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Deutsche Brse 0rcup. key fgures
!"#$ !"#!
%&'()*
,( -
%.(/.0,1'2*1 ,(3.4* /2'2*4*(2
Net revenue Cm 1,912.3 1,932.3 1
Net interest inccme frcm banking business Cm 35.9 52.0 31
0perating ccsts Cm 1,182.8 958.6 23
Earnings befcre interest anc tax (EBT) Cm 738.8 969.4 24
Net inccme Cm 478.4 645.0 26
Earnings per share (basic) C 2.60 3.44 24
0onsolidated cash fow statement
Cash Ncws frcm cperating activities exclucing CCP pcsiticns Cm 797.3 726.2 10
%.(/.0,1'2*1 5'0'(3* /&**2
Ncncurrent assets Cm 8,796.9 5,113.9 72
Equity Cm 3,268.0 3,169.6 3
Ncncurrent interestbearing liabilities Cm 1,521.9 1,737.4
1)
12
6*78.74'(3* ,(1,3'2.7/
Divicenc per share C 2.10
2)
2.10 0
Divicenc paycut ratic 61
3) 4) 8)
58
4) 5) 6) 7)
5
Emplcyees (average annual FTEs) 3,515 3,416 3
Net revenue per emplcyee C thcus. 544 566 4
Perscnnel expense ratic 22
4)
21
4)
5
EBT margin 39 50 22
Tax rate 26.0
8) 9)
26.0
6)
0
Return cn sharehclcers' equity (annual average)
10)
21 22 5
0rcss cebt / EBTD/ 1.5
4) 8)
1.6
4)
6
nterest ccverage ratic 20.1
4) 8)
15.2
4)
32
9&* /&'7*/
0pening price C 46.21 40.51 14
High C 60.48 52.10 16
Lcw C 44.51 36.25 23
Clcsing price C 60.20 46.21 30
:'7;*2 ,(1,3'2.7/
<*27' '(1 <*27' =7'(;8>72 ?@*3,'0,/2 97'1,()
Tracing vclume (singleccuntec) Cbn 1,104.2 1,111.3 1
A>7*B
Number cf ccntracts m 2,191.2 2,292.0 4
%0*'7/27*'4
\alue cf securities cepcsitec (annual average) Cbn 11,626 11,111 5
Number cf transacticns m 121.0 113.9 6
0lcbal Securities Financing (average cutstancing vclume fcr the pericc) Cbn 576.5 570.3 1
Transparency and safety key fgures
Prcpcrticn cf ccmpanies listec in the Prime Stancarc (fcr shares) as a
percentage cf all listec ccmpanies (by market capitalisaticn)


81

83

3
Number cf calculatec incices 10,513
11)
appr. 12,000 n. a.
System availability cf tracing systems (Xetra / Eurex) 99.969 99.999 0
Market risk clearec via Eurex Clearing (grcss mcnthly average) Cbn 15,861 15,080
12)
5
1) Therecf C1,160.0 millicn are repcrtec uncer "nterestbearing liabilities", anc the bcncs that will mature in fnancial year 2013 in the amcunt cf C577.4 millicn
are repcrtec uncer "0ther current liabilities" 2) Prcpcsal tc the /nnual 0eneral Meeting 2014 3) Figure basec cn the prcpcsal tc the 2014 /nnual 0eneral
Meeting 4) /cjustec fcr the ccsts cf mergers anc acquisiticns anc cf effciency prcgrammes 5) /cjustec fcr the ncntaxable inccme relatec tc the revaluaticn
cf the share ccmpcnent cf the purchase price paic fcr the acquisiticn cf the shares in Eurex Zrich /0 helc by SX 0rcup 6) /cjustec fcr expenses relatec tc
the revaluaticn cf the share ccmpcnent cf the purchase price paic fcr the acquisiticn cf the shares in Eurex Zrich /0 helc by SX 0rcup, a cnecff inccme frcm
the reversal cf ceferrec tax liabilities fcr ST0XX Ltc. basec cn a cecisicn by the Swiss Financial Superviscry /uthcrity anc a cnecff inccme frcm the reccgniticn
cf ceferrec tax assets resulting frcm the future pcssible cffsetting cf lcsses carriec fcrwarc by Eurex 0lcbal Derivatives /0 7) Net inccme / average sharehclcers'
equity fcr the fnancial year basec cn the quarterenc sharehclcers' equity balance 8) /cjustec fcr the ccsts cf the 0F/C settlement 9) /cjustec fcr the initial
reccgniticn cf ceferrec taxes cn tax lcss carry fcrwarcs cf a 0rcup ccmpany 10) Prc fcrma fgure inclucing US cpticns cf SE 11) n 2013 nc cirect ccmpariscn
tc previcus years numbers pcssible cue tc new calculaticn base frcm a new system 12) /cjustec fcr changes in calculaticn methccclcgy fcr Eurex Repc in the
year uncer review
Deutsche Brse 0rcup at a glance
C3
0ur six services
Respcnsibilities cf Executive Bcarc members
0ur fcur fnancial repcrting segments.
Breakccwn cf net revenue
Deutsche Brse 0rcup at a glance
Listing p. 16
CE0, CF0
Xetra Eurex Clearstream
Stcck exchanges bring ccmpanies
frcm the real eccncmy tcgether
with investcrs cn the capital
market. Bcth large, internaticnal
enterprises anc meciumsizec
ccmpanies raise equity cr cebt
capital via Deutsche Brse.
They can chccse frcm cifferent
transparency segments.
Benehts: nvestcrs can share in the
grcwth cf the real eccncmy anc
prcmcte it with their investments.
!"# %#&'()

Deutsche Brse

Brse Frankfurt

Xetra

Exchange tracing is as clcse as


ycu can get tc a "perfect market".
Deutsche Brse cperates regulatec
markets fcr equities, cerivatives
anc cther instruments, basec cn
its Xetra

anc Eurex

electrcnic
tracing systems.
Benehts: Prices are ceterminec cn
exchanges cn the basis cf free buy
anc sell cecisicns, which then
serve as guicelines fcr ccmpanies'
future prcspects.
!"# %#&'()

Xetra


Tracegate


T7

Eurex


Eurex Bcncs


Eurex Repc


nternaticnal Securities Exchange

Eurcpean Energy Exchange
Clearing is usec tc net cut claims
anc liabilities relating tc fnancial
instruments against each cther.
Eurex Clearing /0, Deutsche Brse
0rcup's clearing hcuse, acts as
a buyer fcr every seller anc a seller
fcr every buyer. Market participants
prcvice ccllateral tc manage the
risk that arises in tracing.
Benehts: Clearing is ccmparable
tc insurance against ccunterparty
cefault fcr market participants.
!"# %#&'()

Eurex Clearing

C7

/fter tracing anc clearing,
Clearstream Deutsche Brse
0rcup's pcsttrace services
prc vicer suppcrts market par
ticipants in settling their celivery
cbligaticns anc in hclcing the
securities pur chasec in safe
keeping. These securities can
then be usec as ccllateral.
Benehts: Pcsttrace services
enable market participants
tc satisfy legislatcrs' regulatcry
requirements reliably anc
effciently.
!"# %#&'()

Clearstream

LuxCSD

RE0STR
Tracing p. 17 Clearing p. 17 Pcsttrace p. 18
Cash & Derivatives Markets Clearstream
* +
,- +
,. +
Share cf Deutsche Brse 0rcup's net revenue attributable tc the segment ccncernec
!"
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ness incluces effciently crganising,
anc prcvicing stable systems fcr,
capital markets. Stancarcisaticn,
;)F/;$; .%)0*+)%,0-3 )0G ) 1%()G
range cf risk management services
)%, .@, .((2* .@). /. $*,* .( %,)-@
these gcals. The 0rcup alsc fccuses
cn making highquality sustainability
/0'(%;)./(0 )9)/2)12, .( ,0*$%,
.@). /09,*.(%* -)0 ;)5, %($0G,G
/09,*.;,0. G,-/*/(0*<
Ccmmittec, ccmpetent staff are
9/.)2 .( 6,$.*-@, AB%*, C%($+D*
business success. This is why,
in acciticn tc cffering attractive
remuneraticn anc abcveaverage
sccial benefts, its human rescurces
+(2/-3 -(0-,0.%).,* (0 ;,)*$%,*
prcmcting perscnal cevelcpment
as well as a better wcrklife
balance anc cn fcstering lively
cialcgue with staff.
/s a fnancial services prcvicer,
tcc, Deutsche Brse 0rcup is
respcnsible fcr ensuring an intact
envircnment. The ccre cbjective
cf its ecclcgical ccmmitment is tc
;,)*$%, )0G ;(0/.(% .@, ,'',-.*
its cperating activities have cn
.@, ,09/%(0;,0. )0G .( ;/0/;/*,
negative effects. Bcth emplcyees
)0G *,%9/-, +%(9/G,%* )%, /0-2$G,G
/0 .@/*<
/s a "gccc ccrpcrate citizen",
6,$.*-@, AB%*, C%($+ 1,-(;,*
/09(29,G /0 *(-/)223 %,2,9)0. .(+/-*<
t is active primarily at a regicnal
level anc is guicec by lccal neecs
). /.* 9)%/($* -(%+(%)., 2(-)./(0*<
The 0rcupwice spcnscrship guice
lines fccus cn inncvative, sus
tainable prcjects in the areas cf
ecucaticn anc science, culture
)0G *(-/)2 /09(29,;,0.<
T is the fcuncaticn fcr all
exchange services. Deutsche
AB%*, (+,%).,* G).) -,0.%,*
fcr tracing anc settlement anc
prcgrams the relatec scftware.
H. )2*( 1$/2G* )0G *$+,%9/*,*
the netwcrk linking participants.
Benehts: Reliable tracing anc
*,..2,;,0. *3*.,;* I )0G @,0-,
;)%5,. *,-$%/.3 I )%, .@, .(+
pricrity fcr T at Deutsche Brse.
!"# %#&'(

6,$.*-@, AB%*,
H0*./.$./(0)2 )0G +%/9)., /09,*.(%*
1)*, .@,/% G,-/*/(0* (0 ;)%5,.
cata which in turn create new
/0'(%;)./(0< 6,$.*-@, AB%*,
+%(G$-,* )0G G/*.%/1$.,* +%/-,
G).) '%(; /.* :$%,F )0G J,.%)
tracing systems anc incices cn
glcbal market trencs.
Benehts: Thanks tc their
incepencence, exchanges can
celiver cbjective measurements
(' ;)%5,. .%,0G*<
Dur brands

6,$.*-@, AB%*,

6KJ
L

ST0XX
L

Market News nternaticnal (MN)
:09/%(0;,0. +< =>M T services +< =N 4)%5,. G).) +< OP
T & Market Data Services
)* +
:;+2(3,,* +< =>M Ccrpcrate citizenship +< =>M
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New fnancial market regulaticns always require acjustments.
Deutsche Brse ensures regulatec anc transparent markets
that facilitate effcient, secure anc fair tracing. This will remain
the case in the future, tcc, even thcugh the envircnment is
changing at an ever faster pace.
Deutsche Brse 0rcup's wcrk anc cfferings secure the fcun
caticns cf the fnancial sectcr. /t the same time, the 0rcup
creates new markets in new regicns anc in areas that were
previcusly cffexchange anc thus cpens up fresh hcrizcns fcr
its custcmers. Wherever it has a presence, Deutsche Brse
alsc ccntributes tc the fcuncaticns cf the real eccncmy, which
is cepencent cn stable fnancial markets. Deutsche Brse is
expancing anc intensifying its glcbal business. /nc, it is
assuming respcnsibility familiar anc new perspectives that
can be fcunc in the 2013 ccrpcrate repcrt.
Hcw tc navigate arcunc this ccrpcrate repcrt
Ccrpcrate Respcnsibility tcpics
Reference tc a lccaticn in the repcrt
Reference tc a lccaticn cutsice cf the repcrt
!"#$%#$&
0ur shares
Deutsche Brse /0 shares
0ur services
Mcre than the tracing Nccr
0ur 2013
The year that was
Expancing hcrizcns
ncreasing effciency
/nchcring sustainability
Safeguarcing liquicity
Ensuring transparency
Facilitating grcwth
Securing stability
0ur strategy
Strategic perspectives
mpcrtant key fgures
Deutsche Brse 0rcup at a glance
Letter frcm the CE0
9
10
15
16
21
22
27
28
30
32
34
36
38
41
42
C2
C3 / 4
4
!"#$% %'() *+,#*%

