Deutsche Börse Group
Annual report  
2021
Excerpt: Combined management  
report

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
144

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. 
 
 
 
20

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.  
 
 
 
21

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 
 
 
 
22

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. 
 
 
 
23

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. 
 
24

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”. 
 
 
 
25

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:  
 
 
 
 
 
26

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. 
27

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | How we add value 
Financial statements and notes 
Remuneration Report 
Further information 
9
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: 
 
 
 
28

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our strategy and steering parameters 
Financial statements and notes 
Remuneration Report 
Further information 
10
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. 
 
 
 
29

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our strategy and steering parameters 
Financial statements and notes 
Remuneration Report 
Further information 
11
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. 
30

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our strategy and steering parameters 
Financial statements and notes 
Remuneration Report 
Further information 
12
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”. 
31

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our customers and markets 
Financial statements and notes 
Remuneration Report 
Further information 
13
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. 
 
 
 
32

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our customers and markets 
Financial statements and notes 
Remuneration Report 
Further information 
14
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. 
 
 
 
33

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our customers and markets 
Financial statements and notes 
Remuneration Report 
Further information 
15
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. 
 
 
 
34

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our customers and markets 
Financial statements and notes 
Remuneration Report 
Further information 
16
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. 
 
 
 
35

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our customers and markets 
Financial statements and notes 
Remuneration Report 
Further information 
17
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.  
 
 
 
36

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our customers and markets 
Financial statements and notes 
Remuneration Report 
Further information 
18
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. 
 
 
 
37

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our employees 
Financial statements and notes 
Remuneration Report 
Further information 
19
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.  
 
 
 
38

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our employees 
Financial statements and notes 
Remuneration Report 
Further information 
20
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. 
 
39

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our employees 
Financial statements and notes 
Remuneration Report 
Further information 
21
 
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. 
 
 
 
40

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our employees 
Financial statements and notes 
Remuneration Report 
Further information 
22
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. 
 
 
 
45

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 
Further information 
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 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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
Executive and Supervisory Boards 
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 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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). 
 
54

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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. 
55

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
37
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. 
 
 
 
56

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
38
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. 
 
 
 
57

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
39
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%
 
 
 
58

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
40
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. 
 
 
 
59

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
41
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.  
 
 
 
60

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
42
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. 
 
 
 
 
61

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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. 
 
 
 
62

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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. 
 
 
 
63

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
45
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. 
 
 
 
64

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
46
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. 
 
 
 
65

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
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.
66

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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). 
 
 
 
 
67

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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”. 
68

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our economic situation 
Financial statements and notes 
Remuneration Report 
Further information 
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. 
 
 
 
 
 
 
70

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our social environment 
Financial statements and notes 
Remuneration Report 
Further information 
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.  
 
 
 
71

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Our social environment 
Financial statements and notes 
Remuneration Report 
Further information 
53
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. 
 
 
 
72

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). 
 
 
 
73

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
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.  
 
 
 
 
74

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
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. 
75

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
57
 
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. 
 
76

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
58
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. 
 
 
 
77

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
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.  
 
78

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
60
 
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.  
 
 
 
79

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
61
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. 
 
 
 
80

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
62
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”). 
 
 
 
 
 
81

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
63
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. 
 
 
 
 
 
82

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
64
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”).  
 
 
 
83

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
65
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. 
 
 
84

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
66
 „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. 
 
 
 
85

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
67
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. 
 
 
 
86

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
68
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.  
87

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
69
 
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. 
 
 
 
88

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
70
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. 
 
 
89

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
71
 
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. 
 
 
 
90

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
72
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. 
 
 
 
91

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
73
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. 
 
 
 
 
92

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
74
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.  
 
 
 
93

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
75
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. 
 
 
 
94

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
76
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. 
 
 
 
95

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
77
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).  
 
  
 
 
96

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
78
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. 
  
 
 
97

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
79
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.  
  
 
 
98

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
80
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. 
 
 
 
 
99

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
81
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.  
 
 
 
100

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
82
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”. 
 
 
 
101

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
83
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.  
 
 
102

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
84
 
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. 
103

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
85
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. 
 
 
 
104

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
86
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. 
 
105

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
87
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
 
 
106

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
88
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
 
 
107

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
89
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.  
 
 
 
 
108

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Risk management 
Financial statements and notes 
Remuneration Report 
Further information 
90
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

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Report on opportunities  
Financial statements and notes 
Remuneration Report 
Further information 
91
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. 
 
 
 
110

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Report on opportunities  
Financial statements and notes 
Remuneration Report 
Further information 
92
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. 
 
 
 
111

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Report on opportunities  
Financial statements and notes 
Remuneration Report 
Further information 
93
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. 
 
 
112

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Report on opportunities  
Financial statements and notes 
Remuneration Report 
Further information 
94
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. 
 
 
 
113

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Report on expected developments  
Financial statements and notes 
Remuneration Report 
Further information 
95
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”. 
114

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Report on expected developments  
Financial statements and notes 
Remuneration Report 
Further information 
96
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”.
115

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Report on expected developments  
Financial statements and notes 
Remuneration Report 
Further information 
97
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. 
116

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Report on post-balance sheet date events  
Financial statements and notes 
Remuneration Report 
Further information 
98
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. 
 
 
117

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
99
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. 
 
118

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
100
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 
119

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
101
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. 
 
120

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
102
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. 
 
 
 
121

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
103
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. 
 
 
 
122

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
104
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. 
 
 
 
123

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
105
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.  
 
 
 
124

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
106
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. 
 
 
 
125

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
107
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 
 
126

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
108
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. 
 
127

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
109
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. 
 
 
 
128

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
110
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 
+ 
+ 
 
 
 
 
 
 
 
129

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
111
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.  
 
 
 
130

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
112
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.  
 
 
 
131

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
113
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. 
 
 
 
132

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
114
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.  
133

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Corporate governance statement  
Financial statements and notes 
Remuneration Report 
Further information 
115
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. 
 
 
 
134

Deutsche Börse Group | Annual report 2021
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. 
 
 
 
135

Deutsche Börse Group | Annual report 2021
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”. 
 
 
 
136

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 
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
137

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). 
 
 
 
138

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 
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
 
 
 
 
139

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).  
 
 
 
140

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
 
141

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. 
 
142

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 
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. 
 
 
143

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Takeover-related disclosures  
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. 
 
 
144

Deutsche Börse Group | Annual report 2021
Executive and Supervisory Boards 
Management report | Takeover-related disclosures  
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

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
Investor Relations
E-Mail	
 ir@deutsche-boerse.com
Phone	
+49-(0) 69 – 2 11 – 1 16 70
www.deutsche-boerse.com/ir _ e
Group ESG Strategy
E-Mail	
 group-sustainability@deutsche-boerse.com
Phone	
+49-(0) 69 – 2 11 – 1 24 67
www.deutsche-boerse.com/sustainability
Financial Accounting & Controlling
E-Mail	
 corporate.report@deutsche-boerse.com
Phone	
+49-(0) 69 – 2 11 – 1 79 80
Registered trademarks
www.deutsche-boerse.com/dbg-en/meta/trademarks
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