in this manner is multiplied 
by the average Xetra® closing price for Deutsche Börse shares in the calendar month preceding the end 
of the performance period, plus the dividends paid during the performance period. This represents the 
total shareholder return of the Deutsche Börse share over the five-year performance period. The result of 
the multiplication is the payout amount to acquire real shares. The payout amount from the Performance 
Shares is capped at 400 per cent of the target amount. It is due no later than with the regular salary 
payment for the calendar month following the approval of the consolidated financial statements after the 
end of the respective performance period. 
 
The Executive Board members are obliged to invest the entire amount of the payout after tax in shares of 
Deutsche Börse AG. 
 
 
 
 
 
 
 
 
 
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b. Performance criteria for the PSP Tranche 2021 
 
Relative total shareholder return  
The total shareholder return (TSR) of the Deutsche Börse share compared with the companies in the 
sector-specific index STOXX® Europe 600 Financials over the five-year performance period provides an 
external performance criterion that is aligned with the capital market. The relative TSR emphasises the 
alignment of interests between Executive Board and shareholders and also integrates a relative 
performance metric into the remuneration system. This creates a strong incentive to outperform the 
relevant peer group over the long term. 
 
The possible target achievement for the final number of Performance Shares from this 50 per cent-
weighted performance criterion ranges from 0 per cent to 250 per cent. By defining an ambitious target 
achievement curve, which starts payout only after the median has been exceeded, the Supervisory 
Board emphasises the pay-for-performance approach to Executive Board remuneration also with regards 
to the total shareholder return. 
 
The detailed target achievement curve for relative TSR is as follows:  
 
The target achievement for the performance criterion relative TSR is disclosed at the end of the 
performance period for the respective PSP tranche. 
 
 
 
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Earnings per share (EPS)  
Earnings per share (EPS) is used as an internal financial performance criterion. The basis for the 
criterion is EPS as reported in the consolidated financial statements. Alongside net revenue and EBITDA, 
EPS is the third key indicator for measuring the successful implementation of the growth strategy. 
Implementing EPS as a performance criterion for the Performance Shares incentivises long-term 
profitable growth in this remuneration component too, and reflects Deutsche Börse AG’s focus on 
growth. Including EPS as a performance criterion for the Performance Shares also ensures that only 
M&A that are successful in the long term are rewarded as any unsuccessful investments would have a 
negative impact on EPS. 
 
The performance of EPS is measured by its compound annual growth rate (CAGR) over the five-year 
performance period. 
 
The possible target achievement for the final number of Performance Shares from this 25 per cent-
weighted performance criterion ranges from 0 per cent to 250 per cent. The target defined by the 
Supervisory Board is an EPS CAGR of 7.5 per cent p.a. over the performance period. The cap was set at 
18.75 per cent p.a. and the floor at 0 per cent p.a. 
 
The detailed target achievement curve for EPS is as follows:  
 
To measure target achievement, the reported EPS is adjusted for any amortisation of intangible assets, 
purchase price allocations (PPA) and transaction costs in the case of large M&A transactions valued at 
more than €1 billion. The PPA correction reflects the business model of Deutsche Börse AG and 
potential M&A targets, since these typically only have minor tangible assets. Adjusting for transaction 
costs means the Executive Board is not penalised by completing larger M&A transactions, which is in 
line with the growth strategy by means of both organic and inorganic growth. 
 
 
 
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The target achievement for the performance criterion EPS and any adjustments are disclosed at the end 
of the performance period for the respective PSP tranche. 
 
ESG targets  
ESG targets are the third performance criteria for the Performance Shares and are intended to further 
encourage the sustainable development of Deutsche Börse Group. This underlines Deutsche Börse AG’s 
focus on a holistic approach to its corporate responsibility and ensures its sustainable success as a 
company. 
 
The ESG targets are defined on the basis of a catalogue of criteria with four categories: “External 
perspective”, “Employee satisfaction”, “Expansion of ESG business” and “CO2 neutrality”. They reflect the 
different ESG aspects and cover them holistically.  
 
The targets in these four categories are clearly measurable and subject to specific target achievement 
curves. To measure total target achievement for the ESG targets, the first step is to calculate the target 
achievement in the four categories “External perspective”, “Employee satisfaction”, “Expansion of ESG 
business” and “CO2 neutrality” at the end of each financial year. These figures are then added on a 
weighted basis and formally confirmed. At the end of the five-year performance period, the second step 
is to measure total target achievement for the ESG targets by calculating the average of the annual target 
achievements for ESG targets over the entire performance period. The possible total target achievement 
for the final number of Performance Shares from this 25 per cent-weighted performance criterion ranges 
from 0 per cent to 217.5 per cent. The annual target achievement for the ESG targets and the 
achievement in the individual categories of ESG targets are disclosed at the end of each financial year. 
 
 
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External perspective 
In the “External perspective” category the aim is to achieve good results in three leading independent 
ESG ratings. Target achievement is based on the average ranking (percentile) in three leading 
independent ESG ratings determined beforehand by the Supervisory Board. For the PSP Tranche 2021, 
the Supervisory Board has chosen the ESG ratings from S&P, Sustainalytics and MSCI. 
 
The possible target achievement for the final number of Performance Shares from this 6.25 per cent-
weighted performance criterion ranges from 0 per cent to 250 per cent. The Supervisory Board has 
chosen the 90th percentile as the target value and defined an upper and lower limit. The upper limit is 
the 99th percentile and the lower limit the 75th percentile.  
 
The detailed target achievement curve for the category “External perspective” is as follows: 
 
 
 
 
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Employee satisfaction 
A sustainable HR policy is also part of Deutsche Börse AG’s sustainability strategy. This particularly 
includes a high level of employee satisfaction. To emphasise this, good results in the annual employee 
survey are integrated as an additional ESG target. The survey is carried out by an independent external 
provider. 
 