Deutsche Brse 0rcup frst ccmbinec its annual
repcrt anc ccrpcrate respcnsibility (CR) repcrt in the
2012 repcrting pericc. The 0rcup is accpting this
ccncept again fcr the 2013 crpcrate repcrt, high
lighting cnce mcre hcw sccial respcnsibility anc
sustainability are anchcrec in all cf Deutsche Brse
0rcup's business areas.
The ccntent cf the repcrt anc the ccrpcrate respcnsi
bility incicatcrs are largely guicec by the thirc
generaticn cf guicelines cn sustainability repcrting
(3.1) issuec by the 0lcbal Repcrting nitiative (0R).
Their weighting takes intc acccunt the interests cf
key stakehclcers as well as the principle cf materia
lity. Since nct all 0R incicatcrs are applicable tc the
services prcvicec by an exchange crganisaticn, they
were supplementec by acciticnal relevant perfcr
mance incicatcrs anc infcrmaticn. Ycu can fnc a
ccmprehensive cverview cf all cf the 0R incicatcrs
in the cnline versicn cf this ccrpcrate repcrt uncer.
www.ccrpcraterepcrt2013.ceutschebcerse.ccm
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Deutsche Brse 0rcup internaticnal
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Letter frcm the CE0
!"#$ &'()*+$)+
Chief Executive 0ffcer
!"#$ &'#$"'()*"$& #+* $"#*"$&,
0ur ccmpany generatec stable net revenue cverall in 2013 cespite the ccntinuing ciffcult
-#.$(".(+(-/. "+0/$(+-"+1 #$(2+* 1'" 3($)*4 51 1'" &#-" 1/-", 3" "67#+*"* (2$ #-8/1/(2&
/+0"&1-"+1 7$(9$#--" #& #++(2+."* /+ )#&1 :"#$;& $"7($14 5& # $"&2)1, (2$ 7$(</1 8"<($" 1#6
=>?@AB C #<1"$ #*D2&1-"+1 <($ (+"E(<< <#.1($& C 3#& *(3+ #77$(6/-#1"): F 7"$ ."+1 (+ 1'"
7$"0/(2& :"#$4 G" .(+&./(2&): #.."71"* 1'/& "<<".1 #& # +"."&&#$: /+0"&1-"+1 /+ (2$ <212$"4
This alsc highlights cur frm belief in the ccntinuec success cf cur business mccel anc cur
.(-7#+:4 51 1'" &#-" 1/-", /1 721& 2& /+ # 8"11"$ &1#$1/+9 7(&/1/(+ 1'#+ -#+: (< (2$ .(-7"1/1($&4
!"21&.'" ?H$&";& >6".21/0" ?(#$* 3/)) 1'"$"<($" 7$(7(&" #+ 2+.'#+9"* */0/*"+* (< I J4KL 7"$
&'#$" 1( 1'" JLKM 5++2#) N"+"$#) O""1/+9, <($ # 1(1#) */0/*"+* (< #$(2+* I PQL -/))/(+4 A'/&
-(0" .(+1/+2"& (2$ .(-8/+#1/(+ (< # <($3#$*E)((R/+9 .($7($#1" &1$#1"9: 3/1' &'#$"'()*"$E
<$/"+*): 7#$1/./7#1/(+ /+ 1'" .(-7#+:;& &2.."&&4
S1#8/)/1: #+* +"3 $".($*& /+ &(-" (< (2$ 82&/+"&& #$"#&
A'" 7"$<($-#+." (< 1'" 82&/+"&& #$"#& 7$"&"+1& # -/6"* 7/.12$"T +"1 $"0"+2" <$(- !"21&.'"
?H$&" N$(27;& *"$/0#1/0"& "6.'#+9"& *".)/+"* 8: P 7"$ ."+1 1( I UMK -/))/(+ 8".#2&" &1(.R
-#$R"1 0()#1/)/1: 3#& #1 # '/&1($/. )(3 #+* -(+"1#$: 7()/./"& $"&2)1"* /+ )(3"$ *"-#+* <($
'"*9/+9 #-(+9 -#$R"1 7#$1/./7#+1&4
@+ 1'" .#&' -#$R"1, !"21&.'" ?H$&";& +"1 $"0"+2" /+ 1'" V"1$# &"9-"+1 $(&" 8: F 7"$ ."+1
1( I KFJ -/))/(+4 A'" 273#$* 1$"+* .(+1/+2"* #1 1'" 8"9/++/+9 (< JLKM4
W)"#$&1$"#-, (+" (< 1'" 3($)*;& )#$9"&1 ."+1$#) &".2$/1/"& *"7(&/1($/"& #+* )/X2/*/1: #+* .())#1"$#)
-#+#9"-"+1 &"$0/."& 7$(0/*"$, #.'/"0"* +"3 $".($* '/9'&4 @1& .2&1(*: 0()2-" /+.$"#&"* /+
JLKP 1( # +"3 $".($* (< #$(2+* I KJ 1$/))/(+, 1'#+R& 1( +"3 .2&1(-"$&, #-(+9 (1'"$ <#.1($&4
W)"#$&1$"#-;& +"1 $"0"+2" .)/-8"* 1( I YFM -/))/(+4 A'" /+.$"#&" 3#& <")1 /+ #)-(&1 #)) (< 1'"
&"9-"+1;& 2+/1&4 Z+): +"1 /+1"$"&1 /+.(-" <$(- 8#+R/+9 82&/+"&& $".($*"* # :"#$E(+E:"#$
*".)/+", *2" 1( 1'" )(3E/+1"$"&1E$#1" 7"$/(*4
A'" +"3 O#$R"1 !#1# [ S"$0/."& &"9-"+1, 3'/.' '#* 8""+ .$"#1"* 8: -"$9/+9 1'" 1".'+()(9:
#+* -#$R"1 *#1# 82&/+"&&"&, &#3 &1#8)" +"1 $"0"+2", #1 I PYY -/))/(+4
!$4 \"1( ]$#+./(+/
Chief Executive 0ffcer
W(&1 #+* .#7/1#) -#+#9"-"+1 $"-#/+ &2.."&&<2)
@+ 1'" 7#&1 :"#$&, 3" '#0" $"*2."* (2$ (7"$#1/+9 .(&1& (+ #+ #*D2&1"* 8#&/& C /+ &7/1" (< &1"#*:
inNaticn. Nc cther majcr market cperatcr has succeecec in ccing sc. We alreacy realisec 30
per cent cf the tctal savings uncer ancther effciency prcgramme, which we anncuncec in 2013,
/+ 1'" 7#&1 :"#$, #& 7)#++"*4 5+(1'"$ PL 7"$ ."+1 3/)) <())(3 /+ JLKM, #+* 3" 3/)) &"" 1'" <2))
&#0/+9& (< I UL -/))/(+ # :"#$ <$(- JLKY (+3#$*&4 ?: /-7)"-"+1/+9 1'/& 7$(9$#--", 3" 3/))
keep cur crganisaticn lean anc create the Nexibility neecec tc ccntinue investments in grcwth.
We are aware that this will place ccnsicerable cemancs cn cur emplcyees. Nct cnly cc we
$"X2/$" 1'"- 1( R""7 *#:E1(E*#: (7"$#1/(+& $2++/+9, 821 #)&( 1( <#." 1'" +"3 .'#))"+9"&
7$"&"+1"* 8: +"3 -#$R"1&, +"3 .2&1(-"$& #+* +"3 7$(*2.1&4 Z+ 8"'#)< (< 1'" "+1/$" >6".2E
1/0" ?(#$*, @ 3(2)* 1'"$"<($" )/R" 1( 1'#+R (2$ 3($R<($." <($ '"+." &".2$/+9 1'" .(-7#+:;&
)(+9E1"$- &2.."&&4
^(3"0"$, 3" #)&( $"*2."* (2$ .(&1 8#&" 3/1'(21 7211/+9 #+ "61$# 82$*"+ (+ "-7)(:""&T 3"
generatec large savings in 2013 by refnancing cur bcncs. n this way, we expect tc cut cur
</+#+./+9 .(&1& 8: #$(2+* I MF -/))/(+ /+ 1'" .2$$"+1 :"#$ .(-7#$"* 3/1' JLKJ4 A'/& *"-(+E
strates that we use the capital cur sharehclcers entrust tc us carefully, effciently anc with a
0/"3 1( 1'" <212$"4
A'/& #)&( *"-(+&1$#1"& (2$ .(--/1-"+1 1( # &2&1#/+#8/)/1:E8#&"* &1$#1"9:4 G" 7)#." 7#$1/.2)#$):
high value cn cur membership cf the Unitec Naticns 0lcbal Ccmpact anc cn implementing its
7$/+./7)"& /+ 1'" #$"#& (< '2-#+ $/9'1&, )#8(2$ &1#+*#$*&, 1'" "+0/$(+-"+1 #+* #+1/E.($$271/(+4
]($ 2&, # &2&1#/+#8)" &1$#1"9: -"#+& +(1 (+): .(--/11/+9 (2$&")0"& 1( ."$1#/+ "1'/.#) 0#)2"&,
821 #)&( 1( .$"#1/+9 ".(+(-/. 0#)2" <($ (2$ &'#$"'()*"$&4 ]($ 1'/& $"#&(+, /+1"9$#1"* $"7($1/+9 /&
/-7($1#+1 1( 2& C 8(1' #& $"9#$*& (2$ (3+ .(-7#+: #+* <($ 1'" .(-7#+/"& 1'#1 #$" )/&1"* (+
(2$ "6.'#+9"&4 @+ (2$ /&&2"$ 92/*", 3" '#0" .(-7/)"* 1$#+&7#$"+.: &1#+*#$*& <($ &2&1#/+#8)"
82&/+"&& #.1/0/1/"&, 3'/)" #+(1'"$ 92/*" 7$(0/*"& -#$R"1E*$/0"+ $".(--"+*#1/(+& <($ .(-7$"E
'"+&/0" .#7/1#) -#$R"1 .(--2+/.#1/(+&4
Diversifcaticn strategy anc new prccucts fcr the fnancial markets
A'" <#.1 1'#1 3" '")* (2$ 9$(2+* /+ JLKP *"&7/1" 1'" #*0"$&" "+0/$(+-"+1 &'(3& 1'#1 (2$
&1$#1"9: (< */0"$&/<:/+9 /+1( +"3 7$(*2.1&, &"$0/."&, #&&"1 .)#&&"& #+* -#$R"1& /& 3($R/+94
G" .(+1/+2" 1( 8" $#+R"* #-(+9 1'" 3($)*;& 1(7 "6.'#+9" ($9#+/&#1/(+& <())(3/+9 #+(1'"$
/+.$"#&" /+ (2$ -#$R"1 .#7/1#)/&#1/(+ C 8: PL 7"$ ."+1 )#&1 :"#$4 Z2$ &1$#1"9:, 3'/.' /& *"&/9+"*
1( 1#R" #*0#+1#9" (< &1$2.12$#) 9$(31' (77($12+/1/"&, <(.2&"& (+ .)"#$/+9 ZAW *"$/0#1/0"&,
.())#1"$#) #+* )/X2/*/1: -#+#9"-"+1, #+* <2$1'"$ "67#+&/(+ /+ 5&/#4
>2$"6 W)"#$/+9 '#& *"0")(7"* # ."+1$#) .(2+1"$7#$1: <($ .)"#$/+9 ZAW *"$/0#1/0"& 1$#+&#.1/(+& 1(
#))(3 -#$R"1 7#$1/./7#+1& 1( 7$"7#$" <($ 1'" +"3 $"92)#1($: $"X2/$"-"+1& #1 >_ )"0") #+* -""1
1'"- 3/1'(21 #+: 7$(8)"-& 3'"+ 1'": "+1"$ /+1( "<<".14 ?: 1'" "+* (< JLKP, (0"$ PL .)"#$/+9
7#$1/./7#+1& #+* -($" 1'#+ KJL /+&1/121/(+#) /+0"&1($& '#* $"9/&1"$"* <($ 1'" (<<"$/+9 C .)"#$): #
$"&(2+*/+9 &2.."&&4
?".#2&" (< 1'" +"3 $"92)#1($: $"X2/$"-"+1&, 3" #)&( #+1/./7#1" # )#&1/+9 /+.$"#&" /+ *"-#+*
<($ .())#1"$#) #+* )/X2/*/1: -#+#9"-"+1 &"$0/."&4 @+ )/+" 3/1' 1'/&, 3" #$" &:&1"-#1/.#)): "67#+*E
/+9 (2$ N)(8#) `/X2/*/1: ^28 3'/.' #))(3& 2& 1( 7$(*2.1/0"): -(8/)/&" (2$ 7$(0/&/(+ (< *"7(&/1"*
ccllateral. n the mecium tc lcng term, we expect this initiative tc celiver signifcant acciticnal
+"1 $"0"+2"4 A(9"1'"$ 3/1' 1'" 52&1$#)/#+ "6.'#+9" ($9#+/&#1/(+ #+* 1'" ."+1$#) &".2$/1/"& *"7(&/E
1($/"& /+ ?$#a/), S7#/+ #+* S(21' 5<$/.#, W)"#$&1$"#- '#& "&1#8)/&'"* 1'" `/X2/*/1: 5))/#+." C
a grcuping fcr strategic ccllabcraticn in the felc cf ccllateral management.
](.2& (< 9$(31' &1$#1"9: (+ 5&/#
@+ #**/1/(+ 1( 9$(31' /+ ZAW #+* 2+&".2$"* -#$R"1&, 3" 3/)) .(+1/+2" 1( <(.2& (+ "67#+*/+9
(2$ 82&/+"&& /+ 9$(31' $"9/(+&, 3/1' 7#$1/.2)#$ "-7'#&/& (+ 5&/#4 G" .)"#$): "+D(: #+ "6."))"+1
reputaticn in /sia anc have been able tc expanc cur links very signifcantly since we launchec
(2$ 5&/# /+/1/#1/0" )#&1 :"#$4
]())(3/+9 /+ 1'" <((1&1"7& (< 1'" &2.."&&<2) .((7"$#1/(+ 3/1' 1'" b($"# >6.'#+9" b\V, >2$"6
"+1"$"* /+1( # .((7"$#1/(+ #9$""-"+1 3/1' A5@]>V, 1'" A#/3#+ ]212$"& >6.'#+9"c 1'" $")"0#+1
)/+R /& "67".1"* 1( 9( )/0" /+ O#: JLKM4 51 1'" 8"9/++/+9 (< 1'" :"#$, 3" #++(2+."* 1'#1 3"
3(2)* &1$"+91'"+ 1'/& #))/#+." 8: #.X2/$/+9 # F 7"$ ."+1 /+1"$"&1 /+ A5@]>V4
W)"#$&1$"#- '#& #)&( &/9+"* # )"11"$ (< /+1"+1 3/1' 1'" S/+9#7($" >6.'#+9", SNV, 1( D(/+1):
*"0")(7 # .())#1"$#) -#+#9"-"+1 &()21/(+ 1'#1 .#+ 8" "61"+*"* 1( (1'"$ -#$R"1& /+ 1'" $"9/(+4
S/+9#7($" 3/)) #)&( 8" 1'" <(.2& (< (2$ .(+1/+2/+9 #.1/0/1/"& /+ 5&/#4 @+ .(+&2)1#1/(+ 3/1' 1'"
)(.#) &27"$0/&($: #21'($/1/"& #+* /1& 9)(8#) .2&1(-"$&, !"21&.'" ?H$&" /& .2$$"+1): &"11/+9 27 #
new clearing hcuse there, which we expect tc have signifcant strategic pctential. 0ur cbjective
/& 1( 7$(0/*" .)/"+1E($/"+1"* 7$(*2.1& #+* # $(82&1 /+<$#&1$2.12$" <($ 1'" "+1/$" 5&/#+ 1/-" a(+"
<$(- 1'/& 8#&" /+ 1'" )(+9 1"$- #+* '"+." 1( .(+1$/821" 1( 1'" &:&1"-/. &1#8/)/1: (< 1'" $"9/(+;&
capital markets. We have icentifec Singapcre as a suitable lccaticn tc achieve this, because
/1 /& &1$#1"9/.#)): 7)#."* #+* (<<"$& .2)12$#) )/+R& 1( 8(1' S(21' #+* >#&1 5&/#4 @1 #)&( '#& #
&1#8)" 7()/1/.#) #+* )"9#) <$#-"3($R #+* # 3"))E*"0")(7"* .#7/1#) -#$R"1 .2)12$" 1'#1 /& (7"+ 1(
/+1"$+#1/(+#) /+0"&1($&4
51 1'" "+* (< JLKP, 3" "+1"$"* /+1( # &1$#1"9/. .((7"$#1/(+ #9$""-"+1 3/1' ?#+R (< W'/+#,
3'/.' '#& 0"$: &1$(+9 .2&1(-"$ $")#1/(+&'/7& #.$(&& 1'" 9)(8"4 A(9"1'"$, 3" 3/)) *$/0" 1'"
*"0")(7-"+1 (< 1'" (<<&'($" $"+-/+8/ -#$R"1, #-(+9 (1'"$ 7$(D".1&4
51 1'" 8"9/++/+9 (< )#&1 :"#$, 3" #-#)9#-#1"* 1'" @+<($-#1/(+ A".'+()(9: =@AB #+* O#$R"1
!#1# d 5+#):1/.& #$"#& #+* &")".1"* "61"$+#) @A &"$0/."& /+ # &"7#$#1" &"9-"+14 A'/& .(-8/+#1/(+
is alsc starting tc bear fruit. Market participants beneft frcm better perfcrmance anc cptimisec
<2+.1/(+#)/1: 3/1'(21 '#0/+9 1( .(-7$(-/&" (+ &:&1"- &1#8/)/1:4 O($"(0"$, 3" D(/+"* <($."&
3/1' 1'" ?(-8#: S1(.R >6.'#+9" =?S>B 1( #*#71 (2$ +"3 *"$/0#1/0"& 1$#*/+9 &:&1"- 1( 1'"
lccal market, where it was rcllec cut in Ncvember.
Z21)((R
Z+ 1'/& 8#&/&, (2$ (0"$#)) #/- /& 1( 1#R" !"21&.'" ?H$&" N$(27;& 82&/+"&& -(*") 1( 1'" +"61
)"0") C 3/1'(21 )(&/+9 &/9'1 (< (2$ 1$#*/1/(+#) &1$"+91'&4 ?: *(/+9 &(, 3" #$" 8$(#*"+/+9 1'"
'($/a(+ #+* /+.$"#&/+9 1'" 7(1"+1/#) (< (2$ 82&/+"&&4 G" #$" 8".(-/+9 #+ /+1"9$#1"* 9)(8#)
prcvicer cf risk, liquicity anc ccllateral management services in all key asset classes, fnancial
7$(*2.1& #+* &"$0/."&4
A'/& 721& 2& /+ #+ "6."))"+1 7(&/1/(+ <($ 1'" :"#$ JLKM #+* 8":(+*4 A'#+R& 1( (2$ <212$"E
($/"+1"* &1$#1"9:, 3" #$" # .$/1/.#) &1"7 #'"#* (< (2$ .(-7"1/1($& C #)1'(29' 1'/& *("& +(1 -#R"
2& .(-7)"1"): 2+#&&#/)#8)"4 5+* (+ 8#)#+.", 1'" $"E$"92)#1/(+ (< 1'" .#7/1#) -#$R"1& 7$"&"+1&
#+ (77($12+/1: $#1'"$ 1'#+ # 1'$"#1 1( "6.'#+9" ($9#+/&#1/(+&4 A'/& */&1/+92/&'"& 2& <$(- )#$9"
parts cf the fnancial sectcr. 0ur grcwth initiatives are beccming mcre anc mcre establishec
#& 1'" $"E$"92)#1/(+ -"#&2$"& #$" /-7)"-"+1"* #.$(&& 1'" >_4
Z+ 1'/& 8#&/&, 3" #$" #8)" 1( /&&2" # 7(&/1/0" <($".#&1 <($ 1'" )(+9"$ 1"$-, 1(( C 2+1/) JLKU, 1(
be precise. /bcve all, the structural factcrs menticnec abcve make us ccnfcent. We are expectE
/+9 1( 9$(3 (2$ +"1 $"0"+2" /+ 1'" +"61 <(2$ :"#$& <$(- 1'" .2$$"+1 I K4Q 8/))/(+ 1( &(-"3'"$"
/+ 1'" $#+9" 8"13""+ I J4P 8/))/(+ 1( I J4U 8/))/(+, *"7"+*/+9 (+ ".(+(-/. *"0")(7-"+1& /+ (2$
-#$R"1 "+0/$(+-"+14 A'/& .($$"&7(+*& 1( #+ /+.$"#&" (< JL 1( ML 7"$ ."+14 _+)"&& (2$ 7()/1/.#)
"+0/$(+-"+1 &2**"+): *"1"$/($#1"&, 3" .(2)* "+&2$" /+ 1'/& 3#: 1'#1 >2$(7" 1#R"& # 7(&/1/(+ /+
the internaticnal ccmpetitive arena that allcws it tc exert a glcbally relevant inNuence, especially
/+ 1'" #$"# (< $"92)#1/(+4
G" #$" *")/9'1"* 1( '#0" :(2$ &277($1 (+ 1'/& D(2$+": #+* 3#+1 1( 1'#+R :(2 <($ :(2$ 1$2&14
G" 3/)) *( "0"$:1'/+9 /+ (2$ 7(3"$ 1( "+&2$" 1'" &:&1"-#1/., &2&1#/+#8)" *"0")(7-"+1 (< (2$
&'#$"* "+1"$7$/&", !"21&.'" ?H$&" 5N4
!"#$ &'()*+$)+
Chief Executive 0ffcer
The Eurcpean anc US equity markets ccntinuec their up
warc trenc cf the previcus year. Deutsche Brse /0 shares
alsc gainec 30 per cent in the ccurse cf the year, clcsing
at C60.20, the highest yearenc level since 2007. /rcunc
95 per cent cf cur sharehclcers are instituticnal investcrs
anc arcunc 84 per cent are ccmicilec cutsice 0ermany.
!"# %&'#(%
,-./01
,.2/02
"# %&' "()"
*+,-./0 12.'&
3( %&' "()3
*+,-./0 12.'&

)( !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Deutsche Brse /0 shares
The average annual return since the ccmpany's initial public
cffering in 2001 has been 12 per cent. The transparent infcr
maticn pclicy anc clcse ccntact with investcrs are an accec
bcnus. Deutsche Brse /0 was again rankec number cne fcr
its investcr relaticns activities in a survey ccncuctec by a
specialist magazine.
345+#6 7('8"#9 *$)#+)5" #:"+' ;$9+#+<" ;"'=$'7()*" +) 021>
During 2013, equity markets in Eurcpe anc the US ccntinuec their pcsitive trenc cf
the previcus year, reaching new highs in scme cases. Fcr example, the bluechip
D/X

incex encec the year at 9,552 pcints, a yearcnyear increase cf 25 per cent.
0ne cf the main factcrs criving this cevelcpment is the ccntinuec expansicnary
mcnetary pclicy being pursuec by central banks, which has resultec in histcrically
lcw interest rates. This increasec the attractiveness cf equities ccmparec with
cther asset classes. Tcwarcs the enc cf 2013, eccncmic cata frcm the US,
which was better than expectec in spite cf the bucget cispute, prcvicec further
impetus fcr glcbal equity markets. Hcwever, the pcsitive perfcrmance cf the
equity markets cnly hac a limitec impact cn Deutsche Brse 0rcup's business
activities. 0ne reascn is that tracing vclumes in equities anc equity cerivatives
cic nct rise tc the same extent as market incex levels. /ncther reascn is that in
2013 stcck market vclatility, an impcrtant factcr fcr sharebasec cerivatives,
reachec its lcwest level in several years. 0iven the 0rcup's mecium tc lcngterm
grcwth prcspects, Deutsche Brse /0's share price nevertheless perfcrmec pcsi
tively in 2013, clcsing at C60.20 cn 31 December (31 December 2012. C46.21).
This 30 per cent increase ccrrespcncs apprcximately tc the share price perfcrm
ance cf cther exchange crganisaticns as measurec by the Dcw Jcnes 0lcbal
Exchanges ncex, which rcse by 33 per cent in 2013. The ST0XX

Eurcpe 600
Financials ncex, which serves as the benchmark incex fcr the Executive Bcarc's
sharebasec remuneraticn anc which reNects the perfcrmance cf Eurcpean
fnancial stccks, rcse by 22 per cent in 2013.
)) Services 2013 Hcrizcns Strategic perspectives 0cvernance Management repcrt Financial statements Nctes Respcnsibility ?:('"9
@"5#9*:" AB'9" 9:('"9 ('" () (##'(*#+<" C$)DE#"'7 +)<"9#7")#
Deutsche Brse /0 shares cffer investcrs a gccc cppcrtunity tc participate in the
mecium tc lcngterm structural anc cyclical grcwth expectec fcr Deutsche Brse
0rcup (see Repcrt cn cppcrtunities cn pages 166 tc 171). What is mcre, since
the ccmpany fccuses ccntinucusly cn cperaticnal efficiency anc business has
high eccncmies cf scale, it expects ccnsclicatec net inccme tc increase signif
cantly in the lcng term. Distributicns ensure that Deutsche Brse's sharehclcers
cirectly participate in the ccmpany's success.
Since Deutsche Brse /0 went public in 2001, sharehclcers have beneftec
frcm an average annual return cf arcunc 12 per cent tc the enc cf 2013.
Deutsche Brse /0 share. key fgures
)*+, )*+)
Earnings per share (basic, acjustec)
1)
C 3.46 3.53
Divicenc per share C 2.10
2)
2.10
Divicenc cistributicn ratic
1)
61 58
Divicenc yielc
3)
4.1 4.8
0pening price (as at 1 Jan)
4)
C 46.21 40.51
High
5)
C 60.48 52.10
Lcw
5)
C 44.51 36.25
Clcsing price (as at 31 Dec) C 60.20 46.21
/verage caily tracing
vclume cn Xetra


m shares

0.7

1.0
Number cf shares (as at 31 Dec) m 193.0 193.0
therecf cutstancing (as at 31 Dec) m 184.1 184.1
Free Ncat (as at 31 Dec) 100 100
Priceearnings ratic
3)
14.7 12.4
Market capitalisaticn (as at 31 Dec) Cbn 11.7 8.9
1) /cjustec fcr effciency prcgramme ccsts, merger anc acquisiticn ccsts, anc ccsts relating tc the 0F/C investigaticn
(the latter cnly in 2013)
2) Fcr fnancial year 2013, prcpcsal tc the /nnual 0eneral Meeting 2014
3) Basec cn the vclumeweightec average cf the caily clcsing prices
4) Clcsing price cn prececing tracing cay
5) ntracay price
3F*:()D" G(#( $= @"5#9*:"
AB'9" HI 9:('"9
Stcck exchange. 0ermany,
Frankfurt (Prime Stancarc)
SN. DE0005810055
WKN. 581005

Frankfurt Stcck Exchange.
DB1

Reuters Xetra

tracing.
DB10n.DE

Blccmberg. DB1.0Y
increase in Deutsche Brse /0's share
price in the year uncer review
,* -
)" !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
This is signifcantly better than the D/X. in the same pericc, a cirect investment
in the 0erman benchmark incex wculc have yielcec an annual return cf arcunc
3 per cent.

Deutsche Brse /0 shares are representec in a series cf Eurcpean anc glcbal
equity incices, inclucing the D/X, the Dcw Jcnes 0lcbal Exchanges ncex, the
ST0XX Eurcpe 600 Financials anc the 0erman civicenc incex DivD/X

. Thanks
tc Deutsche Brse 0rcup's transparent repcrting cn its ccrpcrate respcnsibility
activities, the ccmpany was alsc representec in key sustainability incices in
2013, such as the FTSE40ccc ncex Series anc the Dcw Jcnes Sustainability
ncices. The ccmpany has alsc been representec in the /cvancec Sustainability
Perfcrmance ncex (/SP) since 2003, in the ECP Ethical ncex Eurc since
2008, anc in the MSC Wcrlc ES0 ncex anc the ST0XX

0lcbal ES0 Leacers


ncex since these twc incices were launchec in 2010 anc 2011, respectively.

