Deutsche Boerse Group

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Deutsche Boerse
DBoerse blue.gif
Headquarters The Cube, Mergenthalerallee 61, 65760 Eschborn, Germany

Image: 200 pixels

Key People Theodor Weimer, Chairman
Employees 5,176 (at end of 2016)[1]
Products Diverse range of trade-matching, clearing, and support services for equities, derivatives, and interest rate products
Twitter @DeutscheBoerse
LinkedIn Profile
Facebook Page
Youtube Chanel
Website Deutsche Boerse Home
Releases Company News

Note on spelling: the German ö is equivalent to the English oe; both Börse and Boerse are correct.

Deutsche Boerse Group (German: Gruppe Deutsche Börse) is a multi-tiered exchange, technology, clearing and custody and index company which runs the Frankfurt Stock Exchange (German: Frankfurter Wertpapierbörse, FWB); Clearstream, the post-execution clearing and settlement house for multiple asset classes; the Eurex Exchange, a global derivatives exchange offering fixed income markets and international benchmarks; Eurex Clearing; and European Energy Exchange (EEX). It also owns STOXX, the index benchmark company.

Deutsche Boerse's product and services portfolio includes securities and derivatives trading, transaction settlement, clearing, market data information, and the development and operation of electronic trading systems. The company also has a venture capital business that invests in fintech companies, DB1 Ventures.[2]

Based in Frankfurt, the company has a presence in Luxembourg, Prague, London, Zurich, Moscow, New York, Chicago, Hong Kong, Singapore, Beijing and Tokyo, among other cities.

Of the $2.3 billion in revenue generated in fiscal year 2016, Eurex accounted for approximately 43.2 percent, Clearstream 32.7 percent, Market Data + Services 17.2 percent and Xetra 6.9 percent.[3]

Deutsche Boerse has a market capitalization of $19 billion.[4]

Image Film[edit]


The beginning[edit]

Deutsche Boerse AG was founded in December 1992 when it changed its name from Frankfurter Wertpapierbörse AG, but its origin story goes back considerably farther to the varying regional German exchanges, clearinghouses and technology providers which over time coalesced into the entity known as Deutsche Boerse. The oldest legacy belongs to the Frankfurt Stock Exchange — its rules and regulations were enacted in 1666.[5]

The 1992 name change was part of an ongoing effort to consolidate Germany's fragmented securities industry. Ten percent of the shares were distributed among the seven regional German stock exchanges outside of Frankfurt, but Frankfurt-based banks retained the bulk of the shares.

Deutsche Boerse in the ‘90s focused on organic growth and, much like its global counterparts, early electronification. In 1993, it instituted BOSS-CUBE, an electronic platform used to consolidate order routing, price determination and processing. Floor trading received electronic support in 1993 as well. In 1996, the company got a website. In 1997, the fully electronic trading system for cash markets, Xetra, was launched. Xetra replaced IBIS, a screen-based interbank system.[6]

In 1998, Deutsche Boerse entered a joint venture with Dow Jones and SIX Swiss Exchange to form STOXX, an index provider. The move was made in anticipation of the creation of the eurozone.[7]

Launching Eurex & Clearstream[edit]

Also in 1998, Deutsche Boerse, in collaboration with SIX Swiss Exchange, launched Eurex by merging the Swiss derivatives exchange Soffex and the German DTB futures market.[8] Eurex was the fifth largest derivatives exchange by volume in 2016 according to the FIA's annual volume survey.[9]

The launch of Eurex corresponded with the launch of Eurex Clearing, a central counterparty for all Eurex transactions. In March 2003, Eurex Clearing expanded its services to include Xetra and the trading floor of the Frankfurt Stock Exchange.[10]

In 2000 Deutsche Boerse Clearing merged with Cedel International, forming Clearstream, a provider of of settlement and post-trade services for shares and bonds in domestic and international markets. Initially, Deutsche Boerse was a 50 percent stakeholder - it would acquire the remaining shares in 2002 upon which Clearstream was folded into Deutsche Boerse Group.[8] Clearstream services services domestic and international markets with 2,500 customers in 110 countries.