The possible target achievement for the final number of Performance Shares from this 6.25 per cent-
weighted performance criterion ranges from 0 per cent to 250 per cent. The Supervisory Board has 
defined a target value in the annual employee survey of 71.5 per cent approval, and set upper and 
lower limits. The cap is set at 84.5 per cent approval and the floor at 55.5 per cent approval. 
 
The detailed target achievement curve for the category “Employee satisfaction” is as follows: 
 
 
 
 
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Expansion of ESG business  
A key part of Deutsche Börse AG’s growth strategy is to expand its ESG business and continue to grow in 
this area. The third ESG target is therefore growth in net revenue from ESG products and ESG services 
(detailed comments on ESG products and services can be found in the section “Definition of our ESG net 
revenue” of the combined management report).  
 
The possible target achievement for the final number of Performance Shares from this 6.25 per cent-
weighted performance criterion ranges from 0 per cent to 250 per cent. The Supervisory Board has 
defined a target value for growth in ESG net revenue of 10 per cent p.a., and set upper and lower limits. 
The cap was set at 25 per cent p.a. and the floor at 0 per cent p.a.  
 
The detailed target achievement curve for the category “Expansion of ESG business” is as follows: 
 
 
 
 
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CO2 neutrality  
Another important ESG target is to achieve and maintain CO2 neutrality for Deutsche Börse Group. 
 
The possible target achievement for the final number of Performance Shares from this 6.25 per cent-
weighted performance criterion ranges from 0 per cent to 120 per cent. If CO2 neutrality is achieved, the 
target achievement is 100 per cent. If it is missed, the target achievement is 0 per cent. 
 
As a further incentive to achieve CO2 neutrality, the target achievement is also subject to a sub-condition: 
that CO2 emissions have to be reduced. If CO2 emissions are reduced, the target achievement in the 
category “CO2 neutrality” is increased by 20 per cent. If this is not the case the target achievement is 
reduced by 20 per cent. Since energy use in buildings accounts for a large share, CO2 neutrality is 
calculated per workplace. 
 
The detailed target achievement curve for the category “CO2 neutrality” is as follows: 
 
 
 
 
 
 
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Target achievement for the ESG targets 
The average target achievement in 2021 for the ESG targets was 174.82 per cent. 
 
The following table provides an overview of target achievements in the respective categories of ESG 
targets:  
 
Target achievement ESG targets 
 
 
Target achievement % 
 
 
 
Financial year 
External perspective 
Employee 
satisfaction
Expansion of ESG 
business
CO2 neutrality
Average
PSP Tranche 2021 
2021
188.89
140.38
250.00
120.00
174.82
2022
Determination of target achievement after close of financial year 2022 
2023
Determination of target achievement after close of financial year 2023 
2024
Determination of target achievement after close of financial year 2024 
2025
Determination of target achievement after close of financial year 2025 
 
c. Overall target achievement and payout from the PSP Tranche 2017  
The close of the 2021 financial year marked the end of the five-year performance period for the PSP 
Tranche 2017. The PSP Tranche 2017 was based on the remuneration system adopted by the 
Supervisory Board with effect from 1 January 2016 and approved by the Annual General Meeting with a 
majority of 84.19 per cent on 11 May 2016 (remuneration system 2016). Target achievement for the 
PSP Tranche 2017 was measured on the basis of the equally weighted performance criteria “Adjusted 
Net Income Growth” and “TSR Performance”. 
 
Adjusted Net Income Growth 
Adjusted Net Income Growth is the growth in the adjusted net income attributable to the shareholders of 
Deutsche Börse AG for the corresponding financial year. The Supervisory Board determines the target 
achievement degree for adjusted net income growth at the end of each financial year during the five-year 
performance period, which is then locked in. The target achievement degree at the end of the 
performance period in question is the average of the annual target achievement degrees for each of the 
five years. Target achievement degrees may range between 0 per cent and 250 per cent. 
  
In the 2021 financial year, the adjusted net income of Deutsche Börse AG rose from €1,204.3 million in 
the previous year to €1,302.6 million, an increase of 8.16 per cent. It differs from unadjusted net 
income (€1,209.7 million) by non-recurring effects due to organisational restructuring and M&A 
activities. It was also corrected for the costs of litigation. 
 
The increase of 8.16 per cent represents a target achievement of 103.96 per cent for the 2021 financial 
year. 
 
Overall, a target achievement of 142.64 per cent was determined for the performance criteria “Adjusted 
Net Income Growth” for the PSP Tranche 2017. 
 
The following overviews show the individual target achievements over the performance period and the 
target achievement curve: 
 
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Target achievement Net income 
Financial year 
Net income growth
%
Target
achievement
% 
2017 
9.38
111.25
2018 
17.00
250.0
2019 
10.26
139.40
2020 
8.93
108.58
2021 
8.16
103.96
Ø Target achievement 
142.64
 
 
TSR Performance 
The relative total shareholder return (TSR) performance for Deutsche Börse shares is derived from 
Deutsche Börse AG’s ranking relative to the companies included in the STOXX® Europe 600 Financials 
index. The ranking is measured on the basis of the TSR performance, which is calculated by comparing 
the TSR at the beginning and end of the performance period. Possible target achievement ranges from 0 
per cent to 250 per cent.  
 
Overall, a target achievement of 235.0 per cent was determined for the performance criteria “TSR 
Performance” for the PSP Tranche 2017. 
 
The following overviews show the target achievement for TSR performance and the target achievement 
curve: 
 
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Target achievement relative TSR 
 
 
Actual percentile 
79th
Target achievement in % 
235.0
 
Based on the target achievements in both performance criteria, the overall target achievement in the PSP 
Tranche 2017 is 188.82 per cent. 
 