C10,000 wcrth cf shares
at the time cf Deutsche
Brse /0's P0 amcuntec
tc C46,176 after reinvesting
the civicencs as at the enc
cf 2013.
Share price cevelcpment cf Deutsche Brse /0 anc benchmark incices in 2013
ncexec tc 28 December 2013
Daily clcsing price cf Deutsche Brse /0 shares
D/X

ST0XX

Eurcpe 600 Financials


Dcw Jcnes 0lcbal Exchanges
0
140
130
120
110
100
90
150
Jan Feb Mar /pr May June July /ug Sep 0ct Ncv Dec
)3 Services 2013 Hcrizcns Strategic perspectives 0cvernance Management repcrt Financial statements Nctes Respcnsibility ?:('"9
J)<"9#$' '"C(#+$)9 (*#+<+#+"9 K+) ()$#:"' (K('G
The ccmpany infcrmec existing anc pctential investcrs anc cther capital market
participants abcut its lcngterm strategy, cyclical factcrs anc the structural grcwth
crivers fcr its business cn numercus cccasicns curing the repcrting pericc. Ccm
municaticn fccusec cn the structural grcwth cppcrtunities arising frcm regulatcry
changes, such as 0TC cerivatives clearing in the Eurex segment anc ccllateral
management at Clearstream. Hcwever, the ccmpany alsc accressec risks arising
frcm changes in the regulatcry framewcrk, such as the pctential intrccucticn cf
a fnancial transacticn tax in scme EU member states.
Deutsche Brse /ktiengesellschaft helc its /nnual 0eneral Meeting in Frank
furt / Main cn 15 May 2013. /rcunc 29.5 per cent cf the share capital was repre
sentec (2011. 42.9 per cent, 2012. 59.7 per cent). The sharp yearcnyear
cecline in attencance was attributable tc twc main factcrs. Firstly, the special
civicenc fcr 2011 was a key factcr in lifting attencance in 2012 tc well abcve the
average fcr previcus years. Seccncly, uncertainty was createc amcng share hclcers
by a jucgement cf the Higher Regicnal Ccurt in Cclcgne, acccrcing tc which
ncminees enterec as prcxies in the share register have tc issue vcting rights
nctifcaticns in acccrcance with the Wertpapierhancelsgesetz (WpH0, 0erman
Securities Tracing /ct). This resultec in a signifcant cecline in attencance in
2013 fcr virtually all ccmpanies in 0ermany that have issuec registerec shares.
The ccmpany helc its seventh nvestcr Day at its heac cffice in Eschbcrn in
June 2013, infcrming ccmestic anc internaticnal analysts anc instituticnal
investcrs abcut the 0rcup's strategic pricrities anc current cevelcpments in the
incivicual business areas. n acciticn, the quality cf the 0rcup's investcr relaticns
activities was ccnfirmec in a survey cf instituticnal investcrs anc financial
analysts ccncuctec by "nstituticnal nvestcr" magazine. Deutsche Brse /0
successfully cefencec its number cne ranking in the "Best nvestcr Relaticns"
categcry in the "Specialty & 0ther Finance" sectcr.
/t rcacshcws anc
ccnferences, Deutsche
Brse helc well cver 500
cnecncne ciscus sicns
with investcrs.
increase in share value since P0
,.) -
)! !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
H##'(*#+<" G+<+G")G =$' () +)#"')(#+$)(C +)<"9#$' L(9"
The prcpcrticn cf ncn0erman sharehclcers rcse slightly yearcnyear tc arcunc
84 per cent (2012. 81 per cent), anc there was a clear shift frcm 0ermany
anc cther ccuntries tc the US. This is largely asscciatec with the return cf US
investcrs, whc hac recucec their pcsiticns in Eurcpean shares cue tc the
uncertain eccncmic situaticn in the eurc zcne. The number cf sharehclcers cf
Deutsche Brse /0, ceterminec cn the basis cf the share register anc analyses
cf sharehclcings, ceclinec by apprcximately 10,000 tc arcunc 60,000 in the
year uncer review, primarily as a result cf a fall in the number cf retail investcrs.
The prcpcrticn cf instituticnal investcrs, measurec in terms cf the number cf
shares, rcse tc arcunc 95 per cent in 2013, ccmparec with arcunc 93 per cent
in the previcus year.
Deutsche Brse /0's Executive Bcarc anc Superviscry Bcarc will prcpcse a
civicenc cf C2.10 per share fcr fnancial year 2013, tc the /nnual 0eneral
Meeting cn 15 May 2014 (2012. C2.10). This means that, acjustec fcr ncn
recurring effects, the cistributicn ratic amcunts tc 61 per cent cf ccnsclicatec
net inccme fcr the year.
M(N$'+#6 $= L56 $' :$CG '"*$77")G(#+$)9
/rcunc 30 analysts frcm banks anc securities tracing frms publishec regular
earnings fcrecasts fcr anc research cn Deutsche Brse /0 in the repcrting
pericc. /s at 31 December 2013, 28 per cent cf analysts reccmmencec buying
Deutsche Brse /0 shares (2012. 61 per cent). This ccmpares with 48 per cent
(2012. 32 per cent) whc issuec hclc reccmmencaticns anc 24 per cent (2012.
7 per cent) with sell reccmmencaticns. The yearcnyear cecline in the prcpcr
ticn cf buy reccmmencaticns is primarily cue tc the signifcant increase in the
share price, which reachec the target price fcr a number cf analysts. The average
target price set by analysts was C55 at the enc cf 2013 (2012. C48).
Ycu can fnc upcates cf
analyst reccmmencaticns at
www.ceutschebcerse.
ccm / ir_e > /nalysts
1. O 0ermany
US/ >P O
1Q O UK
0ther ccuntries >2 O
Share cf internaticnal investcrs
Securities anc cerivatives, cr ccmmccities are tracec cn stcck
exchanges. Deutsche Brse 0rcup cperates cash markets fcr
tracing securities, anc cerivatives markets fcr tracing ceriva
tives ccntracts such as futures cr cpticns. But the functicns it
perfcrms extenc far beycnc the crganisaticn cf tracing.
!"# %(#/01(%
M('8"# G(#(
R+9#+)D
S$9#E#'(G"
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T'(G+)D
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Beycnc the tracing Nccr
/s a civersifiec exchange crganisaticn, Deutsche Brse
0rcup's prccucts anc services ccver the entire value chain
in the fnancial sectcr its business areas range frcm the
acmissicn cf secu rities tc listing, thrcugh tracing, clearing
anc settlement, ccwn tc custccy cf securities. Furthermcre,
Deutsche Brse prcvices T services anc market cata fcr
its tracing platfcrms wcrlcwice.
R+9#+)D ;'$<+G"9 *$7;()+"9 (**"99 #$ #:" *(;+#(C 7('8"#9
The exchange brings tcgether ccmpanies seeking capital with investcrs prcvicing
it, anc banks anc cther service prcvicers act as intermeciaries in the prccess.
Large, meciumsizec anc ycung ccmpanies can all raise equity cr cebt capital
cn the exchange. Ccmpanies increase their equity by issuing shares, while their
investcrs are grantec a say in the ccmpany in return. Befcre a security can be
tracec, it must frst be acmittec tc anc listec cn the exchange.
Deutsche Brse cperates the Frankfurter Wertpapierbrse (FWB

, the Frankfurt
Stcck Exchange), an instituticn gcvernec by public law, where ccrpcrate securities
are listec in acccrcance with strict legal requirements anc stcck exchange rules.
Deutsche Brse cffers ccmpanies three transparency stancarcs tailcrec tc the neecs
cf each ccmpany. while the 0eneral Stancarc ensures the level cf transparency
prescribec by the EU, the Entry Stancarc, which is gcvernec by private law,
impcses the minimum stancarcs necessary frcm the investcrs' pcint cf view.
By ccntrast, the Prime Stancarc guarantees maximum transparency, which is
why it is the stancarc preferrec by internaticnal investcrs.
R+9#+)DV
taking ycur ccmpany public
)5
T'(G+)DV C+45+G+#6 ()G 9#(LC" '5C"9 ")95'" =(+' ;'+*+)D
Exchanges are marketplaces where stancarcisec prccucts such as equities cr
cerivatives are each tracec uncer the same ccnciticns. Suffcient liquicity plays
a crucial rcle in ensuring efficient executicn cf securities crcers. Exchange
tracing is transparent, supervisec anc ncw primarily carriec cut electrcnically.
This ensures fair, transparent prices, thereby making exchanges the preferrec
marketplace fcr buyers anc sellers.
Deutsche Brse's cash market prcvices effcient access tc the capital markets,
suppcrts latest tracing techniques, anc cffers a ccntinually expancing range cf
traceable securities. The fully electrcnic Xetra

tracing system sets highest


stancarcs in reliability, security, speec anc inncvaticn. nstituticnal investcrs
in particular, but alsc private investcrs, value the transparency anc speec
cf tracing at lcw ccsts that Xetra enables. Tracing screens allcw investcrs tc
access a range cf abcut 1 millicn 0erman anc internaticnal securities.
Deutsche Brse's Eurex cerivatives exchange is cne cf the wcrlc's largest
regulatec markets fcr cerivatives tracing. Derivatives are fnancial instruments
cerivec frcm cther instruments (e.g. equities, incices, bcncs, currencies, cr
ccmmccities). Eurex prcvices access tc a brcac range cf futures anc cpticns
ccntracts cn interest rate, equity incex anc equity prccucts. By tracing in
cerivatives, investcrs are able tc hecge against market anc price risks arising
frcm equities anc bcncs, fcr instance.
UC"('+)D ;'$#"*#9 7('8"# ;('#+*+;()#9 (D(+)9# *$5)#"';('#6 G"=(5C#
Clearing means that tracec fnancial instruments are nettec anc guaranteec at the
same time. Upcn ccnclusicn cf a transacticn, the clearing hcuse autcmatically
steps in as a buyer fcr each seller anc a seller fcr each buyer beccming a sc
callec central ccunterparty. t guarantees the settlement cf a transacticn ("celivery
against payment"), thereby eliminating incivicual ccunterparty risk fcr market
participants. Central clearing thus ccvers market participants against the risk cf
cefault by their tracing partners.
T'(G+)DV
stancarcisec anc transparent
marketplace
UC"('+)DV
netting anc ccllateralisaticn
cf transacticns
?"'<+*"9 2013 Hcrizcns Strategic perspectives 0cvernance Management repcrt Financial statements Nctes Respcnsibility Shares
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Eurex Clearing /0, Eurcpe's leacing central ccunterparty, perfcrms this functicn
fcr Deutsche Brse 0rcup. Eurex Clearing prcvices effective risk management fcr
all participants tracing equities, cerivatives, fixecinccme securities anc repcs
fcr bcth exchangetracec anc cffexchange (cvertheccunter, 0TC) transacticns.
Since the clearing hcuse initially nets cffsetting buy anc sell pcsiticns, the
number cf transacticns tc be settlec, anc thus alsc the expcsure risk asscciatec
with the cpen pcsiticns, is recucec. Eurex Clearing calculates the tctal expcsure
risk asscciatec with the clearing participant's cpen pcsiticns anc requests the
cepcsit cf a margin in the fcrm cf cash cr securities (ccllateral). These margins
are acjustec ccntinucusly sc that the cepcsitec ccllateral accurately matches
the current expcsure risk cf the clearing participant frcm its cpen pcsiticns. Thus,
margining ccmprises the entire prccess, inclucing the valuaticn, calculaticn anc
management cf ccllateral. This risk management is Eurex Clearing's ccntributicn
tc the stability anc integrity cf the markets.
5tructured post-tradin ensures efhcient settIement and safe custody
Pcsttrace services prcmcte the security cf the capital markets. They guarantee
the smccth settlement cf a transacticn, meaning that the incivicual pcsiticns are
prccessec ccrrectly after a transacticn is ccmpletec anc cash is exchangec fcr
securities. /ncther functicn cf pcsttracing is tc crecit the custcmer's custccy
acccunt anc tc ensure the custccy cf securities at a central lccaticn at the same
time. Custcmers are alsc able tc use certain securities as ccllateral fcr further
transacticns.
Clearstream, Deutsche Brse 0rcup's Luxembcurgbasec internaticnal central
securities cepcsitcry, is respcnsible fcr settling securities transacticns wcrlcwice
anc fcr the custccy cf securities. Clearstream manages the assets ccncernec
while they are in custccy anc perfcrms services such as implementing ccrpcrate
acticns, civicenc payments, cr tax services.
S$9#E#'(G"V
secure settlement
anc custccy
market risk clearec via Eurex Clearing
(grcss mcnthly average)
2+345.+ 6077089
)6
Clearstream thus prcvices the pcsttrace infrastructure fcr bcncs, equities,
investment funcs anc cther asset classes tracec in 0ermany anc internaticnally.
Clearstream helc in custccy equities, bcncs anc funcs amcunting tc mcre than
C12.0 trillicn a sum fcur times as great as the 0erman grcss ccmestic prccuct.
JT 9"'<+*"9 D5('()#"" #:" ;"'7()")# (<(+C(L+C+#6 ()G '"C+(L+C+#6 $= #'(G+)D ()G
;$9#E#'(G+)D 969#"79
Tccay, exchanges are alsc technclcgy businesses. This is why Deutsche Brse
prcvices netwcrks, highperfcrmance ccmputers anc the scftware fcr the tracing
anc pcsttracing business all cver the wcrlc. t alsc ensures that the scftware is
available arcunc the clcck. The ccntinucus enhancement cf inncvative technc lcgies
alsc ensures system reliability in the future, enabling a high cegree cf effciency.
/t the same time, this T infrastructure prcvices a stable fcuncaticn fcr the value
chain frcm tracing tc clearing anc settlement ccwn tc custccy.
Deutsche Brse's acvancec technclcgies alsc make it cne cf the wcrlc's leacing
T ccmpanies. Fcr example, it supplies specially tailcrec T scluticns tc cther
exchanges anc fnancial services prcvicers, anc ccnnects custcmers anc partners
glcbally. n crcer tc manage the steacily increasing vclume cf cata traffc anc
tc ensure smccth tracing anc pcsttracing, Deutsche Brse regularly upgraces
its scftware tc the very latest state cf the art. The fccus here is always cn new
functicns that allcw the market participants tc acapt their prccesses tc the
changing regulatcry framewcrk quickly anc easily.
JT 9"'<+*"9V
reliable tracing anc
settlement systems
availability cf the internaticnal central
securities cepcsitcry
::;::5 -
?"'<+*"9 2013 Hcrizcns Strategic perspectives 0cvernance Management repcrt Financial statements Nctes Respcnsibility Shares
"( !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Market data provide transparent benchmarks for hnanciaI decisions
Decisicns mace by the players cn the fnancial markets are basec tc a signifcant
extent cn infcrmaticn prcvicec by Deutsche Brse, amcng cthers. market cata.
Market cata is either transmittec cirectly by Deutsche Brse cr recistributec by
what are kncwn as cata venccrs, e.g. Blccmberg cr Thcmscn Reuters. /s an
incepencent infcrmaticn prcvicer, Deutsche Brse serves a range cf target grcups.
Bcth private anc instituticnal investcrs, asset managers, securities tracing hcuses,
cr hecge funcs use the infcrmaticn prcvicec tc analyse the current market situa
ticn anc then tc cecice cn their future investment strategies, risk pcsiticns, cr
securities issues.
Deutsche Brse cffers market anc reference cata in real time. The mcst impcr
tant prccuct grcups incluces its range cf mcre than 10,500 incices, lec by the
D/X

incex, which reflects trencs in the 0erman eccncmy. This eccncmic


incicatcr, which criginally cnly measurec changes in the quctec market value cf
the 30 largest 0erman ccmpanies listec cn the Frankfurt Stcck Exchange, is ncw
the ccre cf an entire family cf incices. /mcng cther things, investcrs use these
incices as benchmarks fcr ccmparing the perfcrmance cf their investments.
Deutsche Brse's cata pcrtfclic alsc extencs tc price cata frcm the Eurex

anc
Xetra tracing systems, as well as tracing statistics, research, ccmpany master
cata, fnancial news anc eccncmic cata.
M('8"# G(#(V
cistributicn cf tracing
infcrmaticn
structurec prccucts use an incex cisseminatec
by the 0rcup
)*.4***
2013 was ccminatec at cne anc the same time by new equity
anc incex highs anc uncertainty abcut the future regulatcry
envircnment. Fcr Deutsche Brse, it was a year cf recrganisaticn
anc new beginnings. The ccmpany usec this year tc lay the
fcuncaticn fcr fresh grcwth in a new fnancial envircnment
anc it cic this acrcss all areas.
!"# )*+,
W()5('6
Jcintly with partners frcm
/ustralia, Brazil, Spain anc
Scuth /frica, Clearstream
fcuncs Liquicity /lliance in
crcer tc fnc scluticns fcr the
glcbal challenge facing the
ccllateral management area.
W5)"
Eurex successfully
ccmpletes migraticn
tc T7, Deutsche Brse
0rcup's glcbal tracing
architecture.
@"*"7L"'
T/FEX, the Taiwan
ese futures anc
cpticns exchange,
anc Eurex anncunce
launch cate fcr prcc
uct cccperaticn.
W5C6
Deutsche Brse's blue
chip incex D/X

turns
25. a success stcry.
Even curing turbulent
times, the benchmark
incex fcr the 0erman
equity market cculc
always be reliec cn tc
be incepencent, uninNu
encable anc neutral.
W5)"
The new risk management
system Eurex Clearing
Prisma

calculates the
ccllateral tc be cepcsitec
acccrcing tc a methccclcgy
which is basec cn the
participants' entire pcrt fclic.
This new methc cclcgy
is cesignec tc strengthen
market security anc
imprcve effciency.
?";#"7L"'
/ Best Practice 0uice cn sustaina bility
repcrting fcr listec ccmpanies cffers
reccmmencaticns fcr integratec
capital markets ccmmunicaticn cf
sustainability tcpics.

X$<"7L"'
Deutsche Brse recri
ents tracing at Brse
Frankfurt, the Frankfurt
Stcck Exchange, by
intrc cucing a quality
guarantee tc tracing.
n acciticn, all struc
turec prccucts are ncw
tracec uncer the "Brse
Frankfurt" branc.


"" !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Listin: new companies hndin their way to the stock exchane
Ten ccmpanies mace it cntc the tracing Nccr cf the Frankfurt Stcck Exchange in
2013, issuing shares with a value cf C6 billicn. nvestcrs prcvicec ccmpanies
with apprcximately C9.5 billicn by way cf capital increases via the Frankfurt
Stcck Exchange. n acciticn, 29 ccrpcrate bcncs with an issue vclume, as given
in the prcspectuses, cf arcunc C1.8 billicn were placec via the Frankfurt Stcck
Exchange in the ccurse cf the year.
n /ugust, Deutsche Brse anc Phinec, a ncnprcft analysis anc ccnsulting
institute, launches a series cf guices ccvering issues such as ccrpcrate citizen
ship anc ccrpcrate ccnaticns. The series cffers acvice cn hcw ccmpanies can
effectively practise sccial engagement.
T'(G+)DV =$*59 $) ;('#)"'9:+;9 +) H9+(
0ne cf the fccuses cf Deutsche Brse 0rcup's cverarching strategic crientaticn
is prcmcting existing business relaticnships anc tapping new markets in /sia.
The 0rcup aims tc ccnnect custcmers in the regicn tc the glcbal tracing netwcrk,
expanc the range cf traceable prccucts anc enter intc prccuct anc technclcgy
partnerships with lccal market cperatcrs. Scme examples cf the successes
achievec by Deutsche Brse 0rcup in /sia.
Deutsche Brse 0rcup began the past year with a change at
the highest level. since the start cf 2013, /ncreas Preuss has
alsc heacec the cash markets area alcngsice the cerivatives
business. T anc the market cata business were bunclec
uncer the leacership cf Hauke Stars. The ccmpany is ncw
mcre efficient thanks tc this streamlining cf the leacership
structure as can be seen frcm a large number cf successes
in all business areas.
2013 the year that was
R+9#+)DV
P0s, capital increases,
anc ccrpcrate bcncs
T'(G+)DV
expansicn cf wcrlcwice
trace relaticns
!"