LSE courtship[edit]

In May 2000, the London Stock Exchange and Deutsche Boerse announced plans to create a European super-exchange called iX. At the time, iX would have been the third largest exchange in the world.[11]

The deal had issues from the start. The LSE's shareholders (approval of the deal required 75 percent to be on board) were skeptical and small brokerages were afraid they would be disadvantaged by a tie-up of that size.[12] Frankfurt was leery of London usurping control. There was uncertainty over regulatory oversight. Also, a leaked internal report from Merrill Lynch analyzing the proposed deal suggested it was "unworkable" and would take years for any benefits to come to fruition.[11]

Many of these issues would surface during the ensuing attempts to unite the exchanges.

In the wake of the failed bid, the exchange went public in February 2001, with a market capitalization of €4 billion.

In 2004, it attempted mergers with both the SWX Swiss Exchange and, once again, with the London Stock Exchange (LSE). Deutsche Boerse's takeover offer was for $2.5 billion. Deutsche Boerse withdrew its offer in March 2005.[13]

The second failed attempt to acquire the LSE led to the departure of the exchange's well-known Chief Executive Werner Seifert, and Chairman Rolf E. Breuer, after a previously little known hedge fund called The Children's Investment Fund (TCI) led a shareholder revolt in early 2005. Seifert resigned on May 9, 2005, and Breuer left a few months later. Seifert is credited with transforming the Frankfurt Exchange from a provincial market to a major player on the European stage.[14]

Euronext proposal[edit]

In November 2005 Reto Francioni was appointed CEO. One of his first acts was to suggest a “Merger of Equals” with pan-European exchange Euronext, whereupon a bidding war with the New York Stock Exchange (NYSE) ensued. Deutsche Boerse eventually withdrew its proposal, and NYSE acquired Euronext in 2006. Deutsche Boerse officials said at the time that the companies had too little in common to integrate and that the rise in Euronext’s share price compared to Deutsche Boerse's had made the acquisition too expensive.[15]

In in 2007, Deutsche Boerse expanded into the US equity options space with the $2.8 billion cash acquisition of the International Securities Exchange (ISE), which created one of the biggest trans-Atlantic derivatives markets. ISE fell under the Eurex Group umbrella and they worked jointly. Deutsche Boerse sold the business to Nasdaq for $1.1 billion in June of 2016.[16][17]

Deutsche Boerse and SIX bought out Dow Jones' stake in 2009 in STOXX for $306 million. Deutsche Boerse acquired the remaining stake in STOXX from SIX in July 2015 for $679 million, granting the company full ownership.[18] The deal also included Indexium, the platform underpinning STOXX indices.[19]

In July 2010, a company document said the exchange parent would target fund management firms, pension funds and insurers as new clients and would offer these customers direct services rather than through banks.

On Jan. 25, 2011, Scila Surveillance, a multi-asset solution marketed by Cinnober, was selected for Deutsche Boerse Group's two largest exchanges; Eurex and Xetra.[20]

In February 2011, Deutsche Boerse announced that its subsidiary, Eurex Zuerich AG, would take a majority stake in EEX.[21] EEX is an energy exchange in Europe which was founded in 2002.[22]

In early February 2011, reports surfaced that Deutsche Boerse and NYSE Euronext were in "advanced talks" to merge. Such a merger would have created the world's largest stock exchange operator.[23] The U.S. Department of Justice approved the merger in late 2011,[24] but the European Commission later blocked the deal, saying the merged company would have a near monopoly.[25] In December of 2012, the Intercontinental Exchange announced that it would acquire NYSE Euronext.[26]

In the wake of the failed merger, the group simplified it's board structure, doing away with a board seat for Xetra, and moving the cash equities business under the oversight of Andreas Preuss, then Deutsche Boerse's derivatives head. The move was reflective of the exchange group's derivatives success and the declining fortunes of its cash equities business which had been fragmented by the introduction of other electronic trading platforms.[27] In 2012, Xetra's trading volume as measured in euros notional was down 24 percent year-over-year, and in 2013 was down 1 percent year-over-year.[28] [29]In 2016, Xetra was responsible for less than 7 percent of Deutsche Boerse's net revenue, the least of its four business segments.[3]