The following table provides an overview of the main elements of the PSP Tranche 2017: 
 
PSP Tranche 2017 
Executive Board members  
in office at 31 December 
Target 
amount
€ thous.
Share price 
at grant 
€
Number of 
Performance 
Shares 
granted 
Overall 
target 
achievement 
% 
Final 
number of 
Performance 
Shares 
Closing 
price1
€
Payout 
amount 
€ thous.
Gregor Pottmeyer 
560.0
75.03
7,464
188.82%
14,094
141.35
2,181.0
1) Plus dividends paid per share of €13.40 during the performance period 
 
The PSP Tranche 2017 is paid out in three equal instalments from 2022 to 2024. The after-tax amount 
of the payout must be invested in Deutsche Börse AG shares. Shares are purchased according to the 
automated procedure described in point 4. 
 
 
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4. 
Share Ownership Guidelines  
 
Share ownership guidelines apply to all Executive Board members, which require the Executive Board 
members to invest a substantial amount in Deutsche Börse AG shares during their term of office. 
  
The share ownership guidelines constitute a key element for aligning the interests of the Executive Board 
even more closely with those of shareholders. They also align Executive Board remuneration more 
closely with the strategic objective of Deutsche Börse AG’s long-term success. The remuneration system 
obliges the CEO to hold 200 per cent and ordinary Executive Board members 100 per cent of their 
annual gross base salary in Deutsche Börse AG shares. Notwithstanding this rule, an earlier contractual 
agreement obliges the current CEO to hold 300 per cent and the ordinary Executive Board members 200 
per cent of their annual gross base salary in Deutsche Börse AG shares. 
 
Shares from the Performance Bonus and shares from the payout of Performance Shares are also taken 
into account for the share ownership guidelines, in addition to shares held privately. 
 
The required shareholdings have to be acquired within a period of four years. 
 
The purchase of shares under the Performance Bonus Plan and the Performance Share Plan and 
purchases from private funds is carried out for Executive Board members by a service provider 
determined by Deutsche Börse AG and engaged by the Executive Board member, which invests the 
respective amounts in Deutsche Börse AG shares for the Executive Board member independently, 
without any influence from the Executive Board member or the company. Shares are purchased during 
the first four trading days in June of each year that are consecutive calendar days.  
 
 
 
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The shares held by Gregor Pottmeyer and Theodor Weimer were valued at 31 December 2018 and  
31 December 2020, respectively. The share ownership guidelines were met as at these dates. The 
shares held by Christoph Böhm, Thomas Book and Stephan Leithner were valued as of 31 December 
2021. In these cases, the share ownership guidelines were also met. All Executive Board members, 
apart from Heike Eckert, whose build-up period ends at 31 December 2023, are therefore compliant 
with the share ownership guidelines. 
 
 
Share Ownership Guidelines 
 
Required 
Status quo 
 
 
 
 
Executive Board member 
Percentage of 
base salary 
Amount 
€ thous. 
Amount 
€ thous.
Percentage of 
base salary
End of build-up 
period
Theodor Weimer 
300
4,500.0
5,759.6
384
31 December 2020
Christoph Böhm 
200
1,440.0
1,440.0
200
31 December 2021
Thomas Book 
200
1,300.0
1,408.9
217
31 December 2021
Heike Eckert 
200
1,300.0
433.3
67
31 December 2023
Stephan Leithner 
200
1,440.0
1,547.6
215
31 December 2021
Gregor Pottmeyer 
200
1,440.0
3,067.1
426
31 December 2018
 
 
5. 
Recovery (clawback) and reduction (malus) of performance-based remuneration 
 
Under certain circumstances the Supervisory Board may reduce performance-based remuneration 
components that have not yet been paid (malus) or may claw back performance-based remuneration 
components previously paid out (clawback). 
 
In cases of serious misconduct by an Executive Board member the Supervisory Board may reduce their 
performance-based remuneration components (Performance Bonus and Performance Shares) partially or 
fully (compliance malus). 
 
If performance-based remuneration components have already been paid out the Supervisory Board can 
in these cases also partially or fully recover the amounts paid (compliance clawback). 
 
If performance-based remuneration components are determined or paid out on the basis of incorrect 
data, e.g. incorrect consolidated financial statements, the Supervisory Board can correct the figure or 
recover the remuneration components already paid out (performance clawback). 
 
Any such clawback is limited to the calendar year during which the reason has occurred. The 
Supervisory Board is entitled to assert a clawback claim even after an Executive Board member has left 
the company, for a period of up to two years following termination of the service contract. Any claims for 
damages remain unaffected by any clawback of performance-based remuneration. 
 
There was no cause to apply the malus or clawback rules in the 2021 financial year, so the Supervisory 
Board did not reduce or recover any performance-based remuneration. 
 
 
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6. 
Information on severance payments 
 
6.1 
Early termination without good cause 
 
In the event that an Executive Board member’s contract of service is terminated early for a reason other 
than good cause, any payments made to the Executive Board member may not exceed the remuneration 
for the residual term of their contract of service, and may also not exceed the value of two total annual 
remuneration payments (severance cap). The payment is calculated on the basis of the total 
remuneration for the past financial year and, where appropriate, the expected total remuneration for the 
current financial year. 
 
The payouts for the Performance Bonus and the Performance Shares take place on the dates and 
conditions originally agreed upon. Payouts are not made any earlier. In accordance with the 
recommendation of the GCGC, an exception applies in cases in which the service contract ends early 
because of permanent incapacity or any other illness or the death of the Executive Board member. In 
these cases, the target amount of Performance Bonus and Performance Shares is paid out immediately. 
 