!"#$%&'" )*+%" %,-."/ 0 %$+0$"-,& &112"+0$,1. 0-+""3".$ 4,$' $'" )0.5 16
7',.08 1." 16 $'" 31%$ ,321+$0.$ 90.5% ,. $'" :"12;"<% ="2#9;,& 16 7',.0>
?'" ;"$$"+ 16 ,.$".$ %#93,$$"/ 9@ 91$' 20+$,"% ,% 0 +"%#;$ ,. 20+$ 16 $'" A+1#2
stepping up its activities anc its representative cffces in China. The "China
Eurcpe Derivatives Market Fcrum" was helc fcr the frst time in the past year,
61+ "B032;"> CD"+ EEF +"2+"%".$0$,D"% 6+13 7',."%" "B&'0.-"%8 %#2"+D,%1+@
0#$'1+,$,"%8 $'" 7',."%" G#$#+"% H%%1&,0$,1. I7GHJ 0./ 1$'"+ ,.%$,$#$,1.%
$115 20+$ ,. $'" &1.6"+".&">

G1;;14,.- ,. $'" 611$%$"2% 16 $'" %#&&"%%6#; &112"+0$,1. 4,$' $'" K1+"0
LB&'0.-" M /"+,D0$,D"% 1. K1+"0<% 9".&'30+5 KCN:O ,./"B '0D" 9"".
$+0/"09;" 1. $'" L#+"B 2;0$61+3 %,.&" EFPF M L#+"B 0./ $'" ?0,40. G#$#+"%
LB&'0.-" 4,;; 166"+ /"+,D0$,D"% $+0/,.- 1. ?0,40.<% ?HOLQ 9".&'30+5 ,./"B
6+13 R0@ EFPS>

L#+"B .14 '0% 0+1#./ EF "B&'0.-" 20+$,&,20.$% 6+13 H%,0 $'0$ 0+" /,+"&$;@
&1.."&$"/ $1 $'" ."$41+5> L#+"B 0$$+0&$"/ $'" 6,+%$ K1+"0. 0./ T020."%"
20+$,&,20.$% 0./ 0/3,$$"/ $'"3 $1 $+0/,.- ,. EFPU>

H% 20+$ 16 0 %$+0$"-,& 20+$."+%',2 4,$' $'" )1390@ N$1&5 LB&'0.-"8 ?V M $'"
$+0/,.- 0+&',$"&$#+" /"D";12"/ 9@ !"#$%&'" )*+%" 0./ #%"/ 9@ L#+"B LB&'0.-"
0./ $'" O.$"+.0$,1.0; N"&#+,$,"% LB&'0.-" IONLJ M 40% %#&&"%%6#;;@ ,32;"3".$"/
1. $'" ;1&0; /"+,D0$,D"% "B&'0.-">
n the cash market, the frst tracing participant frcm Hcng Kcng was ccnnectec
$1 $'" 6#;;@ ";"&$+1.,& Q"$+0
W
$+0/,.- %@%$"3 ,. EFPU> O. 0//,$,1.8 $'" )#/02"%$
N$1&5 LB&'0.-" 3,-+0$"/ ,$% ";"&$+1.,& %"&#+,$,"% $+0/,.- $1 $'" Q"$+0 %@%$"3 0$
$'" "./ 16 $'" @"0+> G#+$'"+ &'0.-"% 0$ $'" G+0.56#+$ N$1&5 LB&'0.-" ,.&;#/"/
a clearer prcfle. since the enc cf 2013, structurec prccucts have cnce again
9"". $+0/"/ #./"+ $'" #39+";;0 16 $'" G+0.56#+$ N$1&5 LB&'0.-"> O.D"%$1+% 1.
$'" G+0.56#+$ N$1&5 LB&'0.-" '0D" 0;%1 9"". 09;" $1 +";@ 1. 0 X#0;,$@ -#0+0.$""
since 0ctcber 2013. Brse Frankfurt has been prcvicing investcrs with a guarantee,
".%#+,.- $'0$ $'"@ 4,;; 9" 09;" $1 9#@ 1+ %";; A"+30.8 L#+12"0.8 0./ YN 9;#"Z
&',2% 0% 4";; 0% "B&'0.-"Z$+0/"/ ,./"B 6#./% 0$ 0 2+,&" 4',&' 30$&'"% 1+ 9"0$%
$'" 2+,&" 166"+"/ 1. $'" +"%2"&$,D" +"6"+".&" 30+5"$> O6 .1$8 $'" %2"&,0;,%$% 4,;;
+"6#./ $'" /,66"+".&">
&1.$+0&$%8 $'"+"16 P8[[E 3,;;,1. 1. L#+"B LB&'0.-"8
\U] 3,;;,1. 1. ONL
!"#$ &'((')*
N"+D,&"% !"#$ Hcrizcns N$+0$"-,& 2"+%2"&$,D"% A1D"+.0.&" R0.0-"3".$ +"21+$ G,.0.&,0; %$0$"3".$% ^1$"% ="%21.%,9,;,$@ N'0+"%
"! !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
UC"('+)DV +7;'$<"G '+98 7()(D"7")# K+#: S'+97( ()G 35'"FYTU UC"('
Eurex Clearing, the 0rcup ccmpany respcnsible fcr clearing, further cptimisec
its cffering fcr secure anc efficient risk management. /n impcrtant step in this
cirecticn was the launch cf the new Eurex Clearing Prisma

risk management
system in the miccle cf the year. Fcr the first time, the entire pcrtfclics are
assessec frcm a risk perspective, reNecting all markets anc prccucts with similar
risk characteristics. This enables clearing participants tc make effcient use cf
capital, a key strength cf the new system in light cf the grcwing regulatcry capital
requirements fcr market participants.
Eurex Clearing is alsc expancing its range cf 0TC (cvertheccunter)tracec ceriva
tives prccucts. Eurex0TC Clear fcr interest rate swaps ncw has 32 participants,
inclucing leacing internaticnal banks such as Bank cf /merica Merrill Lynch anc
0clcman Sachs. Eurex0TC Clear enables users tc meet the upccming clearing
cbligaticn fcr 0TCtracec cerivatives in Eurcpe, aheac cf its entry intc fcrce.
S$9#E#'(G"V +)#"')(#+$)(C *$$;"'(#+$) +) ;$9#E#'(G+)D L59+)"99 "F#")G"G
Clearstream Deutsche Brse 0rcup's pcsttrace services prcvicer alsc fccusec
cn initiatives that increase bcth the security anc effciency cf prccesses in the
securities business. Clearstream further expancec its risk anc liquicity manage
ment cffering the 0lcbal Liquicity Hub in line with the stricter regulatcry
capital requirements fcr its custcmers arcunc the wcrlc.
Clearstream establishec the Liquicity /lliance tcgether with partners in /ustralia,
Brazil, Spain anc Scuth /frica in January. This fcrum aims tc fnc glcbal scluticns
tc meet the stricter capital requirements affecting, amcngst cthers, ccllateral
management at banks anc fnancial services prcvicers arcunc the wcrlc. n this
ccnnecticn, its partnerships with the central securities cepcsitcries in /ustralia,
Spain anc Scuth /frica went live in 2013, these ncw use Clearstream's ccllateral
management technclcgy. Tcgether with the Singapcre Exchange, Clearstream aims
tc cevelcp a ccllateral management scluticn with the ambiticn tc extenc it within
the regicn, the letter cf intent has alreacy been signec. Furthermcre, the ccllat
eral management scluticn cevelcpec by Clearstream anc BNP Paribas Securities
Services has alreacy gcne live. This service enables client ccllateral tc be usec
as efficiently as pcssible, cther custccian banks such as Citi Securities Services
anc Stancarc Charterec intenc tc fcllcw this example.
UC"('+)DV
launch cf new risk
management system
S$9#E#'(G"V
effcient answers tc
regulatcry requirements
clearing members frcm 16 ccuntries
+<3
"7
0ne cf Clearstream's gcals is tc make ccllateral available by prcvicing access tc
ccmestic markets. /ncther is tc enable custcmers tc ccver expcsures tc cifferent
clearing hcuses via the 0lcbal Liquicity Hub. Clearstream therefcre ccnnectec
Dubai 0clc & Ccmmccities Exchange tc the 0lcbal Liquicity Hub in 2013 as a
further central ccunterparty. Clearstream is alsc stepping up effcrts tc expanc its
cffering in this area tc ncnbanks, which can prcvice the capital anc liquicity
requirec by the fnancial services sectcr. The 0lcbal Liquicity Hub is increasingly
beccming a central ncce fcr glcbal ccllateral management.
This is scmething that cur custcmers value. Clearstream was able tc win UBS
nvestment Bank as a custcmer thanks in part tc its fcrwarclccking ccllateral
management anc securities lencing services. UBS has usec Clearstream as its
primary internaticnal central securities cepcsitcry fcr the glcbal securities business
in its nvestment Bank anc Wealth Management businesses since the enc cf 2013.
JT 9"'<+*"9V 35'"F C(5)*:"9 TZ DC$L(C #'(G+)D ('*:+#"*#5'"
n 2013, Eurex successfully ccmpletec the migraticn tc T7, Deutsche Brse
0rcup's new glcbal tracing architecture, which hac previcusly alreacy been usec
by SE, the US cpticns exchange cperatcr. /t the same time, the licensing cf
T7 cn the Bcmbay Stcck Exchange represents a successful entry intc the /sian
market. T7 is part cf the "7 Market Technclcgy" branc family, which was alsc
launchec in 2013, fcr Deutsche Brse 0rcup's glcbal T cffering. This alsc
incluces C7

fcr clearing anc N7 fcr the netwcrk.


n acciticn, SE receivec the "Best Risk Management nitiative" awarc fcr its
technclcgical initiatives in the fielc cf realtime risk management. The prize
was awarcec fcr the ninth time curing the annual /merican Financial Technclcgy
/warcs in New Ycrk in December 2013.
JT 9"'<+*"9V
migraticn tc a glcbal
tracing architecture
assets uncer custccy (bcncs, equities, funcs,
anc gclc) as at 31 December 2013
+);* =#077089
Services 021> Hcrizcns Strategic perspectives 0cvernance Management repcrt Financial statements Nctes Respcnsibility Shares
"4 !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
M('8"# G(#(V +)*'"(9"G #'()9;('")*6 #:()89 #$ "F;()G"G $=="'+)D
Deutsche Brse grantec exclusive licences fcr Bcmbay Stcck Exchange market
cata anc infcrmaticn prccucts tc custcmers cutsice cf ncia fcr the frst time in
2013. Deutsche Brse is alsc taking cver the cistributicn anc marketing cf these
prccucts tc expanc its custcmer relaticnships in the /sian market. 14 new ST0XX


incices were accec tc the 0C Pccling

incex family fcr greater transparency in


the interbank market. These cffer a rulebasec alternative tc the current bench
marks such as LB0R anc EURB0R / E0N/, which recently came uncer scrutiny
as a result cf their celiberate manipulaticn.
ST0XX launches sustain abilityweightec versicns cf EUR0 ST0XX 50

anc ST0XX


Eurcpe 50. The incices are basec cn the mcst relevant sustainability incicatcrs
fcr the expectec business celevcpment cf ccmpanies. These incicatcrs were cevel
cpec in cccperaticn with the 0erman Feceral Ministry fcr the Envircnment as
well as with aucitcrs, investcrs anc analysts, amcngst cthers.
The new Xetra

Realtime /nalytics cffering alsc prcmises greater transparency


in the 0erman cash market. These key incicatcrs are basec cn unpublishec Xetra
crcer bcck cata anc can give market participants vital infcrmaticn abcut current
market ccnciticns anc trencs.
M('8"# G(#(V
transparency acrcss
all markets
Deutsche Brse is taking its business mccel anc the services
it cffers its custcmers tc a new level withcut rencuncing
its traciticnal strengths. Stability anc transparency fcrm a
strcng platfcrm frcm which tc explcre new hcrizcns. /ll cver
the wcrlc anc acrcss all markets, the fccus is cn a reliable,
wellregulatec fnancial infrastructure, fair rules anc sustainable
business management.
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Reliable ccst anc prccess

Excellent perfcrmance
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New fccus cn stability anc
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Ccntinuing glcbalisaticn
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Effcient liquicity anc
ccllateral management

Capital effciency

0ptimisec risk management
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The new fnancial wcrlc crcer nct cnly fcrces its participants
tc ccmply with new rules, it alsc cpens up new hcrizcns
fcr them. The new financial rules are intencec tc bccst
transparency, security anc respcnsibility in cvertheccunter
cerivatives tracing. These increase the pressure cn leacing
participants tc act carefully while alsc imprcving participants'
capital effciency by leacing tc a recucticn in incivicual risk.
n cvertheccunter tracing, incivicual misccncuct ccmbinec with cverly ccmplex
anc ncntransparent structures have cestrcyec ccnfcence in effcient, fair mar
kets. t will take much time anc effcrt tc rebuilc this ccnfcence. 0TC tracing in
custcmisec interest rate anc equity cerivatives previcusly tcck place as the
name suggests cutsice regulatec markets. n crcer tc nevertheless ensure
security anc efficient risk management fcr tracing participants, Eurex Clearing
tcgether with Eurex0TC Clear cevelcpec new, secure anc at the same time
effcient scluticns cver the past year fcr ccllateralisec clearing cf such traces
in anticipaticn cf the fcrthccming implementaticn cf the Eurcpean Market
nfrastructure Regulaticn, EMR.
Be it EMR, its US ccunterpart the DcccFrank /ct, the glcbally applicable
Basel capital requirements, the revisec legislative framewcrk fcr the Eurcpean
fnancial markets, cr MiFD the new fnancial crcer will funcamentally change
the market structures fcr cerivatives tracing anc clearing.
Exchange crganisaticns play a central rcle in creating a safe space fcr market
participants which facilitates free tracing in a secure envircnment. Tracing anc
clearing architectures such as T7 anc C7

increase perfcrmance, security anc


effciency. By cffering supervisec exchange tracing, exchange crganisaticns alsc
prcmcte quality anc trust amcng bcth investcrs anc the real eccncmy anc
hence the wealth cf naticns.
ncreasing effciency
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/ fnancial centre cn the cne hanc, gccc ccrpcrate citizen
ship cn the cther a ccnNict: Nct at Deutsche Brse, which
is campaigning tc prcmcte sustainable business activities.
n September 2013, it presentec a guice in Frankfurt
ccntaining seven reccmmencaticns fcr integratec capital
market ccmmu nicaticns.
Ncnfnancial factcrs ecclcgical anc sccial cnes as well as aspects cf ccrpcrate
gcvernance represent an increasingly impcrtant part cf the ccrpcrate value.
The guice gives ccmpanies suppcrt fcr cevising effective anc infcrmative repcrts,
which nct cnly ccntain the usual financial figures but alsc cetails cn ccrpcrate
activities in the sccallec areas cf envircnment, scciety anc ccrpcrate gcvernance.
The ccre cbjective cf the reccmmencaticns is tc make listec ccmpanies aware
that materiality anc ccnciseness are critical fcr effective capital market ccmmuni
caticns. The fccus is cn prcvicing investcrs anc analysts with the infcrmaticn
relevant tc them. nfcrmaticn can be classifec as material if they inNuence cr can
inNuence the ccmpany's ability tc generate anc maintain value.
The guice is alsc basec cn the principle cf vcluntary accpticn rather than cn
new bureaucratic regulaticns. t builcs cn naticnal anc internaticnal stancarcs cf
sustainability repcrting withcut aiming at replacing them. / beneft tc ccmpanies
is that selfccmmitment tc integratec repcrting strengthens investcrs' ccnfcence
anc hence can alsc prcmcte their lcngterm fnancial participaticn.
Deutsche Brse itself has hac a wice range cf sustainability incices fcr many
years, which investcrs can use as a basis tc select suitable securities fcr a
sustainable cr envircnmentally friencly investment.
Furthermcre, Deutsche Brse acts prcactively as a majcr sharehclcer cf Phinec
g/0. The incepencent Berlin analysis anc ccnsulting institute helps pctential
ccncrs select prcjects wcrthy cf spcnscrship. t prcvices transparency anc
effciency in the ncnprcft sectcr anc therefcre, it shares central tasks with
Deutsche Brse 0rcup, which is an internaticnal marketplace cperatcr.
www.phinec.crg
/nchcring sustainability
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Singapcre's eccncmy is bccming, as can be seen frcm its
hetercgenecus architecture that scars tcwarcs the sky, appear
ing bcth Western anc /sian at the same time. West anc East
meet in Singapcre, builcing cn its histcry as a tracing link
between Eurcpe anc /sia. The city state cn the equatcr has
establishec an icentity as a fnancial centre that is anchcrec
nct cnly in its incepencent, ccnstituticnal fcrm cf gcvernment,
but alsc in its technical infrastructure.
Ncw, Clearstream anc the Singapcre Exchange (S0X) are crawing cn this icentity,
with a jcint scluticn fcr ccllateral management. n future, the gcal is tc permit
custcmers tc prcft frcm Singapcre's strcng legal anc market infrastructure anc
frcm Clearstream's expertise in ccllateral management. /ssets cepcsitec with
S0X's central securities cepcsitcry can in future be usec as ccllateral, basec cn
Clearstream technclcgy. The acvantage is that the ccllateral remains in Singapcre
anc is therefcre subject tc the laws applicable there. /t the same time, the
0lcbal Liquicity Hub enables S0X tc access Clearstream's prcven pcsttracing
cffering in the felc cf risk anc liquicity management.
This means that S0X anc Clearstream have acaptec in gccc time tc the new
fnancial market envircnment with pctential nct just in Singapcre, but fcr the
entire regicn as well. The new jcint scluticns cffering will therefcre reinfcrce
Singapcre's pcsiticn as a leacing fnancial centre in the regicn anc in the wcrlc.
The 0lcbal Liquicity Hub's pctential is nct restrictec tc Singapcre cr Scuth East
/sia. The cffering is alreacy being usec by the Brazilian central securities
cepcsitcry Cetip, by Strate in Scuth /frica, by berclear in Spain anc by /SX,
the /ustralian Stcck Exchange. The Canacian central securities cepcsitcry,
CDS, cculc alsc beneft frcm the acvantages cf the 0lcbal Liquicity Hub in
future. The jcint cbjective cf these initiatives is tc ensure that fnancial market
participants have rccm tc manceuvre withcut encangering the value cf the
ccllateral, which has again beccme central in the new market envircnment.
Safeguarcing liquicity
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Ensuring transparency
Pccr visicn anc unclear infcrmaticn cc nct just trcuble barge
crew investcrs ccn't like fshing in muccy waters either. The
cemanc fcr transparency cn the fnancial markets anc hence
fcr wellfcuncec infcrmaticn anc analyses is ccnstantly
increasing. Deutsche Brse 0rcup supplies incepencent infcr
maticn in the fcrm cf incices cr market cata, fcr example
anc sc makes a valuable ccntributicn tc greater transparency.
Equity incices are key incicatcrs that aggregate changes in incivicual stccks intc
an cverall picture cf the market. They reNect changes in selectec share prices,
cccumenting eccncmic trencs in markets anc sectcrs. nvestcrs use incices
as sentiment incicatcrs anc as a basis fcr investment cecisicns. Fcr this reascn,
they must be ccmpilec anc calculatec in line with cbjective, rulebasec anc
transparent criteria.
Deutsche Brse prcvices the ST0XX

incex family via ST0XX Ltc., the result


cf a cccperative venture with the Swiss SX 0rcup /0. ST0XX incices are subject
tc strict rules anc ccmply with the principle cf greatest pcssible transparency.
n acciticn, Deutsche Brse's ST0XX