In February of 2013 Deutsche Boerse struck a deal with Taiwan’s Taifex futures exchange under which Eurex would list Taiwanese stock index futures. [30]

Deutsche Boerse also announced in 2013 that it was planning to build a derivatives clearing house in Singapore, as part of an expansion into Asia; however, the project was delayed for several years and then finally abandoned in January of 2018 after it became clear that investors preferred to trade popular instruments like Stoxx futures in Deutsche Boerse's home German market.[31]

Building new technologies[edit]

One of the biggest technology projects in the company's history was the development and rollout of a new trading system called T7. The new technology was designed to make Deutsche Boerse's markets among the fastest and most robust in the world, providing more capacity, lower latency and better functionality. When the new system was first rolled out at the end of 2012, it was 14 times faster than its predecessor.[32]

In 2013, its Eurex derivatives exchange migrated onto T7. Other subsidiaries followed including the European Energy Exchange and Eurex Bonds. Frankfurt Stock Exchange's Xetra moved onto T7 in July 2017. That was significant in the development of the exchange's core technology, as the securities and derivatives exchanges were now onto the same T7 platform. One system meant easier access to both markets for participants and that regulatory requirements and updates would be easier to implement. [33] [34]

The company also rebuilt its clearing architecture and launched its new C7 system in June 2014. The new clearing system replaced clearing platforms for derivatives and securities. The system was also designed to support clearing of listed OTC products. It works in tandem with the Eurex Clearing Prisma product, designed to help customers with collateral efficiency issues.[35][36][37]

On January 18, 2022, Deutsche Boerse announced the launch of Eurex Open Interest Insights, a new data offering to provide users with insights into market positioning and dynamics. It will also offer insights into the distribution of exposure in futures and options.[38]

Changing of the guard[edit]

Francioni, who led the exchange for 10 years and was on the executive board for 17, stepped down in May 2015. He was replaced by former UBS investment bank head Carsten Kengeter. Kengeter's experience in regions outside of Europe was cited by the company when it hired him after an extensive search for Francioni's replacement. He set upon a major management and structural change for the company. The strategy, called "Accelerate," was designed to change the Deutsche Boerse culture and increase growth across all of its divisions.[39]

On January 1, 2016, Deutsche Boerse reshuffled the structure of its executive board, culminating in the creation of a Clients, Products & Core Markets division, led by Jeffrey Tessler.[40] The new division combined derivatives trading businesses (including International Securities Exchange (ISE)), the clearing house, and Clearstream’s settlement and custody business. Clients, Products & Core Markets is also responsible for coordinating group-wide product development and global sales activities.[41] The restructuring also resulted in a new division called IT & Operations, Data & New Asset Classes" led by Andreas Preuss who had just stepped down as CEO of Eurex the prior year. [42]

On May 27, 2015, Deutsche Boerse agreed to a joint venture with the Shanghai Stock Exchange and the China Financial Futures Exchange to launch a Frankfurt-based exchange for investors outside China to trade yuan-denominated securities. The venture, called China Europe International Exchange, started offering cash instruments in the fourth quarter of 2015. Shanghai Stock Exchange and Deutsche Boerse each own 40 percent and China Financial Futures Exchange the remaining 20 percent of the venture.[43]

In July of 2015, Kengeter made his first deal as CEO, buying 360T, a German foreign exchange platform, for $796 million, beating out CME Group in the process. It was the exchange's biggest deal since the acquisition of ISE in 2007. Kengeters' second move was the aforementioned buy-out of SIX to give Deutsche Boerse full ownership of STOXX and Indexium. [44]

In October of 2017, Kengeter resigned from the company amid a continuing investigation into possible insider trading. The allegations involved shares Kengeter bought just months before Deutsche Boerse announced merger talks with the London Stock Exchange. He officially left the company on December 31, 2017. [45]

Another LSE merger proposal[edit]

In March of 2016, after failed attempts to take over the London Stock Exchange in 2000 and 2005, Deutsche Boerse and LSE agreed to merge into what would be the world’s biggest exchange operator by revenue and second-largest by market cap. In what the two entities called a merger of equals, Deutsche Boerse stockholders would get 54.4 percent of the enlarged group in an all-share agreement, and Kengeter would run the new business. The board would be equally split between directors from LSE and Deutsche Boerse.