6.2 Early termination for good cause 
 
If the service contract is terminated early for a good cause for which the Executive Board member is 
responsible or if an Executive Board member steps down before the end of the performance period 
without good cause or without a corresponding agreement, any claims to the Performance Bonus and all 
Performance Shares are forfeited. 
 
6.3 Post-contractual non-competition clause 
 
A post-contractual non-competition clause applies to members of the Executive Board. This means that 
the Executive Board members are contractually prohibited from acting for a competing company, or from 
undertaking competing activities, for one year following the end of their service. Compensation of 75 per 
cent of the base salary and 75 per cent of the most recent Performance Bonus is payable during the 
non-compete period. Pension benefits and any severance payments are offset against the compensation. 
In addition, 50 per cent of other earnings are deducted if these – together with the compensation – 
exceed the Executive Board member’s most recent remuneration. The company may waive the post-
contractual non-compete clause before the Executive Board member’s contract of service ends. 
 
7. Information on third-party benefits 
 
Executive Board members did not receive any benefits from third parties for their work on the Executive 
Board in the 2021 financial year. 
 
 
 
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8. Information on the amount of Executive Board remuneration in 2021 
 
8.1 Remuneration awarded and due to current Executive Board members 
 
The following tables show the remuneration awarded and due to the individual Executive Board 
members, including the relative share of the individual remuneration components pursuant to section 
162 AktG. Remuneration awarded and due comprises all remuneration components for which 
performance has already been measured, for which all conditions precedent and subsequent are met or 
no longer apply, and which are vested at the close of the financial year. It is irrelevant whether the 
payout has already been made in the 2021 financial year or occurs at the beginning of the 2022 
financial year. So for the one-year variable remuneration, for example, the Performance Bonus (cash 
portion) for the 2021 financial year is shown, although the payout takes place at the beginning of the 
2022 financial year. 
 
The remuneration shown for the 2021 financial year consists of: 
 
Base salary paid in the 2021 financial year  
 
Fringe benefits received in the 2021 financial year 
 
Performance Bonus determined for the 2021 financial year (cash portion), which will be paid 
out in the 2022 financial year 
 
Performance Bonus determined for the 2021 financial year (restricted stock), which will be 
paid out and invested in the 2022 financial year 
 
Tranche of Performance Shares granted in 2017 and ended at the close of 2021, which will be 
paid out in three equal parts in 2022, 2023 and 2024 
 
In addition, the table shows the service cost for retirement benefit provision for the 2021 financial year 
according to IAS 19 as part of the Executive Board remuneration. 
 
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Remuneration awarded and due pursuant to section 162 AktG (part 1) 
 
Theodor Weimer
(CEO) 
Christoph Böhm
(CIO/COO) 
 
 
 
 
2021 
2020 
2021 
2020 
 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
Base salary 
1,500.0
30.8
1,500.0
31.3
720.0
31.9
720.0
35.3
Fringe benefits 
60.5
1.2
61.4
1.3
28.5
1.3
55.3
2.7
One-year variable 
remuneration 
1,650.6
34.0
1,619.8
33.7
756.3
33.4
631.2
31.0
Performance Bonus 
(cash component) 
1,650.6
–
1,619.8
–
756.3
–
631.2
–
Multi-year variable 
remuneration 
1,650.6
34.0
1,619.8
33.7
756.3
33.4
631.2
31.0
Performance Bonus 
(Restricted Stock) 
1,650.6
–
1,619.8
–
756.3
–
631.2
–
Performance Shares 
Tranche 2016–2020 
0
–
0
–
0
–
0
–
Performance Shares 
Tranche 2017–2021 
0
–
0
–
0
–
0
–
Total remuneration 
(section 162 AktG) 
4,861.7
100.0
4,801.0
100.0
2,261.1
100.0
2,037.7
100.0
Pension expense 
782.4
–
1,126.8
–
351.8
–
386.7
–
Total remuneration (incl. 
pension expense) 
5,644.1
–
5,927.8
–
2,612.9
–
2,424.4
–
 
 
Remuneration awarded and due pursuant to section 162 AktG (part 2) 
 
Thomas Book
(responsible for Trading & Clearing) 
Heike Eckert
(responsible for HR & Compliance, 
Director of Labour Relations; since 1 July 2020) 
 
 
 
 
2021 
2020 
2021 
2020 
 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
Base salary 
650.0
30.9
650.0
31.9
650.0
30.8
325.0
34.7
Fringe benefits 
27.2
1.3
32.2
1.5
25.7
1.2
12.5
1.3
One-year variable 
remuneration 
715.0
33.9
678.5
33.3
715.0
34.0
299.8
32.0
Performance Bonus 
(cash component) 
715.0
–
678.5
–
715.0
–
299.8
–
Multi-year variable 
remuneration 
715.0
33.9
678.5
33.3
715.0
34.0
299.8
32.0
Performance Bonus 
(Restricted Stock) 
715.0
–
678.5
–
715.0
–
299.8
–
Performance Shares 
Tranche 2016–2020 
0
–
0
–
0
–
0
–
Performance Shares 
Tranche 2017–2021 
0
–
0
–
0
–
0
–
Total remuneration 
(section 162 AktG) 
2,107.2
100.0
2,039.2
100.0
2,105.7
100.0
937.1
100.0
Pension expense 
502.1
–
514.8
–
345.0
–
218.3
–
Total remuneration (incl. 
pension expense) 
2,609.3
–
2,554.0
–
2,450.7
–
1,155.4
–
 
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Remuneration awarded and due pursuant to section 162 AktG (part 3) 
 
Stephan Leithner
(responsible for Pre- & Post-Trading) 
Gregor Pottmeyer
(CFO) 
 
 
 