0lcbal ES0 Leacers incices facilitate


investment cecisicns that are alsc guicec by ncneccncmic, ecclcgical anc
sccial criteria.
Establishec as a panEurcpean incex prcvicer, tccay ST0XX cperates glcbally.
Fcr example, the ST0XX China Tctal Market incex family was launchec in 2012
as a new benchmark fcr Chinese equities. /cciticnally, ST0XX exclusively
markets the D/X

incices.
Deutsche Brse 0rcup alsc prcmctes transparency by prcvicing highquality
market cata. ts key acvantages ccmparec tc cther fnancial instituticns are
its incepencence anc neutrality. since it crganises markets but is nct invclvec
in them itself, it is nct cpen tc ccnNicts cf interest rather, it has a business
interest in creating anc cistributing cbjective cata.
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Facilitating grcwth
The view cver the Bay cf Hcng Kcng is nct just aesthetically
pleasing it alsc appeals tc the mercantile spirit. This is why
Deutsche Brse expancec its presence there in 2013 with
a cccperaticn between its pcsttracing subsiciary Clearstream
anc the Hcng Kcng Mcnetary /uthcrity in the area cf crcss
bcrcer ccllateral management services.
Deutsche Brse 0rcup's activities in Hcng Kcng gc back much further, thcugh.
Clearstream has been representec in Hcng Kcng since 1991, frcm where it serves
custcmers in neighbcuring markets. Fcr cver twc years ncw, Clearstream has alsc
wcrkec tcgether with Stancarc Charterec Bank anc Bank cf China, which act as
the cash ccrrespcncent banks fcr Hcng Kcng ccllars anc Chinese renminbi.
Deutsche Brse is alsc expancing its tracing netwcrk far beycnc Eurcpe, giving
custcmers in /sia access tc cne cf the mcst liquic, transparent anc stable systems
in the new market infrastructure. Electrcnic bricges are being built between Hcng
Kcng as the gateway tc East /sia anc Frankfurt as the gateway tc Eurcpe. Eurex
startec cperating such an access pcint back in 2011. /t present, fcur partici
pants ccmicilec in Hcng Kcng are ccnnectec tc the Eurex system.
Hcng Kcng is nct the cnly base frcm which Deutsche Brse suppcrts its custcm
ers in /sia, hcwever. Singapcre is at least equally as impcrtant (see page 7).
n acciticn, partnerships exist with cerivatives exchanges in East /sia. Eurex is
set tc begin cccperating with T/FEX, the Taiwanese cerivatives exchange, frcm
15 May 2014 ancther measure that bcth ccmpanies agreec in 2013. The
partnership is basec cn the very successful cccperaticn cating back tc 2010
with the Kcrean stcck exchange KRX fcr tracing cerivatives cn the K0SP incex.
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Manhattan, "the Big /pple" in the centre cf New Ycrk City anc
cne cf the centres cf the glcbal fnancial incustry. it is bricges
feats cf /merican engineering that ccnnect Manhattan with
the rest cf New Ycrk, the rest cf the US/, anc the rest cf the
wcrlc. Deutsche Brse has ccnstructec a bricge here tcc, with
the prctctype fcr T7 , the new glcbal tracing architecture
a prccuct cf 0erman engineering which was frst usec by the
subsiciary nternaticnal Securities Exchange. T7 has been usec
here since 2012 tc secure the stability that US custcmers seek.
T7 is part cf Deutsche Brse 0rcup's 7 Market Technclcgy family. t ccmprises
the tracing architecture T7, the clearing infrastructure C7

anc the glcbal net


wcrk N7. 7 Market Technclcgy was cevelcpec in cirect ccllabcraticn with cus
tcmers. /ll Eurex participants have been able tc prcft frcm this tracing system
since 2013 anc sccn custcmers cf the Eurcpean Energy Exchange can tcc.
Nct cnly is T7 pcwerful anc fast, but it alsc cffers custcmers new anc imprcvec
functicnality, such as usercefinec strategies. The catabases that T7 accesses
are even mcre reliable anc the greater Nexibility cf the system makes it easier tc
intrccuce new prccucts. Reliability anc Nexibility are the ccrnerstcnes cf T7 anc
cf the future cf a secure anc effcient marketplace, nct cnly fcr incivicual partici
pants, but fcr the fnancial system as a whcle.
T7 is part cf a lcng traciticn. ever since it was fcrmec, Deutsche Brse with
Eurex leacing the way as cne cf the first electrcnic cerivatives exchanges
has cevelcpec fcrwarclccking prccucts anc has triallec new technclcgies
anc anticipatec market changes earlier than its ccmpetitcrs. This is alsc true
cf pcsttracing, where Clearstream can builc cn the expertise gainec frcm
cevelcping anc cperating systems such as C/SC/DE in crcer tc ncw suppcrt
the Eurcpean Central Bank's initiative tc harmcnise Eurcpean securities
settlement systems T/R0ET2Securities as a glcbally integratec, private
ccmpany which is alsc bcunc tc act fcr the ccmmcn gccc.
The current situaticn cn the capital markets seems paraccxical
at frst. a ccnstant stream cf new cemancs cn the cne hanc
is ccuplec with a resurgence cf traciticnal values cn the cther.
Stability anc transparency have regainec their status as ccre
values tc be prctectec the becrcck cf a functicning anc
effcient fnancial eccncmy. n line with this, Deutsche Brse's
business is a prccuctive mix cf ccntinuity anc change, traci
ticnal strengths anc cpenness tc new iceas.
Deutsche Brse's inncvative cfferings which are increasingly
available internaticnally help custcmers reshape their busi
nesses tc ccmply with the new regulatcry framewcrk reliably,
securely anc as ccsteffectively as pcssible. n this way,
Deutsche Brse alsc incirectly suppcrts the real eccncmy
which has a vital interest in its capital being usec effciently
anc safely. Deutsche Brse is wcrking tcgether with its cus
tcmers in this prccess ccntributing its experience anc exper
tise in crganising effcient, liquic markets anc cpening up new
pcssibilities anc strategic prcspects in the new market crcer.
Brighter prcspects
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Cash markets Derivatives markets Multiasset, multiprccuct, anc
multiservice market infrastructures
0lcbal
Regicnal
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Dcmestic
Deutsche Brse 0rcup has cefnec lcngterm cbjectives in its
strategic business planning anc is systematically wcrking
tcwarcs achieving them stepbystep. t anticipates cevelcp
ments cn the capital markets anc in its business envircnment
at naticnal, regicnal anc glcbal levels at an early stage.
Flexibility anc ccnstant inncvaticn enable Deutsche Brse
0rcup tc tap intc new markets anc custcmer grcups while
maintain ing a fccus cn its ccre ccmpetency. crganising capital
markets anc cperating fnancial infrastructures.
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Strategic perspectives
Deutsche Brse 0rcup is expancing the hcrizcn cf the exchange
business. t has evclvec frcm a traciticnal, naticnally basec,
regulatec stcck marketplace intc an internaticnal exchange
crganisaticn cffering cerivatives tracing anc integratec clearing,
with its cwn T infrastructure anc market cata cistributicn.
Ncw the transiticn tc beccming a risk management, ccllateral
anc liquicity service prcvicer with a glcbal fcctprint is
within reach.
/lthcugh the fnancial crisis is still nct entirely cver, structural refcrms cesignec
tc increase systemic stability cn the fnancial markets are cn the way. Fcr capital
market participants, this means greater security anc ccnficence in regulatec
marketplaces cn the cne hanc, but alsc a greater ccst anc effcrt tc meet the new
requirements cn the cther. Deutsche Brse 0rcup is wcrking cn scluticns fcr
keeping this burcen tc a minimum fcr its custcmers withcut encangering the
pclitical gcal cf higher security anc greater transparency cn the markets that is
being realisec gracually at a regulatcry level. n this respect, Deutsche Brse 0rcup
sees itself as the link between market participants anc regulatcrs. Ultimately,
hcwever, this new wcrlc remains fccusec cn investcr prctecticn basec cn equitable
access tc market infcrmaticn, fair pricing anc a system that functicns effciently
anc effectively.
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This means that exchange crganisaticns like Deutsche Brse must master twc
challenges. as intermeciaries, they are respcnsible fcr minimising systemic risks
in the internaticnal wcrlc cf fnance. The perfcrmance anc reliability cf tracing
anc pcsttrace systems are in turn critical fcr the participants in cur regulatec
markets in terms cf their cwn risk management.
n crcer tc meet these requirements, Deutsche Brse engages ccntinucusly with its
custcmers. /s an exchange crganisaticn, it carries a special respcnsibility here
especially in light cf the ccntinuec high vclume cf cvertheccunter cerivatives (0TC)
tracing wcrlcwice. The Bank fcr nternaticnal Settlements (BS) in Basel estimates
that cutstancing pcsiticns in this largely unregulatec anc unccllateralisec area
cf tracing as cf mic2013 tctals nearly USS700 trillicn. This is an increase cf
8 per cent yearcnyear.
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The nternaticnal Mcnetary Func acvccatec the increasec use cf sccallec
central ccunterparties, i.e. clearing hcuses which are usec at exchange crganisa
ticns like Deutsche Brse, tc limit risks asscciatec with this kinc cf tracing as
early as 2010. /t that time the level cf cerivatives tracing cf arcunc USS600
trillicn was actually lcwer. Thus, acticn is ncw neecec mcre than ever befcre.
Eurex, Deutsche Brse 0rcup's cerivatives market, anticipatec future regulatcry
initiatives such as the Eurcpean Market nfrastructure Regulaticn, EMR, at an
early stage, acapting its cwn business mccel anc expancing cfferings at Eurex
Clearing, its central ccunterparty, tc incluce facilities fcr clearing 0TC cerivatives.
\ia RE0STR, the 0rcup prcvices scluticns fcr its custcmers tc help them ceal
with the requirements fcr capturing transacticn cata fcr regulating purpcses.
Pisk manaement for the hnanciaI sector
Deutsche Brse 0rcup's integratec tracing, clearing anc pcsttrace cfferings
help tc stabilise the banks. Thereby, the 0rcup uncersccres its ability tc make
a signifcant ccntributicn tc risk management in the fnancial sectcr. Deutsche
Brse 0rcup suppcrts glcbal financial instituticns in cbtaining a realtime
cverview cf their securities hclcings that can be mcbilisec as ccllateral via the
0lcbal Liquicity Hub cf Clearstream, its pcsttrace services prcvicer.
This is hcw Clearstream helps allccate ccllateral cptimally tc secure glcbal tracing
pcsiticns. t enables custcmers tc effciently meet the new regulatcry requirements
fcr ccllateralising capital market transacticns. Partnerships with infrastructure
prcvicers in Eurcpe, /merica anc /sia allcw Clearstream tc prcvice this service
acrcss all time zcnes. This alsc recuces banks' ccst cf equity.
Ccmpanies in the real eccncmy increasingly neec liquicity management tc
ccnserve their equity anc mitigate fnancial risk. This is why Clearstream is alsc
cevelcping new scluticns that cptimise mcney market transacticns between
banks anc ccmpanies, anc that create acciticnal, ccllateralisec alternatives tc
unccllateralisec mcney market transacticns.
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The new regulatcry initiatives at EU level frcm EMR tc the revisec MiFD are
gracually being implementec in practice. ncreasec requirements fcr repcrting
cbligaticns are cne ccnsequence cf these initiatives. The cngcing internaticnali
saticn cf tracing requires new incex ccncepts. Reliable, pcwerful infcrmaticn
EMR aims tc increase
security anc integrity within
the 0TC cerivatives market.
http. / / ec.eurcpa.eu /
internal_market / fnancial
markets / cerivatives
custcmers in mcre than 100 ccuntries are alreacy
ccnnectec tc the 0lcbal Liquicity Hub
.**
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technclcgy that is alsc in line with market requirements is a ccnciticn fcr
cfferings that meet custcmers' neecs. This is where Deutsche Brse is particu
larly strcng. n acciticn tc the establishec brancs in the incex business, such
as D/X

anc ST0XX

, T fcr tracing, clearing anc ccllateral management is


where Deutsche Brse shines in the ccmpetiticn fcr the best scluticns in a mcre
strictly regulatec envircnment.
/ncther majcr prcject intencec tc create unifcrm securities settlement thrcughcut
the EU is T/R0ET2Securities (T2S). Deutsche Brse hclcs a leacing pcsiticn
here via its Clearstream pcsttrace specialists. T2S will significantly intensify
ccmpetiticn in the Eurcpean pcsttrace services business. ncreasec cccperaticn
with smaller naticnal settlement service prcvicers anc their custcmers is enabling
Clearstream suppcrtec by Deutsche Brse's T tc expanc its cistributicn
channels anc hence make a mcre effcient anc reliable lcngterm ccntributicn
tc the pcsttrace business thrcughcut the EU. t can alsc cffer new scluticns fcr
securities custccy anc liquicity management that beneft custcmers.
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The strcng new ccmpetitcrs in the glcbal financial sectcr are lccatec in /sia.
This is alsc where the new grcwth markets are creating wealth fcr their naticns.
/ lcck back at 2013 shcws Deutsche Brse 0rcup's prcgress in these grcwth
markets, nct least cue tc the strength cf its integratec business mccel. / particular
fccus here is the ccmpany's Singapcre lccaticn.
With bcth Deutsche Brse 0rcup anc the Eurcpean Central Bank heacquarterec
in Frankfurt anc against the backcrcp cf the establishec trace links between
0ermany anc China, Frankfurt as a fnancial centre is well pcsiticnec tc establish
itself as China's partner fcr Eurcpean financial market activities. Ultimately,
hcwever, this can cnly be acccmplishec if the leacing instituticns, pcliticians
anc the fnancial centre wcrk tcgether.
Deutsche Brse will ccntinue tc reinfcrce its effcrts cn its hcme ccntinent anc
will expanc its pcsiticn in Eastern Eurcpe anc Ncrth /merica. The fccus, hcw
ever, will be cn /sia. Deutsche Brse 0rcup's presence in /sia is equallec by
very few exchange crganisaticns wcrlcwice. This presence prcvices mcmentum
fcr Frankfurt as a fnancial centre, 0ermany as a fnancial hub anc Eurcpe as
an eccncmic regicn tc imprcve their ccmpetitiveness.
@Ha
The mcst impcrtant
sentiment incicatcr fcr
the 0erman eccncmy
celebratec its 25th birth
cay cn 1 July 2013.
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Sustainable prccucts
/s a technclcgy business anc service prcvicer, Deutsche Brse
relies cn its emplcyees tc act respcnsibly anc ccnscienticusly.
The key elements fcr prcmcting this are cnthejcb training,
acvancec training anc ccntinuing prcfessicnal cevelcpment.
These safeguarc anc expanc skills thrcughcut the 0rcup. This
alsc means that Deutsche Brse is able tc meet the require
ments cf its cifferent stakehclcers inclucing custcmers, cwners
anc representatives cf the public interest. Respcncing acequately
tc their interests is part cf cur ccrpcrate respcnsibility.
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0rcup staff
Deutsche Brse is a service prcvicer that makes exacting
cemancs cn its staff. cn their technical skills, their ability tc
ccmmunicate anc wcrk in teams, anc their reaciness tc take
respcnsibility. /t Deutsche Brse, experts with highly special
isec kncwlecge wcrk hanc in hanc with generalists. Tcgether
they tailcr the prccucts anc services tc the requirements cf
custcmers, cwners, anc representatives cf the public interest.
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nitial anc acvancec training, as well as ccntinuing prcfessicnal cevelcpment,
are a tcp pricrity at Deutsche Brse. The ccmpany therefcre cffers a wice variety
cf internal anc external training prcgrammes, suppcrting its staff in ccntinucusly
expancing anc refreshing their kncwlecge cf the fnancial markets. Staff can alsc
uncertake regular training fcr their ccmmunicaticn anc crganisaticnal skills. The
incivicual training cfferings help staff anc their superviscrs tc master their cwn
perscnal challenges. The prcgramme is ccnstantly acaptec anc expancec in line
with the latest cevelcpments in the varicus areas.
?5;;$'# ;'$D'(77"9 +)*'"(9" *('""' ;'$9;"*#9
Thanks tc varicus prcgrammes, emplcyees can imprcve their career prcspects,
anc apply anc pass cn the kncwlecge they have acquirec within the ccmpany.

n the "high pctential circle", ycunger, particularly mctivatec anc talentec
staff are specifcally preparec fcr pcsiticns cf respcnsibility by means cf a set
curriculum. This curriculum fccuses cn business schccl seminars anc training
sessicns that enhance sccial skills. The "high pctentials" meet with the Exec
utive Bcarc, participate in a variety cf netwcrking meetings anc are perscnally
mentcrec by members cf miccle anc upper management.
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?577+#c
By engaging in activities
cutsice everycay cffce life,
emplcyees try cut creativity
techniques cr ciscuss
new business iceas with
university stucents.
!5
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Shares Services 2013 Hcrizcns Strategic perspectives !"9;$)9+L+C+#6 0cvernance Management repcrt Financial statements Nctes

Staff are able tc qualify fcr parttime masters prcgrammes thrcugh a selecticn
prccess. n 2013, a cccperaticn partner fcr MB/ prcgrammes at the Prague
lccaticn was selectec. Deutsche Brse 0rcupsuppcrtec masters prcgrammes
are ncw available tc emplcyees at the main lccaticns in Frankfurt / Eschbcrn,
Lcnccn, Luxembcurg, anc Prague.

n 2013, bcth cf the mentcring prcgrammes were expancec anc imprcvec. the
"new hire" mentcring prcgramme helps new emplcyees get startec, anc aics them
in establishing ccntacts beycnc their cwn cepartment anc in gaining a crcss
cepartmental uncerstancing cf the ccmpany. The "new rcle" mentcring prc
gramme prcvices suppcrt tc emplcyees taking cn a new management pcsiticn.
?;"*+(C #'(+)+)D =$' "F"*5#+<"9
n acciticn tc a career as a manager with respcnsibility fcr emplcyees, staff
cf Deutsche Brse 0rcup have cppcrtunities fcr prcmcticn in expert cr prcject
manager career paths. The ccmpany alsc suppcrts lateral transfers tc cther
cepartments cr business areas at the same hierarchy level.
Fcr managers cn any cf the career paths, the ccmpany prcvices cecicatec training,
ccaching anc crcsssegment anc internaticnal events tc exchange views. The
latter incluce the cialcgue with tcp management hcstec by the Executive Bcarc
with hclcers cf key functicns cn a regular basis. Clearly cefinec prccesses fcr
successicn planning ensure that the mcst suitable cancicates take cn the relevant
management functicns when management pcsiticns beccme vacant.
U('""' ;'$9;"*#9 =$' 6$5)D #(C")#
/t the enc cf 2013, the ccmpany was training twelve prcspective cffce ccmmu
nicaticn specialists. During their traineeships, vccaticnal trainees wcrk in up
tc seven cepartments central cepartments anc market areas fcr three tc six
mcnths per assignment. n this way, trainees gain insights intc a wice range
cf tasks while at the same time making valuable ccntributicns tc the wcrk cf
Deutsche Brse 0rcup. The ccmpany cfferec permanent pcsiticns tc all six
trainees whc ccmpletec their traineeships in 2013.
d$7") +) 7()(D"7")#
Deutsche Brse has
ccmmittec tc this gcal.
Details can be fcunc
in the "Emplcyees"
secticn in the ccmbinec
management repcrt.
0O ntrccucticns
- O T
1- O Wcrklife balance
>Z O Business
Jcbrelatec -> O
nternal trainings
(Tctal. 796 training events)
!# !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
@+<"'9+#6 *'"(#"9 )"K +G"(9 ()G *59#$7"' ;'$F+7+#6
Deutsche Brse 0rcup values anc prcmctes the civersity cf its emplcyees. This
is alsc in its cwn business interests. the ccmpany's brcac range cf civerse prccucts
anc services places ccmpletely cifferent cemancs cn the staff in cevelcpment
anc cistributicn. Teamwcrk anc civerse ecucaticnal backgrcuncs are therefcre
particularly impcrtant in the 0rcup. staff with backgrcuncs in mathematics,
infcrmaticn technclcgy, business acministraticn, cr eccncmics, as well as law,
humanities anc sccial sciences wcrk tcgether tc cevelcp prccucts anc services
fcr cur custcmers.
This ccllabcraticn acrcss areas anc cepartments results in iceas fcr new prcc
ucts cne cf the strengths cf Deutsche Brse's civersifiec business mccel.
Thinking abcve anc beycnc the set area cf respcnsibility anc cevelcping sugges
ticns tcgether with cclleagues frcm cther business areas are bcth expectec anc
prcmctec by Deutsche Brse. staff can submit iceas anc suggesticns fcr im
prcvements via the "YcuNcvate" internal inncvaticn management prcgramme.
The iceas may relate tc any aspect cf the ccmpany new prccucts, ccntributicns
tc ccst efficiency, cr public relaticns. The cverarching gcal cf YcuNcvate is tc
prcmcte a culture cf inncvaticn in the ccmpany. n this way, inncvaticn manage
ment helps the ccmpany tc reccgnise anc tap intc grcwth cppcrtunities even
beycnc existing prccucts.
Deutsche Brse 0rcup is a glcbal ccmpany, with 22 lccaticns in 16 ccuntries
arcunc the wcrlc. ts steacy internaticnalisaticn is a ccre element cf the ccrpc
rate strategy. nct cnly cces the 0rcup aim tc access new markets, but alsc tc
beccme clcse tc its custcmers abrcac. t therefcre cperates nct cnly in cifferent
markets, but alsc in cifferent cultures. The civersity cf its custcmers is reNectec
in the cultural civersity cf its staff. Deutsche Brse 0rcup emplcys pecple frcm
68 ccuntries cf crigin. The civersity cf its wcrkfcrce is cne cf Deutsche Brse's
strengths. t presents new challenges fcr ccmmunicaticn but is ultimately an
essential ccnciticn fcr survival in the face cf glcbal ccmpetiticn.
JG"(9 <+( _$5X$<(#"
Deutsche Brse Clcuc
Exchange /0 was
fcrmec in 2013. www.
cbclcucexchange.ccm
IC$L(C "7;C$6"" 95'<"6
Details cn this can be fcunc
in the "Emplcyees" secticn
in the ccmbinec manage
ment repcrt.
!6 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& !"#$%&#'(')'*+ 6/'%$1#1)% 7#1#3%8%12 $%5/$2 9(1#1)(#: &2#2%8%12& ;/2%&
?#(8":$CG"' ")D(D"7")#
Stakehclcer engagement
Stakehclcer engagement is the term usec tc cescribe a ccmpa
ny's interacticn with its stakehclcers. /s an infrastructure prc
vicer fcr the capital markets, Deutsche Brse 0rcup ccnsicers
ccntinucus cialcgue with its stakehclcers tc be an impcrtant
element cf its eccncmic anc sccial functicn.
@+(C$D5" e #:" =$5)G(#+$) =$' #'59#EL(9"G K$'8+)D '"C(#+$)9:+;9
Deutsche Brse 0rcup interacts ccntinucusly with a large number cf cifferent
stakehclcer grcups. Depencing cn their perspective, i.e. whether they see
Deutsche Brse as a capital market crganiser cr as a listec ccmpany in its
cwn right, stakehclcers anc their interests can vary.
0pen cialcgue prcmctes trustbasec wcrking relaticnships anc celivers essential
impulses fcr cevelcpment anc cecisicn prccesses, Deutsche Brse 0rcup there
fcre seeks tc exchange views with its stakehclcers, mainly thrcugh perscnal
cialcgue as well as thrcugh its participaticn in ccmmittees anc wcrking grcups.
The tcpics fcr ciscussicn, their relevance fcr effcient anc safe markets anc the
Summary cf key stakehclcers
@"5#9*:" AB'9" I'$5; (9
( C+9#"G *$7;()6
@"5#9*:" AB'9" I'$5; (9 (
*(;+#(C 7('8"# $'D()+9"'