Britain's vote to leave the EU ("Brexit") dealt a major blow to the planned merger, with Felix Hufeld, the head of the BaFin regulator stating that London could not host the headquarters of the merged exchange nor could it remain a center for trading in euros.

In addition, an EU official said the European Central Bank would push for the clearing of euro transactions to move to the common currency area within two years. In spite of Brexit, LSE's shareholders voted in July 2016 to approve the merger; Deutsche Boerse's shareholders voted 89 percent in favor of the merger later that month. [46] [47]

However, the merger was derailed in March 2017 European regulators formally quashed the deal.[48]

Looking for growth[edit]

Deutsche Boerse also has invested in a variety of businesses aimed at assisting firms through investments and technology innovation. The company has invested in everything from blockchain to Liquidity Alliance, an initiative established in 2013 aimed at helping institutions address collateral issues in a new regulatory framework that constrained capital.

On October 24, 2013, the company announced that it had purchased a minority stake in Global Markets Exchange Group International LLP, paying a single digit million GBP sum for the stake. GMEX Group is a London-based exchange business that launched original interest rate swap futures contracts, derivatives indices and emerging markets exchange business partnerships enabled by multi-asset trading technology.[49]

Deutsche Boerse invested in Digital Asset Holdings, a blockchain fintech firm. It also created fintech venture capital funding through its DB1 Ventures in June 2016, focused on finding firms that are of strategic value to the parent company. It also was an early investor in 2015 with Markit in the fintech venture capital fund called Illuminate, aimed at early-stage start-ups. The company is also a supporter of FinTech Hub in Frankfurt, aimed at helping start-ups in Germany.[50][51][52][53]

Its pre-IPO network, called Deutsche Boerse Venture Network, helped raise more than €1 billion of financing. It also created a new listing segment for its equity markets called Scale, to help match investors with small to medium enterprises.[54]

In July 2017, the company paid $10 million for a minority stake in Trumid, a U.S. broker-dealer that provides an electronic trading network for corporate bonds. Deutsche Boerse had already invested $28 million in Trumid earlier in the year through its DB1 Ventures group. Citgroup invested in Trumid in November 2019, through its Spread Products Investment Technologies program and took a chair on Trumid's advisory committee.[55][56]

In September 2017, Deutsche Boerse announced it took a minority stake in Trifacta, a firm specializing in data wrangling, in a continued effort to boost growth after its failure to merge with LSE.[57][58]

In January 2018, the company introduced an incentive scheme that encouraged banks to switch their clearing interest rate swaps to Deutsche Boerse's Eurex Clearing from London’s LCH, where most of the clearing of euro-denominated off-exchange derivatives took place.[59] The scheme boosted the notional volume of interest rate swaps cleared at Deutsche Boerse's Eurex business to more than €7 trillion in 2018, compared to just over €1tn the previous year.[60]

FX acquisitions[edit]

In July of 2015, the new CEO Kengeter made his first deal, buying 360T, a German foreign exchange platform that is registered as an MTF in the E.E. and SEF in the U.S. , for $796 million, beating out CME Group in the process. It was the exchange's biggest deal since the acquisition of ISE in 2007. Kengeters' second move was the aforementioned buy-out of SIX to give Deutsche Boerse full ownership of STOXX and Indexium. [61]

The company expanded its FX services in 2018 with the acquisition of GTX ECN, an institutional forex trading platform. On May 30, 2018, Deutsche Boerse announced the deal, which was executed through 360T, from GAIN Capital for $100 million. The move aimed to expand Deutsche Boerse's OTC FX business. GFX had more than 2,000 clients in more than 75 countries.[62] Deutsche Boerse also acquired the fund platform Swisscanto in 2018.[63]

On June 1, 2021, Deutsche Boerse announced that it would offer market participants access to historical FX data from 360T.[64]


In April 2019, Deutsche Boerse announced the acquisition of Axioma for $850 million. Axioma, a cloud-based portfolio and risk management software firm, will be folded into Deutsche Boerse's STOXX index business. General Atlantic is a minority investor in the deal. That deal paved the way for the creation of a new company called Qontigo, a financial intelligence and investment management advisory firm, introduced in September 2019.