 
2021 
2020 
2021 
2020 
 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
€ thous. 
% 
Base salary 
720.0
30.4
720.0
32.6
720.0
16.0
720.0
16.0
Fringe benefits 
22.3
1.0
17.3
0.8
35.8
0.8
35.2
0.8
One-year variable 
remuneration 
812.3
34.3
735.4
33.3
774.9
17.3
735.4
16.3
Performance Bonus 
(cash component) 
812.3
–
735.4
–
774.9
–
735.4
–
Multi-year variable 
remuneration 
812.3
34.3
735.4
33.3
2,955.9
65.9
3,010.1
66.9
Performance Bonus 
(Restricted Stock) 
812.3
–
735.4
–
774.9
–
735.4
–
Performance Shares 
Tranche 2016–2020 
0
–
0
–
0
–
2,274.71)
–
Performance Shares 
Tranche 2017–2021 
0
–
0
–
2,181.02)
–
0
–
Total remuneration 
(section 162 AktG) 
2,366.9
100.0
2,208.1
100.0
4,486.6
100.0
4,500.7
100.0
Pension expense 
346.4
–
378.3
–
319.8
–
317.3
–
Total remuneration (incl. 
pension expense) 
2,713.3
–
2,586.4
–
4,806.4
–
4,818.0
–
1) Payout is made in three equal instalments in the financial years 2021, 2022 and 2023. 
2) Payout is made in three equal instalments in the financial years 2022, 2023 and 2024. 
 
 
8.2 
Remuneration awarded and due to former Executive Board members 
 
The close of the 2021 financial year marked the end of the performance period for the PSP Tranche 
2017. For former Executive Board members, the PSP Tranche 2017 is paid out as a lump sum in the 
year following the performance period. 
  
The following table provides an overview of the main elements of the PSP Tranche 2017: 
 
PSP Tranche 2017 
Former Executive Board 
members 
Target 
amount
€ thous.
Share price 
at grant 
€
Number of 
Performance 
Shares 
granted 
Overall 
target 
achievement
%
Final 
number of 
Performance 
Shares 
Closing 
price
€1) 
Payout 
amount 
€ thous.
Carsten Kengeter 
1,300.0
75.03
17,327
188.82
32,717
141.35
5,063.0
Andreas Preuss 
701.4
75.03
9,348
188.82
17,651
141.35
2,731.5
Hauke Stars 
516.7
75.03
6,887
188.82
13,004
141.35
2,012.4
Jeffrey Tessler 
556.7
75.03
7,420
188.82
14,011
141.35
2,168.2
1) Plus dividends paid per share of €13.40 during the performance period 
 
Further information on the performance criteria and the target achievement for the PSP Tranche 2017 
can be found in the section “Overall target achievement and payout from the PSP Tranche 2017”. 
 
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In addition, Mr Preuss received pension payments in the amount of € 437.8 thousand. Thus, 13.8 per 
cent of the remuneration awarded and due to him consists of non-performance-based remuneration 
components and 86.2 per cent of performance-based remuneration components. 
 
All other former Executive Board members listed above were not awarded and due any remuneration in 
2021 apart from the PSP Tranche 2017. Their remuneration therefore consists entirely of performance-
based remuneration. 
 
In addition, further former Executive Board members received the following pension payments in 2021. 
Frank Gerstenschläger, Executive Board member until 31 March 2013, received €211.8 thousand in 
pension payments. Michael Kuhn, Executive Board member until 31 December 2012, received 
€3,465.0 thousand in pension payments. The remuneration of these Executive Board members 
therefore consists entirely of non-performance-based remuneration components. 
 
An additional €2,335.7 thousand was paid in pension payments in the 2021 financial year to eleven 
former Executive Board members who departed from the Executive Board before 2012. 
 
 
 
 
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IV 
Supervisory Board remuneration in 2021  
 
1  
Remuneration system for the Supervisory Board 
The remuneration system for the Supervisory Board of Deutsche Börse AG was adopted at the Annual 
General Meeting 2020 by a majority of 99.25 per cent and took effect on 1 May 2020. 
 
The remuneration system for the Supervisory Board consists of a fixed remuneration plus an attendance 
fee. This is in line with the recommendation G.18 sentence 1 GCGC as amended on 16 December 
2019. The structure of Supervisory Board remuneration, providing for fixed remuneration only, 
strengthens the Board’s independence and provides for a counterbalance to the structure of Executive 
Board remuneration, which is mainly variable and aligned with Deutsche Börse Group's growth strategy. 
Supervisory Board remuneration therefore contributes to the implementation of the business strategy, 
and thus promotes Deutsche Börse Group's long-term development. 
 
The members of the Supervisory Board receive fixed annual remuneration of €85 thousand (€70 
thousand until 30 April 2020). In accordance with recommendation G.17 GCGC as amended on 16 
December 2019, remuneration is increased for the Chair of the Supervisory Board and the Deputy Chair, 
as well as for chairs and members of committees. Remuneration of the Chair is €220 thousand (€170 
thousand until 30 April 2020). Remuneration of the Deputy Chair is €125 thousand (€105 thousand 
until 30 April 2020). Members of Supervisory Board committees receive additional fixed annual 
remuneration of €30 thousand for each committee position they hold. The remuneration for members of 
the Audit Committee is €35 thousand. Remuneration of committee chairs is €40 thousand and for the 
Chair of the Audit Committee €75 thousand (€60 thousand until 30 April 2020). If a Supervisory Board 
member sits on more than one Supervisory Board committee, only work on two of the committees is 
remunerated. Remuneration is then paid for work on the two committees with the highest remuneration. 
Supervisory Board members who only hold office for part of the financial year receive one-twelfth of the 
fixed annual remuneration and, if applicable, of the remuneration payable for their membership of 
committees, for each month or part-month in which they are members. The remuneration for any 
financial year is due and payable as a one-off payment after the Annual General Meeting that accepts 
the consolidated financial statements for the relevant financial year or decides on their approval. 
 