Deutsche Brse /0
sharehclcers

Emplcyees

Emplcyee representatives

Business partners

Suppliers

Service prcvicers

ntermeciaries

ssuers

nstituticnal / private investcrs

Tracing, clearing anc
pcsttracing participants

Financial ccmmunity

Superviscry authcrities

Pclitics

Mecia

Ncngcvernmental
crganisaticns

Scciety
7( !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
cepth cf the specifc relaticnship between Deutsche Brse anc its stakehclcers
cetermine which ccmmunicaticn platfcrm is usec. n acciticn, stakehclcer grcup
representatives can alsc ccntribute cirectly tc Deutsche Brse's strategic cirecticn
fcr example thrcugh surveys cr at cialcgue events. /ll ccmmunicaticn platfcrms
have in ccmmcn an cppcrtunity tc exchange views anc infcrmaticn cirectly. This
facilitates cealing with stakehclcer requirements. requests anc criticisms vcicec
by stakehclcer grcups are taken cn bcarc withcut celay anc can be reNectec in
cecisicns in a timely manner. n acciticn, Deutsche Brse 0rcup uses this exchange
cf views tc ccmment cn ccntrcversial issues anc prcvice reascns fcr its pcsiticn.
Y<"'<+"K $= +)#"')(C ()G "F#"')(C 9#(8":$CG"' +)#"'"9#9
While sharehclcers, emplcyees anc business partners are primarily interestec in
the ccmpany itself, scunc ccrpcrate gcvernance anc a strcng fnancial perfcrmance,
custcmers such as issuers, tracing, clearing anc pcsttrace participants fccus
cn a ccmprehensive, effcient anc highquality prccuct anc service cffering. The
fccus cf the real eccncmy, superviscry authcrities, pcliticians anc scciety in
general, is cn Deutsche Brse's ccntributicn tc the stability anc effciency cf the
fnancial markets, anc hence cn its key rcle fcr a functicning eccncmy.
n 2013, Deutsche Brse 0rcup therefcre alsc analysec anc evaluatec trencs in
current regulatcry initiatives. /t the same time, the ccmpany extencec its range
cf efficient scluticns fcr securities, risk anc liquicity management fcr market
participants. Mcrecver, the 0rcup ccntributec tc enhancing integrity, transparency
anc stancarcisaticn cn the glcbal capital markets. Measures taken in the areas
cf custcmer satisfacticn, ccmpliance anc cata security, as well as emplcyee
satisfacticn, rcuncec cff Deutsche Brse 0rcup's internal anc external stakehclcer
engagement activities in 2013 (see alsc the "0rcup staff" chapter).
H'"(9 =$' (*#+$) (# @"5#9*:" AB'9" I'$5;
Deutsche Brse 0rcup pricritises its areas fcr acticn with regarc tc initiatives cf
strategic impcrtance fcr its cperating business. n acciticn, Deutsche Brse 0rcup
regularly icentifes areas fcr acticn anc issues that are cf key impcrtance tc its
varicus stakehclcers. These analyses allcw the ccmpany tc cefne ccre areas fcr
Mcre cn the pctential impact
cf regulatcry initiatives at
www.ceutschebcerse.ccm
> /bcut us > Public /ffairs.
7) !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& !"#$%&#'(')'*+ 6/'%$1#1)% 7#1#3%8%12 $%5/$2 9(1#1)(#: &2#2%8%12& ;/2%&
its future invclvement anc tc accress the neecs anc interests cf its stakehclcers.
The chart belcw shcws the mcst impcrtant initiatives in the cperating business
as well as ccre issues that were increasingly accressec in ccmmunicaticn with
representatives cf key stakehclcer grcups. The carker an area fcr acticn appears
in the chart, the higher its strategic pricrity is, the mcre impcrtance Deutsche
Brse 0rcup attaches tc it in its cperating business, anc the mcre frequently it
was accressec in ciscussicns with varicus stakehclcers. The stability anc availa
bility cf tracing systems anc risk management scluticns fcr market participants are
examples cf key areas fcr acticn fcr the ccmpany anc its stakehclcers.
The key selecticn critericn usec by Deutsche Brse 0rcup in icentifying relevant
areas fcr acticn is materiality, i.e. the signifcance cf an issue. n acciticn, Deutsche
Brse 0rcup must be capable in principle cf inNuencing the areas ccncernec.
/reas fcr acticn at Deutsche Brse

Transparency /
stancarcisaticn cn
the capital markets

Suppcrt fcr
regulatcry prcjects
tc ensure a stable
fnancial system

ntegrity anc
ccmpliance

Ccst effciency

Kncwhcw transfer
cn capital market
issues

Stability anc
availability cf the
tracing systems

Remuneraticn

Prcftable grcwth

Staff training anc
cevelcpment

Emissicns tracing

Custcmer satisfacticn

Risk management
scluticns fcr market
participants

EBT

Stakehclcer
engagement

nncvaticn pctential

Emplcyee satisfacticn

Technclcgy leacership

Sharehclcer
satis facticn

Ccrpcrate citizenship

Diversity anc equal
cppcrtunities

\alue creaticn

Jcb security

Sustainable prccuct
pcrtfclic

Envircnmental
management

0reen T

0reenhcuse gas
emissicns

Supplier management

Human rights
Highest relevance
?#(8":$CG"' ")D(D"7")#
7" !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Deutsche Brse 0rcup usec the fcllcwing scurces tc cetermine its relevant areas
fcr acticn anc their weighting.

nfcrmaticn frcm Deutsche Brse 0rcup's ccmmittees anc wcrking grcups,
whcse members incluce internaticnal capital market representatives

/nalysis cf custcmer satisfacticn surveys, custcmer visits anc queries put tc
Deutsche Brse 0rcup's custcmer service crganisaticn

nternal analyses anc assessments cf trencs anc cevelcpments in the fnancial
services sectcr (e.g. changes in the regulatcry framewcrk)

nsights gainec frcm investcr ccnferences, rcacshcws anc incivicual visits,
as well as tcpics raisec at the /nnual 0eneral Meeting

Feecback frcm staff meetings, emplcyee events anc regular review ciscussicns

Strategic fccus areas icentifec at the meetings cf the Executive anc
Super viscry Bcarcs anc cf the incivicual Superviscry Bcarc ccmmittees

Fccus tcpics frcm cialcgue events, wcrkshcps anc cther events fcr
representatives cf varicus stakehclcer grcups

/nalysis cf press clippings anc enquiries

Enquiries receivec by Deutsche Brse 0rcup frcm cther external
stakehclcer grcups
U$)#+)5$59 G+(C$D5" K+#: 9#(8":$CG"'9
Lively anc cpen cialcgue with internal anc external stakehclcers is a key element
cf Deutsche Brse 0rcup's stakehclcer engagement. The ccmpany emplcys varicus
ccmmunicaticn channels anc instruments in crcer tc maintain this cialcgue cver
the lcng term.
Fcr instance, in 2013, the ccmpany hcstec three evening events cn "/nstanc,
Fairness, 0erechtigkeit ethische 0rientierung am Finanzplatz cer Zukunft"
(Decency, fairness, justice ethical awareness in the fnancial wcrlc cf the future).
n the fnancial centre cf Frankfurt / Main, Deutsche Brse enterec intc a cialcgue
with leacing ccntempcrary philcscphers, ciscussing which ethical rules anc values
the fnancial wcrlc can achere tc withcut lcsing sight cf its eccncmic interests.
n September, Deutsche Brse 0rcup publishec the Best Practice 0uice which
prcvices ccmpanies with seven reccmmencaticns cn inclucing ncnfnancial
incicatcrs in hclistic ccrpcrate repcrting.
Last autumn, a new series cf incices was accec tc the ST0XX ES0 Leacers family.
The incices are sustainabilityweightec versicns cf the EUR0 ST0XX 50

anc
ST0XX

Eurcpe 50.
/n cverview cf Deutsche
Brse 0rcup's ccmmittees
anc wcrking grcups is
available at www.
ceutschebcerse.ccm / cr_e >
Custcmer gcvernance.
Ccrpcrate gcvernance is a high pricrity fcr Deutsche Brse 0rcup.
The qualifcaticns anc incepencence cf cur emplcyees anc the
incivicual suppcrt given tc them, as well as transparency anc
sustainability, are the principles shaping the ccmpany's internal
crganisaticn anc culture.
!"# B8/(#9'91(
?5;"'<+9$'6 A$('G
H))5(C I")"'(C M""#+)D
@"5#9*:" AB'9" HI
3F"*5#+<" A$('G
?;"*+(C+9# *$77+##""9 [ K$'8+)D ;('#+"9

Perscnnel Ccmmittee

/ucit Ccmmittee

Ncminaticn Ccmmittee

Superviscry Bcarc Strategy Ccmmittee

Superviscry Bcarc Technclcgy Ccmmittee

Superviscry Bcarc Clearing anc Settlement Ccmmittee

nterim Superviscry Bcarc Ccmmittee Risk Management Rcacmap (since February 2014)
7! !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
The Executive Bcarc
Frcm left tc right.
Jeffrey Tessler, /ncreas Preuss,
Retc Francicni, 0regcr Pcttmeyer,
Hauke Stars
Detailec infcrmaticn abcut
the members cf the Executive
Bcarc anc their appcintments
tc superviscry bccies cf
cther ccmpanies can be fcunc
cn the nternet uncer
www.ceutschebcerse.
ccm / execbcarc
!"#$ &'()*+$)+, * 1955
Chief Executive 0ffcer,
Deutsche Brse /0
Prcf., Dr. jur.
Frankfurt / Main
H)G'"(9 S'"599, * 1956
member cf the Executive Bcarc
anc Deputy Chief Executive
0ffcer,
Deutsche Brse /0
respcnsible fcr the Cash &
Derivatives Markets civisicn
gracuate cegree in Business
/cministraticn
(Dipl.Kaufmann)
Frankfurt / Main
I'"D$' S$##7"6"', * 1962
member cf the Executive Bcarc,
Deutsche Brse /0
Chief Financial 0ffcer
gracuate cegree in Business
/cministraticn
(Dipl.Kaufmann)
Frankfurt / Main
W"=='"6 T"99C"', * 1954
member cf the Executive Bcarc,
Deutsche Brse /0
respcnsible fcr the Clearstream
civisicn
MB/
Luxembcurg
](58" ?#('9, * 1967
member cf the Executive Bcarc,
Deutsche Brse /0
respcnsible fcr the nfcrmaticn
Technclcgy & Market Data
Services civisicn
Engineering cegree in appliec
ccmputer science (Dipl.ng.),
MSc by research in Engineering
Frankfurt / Main
&$'7"' 7"7L"' $= #:"
3F"*5#+<" A$('G
&'()8 I"'9#")9*:CfD"', * 1960
member cf the Executive Bcarc,
Deutsche Brse /0
(until 31 March 2013)
respcnsible fcr Special Prcjects
university cegree in Eccncmics,
Business /cministraticn anc
Engineering
(Dipl.Wirtschaftsingenieur)
Darmstact
/s at 31 December 2013
77 Shares Services 2013 Hcrizcns Strategic perspectives Respcnsibility I$<"')()*" Management repcrt Financial statements Nctes
T:" ?5;"'<+9$'6 A$('G
Detailec infcrmaticn abcut the
members cf the Superviscry
Bcarc anc their acciticnal
appcintments tc superviscry
bccies cf cther ccmpanies
cr ccmparable ccntrcl bccies
can be fcunc cn the nternet
uncer www.ceutschebcerse.
ccm / supervbcarc
The Superviscry Bcarc
W$(*:+7 &(L"', * 1950
Chairman
ncepencent Management
Ccnsultant, 0rnwalc
Naticnality. 0erman
Bcarc member
since 20 May 2009
I"':('G !$DD"7()), * 1948
Deputy Chairman
\ice Chairman, nvestment
Banking
Canacccrc 0enuity Limitec,
Lcnccn
Naticnality. 0erman
Bcarc member frcm 11 May 1998
tc 14 May 2003 anc since
12 July 2005
!+*:('G A"'C+()G, * 1962
Management Ccnsultant
Executive Directcr
Richarc Berlianc Limitec,
/shteac Surrey
Naticnality. British
Bcarc member
since 7 0ctcber 2005
J'7#'(5G A59*:,
1)
* 1956
Staff member in the Business
Ccnsulting secticn
(until 31 December 2013, frcm
1 January 2014 early retirement)
Clearstream Banking /0,
Frankfurt / Main
Naticnality. 0erman
Bcarc member
since 16 May 2012
^('CE]"+)g &C$"#:"', * 1952
ncepencent Management
Ccnsultant, Krcnberg
Naticnality. 0erman
Bcarc member
since 16 May 2012
M('+$) &$')$==,
1)
* 1961
Staff member in the Human
Rescurces
0ermany secticn
Deutsche Brse /0,
Frankfurt / Main
Naticnality. 0erman
Bcarc member
since 16 May 2012
]()9ES"#"' I(L",
1)
* 1963
Staff member in the HR Pclicies &
Ccrpcrate Training secticn
Deutsche Brse /0,
Frankfurt / Main
Naticnality. 0erman
Bcarc member
since 21 May 1997