Qontigo combines Deutsche Boerse's STOXX and DAX indexes and Axiomi's portfolio construction and risk analytics tools so customers can create various investments. The new firm is aimed at the buy-side intelligence area, offering indexing products and analytics. The company is a partnership between Deutsche Boerse and General Atlantic, which invested $720 million into the firm. Deutsche Boerse's STOXX and DAX index business was valued at €2.6 billion and Axioma at $850 million. The company is headquartered in Eschborn, Germany at Deutsche Boerse's headquarters, with offices in New York, London and Zug, Switzerland.[65][66]


In April 2023, Deutsche Boerse agreed to acquire the Danish financial software maker SimCorp for $4.3 billion in an all-cash public takeover. Deutsche Boerse also said it would merge its index provider Qontigo and its ESG data provider International Shareholder Services (ISS). [67]

Deutsche Börse announced the final results of its acquisition of SimCorp on September 22, 2023. Including share purchases made directly on the market, Deutsche Börse now holds about 94 percent of all SimCorp shares (excluding SimCorp treasury shares). The offering is expected to be settled and completed on September 29, 2023. Deutsche Börse is aiming to acquire the remaining minority shares as soon as possible, and it aims to stop listing SimCorp shares on Nasdaq Copenhagen.

Cryptocurrency initiatives[edit]

Shortly after the launch of the bitcoin futures contract on Cboe, a spokesman for Deutsche Boerse confirmed that it was looking into the possibility of launching its own futures contract.[68]

In March 2018 Deutsche Boerse announced a partnership with HQLAx, a London-based financial technology firm, to deploy R3's blockchain Corda technology for a new securities lending platform. The Eurex division of Deutsche Boerse was to contribute a trading platform.[69]

Bloomberg reported on May 23, 2018, that the acting Deutsche Boerse CEO, Jeffrey Tessler, had told attendees at a conference that Deutsche Boerse was "deep at work" on bitcoin.[70]

On August 28, 2018, Deutsche Boerse disclosed that it had expanded its relationship and made an investment in HQLAx for a minority stake of the company.[71]

In an interview published on the Deutsche Boerse website on August 30, 2018, Jens Hachmeister, the head of the new "DLT, Crypto Assets and New Market Structures" unit, said that "the DLT/blockchain technology is a key opportunity for the creation of new market structures, adding new products onto our present structures and enhancing our existing offerings." Taking a company-wide approach, the unit is staffed by 24 employees including Hachmeister.[72]

German news service reported that Xetra, Deutsche Boerse's electronic stock trading platform, made Advanced Blockchain AG available for trading on July 1, 2019. It is Xetra's first blockchain industry equity. Advanced Blockchain uses directed acyclic graph blockchain technology to support internet-of-things applications.[73]

In June 2020, Deutsche Boerse announced that it had listed the BTCetc Bitcoin Exchange Traded Crypto, a bitcoin-based exchange-traded note (ETN) cleared by Eurex Clearing, on its Xetra trading platform, making it the first centrally-cleared bitcoin product to be listed on the platform. The ETN is an exchange-traded bond that tracks the performance of bitcoin.[74][75]

The German exchange operator announced in March 2021 that it used distributed ledger technology (DLT)) to effectuate delivery-versus-payment in central bank money against the transfer of government securities. Deutsche Boerse said it used "two software modules – a trigger chain from the Bundesbank and a transaction coordinator from Deutsche Börse" for the connection. Barclays, Citibank, Commerzbank, DZ Bank, Goldman Sachs and Société Générale participated in the test, which, according to Deutsche Boerse, shows that DLT could be deployed throughout Target2, the European securities settlement system.[76]

CoinShares, a Jersey Island based cryptocurrency investment manager, announced on June 7, 2021 that Deutsche Boerse's Xetra is offering bitcoin, Litecoin and Ether physically backed exchange-traded products (ETP)s issued by CoinShares. The instruments were approved earlier by the Swedish regulator, allowing the ETPs to be traded throughout the European Union.[77]