Members of the Supervisory Board or a Supervisory Board committee receive an attendance fee of €1 
thousand for each Board or committee meeting that they attend in person, either as a member or as a 
guest. Where two or more meetings are held on the same day or on consecutive days, the attendance 
fee is only paid once. 
 
After preparation by the Nomination Committee, the Supervisory Board examines on a regular basis 
whether its members’ remuneration is appropriate, given their tasks and the situation of the company. 
For this purpose, the Supervisory Board conducts a horizontal market comparison, and may seek the 
advice of an independent external expert. However, given the particular nature of the Supervisory 
Board’s work, the review of Supervisory Board remuneration does not generally include a vertical 
comparison with the remuneration of employees of Deutsche Börse AG or Deutsche Börse Group. 
 
Depending on the result of the comparative analysis and the Supervisory Board’s assessment of this 
result, the Supervisory Board may, jointly with the Executive Board, submit a proposal to the Annual 
General Meeting for adjustments to Supervisory Board remuneration. Whether it does or not, the Annual 
General Meeting votes not less than every four years on the Supervisory Board remuneration, including 
the underlying remuneration system, in accordance with section 113 (3) AktG. A resolution may also be 
passed confirming the current remuneration.  
 
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2  
Remuneration of Supervisory Board members 
 
Remuneration awarded and due to Supervisory Board members is as follows: 
 
Remuneration awarded and due to the Supervisory Board pursuant to section 162 AktG 
 
Fixed annual remuneration 
Committee remuneration 
Attendance fee 
Total remuneration 
 
 
 
 
 
 
2021 
2020 
2021 
2020 
2021 
2020 
2021 
2020 
 
€ thous. 
% € thous. 
€ thous. 
% 
€ thous. 
€ thous. 
% 
€ thous. 
€ thous. 
€ thous. 
Martin Jetter (Chairman)1 
220.0
70.5
170.0
80.0
25.6
80.0
12.0
3.9
9.0
312.0
259.0
Joachim Faber (former 
Chairman)2 
0.0
0.0
70.8
0.0
0.0
33.4
0.0
0.0
5.0
0.0
109.2
Nadine Absenger 
85.0
71.1
80.0
34.6
28.9
35.0
0.0
0.0
5.0
119.6
120.0
Markus Beck  
(Deputy Chairman)) 
88.3
53.4
80.0
62.1
37.5
65.0
15.0
9.10
11.0
165.4
156.0
Katrin Behrens4 
14.2
85.0
0.0
2.5
15.0
0.0
0.0
0.0
0.0
16.7
0.0
Karl-Heinz Flöther 
85.0
66.9
80.0
40.0
31.5
51.3
2.0
1.6
5.0
127.0
136.3
Andreas Gottschling 
85.0
51.5
42.5
75.0
45.5
37.5
5.0
3.0
2.0
165.0
82.0
Anja Greenwood4) 
14.2
74.0
0.0
5.0
26.0
0.0
0.0
0.0
0.0
19.2
0.0
Oliver Greie5 
49.6
66.1
0.0
20.4
27.2
0.0
5.0
6.7
0.0
75.0
0.0
Susann Just-Marx 
85.0
58.1
80.0
60.4
41.2
60.0
1.0
0.7
4.0
146.4
144.0
Achim Karle 
85.0
55.4
80.0
60.4
39.4
60.0
8.0
5.2
7.0
153.4
147.0
Cornelis Johannes 
Nikolaas Kruijssen6 
77.9
55.3
80.0
55.0
39.0
60.0
8.0
5.7
7.0
140.9
147.0
Barbara Lambert 
85.0
43.8
80.0
105.0
54.1
100.0
4.0
2.1
5.0
194.0
185.0
Joachim Nagel7 
0.0
0.0
37.5
0.0
0.0
37.5
0.0
0.0
4.0
0.0
79.0
Michael Rüdiger 
85.0
54.5
56.7
65.0
41.7
43.3
6.0
3.8
5.0
156.0
105.0
Peter Sack4 
14.2
70.3
0.0
5.0
24.8
0.0
1.0
4.9
0.0
20.2
0.0
Carsten Schäfer6 
77.9
58.2
80.0
55.0
41.1
60.0
1.0
0.7
4.0
133.9
144.0
Charles G. T. Stonehill 
85.0
57.4
80.0
60.0
40.6
50.0
3.0
2.0
2.0
148.0
132.0
Clara-Christina Streit 
85.0
71.1
80.0
32.5
27.2
30.0
2.0
1.7
3.0
119.5
113.0
Jutta Stuhlfauth (former 
Deputy Chairwoman)8 
114.6
60.9
118.3
59.6
31.7
65.0
14.0
7.4
12.0
188.2
195.3
Chong Lee Tan9 
56.7
71.1
0.0
20.0
25.1
0.0
3.0
3.8
0.0
79.7
0.0
Gerd Tausendfreund10 
35.4
70.9
80.0
12.5
25.1
30.0
2.0
4.0
6.0
49.9
116.0
Daniel Vollstedt4 
14.2
70.3
0.0
5.0
24.8
0.0
1.0
4.9
0.0
20.2
0.0
Amy Yip10 
35.4
58.6
80.0
25.0
41.4
60.0
0.0
0.0
0.0
60.4
140.0
Total
1,577.6
60.4
1,455.8
940.0
36.0
958.0
93.0
3.6
96.0
2,610.6
2,509.8
1) Chairman of the Supervisory Board since 19 May 2020.  
2) Chairman of the Supervisory Board until 19 May 2020. 
3) Deputy Chairman of the Supervisory Board since 8 December 2021. 
4) Member of the Supervisory Board since 17 November 2021. 
5) Member of the Supervisory Board from 19 May 2021 until 17 November 2021. 
6) Member of the Supervisory Board until 17 November 2021. 
7) Member of the Supervisory Board until 30 June 2020. 
8) Deputy Chairwoman of the Supervisory Board until 17 November 2021. 
9) Member of the Supervisory Board since 19 May 2021. 
10) Member of the Supervisory Board until 19 May 2021.  
 