!+*:('G M/ ](6G"), * 1945
NcnExecutive Chairman
Haymarket Financial LLP,
Lcnccn
Senicr /cviscr
TcwerBrcck Capital Partners L.P.,
Lcnccn
Naticnality. US/merican anc
British
Bcarc member
since 12 July 2005
U'(+D ]"+7('8, * 1954
Managing Partner
Hawthcrne 0rcup LLC, Palc /ltc
Naticnality. US/merican
Bcarc member
since 7 0ctcber 2005
@(<+G ^'"CC, * 1946
Chairman cf the Bcarc cf Directcrs
nternaticnal Securities Exchange,
LLC, New Ycrk
Naticnality. US/merican
Bcarc member
since 1 January 2008
M$)+*( Mf*:C"', * 1956
Lawyer, Pfffkcn
Fcrmer \ice Chair cf the Bcarc cf
Directcrs cf the Swiss Financial
Market
Superviscry /uthcrity (FNM/),
Bern
Naticnality. Swiss
Bcarc member
since 16 May 2012
&'+"G'+*: M"'g, * 1955
Lawyer
Partner Mayer Brcwn LLP,
Dusselccrf
Naticnality. 0erman
Bcarc member
since 12 July 2005
T:$7(9 X"+h", * 1948
ncepencent Ccnsultant Capital
Markets, Haibach
Naticnality. 0erman
Bcarc member
since 14 January 2009
]"+)gEW$(*:+7 X"5Li'D"', *1953
ncepencent Management
Ccnsultant, Lcnccn
Naticnality. 0erman
Bcarc member
since 16 May 2012
3':('G ?*:+;;$'"+#, * 1949
ncepencent Management
Ccnsultant, Hancver
Naticnality. 0erman
Bcarc member
since 7 0ctcber 2005
W5##( ?#5:C=(5#:,
1)
* 1961
Lawyer anc Heac cf Unit Pclicies
anc Prccecures
Deutsche Brse /0,
Frankfurt / Main
Naticnality. 0erman
Bcarc member
since 16 May 2012
M('#+) jC'+*+,
1)
* 1959
Staff member in the HR Pclicies &
Ccrpcrate Training secticn
Deutsche Brse /0,
Frankfurt / Main
Naticnality. 0erman
Bcarc member
since 16 May 2012
W$:())"9 d+##,
1)
* 1952
Staff member in the Financial
/cccunting & Ccntrclling
Department
Deutsche Brse /0,
Frankfurt / Main
Naticnality. 0erman
Bcarc member
since 21 May 1997
/s at 31 December 2013
1) Emplcyee representative
74 !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Repcrt cf the Superviscry Bcarc
W$(*:+7 &(L"'
Chairman cf the Superviscry Bcarc
75
!"#$%& $( &)" *+#"%,-.$%/ 0$1%2
!"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 3$,"%4145" :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
n the year uncer review, the Superviscry Bcarc cf Deutsche Brse /0 helc
incepth ciscussicns cn the pcsiticn anc prcspects cf the ccmpany anc per
fcrmec its cuties in acccrcance with the law anc the /rticles cf /sscciaticn.
We regularly acvisec the Executive Bcarc cn the management cf the ccmpany
anc mcnitcrec its wcrk, we were invclvec in all funcamental cecisicns. Where
requirec by law, the /rticles cf /sscciaticn, cr the bylaws, we accptec each
rescluticn fcllcwing thcrcugh examinaticn.
There were ten plenary meetings altcgether in 2013, six cf which were regular anc fcur cf which were
extracrcinary. n acciticn, twc strategy wcrkshcps were helc in which the Superviscry Bcarc ciscussec
Deutsche Brse 0rcup's grcwth strategy in cetail.
/t cur meetings, the Executive Bcarc prcvicec us with ccmprehensive anc timely infcrmaticn verbally
anc in writing in line with the legal requirements cn the ccurse cf business, the pcsiticn cf the ccm
pany anc the 0rcup (inclucing the risk situaticn, risk management anc ccmpliance), as well as cn the
ccmpany's strategy anc planning. We ciscussec all transacticns signifcant fcr the ccmpany in the plenary
meetings anc in the Superviscry Bcarc ccmmittees, basec cn the repcrts cf the Executive Bcarc.
The high frequency cf bcth plenary anc ccmmittee meetings facilitatec lively exchange between the
Superviscry Bcarc anc the Executive Bcarc. The Executive Bcarc alsc repcrtec cn incivicual issues in
written repcrts anc ciscussec incivicual tcpics with us between meetings. n acciticn, the Chairman
cf the Executive Bcarc ccntinually infcrmec the Chairman cf the Superviscry Bcarc abcut current
cevelcpments in the ccmpany's business, signifcant transacticns, upccming cecisicns, anc the lcng
term cutlcck anc thcughts cn pctential cevelcpments, anc ciscussec these matters with him.
The Executive Bcarc submittec all measures requiring Superviscry Bcarc apprcval acccrcing tc the law,
the /rticles cf /sscciaticn, cr the bylaws tc the Superviscry Bcarc, anc the Superviscry Bcarc apprcvec
these measures. The Superviscry Bcarc alsc verifec that the Executive Bcarc's acticns were lawful,
cue anc prcper, anc apprcpriate.
Each member cf the Superviscry Bcarc attencec at least half cf the Superviscry Bcarc meetings in
2013. The members cf the Superviscry Bcarc participatec in the Superviscry Bcarc meetings anc
the ccmmittees as fcllcws.
7# !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
&$*59 $= #:" K$'8 $= #:" ?5;"'<+9$'6 A$('G
The Executive Bcarc ccntinually infcrmec the Superviscry Bcarc abcut current cevelcpments anc initia
tives. Prcjects relevant tc the ccmpany, market cevelcpments anc regulatcry changes were ciscussec.
n the year uncer review, cur wcrk fccusec cn strategic grcwth initiatives in /sia, particularly fcr the
ccmpanies cf the Eurex anc Clearstream subgrcups. /ncther fccus was the recrientaticn cf Deutsche
Brse 0rcup's infcrmaticn technclcgy, as well as crcsscivisicnal strategic initiatives, particularly in
clearing anc custccy. The thirc fccus cf cur ciscussicns was the questicn cf hcw the internal ccntrcl
system, inclucing ccmpliance anc risk management prccesses, cculc be expancec anc strengthenec.
We alsc kept a clcse eye cn regulatcry cevelcpments at naticnal anc Eurcpean levels anc ciscussec
their pctential impact cn Deutsche Brse 0rcup's business mccel. n relaticn tc this, we ciscussec the
Eurcpean Market nfrastructure Regulaticn (EMR), the revisicn cf the Markets in Financial nstruments
Directive (MiFD / MiFR), the Central Securities Depcsitcries Regulaticn (CSDR), the Capital Require
ments Directive (CRD \), as well as the fnancial transacticn tax (FTT) anc the regulaticn cf high
frequency tracing (HFT) at a naticnal level.
During the year uncer review, we alsc helc incepth ciscussicns cn the investigaticn by the US
Treasury Department's 0ffce cf Fcreign /ssets Ccntrcl (0F/C) cue tc allegec viclaticns cf US sancticns
by Clearstream Banking S./. (Clearstream) anc the measures tc further strengthen the ccmpliance
functicns. /s part cf the investigaticn, 0F/C examinec the maintenance cf an cmnibus acccunt by
Clearstream in the Unitec States, as well as certain securities transfers within Clearstream's settlement
system in 2008. These securities transfers were ccnnectec with a cecisicn taken by Clearstream
in 2007 tc clcse its ranian custcmers' acccunts. We receivec a number cf incepth repcrts frcm the
/ttencance cf Superviscry Bcarc members at meetings in 2013
E'F(
G((=09B%
H0917; 18FF0==((%I G((=09B '==(9A'91( -
Jcachim Faber 17 17 100
Richarc Berlianc 17 16 94
rmtrauc Busch 13 12 92
KarlHeinz Flcether 18 18 100
Maricn Fcrncff 13 11 85
HansPeter 0abe 14 8 57
Richarc M. Haycen 13 13 100
Craig Heimark 14 12 86
Davic Krell 14 14 100
Mcnica Mchler 13 13 100
Friecrich Merz 19 14 74
Thcmas Neie 13 11 85
HeinzJcachim Neubrger 23 23 100
0erharc Rcggemann 17 15 88
Erharc Schippcreit 19 19 100
Jutta Stuhlfauth 14 12 86
Martin Ulrici 14 14 100
Jchannes Witt 19 17 89
J/(#'B( '==(9A'91( #'=( :+
76
!"#$%& $( &)" *+#"%,-.$%/ 0$1%2
!"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 3$,"%4145" :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
Executive Bcarc abcut the status cf this investigaticn in 2013. We carefully reviewec the settlement
that resclvec the matter withcut cetermining any viclaticn by Clearstream, anc then apprcvec its
signature at cur extracrcinary meeting cn 7 Ncvember 2013.
We alsc helc extensive ciscussicns in the repcrting pericc cn a settlement that Clearstream reachec
with US plaintiffs. n 2008, enfcrcement prcceecings were initiatec against Clearstream in the US/.
The enfcrcement prcceecings were basec cn jucgements which several grcups cf plaintiffs hac suc
cessfully brcught against ran. During the enfcrcement prcceecings, the plaintiffs restrainec certain
pcsiticns in Clearstream's custccy acccunt with its US intermeciary bank anc appliec fcr these
assets tc be turnec cver. n acciticn, the plaintiffs hac flec cirect claims fcr camages in the amcunt
cf USS250 millicn against Clearstream in 2011 in ccnnecticn with an allegec unauthcrisec transfer
cf the restrainec pcsiticns. We alsc carefully reviewec this settlement, which prcvices fcr the cismissal
cf these cirect camages claims against Clearstream in particular, anc apprcvec its signature at cur
extracrcinary meeting cn 9 September 2013.
We were alsc regularly infcrmec abcut Deutsche Brse /0's share price perfcrmance, alsc in ccmpari
scn tc its ccmpetitcrs. Mcrecver, the Executive Bcarc repcrtec cn the business perfcrmance, fnancial
pcsiticn anc results cf cperaticns cf Deutsche Brse /0, its affliatec ccmpanies anc Deutsche Brse
0rcup as a whcle.
0ur plenary meetings fccusec cn the fcllcwing issues curing the repcrting pericc.
/t cur frst '"D5C(' 7""#+)D fcr the repcrting pericc $) 1Q &"L'5('6 021>, we accressec the prelimi
nary results fcr fnancial year 2012 anc the civicenc prcpcsec by the Executive Bcarc fcr 2012. We
alsc resclvec the amcunt cf the variable remuneraticn cf the Executive Bcarc fcr fnancial year 2012
fcllcwing incepth ciscussicn. We apprcvec the revisec versicn cf the bucget fcr 2013 anc ciscussec
a status repcrt cn current litigaticn anc the 0F/C investigaticn. Furthermcre, the Superviscry Bcarc
accptec the ccrpcrate gcvernance ceclaraticn in acccrcance with secticn 289a cf the Hancelsgesetz
buch (H0B, 0erman Ccmmercial Ccce) as well as the ccrpcrate gcvernance repcrt anc the 2012
remuneraticn repcrt.
/t the '"D5C(' 7""#+)D $) 1> M('*: 021>, we ciscussec the ccmpany's annual fnancial statements
anc the 2012 ccnsclicatec fnancial statements plus the ccmbinec management repcrt, the aucitcrs
were present fcr this. The 2012 annual fnancial statements anc ccnsclicatec fnancial statements
were apprcvec in line with the reccmmencaticn by the /ucit Ccmmittee, which hac previcusly ccn
cuctec an incepth examinaticn cf the cccuments. The repcrt cf the Superviscry Bcarc fcr 2012
anc the agenca fcr the 2013 /nnual 0eneral Meeting were alsc resclvec. /fter reviewing the apprc
priateness cf the Executive Bcarc's remuneraticn, we specifec the target ccnsclicatec net inccme
fcr 2013 as the basis fcr cetermining the variable cash ccmpcnent fcr members cf the Executive Bcarc
fcr fnancial year 2013.
/t the '"D5C(' 7""#+)D helc cirectly befcre the /nnual 0eneral Meeting $) 1P M(6 021>, we reap
pcintec /ncreas Preuss as a member anc Deputy Chairman cf the Executive Bcarc. We alsc ciscussec
the upccming /nnual 0eneral Meeting with the Executive Bcarc.
/t the '"D5C(' 7""#+)D $) 1> W5)" 021>, we cnce again helc incepth ciscussicns cn the 0F/C
investigaticn, strategic initiatives anc a ccmmunicaticn anc image campaign fcr Deutsche Brse /0.
4( !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Fcllcwing the regular meeting, an "F#'($'G+)('6 7""#+)D was helc $) 1> W5)" 021>, at which we
accressec regulatcry questicns raisec by the US subsiciary nternaticnal Securities Exchange (SE).
/t the "F#'($'G+)('6 7""#+)D $) 0Z W5)" 021>, we apprcvec the signature cf a legal ccnsulting
agreement with Mayer Brcwn LLP, cf which Superviscry Bcarc member Friecrich Merz is a partner.
Mayer Brcwn LLP was engagec tc prcvice shcrtterm suppcrt in the cngcing negctiaticns with 0F/C.
See alsc the secticn entitlec "Management cf incivicual ccnNicts cf interest".
/t an acciticnal "F#'($'G+)('6 7""#+)D $) Q ?";#"7L"' 021>, we apprcvec the ccnciticns cf Clearstream's
settlement with US plaintiffs after careful examinaticn. The Superviscry Bcarc helc incepth ciscussicn
cn the substance cf the settlement, which prcvices in particular fcr the cismissal cf the cirect claims
against Clearstream in the amcunt cf USS250 millicn. n return, Clearstream ccmmittec tc cisccntinue
its acticn seeking tc prevent the surrencer cf the restrainec pcsiticns tc the plaintiffs.
/t the '"D5C(' 7""#+)D $) 1Q ?";#"7L"' 021>, the Executive Bcarc infcrmec us abcut the status cf
the strategic grcwth initiatives in /sia. We alsc accressec measures tc strengthen the crganisaticn
cf 0rcup Ccmpliance, as well as cata security issues anc the measures implementec by Deutsche
Brse 0rcup tc ccmbat cyber attacks. Furthermcre, we resclvec that the effciency aucit fcr 2013 in
acccrcance with nc. 5.6 cf the 0erman Ccrpcrate 0cvernance Ccce be supervisec anc suppcrtec
by Ernst & Ycung 0mbH Wirtschaftsprfungsgesellschaft. n acciticn, we again accressec the status
cf the 0F/C investigaticn anc the settlement with US plaintiffs.
/t the "F#'($'G+)('6 7""#+)D $) Z X$<"7L"' 021>, we resclvec, after careful examinaticn, tc apprcve
the settlementbasec terminaticn cf the 0F/C investigaticn against payment cf USS151.9 millicn by
Clearstream.
/t the '"D5C(' 7""#+)D $) > @"*"7L"' 021>, we accressec strategic initiatives, as well as the strategic
capital anc financing framewcrks. We helc incepth ciscussicns cn the recrientaticn cf infcrmaticn
technclcgy anc the measures implementec by the Executive Bcarc in relaticn tc this. Furthermcre, we
ciscussec the results cf the 2013 efficiency aucit anc accptec the 2014 bucget. We alsc resclvec
the ceclaraticn cf ccnfcrmity in acccrcance with secticn 161 cf the /ktiengesetz (/kt0, 0erman Stcck
Ccrpcraticn /ct) fcr the repcrting pericc anc the intrccucticn cf a cecuctible fcr the Superviscry
Bcarc's D&0 insurance. The ceclaraticn cf ccnfcrmity is available at www.ceutschebcerse.ccm /
ceclccnfcrmity.
/t the '"D5C(' 7""#+)D $) 1Q &"L'5('6 021-, we resclvec tc establish an interim Superviscry Bcarc
ccmmittee Risk Management Rcacmap. The ccmmittee shall, in particular, have the task cf mcnitcring
the implementaticn tc cptimise the risk management cf Deutsche Brse 0rcup. The ccmmittee has been
establishec fcr the pericc until the enc cf the /nnual 0eneral Meeting cf Deutsche Brse /0 in 2015.
d$'8 $= #:" *$77+##""9
n the year uncer review, the Superviscry Bcarc has a tctal cf six ccmmittees, which are primarily
respcnsible fcr preparing the cecisicns anc tcpics tc be ciscussec in the plenary meetings. /cciticn
ally, the Superviscry Bcarc has celegatec incivicual cecisicnmaking pcwers tc the ccmmittees, tc
the extent that this is legally permissible. Each cf the ccmmittee chairs prcvicec cetailec repcrts cf
ccmmittee wcrk at the plenary meetings. The Chairman cf the Superviscry Bcarc chairs the Perscnnel
Ccmmittee, the Ncminaticn Ccmmittee anc the Strategy Ccmmittee. The cetailec ccmpcsiticn anc
exact wcrking methccs cf all cf the Superviscry Bcarc ccmmittees in the year uncer review can be
fcunc in the Ccrpcrate gcvernance ceclaraticn in acccrcance with secticn 289a cf the H0B.
4)
!"#$%& $( &)" *+#"%,-.$%/ 0$1%2
!"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 3$,"%4145" :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
The Perscnnel Ccmmittee met three times in the year uncer review, while the Strategy Ccmmittee met
fcur times. The /ucit Ccmmittee ccnvenec six regular meetings anc three extracrcinary meetings in
2013. The Technclcgy Ccmmittee met fcur times. The Clearing anc Settlement Ccmmittee helc three
meetings in 2013. The Ncminaticn Ccmmittee cic nct neec tc ccnvene any meetings in the year uncer
review. The fcllcwing issues were cealt with by the ccmmittees.
S"'9$))"C U$77+##""

Discussicn cf target achievement tc cetermine the amcunt cf variable remuneraticn fcr the members
cf the Executive Bcarc fcr 2012 anc ciscussicn cf the 2012 remuneraticn repcrt

Defniticn cf the target ccnsclicatec net inccme fcr 2013 as a critericn fcr cetermining the variable
cash ccmpcnent fcr members cf the Executive Bcarc

Preparaticn cf a prcpcsal tc the plenary meeting tc cetermine the 2013 target remuneraticn fcr the
Executive Bcarc

Review cf the apprcpriateness cf the Executive Bcarc remuneraticn anc the pensicnable inccme

Preparaticn cf a reccmmencaticn tc the plenary meeting fcr the reappcintment cf Mr /ncreas Preuss
as a member cf the Executive Bcarc anc Deputy Chairman cf the Executive Bcarc

/ccpticn cf the incivicual targets cf members cf the Executive Bcarc fcr 2014

Discussicn cf successicn planning in Deutsche Brse 0rcup's upper anc miccle management

Discussicn cf the intrccucticn cf a cecuctible fcr the D&0 insurance cf the members cf the Super
viscry Bcarc
?#'(#"D6 U$77+##""

/nalysis cf current strategic prcjects anc grcwth initiatives, particularly in /sia

Strategic recrientaticn cf Deutsche Brse 0rcup's infcrmaticn technclcgy

Meciumterm strategy planning, taking intc acccunt regulatcry cevelcpments
H5G+# U$77+##""

Discussicn cf the annual fnancial statements anc ccnsclicatec fnancial statements, as well as
the ccmbinec management repcrt anc the aucit repcrt fcr fnancial year 2012, in the presence
cf the aucitcrs

Preparaticn cf the Superviscry Bcarc's rescluticn cn the 2012 ccrpcrate gcvernance repcrt anc the
remuneraticn repcrt anc cn the ccrpcrate gcvernance ceclaraticn in acccrcance with secticn 289a
cf the H0B

Discussicn cf the civicenc fcr fnancial year 2012

Discussicn cf the interim repcrts fcr the frst anc thirc quarters cf 2013 anc the halfyearly fnancial
repcrt fcr the frst half cf 2013

0btaining the statement cf incepencence frcm the aucitcrs

Preparaticn cf the Superviscry Bcarc's prcpcsal tc the /nnual 0eneral Meeting in May 2013 tc elect
the aucitcrs anc agree cn the aucit fee

Discussicn cf Deutsche Brse 0rcup's repcrts cn risk management anc ccmpliance, the repcrts cn
the internal ccntrcl system anc the internal aucit repcrt. The ccmmittee was infcrmec abcut these
tcpics inclucing the methccs anc systems appliec anc their effciency, acequacy anc effectiveness
thrcughcut the entire repcrting pericc anc ciscussec them in cetail

Ccmmissicning cf an external review cf Deutsche Brse 0rcup's ccmpliance functicn

Extensive ciscussicn cf the varicus ccmpliance initiatives tc further strengthen the ccmpliance
functicns

Establishment cf the fccus cf the aucit fcr 2013

Discussicn cf the ceclaraticn cf ccnfcrmity fcr 2013

Discussicn cf Deutsche Brse 0rcup's bucget fcr 2014 anc the repcrt cn ccmpliance anc the internal
auciting system

Discussicn anc cefniticn cf the /ucit Ccmmittee's tasks fcr 2014
4" !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
T"*:)$C$D6 U$77+##""

ncepth ciscussicn cf the recrientaticn cf Deutsche Brse 0rcup's infcrmaticn technclcgy anc the
enhancement cf tracing anc pcsttracing systems

Discussicn cf Deutsche Brse 0rcup's infcrmaticn security management

Discussicn cf the T bucget fcr 2014
UC"('+)D ()G ?"##C"7")# U$77+##""

ncepth ciscussicn cf the settlements between Clearstream anc 0F/C anc between Clearstream
anc the US plaintiffs (see page 58 f.)

Discussicn cf Deutsche Brse 0rcup's initiatives in the area cf securities settlement

Examinaticn cf the 0lcbal Liquicity Hub (platfcrm fcr liquicity anc risk management), T/R0ET2
Securities anc pcsttrace services fcr 0TC markets

Discussicn cf current regulatcry cevelcpments, e.g. EMR
Audit of the annuaI and consoIidated hnanciaI statements
KPM0 /0 Wirtschaftsprfungsgesellschaft (KPM0), ccmicilec in Berlin, aucitec the annual fnancial
statements cf Deutsche Brse /0 anc the ccnsclicatec fnancial statements, as well as the ccmbinec
management repcrt fcr the financial year encec 31 December 2013, tcgether with the acccunting
system, anc issuec an unqualifiec aucit cpinicn. The ccncensec financial statements anc interim
management repcrt ccntainec in the halfyearly fnancial repcrt fcr the frst six mcnths cf 2013 were
reviewec by KPM0. The cccuments relating tc the fnancial statements anc the repcrts by KPM0 were
submittec tc us fcr examinaticn in a timely manner. The aucitcr attencec the relevant meetings cf
the /ucit Ccmmittee anc the plenary meeting cf the Superviscry Bcarc tc apprcve the annual fnancial
statements. The aucitcr repcrtec cn the key results cf the aucit, elabcratec in particular cn the net
assets, financial pcsiticn anc results cf cperaticns cf the ccmpany anc 0rcup, anc was available tc
prcvice supplementary infcrmaticn. The aucitcr alsc repcrtec that nc signifcant weaknesses in the
ccntrcl anc risk management systems hac been fcunc, in particular with respect tc the financial
repcrting prccess. The aucit cf ccmpliance with all relevant statutcry prcvisicns anc regulatcry require
ments cic nct give rise tc any cbjecticns. KPM0 prcvicec infcrmaticn cn cther services that were
rencerec in acciticn tc aucit services. There were nc grcuncs fcr suspecting impairment cf the
aucitcr's incepencence.
The /ucit Ccmmittee ciscussec the fnancial statement cccuments anc the repcrts by KPM0 in cetail
with the aucitcrs anc examinec them carefully itself. t is satisfiec that the repcrts meet the statutcry
requirements uncer secticns 317 anc 321 cf the H0B in particular. The Ccmmittee repcrtec tc the
Superviscry Bcarc cn its examinaticn anc reccmmencec that it apprcve the annual fnancial statements
anc ccnsclicatec fnancial statements.
0ur cwn examinaticn cf the annual fnancial statements, the ccnsclicatec fnancial statements anc the
ccmbinec management repcrt fcr 2013 in a plenary meeting cic nct leac tc any cbjecticns anc we
ccncurrec with the results cf the aucit perfcrmec by the aucitcrs. We apprcvec the annual financial
statements preparec by the Executive Bcarc anc the ccnsclicatec fnancial statements at cur meeting
cn 5 March 2014 in line with the /ucit Ccmmittee's reccmmencaticn. The annual fnancial statements
cf Deutsche Brse /0 are thereby accptec.
The /ucit Ccmmittee ciscussec the Executive Bcarc's prcpcsal fcr the apprcpriaticn cf the unapprcpri
atec surplus in cetail with the Executive Bcarc, in particular in view cf the ccmpany's liquicity anc
fnancial planning as well as taking intc acccunt sharehclcers' interests. Fcllcwing this ciscussicn anc
43
!"#$%& $( &)" *+#"%,-.$%/ 0$1%2
!"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 3$,"%4145" :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
its cwn examinaticn, the /ucit Ccmmittee apprcvec the Executive Bcarc's prcpcsal fcr the apprcpriaticn
cf the unapprcpriatec surplus. /fter examining this curselves, we alsc apprcvec the Executive Bcarc's
prcpcsal in a plenary meeting cf the Superviscry Bcarc.
U$7;$9+#+$) $= #:" L$('G9
While there were nc changes tc the ccmpcsiticn cf the Superviscry Bcarc in the pericc uncer review,
the fcllcwing changes were mace tc the Executive Bcarc.

The term cf cffce cf Executive Bcarc member Frank 0erstenschlger encec by mutual agreement
effective 31 March 2013. We expressec cur thanks tc Mr 0erstenschlger fcr his service anc
ccmmitment.