In March of 2024 Deutsche Boerse launched a crypto spot platform for institutional clients called Deutsche Börse Digital Exchange (DBDX). The new platform said it would provide a fully regulated, secure ecosystem for trading, settlement and custody of crypto assets. Trading on the DBDX will initially take place on a request for quote (RFQ) basis, followed by multilateral trading. Crypto Finance (Deutschland) will provide settlement and custody services.[78]

  • Deutsche Börse Group headquarters in Frankfurt, Germany

Company Structure[edit]

Deutsche Boerse reports financial results in four segments:[3]

  • Xetra, the electronic trading platform which represents the cash markets (including the Frankfurt Stock Exchange).
  • Eurex, which represents the derivatives market. It includes:
European Energy Exchange for energy derivatives, commodities and CO2 certificates
Eurex Bonds offers a platform for inter-dealer off-exchange trading in fixed income securities
Eurex Repo offers secured money market business, such as securities lending
Eurex Clearing handles risk management both on- and off-exchange and is the largest central counterparty in Europe.
  • Clearstream is responsible for post-trade processes in the cash and securities markets, such as securities financing, collateral management and settlement services.
  • Market Data + Services provides information and technology services to markets, including prices, indicators and data for the DAX and STOXX indices, real time analytics and assistance with regulation. More than 30 platforms and exchanges use Deutsche Boerse Group's technology.[79]

Deutsche Boerse Group also runs the Deutsche Boerse Photography Foundation. Deutsche Boerse started to collect modern photography in 1999 and in 2015 formed the non-profit to continue its efforts in exhibiting and promoting photography.[80]

ESG at Deutsche Boerse Group[edit]

Information about CME Group’s corporate commitment to ESG can be found on its website here.

Key People[edit]

Office Locations[edit]

Image: Deutsche Börse Group world offices map


Deutsche Börse AG
The Cube, Mergenthalerallee 61, 65760 Eschborn, Germany

Deutsche Börse Photography Foundation gGmbH
Börsenplatz 4, 60313 Frankfurt/Main, Germany

Clearstream Global Securities Services Ltd.
2600 Cork Airport, Business Park, Kinsale Road, Cork, Ireland

Clearstream International S.A., Clearstream Banking S.A.
The Square, 42, Avenue JF Kennedy, L-1855 Luxembourg

Clearstream Operations Prague s.r.o.
Futurama Business Park, Building B, Sokolovská 662/136 B, 186 00 Prag 8, Czech Republic

Deutsche Börse Services s.r.o.
Futurama Business Park, Building B, Sokolovská 662/136 B, 186 00 Prag 8, Czech Republic

Eurex Global Derivatives AG
Baarerstrasse 135, 6300 Zug, Switzerland

STOXX Limited
Manessestrasse 85, 4th floor, 8045 Zurich, Switzerland

360 Treasury Systems AG
Grüneburgweg 16-18 / Westend Carrée, 60322 Frankfurt am Main, Germany

5, boulevard Montmartre, 75002 Paris, France

APX B.V. Amsterdam
Atlas Arena Amsterdam, Australia Building, 3rd floor, Hoogoorddreef 7, 1101 BA Amsterdam, Netherlands

APX Ltd. London
11 Westferry Circus, Canary Wharf, London E14 4HE, United Kingdom

North America

Deutsche Boerse Systems, Inc.
Willis Tower, 233 South Wacker Drive, Suite 2455, Chicago, IL 60606, USA

360 Trading Networks Inc.
521 Fifth Avenue, 38th Floor, New York, NY 10175, USA


360 Trading Networks LLC
Dubai International Financial Centre Liberty House, Level: 8, App. 810C, P.O. Box: 482036

360T Asia Pacific Pte. Ltd.
One George Street, #07-04 One George, Singapore 049415, Republic of Singapore

ThreeSixty Trading
Networks (India) Pvt Ltd, Level 8, Vibgyor Towers, G Block, C-62, Bandra Kurla Complex, Mumbai – 400 051, India

Deutsche Boerse Market Data+Services Singapore Pte Ltd
9 Raffles Place, #27-01 Republic Plaza, Singapore 048619, Reblic of Singapore


STOXX Australia Pty Ltd
Level 26, 44 Market Street, Sydney NSW 2000, Australia


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