 
 
 
 
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V   Comparison of changes in the remuneration of Executive Board members, Supervisory Board 
members and the remaining workforce, as well as in company earnings 
 
In accordance with section 162 (1) sentence 2 no. 2 AktG the following table shows changes in the 
remuneration of Executive Board members, Supervisory Board members and the remaining workforce, 
as well as in company earnings. 
 
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Comparative presentation 
2021 
2020 
Change 
€ thous. 
€ thous. 
% 
Executive Board members 
Theodor Weimer 
4,861.7
4,801.0
1.3
Christoph Böhm 
2,261.1
2,037.7
11.0
Thomas Book 
2,107.2
2,039.2
3.3
Heike Eckert (since 1 July 2020) 
2,105.7
937.1
124.7
Stephan Leithner 
2,366.9
2,208.1
7.2
Gregor Pottmeyer 
4,486.61
4,500.72
–0.3
Average3 
3,031.5
3,004.3
0.9
Former Executive Board members 
Frank Gerstenschläger (until 31 March 2013) 
211.8
211.8
0
Carsten Kengeter (until 31 December 2017) 
5,063.0
10,788.5
–53.1
Michael Kuhn (until 31 December 2012) 
3,465.0
3,460.3
0.1
Andreas Preuss (until 31 October 2018) 
3,169.3
3,286.6
–3.6
Hauke Stars (until 30 June 2020) 
2,012.4
3,021.0
–33.4
Jeffrey Tessler (until 30 June 2018) 
2,168.2
2,260.9
–4.1
Current Supervisory Board members 
Martin Jetter (Chairman since 19 May 2020) 
312.0
259.0
20.5
Markus Beck (Deputy Chairman since 8 December 2021) 
165.4
156.0
6.0
Nadine Absenger 
119.6
120.0
–0.3
Katrin Behrens (since 17 November 2021) 
16.7
0.0
–
Karl-Heinz Flöther 
127.0
136.3
–6.8
Andreas Gottschling (since 1 July 2020) 
165.0
82.0
101.2
Anja Greenwood (since 17 November 2021) 
19.2
0.0
–
Susann Just-Marx 
146.4
144.0
1.7
Achim Karle 
153.4
147.0
4.4
Barbara Lambert 
194.0
185.0
4.9
Michael Rüdiger (since 19 May 2020) 
156.0
105.0
48.6
Peter Sack (since 17 November 2021) 
20.2
0.0
–
Charles G. T. Stonehill 
148.0
132.0
12.1
Clara-Christina Streit 
119.5
113.0
5.8
Chong Lee Tan (since 19 May 2021) 
79.7
0.0
–
Daniel Vollstedt (since 17 November 2021) 
20.2
0.0
–
Average4 
164.2
154.7
6.1
Employees 
Entire workforce 
112.2
112.7
–0.4
Development of earnings 
Net revenue of Deutsche Börse Group in €m 
3,509.5
3,213.8
9.2
EBITDA of Deutsche Börse Group in €m 
2,043.1
1,869.4
9.3
Cash EPS of Deutsche Börse Group 
6.98
6.07
15.0
Net income of Deutsche Börse AG pursuant to HGB in €m 
943.3
1,161.9
–18.8
1) Payout of the Performance Shares Tranche 2017 is made in three equal instalments in the financial years 2022, 2023 and 2024. 
2) Payout of the Performance Shares Tranche 2016 is made in three equal instalments in the financial years 2021, 2022 and 2023. 
3) Average value on a full-time equivalent basis. 
4) Average value takes into account only full-year committee members. 
323

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Management report  
Financial statements and notes  
Remuneration Report | Remuneration Report 
Further information  
 
 
Deutsche Börse Group | Annual report 2021
47
The presentation of average employee remuneration and its development refers to all members of the 
joint operation Frankfurt. The joint operation Frankfurt consists of Deutsche Börse AG and the following 
entities: Eurex Frankfurt AG, Eurex Clearing AG, Eurex Repo GmbH, Eurex Securities Transactions 
Services GmbH, Clearstream Holding AG, Clearstream Banking AG and Regulatory Services GmbH. As 
for Executive Board and Supervisory Board remuneration, the average remuneration for the entire 
workforce is total remuneration (including any bonuses and other fringe benefits). 
 
VI 
Look ahead to 2022 from a remuneration perspective 
 
The remuneration system for the Executive Board of Deutsche Börse AG was approved by a large 
majority of shareholders at the Annual General Meeting 2021 and no changes are currently planned. On 
the contrary, the Supervisory Board of Deutsche Börse AG sees this vote as a clear recommendation to 
maintain the current remuneration unchanged and to apply it again in the 2022 financial year. This 
applies particularly to the underlying performance criteria and the target achievement curves. 
 
If shareholders have any criticism based on the application of the remuneration system, it will be noted 
by the Supervisory Board and discussed in the course of its work in the 2022 financial year. In 
accordance with the legal requirements of section 162 (1) sentence 2 no. 6 AktG, the remuneration 
report for 2022 will also include comments on how the vote on the remuneration report at the Annual 
General Meeting 2021 was taken into account. 
 
Regardless of this, the current intention is to present a remuneration system for the Supervisory Board 
with minor adjustments for approval at the Annual General Meeting 2022. It is only the conditions for 
payment of the attendance fee that are intended to be changed. To reflect the greater use of electronic 
communications technology to hold meetings of the Supervisory Board and its committees, the 
attendance fee should also be paid for virtual attendance at meetings. This change also reflects 
Deutsche Börse AG’s increasingly sustainable and resource-efficient business practices. The fee should 
also be paid for each day of meetings and not as previously for each block of meetings. 
324

Auditor’s Report
To Deutsche Börse Aktiengesellschaft, Frankfurt am Main
We have audited the remuneration report of Deutsche Börse Aktiengesellschaft, Frankfurt am Main, for 
the financial year from from January 1, to December 31, 2021 including the related disclosures, which 
was prepared to comply with § [Article] 162 AktG [Aktiengesetz: German Stock Corporation Act].
Responsibilities of the Executive Directors and the Supervisory Board
The executive directors and the supervisory board of Deutsche Börse Aktiengesellschaft are responsi-
ble for the preparation of the remuneration report, including the related disclosures, that complies with 
the requirements of § 162 AktG. The executive directors and the supervisory board are also responsi-
ble for such internal control as they determine is necessary to enable the preparation of a remuneration 
report, including the related disclosures, that is free from material misstatement, whether due to fraud 
or error.
Auditor’s Responsibilities 
Our responsibility is to express an opinion on this remuneration report, including the related disclo­
sures, based on our audit. We conducted our audit in accordance with German generally accepted 
standards for the audit of financial statements promulgated by the Institut der Wirtschaftsprüfer 
(Institute of Public Auditors in Germany) (IDW). Those standards require that we comply with ethical 
requirements and plan and perform the audit to obtain reasonable assurance about whether the 
remuneration report, including the related disclosures, is free from material misstatement. 
An audit involves performing procedures to obtain audit evidence about the amounts including the  
related disclosures stated in the remuneration report. The procedures selected depend on the auditor‘s 
judgment. This includes the assessment of the risks of material misstatement of the remuneration 
report including the related disclosures, whether due to fraud or error. In making those risk assess-
ments, the auditor considers internal control relevant to the preparation of the remuneration report 
including the related disclosures. The objective of this is to plan and perform audit procedures that are 
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness 
of the company‘s internal control. An audit also includes evaluating the appropriateness of accounting 
policies used and the reasonableness of accounting estimates made by the executive directors and  
the supervisory board, as well as evaluating the overall presentation of remuneration report including 
the related disclosures.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis  
for our audit opinion.
325
Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards
Management report 
Financial statements and notes
Remuneration Report | Auditors’ Report
Further information

Audit Opinion 
In our opinion, based on the findings of our audit, the remuneration report for the financial year from 
from January 1, to December 31, 2021, including the related disclosures, complies in all material 
respects with the accounting provisions of § 162 AktG.
Reference to an Other Matter – Formal Audit of the Remuneration Report  
according to § 162 AktG
The audit of the content of the remuneration report described in this auditor‘s report includes the 
formal audit of the remuneration report required by § 162 Abs. [paragraph] 3 AktG, including the 
issuance of a report on this audit. As we express an unqualified audit opinion on the content of the 
remuneration report, this audit opinion includes that the information required by § 162 Abs. 1 and  
2 AktG has been disclosed in all material respects in the remuneration report.
Restriction on use
We issue this auditor’s report on the basis of the engagement agreed with Deutsche Börse Aktienge-
sellschaft. The audit has been performed only for purposes of the company and the auditor‘s report  
is solely intended to inform the company as to the results of the audit. Our responsibility for the  
audit and for our auditor’s report is only towards the company in accordance with this engagement. 
The auditor’s report is not intended for any third parties to base any (financial) decisions thereon. We 
do not assume any responsibility, duty of care or liability towards third parties; no third parties are 
included in the scope of protection of the underlying engagement. § 334 BGB [Bürgerliches Gesetz-
buch: German Civil Code], according to which objections arising from a contract may also be raised 
against third parties, is not waived.
Frankfurt am Main, March 4, 2022
PricewaterhouseCoopers GmbH
Wirtschaftsprüfungsgesellschaft
sgd. Marc Billeb	
sgd. Dr. Michael Rönnberg
Wirtschaftsprüfer	
Wirtschaftsprüfer 
(German Public Auditor)	
(German Public Auditor)
326
Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards
Management report 
Financial statements and notes
Remuneration Report | Auditors’ Report
Further information

Acknowledgement
Published by
Deutsche Börse AG
60485 Frankfurt/Main
Germany
www.deutsche-boerse.com
Concept and layout
Deutsche Börse AG, Frankfurt/Main
Kirchhoff Consult AG, Hamburg
Photographs
onformative GmbH
Publication date
11 March 2022
The German version of this report is legally binding.  
The company cannot be held responsible for any 
misunder-­standing or misinterpretation arising from 
this translation. 
Reproduction – in total or in part – only with the 
­written ­permission of the publisher
We would like to thank all colleagues and service 
­providers who participated in the compilation of this 
report for their friendly support.
Publications service
The annual report 2021 is both available in German 
and English. 
The annual report 2021 of Deutsche Börse Group is 
available as pdf on the internet:  
www.deutsche-boerse.com/annual _ report
Contact
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Phone	
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Phone	
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www.deutsche-boerse.com/sustainability
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Phone	
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327
Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards
Management report 
Financial statements and notes
Remuneration Report
Further information | Acknowledgement | Contact | Registered trademarks

Financial calendar 2022
25 April 2022
Publication quarterly statement Q1/2022
18 May 2022
Annual General Meeting
26 July 2022
Publication half-yearly financial report 2022
19 October 2022
Publication quarterly statement Q3/2022
Deutsche Börse AG
60485 Frankfurt am Main
www.deutsche-boerse.com