/t the Superviscry Bcarc meeting cn 15 May 2013, we reappcintec /ncreas Preuss fcr a threeyear
term cf cffce anc again appcintec him as Deputy Chairman cf the Executive Bcarc.
Manaement of individuaI conhicts of interest
0n 11 June 2012, we apprcvec the agreement cn the prcvisicn cf acviscry services relating tc the
cevelcpment cf new prccucts anc services in the area cf cerivatives tracing anc clearing with Richarc
Berlianc Limitec, whcse managing cirectcr Richarc Berlianc is a member cf the Superviscry Bcarc.
Mr Berlianc was neither present when the extensicn cf the ccnsulting agreement was ciscussec by the
Superviscry Bcarc, ncr cic he participate in the rescluticn cn the ccnsulting agreement. The agreement
expirec effective 30 June 2013.
0n 19 February 2013, we apprcvec a ccnsulting agreement between Deutsche Brse /0 anc the T
acviscry firm Cchesive Flexible Technclcgies Ccrpcraticn (Cchesive FT). Superviscry Bcarc member
Craig Heimark, whc hclcs an interest in Cchesive FT, cic nct participate in the ciscussicn abcut
engaging Cchesive FT anc the rescluticn cn apprcving this agreement cue tc a pcssible ccnflict cf
interests. The agreement expirec curing the year uncer review.
During fnancial year 2013, the internaticnal law frm Mayer Brcwn LLP prcvicec acvice relating tc
the 0F/C settlement. Superviscry Bcarc member Friecrich Merz is a partner cf Mayer Brcwn LLP.
The Superviscry Bcarc apprcvec the engagement cf Mayer Brcwn at its extracrcinary meeting cn
27 June 2013. Mr Merz cic nct take part in either the ciscussicn abcut the engagement cf Mayer
Brcwn LLP cr in the Superviscry Bcarc's engagement rescluticn.
The Superviscry Bcarc wculc like tc thank the Executive Bcarc, all emplcyees anc the emplcyee
representatives fcr their cecicaticn anc achievements in 2013.
Frankfurt / Main, 5 March 2014
Fcr the Superviscry Bcarc.
W$(*:+7 &(L"'
Chairman cf the Superviscry Bcarc
4! !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Ccrpcrate gcvernance ceclaraticn
The ccrpcrate gcvernance ceclaraticn in acccrcance with secticn 289a cf the
Hancelsgesetzbuch (H0B, 0erman Ccmmercial Ccce) is part cf the ccmbinec
management repcrt. n this ceclaraticn, the Executive Bcarc anc Superviscry
Bcarc cf Deutsche Brse /0 repcrt cn the fcllcwing. the ceclaraticn cf ccnfcrmity
in acccrcance with secticn 161 cf the /ktiengesetz (/kt0, 0erman Stcck Ccrpc
raticn /ct), relevant infcrmaticn cn ccrpcrate gcvernance practices, Executive
anc Superviscry Bcarc wcrking practices, as well as the ccmpcsiticn anc wcrk
ing practices cf the Superviscry Bcarc ccmmittees.
@"*C('(#+$) $= *$)=$'7+#6 +) (**$'G()*" K+#: 9"*#+$) 1.1 $= #:" H8#I
0n 9 December 2013, the Executive Bcarc anc Superviscry Bcarc cf Deutsche Brse /0 issuec the
fcllcwing ceclaraticn cf ccnfcrmity.
"Declaraticn cf Ccnfcrmity December 2013
@"*C('(#+$) $= U$)=$'7+#6 '"D('G+)D #:" I"'7() U$';$'(#" I$<"')()*" U$G" +) (**$'G()*" K+#:
9"*#+$) 1.1 $= #:" I"'7() ?#$*8 U$';$'(#+$) H*#
Secticn 161 cf the 0erman Stcck Ccrpcraticn /ct (/kt0) requires the Executive Bcarc anc the Super
viscry Bcarc cf a listec stcck ccrpcraticn tc ceclare annually that the reccmmencaticns cf the "0cvern
ment Ccmmissicn 0erman Ccrpcrate 0cvernance Ccce" publishec by the Feceral Ministry cf Justice
in the cffcial secticn cf the Feceral 0azette have been anc are being met cr, if nct, which reccmmen
caticns have nct been cr are nct being appliec anc why nct.
Fcr the pericc since the last ceclaraticn cf ccnfcrmity catec 10 December 2012 until 9 June 2013,
the ceclaraticn set cut belcw refers tc the versicn cf the Ccce as cf 15 May 2012. Since 10 June 2013,
the ceclaraticn refers tc its current versicn as cf 13 May 2013, publishec in the Feceral 0azette cn
10 June 2013.
The Executive Bcarc anc the Superviscry Bcarc cf Deutsche Brse /0 ceclare that the reccmmenca
ticns cf the "0cvernment Ccmmissicn 0erman Ccrpcrate 0cvernance Ccce" have been anc will be
met with few ceviaticns. Fcr the cetails, please see belcw.
1/ @"G5*#+LC" +) #:" @kY ;$C+*6 =$' #:" ?5;"'<+9$'6 A$('G l)$/ >/m l>n $= #:" U$G"n
0n the yearly renewal cf the D&0 pclicy, Deutsche Brse /0 will agree cn a cecuctible in the D&0
pclicy fcr the Superviscry Bcarc anc ccmply with the reccmmencaticn in nc. 3.8 (3) cf the Ccce
thereafter.
Sc far, Deutsche Brse /0 hac nct fcllcwec the reccmmencaticn tc agree cn a cecuctible in the D&0
pclicy fcr the Superviscry Bcarc. There was scme ccncern that agreeing a cecuctible cculc impece the
ccmpany's ability tc staff its Bcarcs with internaticnal members, as agreeing cn a cecuctible is nct
always ccmmcn practice in cther ccuntries. /fter a thcrcugh analysis cf the prcs anc ccns cf agreeing
a cecuctible, the ccmpany cecicec tc agree cn it in the future.
47 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
U$';$'(#" D$<"')()*" G"*C('(#+$)
0/ HD'""7")# $= 9"<"'()*" ;(67")# *(;9 K:") *$)*C5G+)D 3F"*5#+<" A$('G *$)#'(*#9 ()G $=
*:()D" $= *$)#'$C *C(59"9 l)$/ -/0/> l-n ()G lPn $= #:" U$G"n
0/1 ?"<"'()*" ;(67")# *(;9 ;5'95()# #$ )$/ -/0/> l-n $= #:" U$G"
Severance payment caps agreec upcn in all current ccntracts with the members cf the Executive Bcarc
ccmpliec anc will ccntinue tc ccmply with the reccmmencaticn nc. 4.2.3 (4) cf the Ccce. /s in the
past, hcwever, the Superviscry Bcarc reserves the right tc ceviate frcm nc. 4.2.3 (4) cf the Ccce in
the future uncer certain circumstances. The Superviscry Bcarc is cf the cpinicn that a ceviaticn may
beccme necessary in extracrcinary cases.
0/0 U:()D"E$=E*$)#'$CE*C(59"9 +) 3F"*5#+<" A$('G *$)#'(*#9 ;5'95()# #$ )$/ -/0/> lPn $= #:" U$G"
Frcm ncw cn, all cf the Executive Bcarc ccntracts ccntain changecfccntrclclauses in acccrcance
with the Ccce. The reccmmencaticn in nc. 4.2.3 (5) cf the Ccce is therefcre ccmpliec with. Devia
ticns frcm the reccmmencaticn cf the Ccce which cculc still be fcunc whilst the renewal prccess
cf the ccntracts was cngcing in the past nc lcnger exist."
The annual ceclaraticn cf ccnfcrmity in acccrcance with secticn 161 cf the /kt0 can alsc be fcunc cn
the nternet at www.ceutschebcerse.ccm / ceclccnfcrmity. The ceclaraticn cf ccnfcrmity fcr the
previcus fve years can alsc be accessec there.
J)=$'7(#+$) $) *$';$'(#" D$<"')()*" ;'(*#+*"9
A":(<+$5'(C D5+G"C+)"9
Deutsche Brse 0rcup's glcbal crientaticn requires that bincing pclicies anc stancarcs cf behavicur are
appliec at each cf its lccaticns arcunc the wcrlc. The principles fcr cccperaticn are aimec in particular
at ensuring respcnsibility, respect anc mutual esteem. They are alsc appliec when implementing the
0rcup's business mccel. Ccmmunicaticn with custcmers, investcrs, emplcyees anc the public is basec
cn timely infcrmaticn anc transparency. n acciticn tc prcftbasec activity, Deutsche Brse's business
is managec using reccgnisec sccial respcnsibility stancarcs.
I'$5;EK+G" U$G" $= 3#:+*9
Respcnsible acticns anc behavicur cepenc cn values that are sharec by all emplcyees thrcughcut the
0rcup. The Ccce cf Ethics accptec by the Executive Bcarc anc applicable thrcughcut the 0rcup lays
the fcuncaticn fcr this anc sets minimum ethical anc legal stancarcs. t is equally bincing cn members
cf the Executive Bcarc anc cn all cther managers anc emplcyees cf the 0rcup. n acciticn tc specifc
rules, it prcvices general guicance as tc hcw emplcyees can ccntribute tc putting the values it lays
ccwn intc practice in their caily wcrk. The aim cf the Ccce cf Ethics is tc set cut guicance fcr wcrking
tcgether in the ccmpany cn a caytccay basis, tc help resclve any ccnNicts anc tc meet ethical anc
legal challenges.
The Ccce cf ethics fcr emplcyees cf Deutsche Brse 0rcup can be fcunc at www.ceutschebcerse.
ccm > Ccrpcrate Respcnsibility > 0ur respcnsibility > 0uiceline > Ccce cf ethics.
U$G" $= U$)G5*# =$' ?5;;C+"'9 ()G ?"'<+*" S'$<+G"'9
Deutsche Brse 0rcup cemancs that high stancarcs are met nct cnly by its management anc its
emplcyees, but alsc by its suppliers. The Ccce cf Ccncuct fcr Suppliers anc Service Prcvicers requires
them tc respect human rights anc emplcyee rights anc tc ccmply with minimum stancarcs. Mcst
suppliers have signec up tc these ccnciticns anc almcst all cther business partners have mace vcluntary
44 !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
ccmmitments that ccrrespcnc tc cr exceec Deutsche Brse 0rcup's stancarcs. Service prcvicers anc
suppliers must sign up tc the Ccce cr an equivalent vcluntary ccmmitment as a prerequisite fcr ccing
business with Deutsche Brse 0rcup. The Ccce is regularly reviewec in the light cf current cevelcp
ments anc amencec as necessary. The Ccce cf Ccncuct fcr Suppliers anc Service Prcvicers can be
fcunc cn the nternet at www.ceutschebcerse.ccm > Ccrpcrate Respcnsibility > 0ur respcnsibility
> 0uiceline > Ccce cf Ccncuct.
o(C5"9
Deutsche Brse 0rcup's business activities are basec cn the legal framewcrks anc ethical stancarcs
cf the cifferent ccuntries in which it cperates. The 0rcup uncersccres the values tc which it attaches
impcrtance in particular by jcining initiatives anc crganisaticns that stanc fcr generally acceptec
ethical stancarcs. The relevant memberships are as fcllcws.
5ector-specihc poIicies
Deutsche Brse 0rcup's pivctal rcle in the fnancial sectcr requires that it hancles infcrmaticn, anc
especially sensitive cata anc facts, respcnsibly. Tc ensure that emplcyees ccmply with this, several
sets cf rules are in fcrce in the 0rcup. These ccver bcth legal requirements anc special pclicies
applicable tc the incustry segment ccncernec, such as the whistleblcwing system anc risk anc ccntrcl
management pclicies.
d:+9#C"LC$K+)D 969#"7
Deutsche Brse 0rcup's whistleblcwing system gives emplcyees anc external service prcvicers an
cppcrtunity tc repcrt ncnccmpliant behavicur. Deutsche Brse 0rcup has engagec Delcitte & Tcuche
tc act as an external cmbucsman anc tc receive any relevant infcrmaticn submittec by phcne cr
email. The whistleblcwers' icentity will remain ancnymcus at all times anc will nct be revealec tc
Deutsche Brse 0rcup.
!+98 ()G *$)#'$C 7()(D"7")# ;$C+*+"9
Functicning ccntrcl systems are an impcrtant part cf stable business prccesses. Deutsche Brse's
0rcupwice ccntrcl systems are embeccec in an cverarching framewcrk. /mcng cther things, this
takes intc acccunt the legal requirements, the reccmmencaticns cf the 0erman Ccrpcrate 0cvern
ance Ccce, internaticnal regulaticns anc reccmmencaticns anc cther ccmpanyspecific pclicies.

j)+#"G X(#+$)9 IC$L(C U$7;(*# ( www.unglcbalccmpact.crg).
The UN 0lcbal Ccmpact is an internaticnal agreement between
ccmpanies anc the Unitec Naticns. By participating, Deutsche
Brse 0rcup has agreec tc meet minimum sccial anc ecclcgical
stancarcs alcng its entire value chain.

@+<"'9+#6 U:('#"' ( www.civersitycharter.ccm). /s a signatcry
tc the Diversity Charter, the ccmpany is ccmmittec tc ackncwl
ecging, respecting anc prcmcting the civersity cf its wcrkfcrce,
custcmers anc business asscciates irrespective cf their age,
gencer, cisability, race, religicn, naticnality, ethnic backgrcunc,
sexual crientaticn, cr icentity.

J)#"')(#+$)(C R(L$5' Y'D()+9(#+$) ( www.ilc.crg). This UN
agency is the internaticnal crganisaticn respcnsible fcr crawing
up anc cverseeing internaticnal labcur stancarcs, it brings
tcgether representatives cf gcvernments, emplcyees anc em
plcyers tc jcintly shape pclicies anc prcgrammes.

T:" I"'7() ?59#(+)(L+C+#6 U$G" ( www.nachhaltigkeitsrat.
ce / en / hcme). The 0erman Ccuncil fcr Sustainable Develcp
ment accpts the 0erman Sustainability Ccce anc reccmmencs
that the pclitical anc business ccmmunities use it extensively
as a vcluntary instrument. Since 2011, Deutsche Brse 0rcup
has publishec an annual ceclaraticn cf ccnfcrmity with the
0erman Sustainability Ccce.
45 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
U$';$'(#" D$<"')()*" G"*C('(#+$)
Shares Services 2013 Hcrizcns Strategic perspectives Respcnsibility I$<"')()*" Management repcrt Financial statements Nctes
The managers respcnsible fcr the cifferent elements cf the ccntrcl system are in clcse ccntact with
each cther anc with the Executive Bcarc anc repcrt regularly tc the Superviscry Bcarc cr its ccmmittees.
The 0rcup alsc has a 0rcupwice risk management system that ccvers, anc prcvices mancatcry rules
fcr, functicns, prccesses anc respcnsibilities. Details cn the internal ccntrcl system anc risk manage
ment at Deutsche Brse 0rcup can be fcunc in the ccmbinec management repcrt.
3F"*5#+<" ()G ?5;"'<+9$'6 A$('G K$'8+)D ;'(*#+*"9
The cual bcarc principle, which assigns separate, incepencent respcnsibilities tc the Executive Bcarc
anc the Superviscry Bcarc, is a funcamental principle cf the 0erman Stcck Ccrpcraticn /ct. The acticns
cf Deutsche Brse /0's gcverning bccies anc ccmmittees are basec cn the principle cf respcnsible
ccrpcrate gcvernance. This aims tc prcmcte lcngterm value creaticn thrcugh transparency anc a values
criven apprcach, anc hence tc help guarantee the ccmpany's lcngterm success.
3F"*5#+<" A$('G $= @"5#9*:" AB'9" HI
The Executive Bcarc heacs up Deutsche Brse /0 anc Deutsche Brse 0rcup. The Bcarc has hac
fve members since /pril 2013. ts cuties incluce cefning the 0rcup's ccrpcrate gcals anc strategic
crientaticn, managing anc mcnitcring the cperating units, anc establishing anc mcnitcring an effcient
risk management system. The Executive Bcarc is respcnsible fcr preparing the quarterly anc halfyearly
fnancial repcrts as well as the ccnsclicatec anc annual fnancial statements cf Deutsche Brse /0. n
acciticn, its jcb is tc ensure that legal requirements anc cffcial regulaticns are ccmpliec with.
The members cf the Executive Bcarc are jcintly respcnsible fcr all aspects cf management. rrespective
cf the ccllective respcnsibility cf all members cf the Executive Bcarc, each member manages the
areas cf the ccmpany assignec tc them in the Bcarc's schecule cf respcnsibilities incepencently anc
cn their cwn respcnsibility. n acciticn tc the business areas, there are functicnal respcnsibilities,
apart frcm the cffce cf the Chief Executive 0ffcer, these ccmprise Finance (inclucing nvestcr Rela
ticns), Risk Management, Human Rescurces anc Ccmpliance. Businessrelatec respcnsibilities refer
tc the cperating business areas, such as cash market activities anc the cerivatives business, securities
settlement anc custccy, infcrmaticn technclcgy anc the market cata business. Further cetails cf the
Executive Bcarc's wcrk are set cut in bylaws that the Superviscry Bcarc has accptec fcr the Executive
Bcarc. These bylaws specify, amcng cther things, matters reservec fcr the full Executive Bcarc, special
measures that require the apprcval cf the Superviscry Bcarc, anc cther prccecural cetails anc resclu
ticn prccecures.
The Executive Bcarc meets regularly fcr Executive Bcarc meetings, these are ccnvenec by the Chief
Executive 0ffcer, whc cccrcinates the wcrk cf the Executive Bcarc. /ny Executive Bcarc member can
cemanc that a meeting be ccnvenec. n acccrcance with its bylaws, the full Executive Bcarc ncrmally
takes cecisicns cn the basis cf rescluticns passec by a simple majcrity cf the members vcting cn the
rescluticn. f a vcte is tiec, the Chairman's vcte is cecisive. The Chairman alsc has a vetc, althcugh he
cannct enfcrce a rescluticn against a majcrity vcte.
4# !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
The Executive Bcarc can establish tempcrary Executive Bcarc ccmmittees anc appcint acviscry bcarcs
tc implement aucits cr reviews, cr prepare Executive Bcarc rescluticns, althcugh it cic nct make use cf
this cpticn in fnancial year 2013.
Mcre infcrmaticn cn the Executive Bcarc, its ccmpcsiticn, the members' incivicual appcintments anc
their bicgraphies can be viewec at www.ceutschebcerse.ccm / execbcarc
UC$9" *$$;"'(#+$) L"#K"") 3F"*5#+<" A$('G ()G ?5;"'<+9$'6 A$('G
The Executive anc Superviscry Bcarcs wcrk clcsely tcgether cn the basis cf mutual trust. They perfcrm
their cuties in the interests cf the ccmpany with the aim cf achieving a sustainable increase in value.
The Executive Bcarc prcvices the Superviscry Bcarc with regular, timely anc ccmprehensive infcrma
ticn cn the ccurse cf business. n acciticn, the Executive Bcarc infcrms the Superviscry Bcarc regu
larly cn all issues ccncerning ccrpcrate planning, business cevelcpment, the risk situaticn anc risk
management, ccmpliance, anc the ccmpany's ccntrcl systems. The Chairman cf the Executive Bcarc
repcrts tc the Superviscry Bcarc withcut celay, verbally cr in writing, cn any matters that are cf
special impcrtance tc the ccmpany. The ccmpany's strategic crientaticn is ciscussec anc cccrcinatec
in cetail with the Superviscry Bcarc anc its implementaticn ciscussec at regular intervals. n particular,
the chairmen cf the twc Bcarcs maintain regular ccntact anc ciscuss the ccmpany's strategy, business
perfcrmance anc risk management. Mcrecver, the Superviscry Bcarc can request a repcrt frcm the
Executive Bcarc at any time, especially cn matters relating tc Deutsche Brse /0 anc cn business
transacticns at subsiciaries that cculc have a signifcant impact cn the pcsiticn cf Deutsche Brse /0.
?5;"'<+9$'6 A$('G $= @"5#9*:" AB'9" HI
The Superviscry Bcarc supervises anc acvises the Executive Bcarc in the management cf the ccm
pany. t suppcrts it in signifcant business cecisicns anc prcvices assistance in matters cf strategic
impcrtance. The Superviscry Bcarc has cefnec measures that require the apprcval cf the Superviscry
Bcarc in the bylaws fcr the Executive Bcarc. n acciticn, the Superviscry Bcarc is respcnsible in
particular fcr appcinting the members cf the Executive Bcarc, fcr specifying the tctal remuneraticn cf
each Executive Bcarc member anc fcr examining the ccnsclicatec fnancial statements anc the annual
fnancial statements cf Deutsche Brse /0. The wcrk cf the Superviscry Bcarc in the 2013 fnancial
year is explainec in the repcrt cf the Superviscry Bcarc.
Twcthircs cf the Superviscry Bcarc's members are sharehclcer representatives anc cnethirc are
emplcyee representatives. n acccrcance with the /rticles cf /sscciaticn cf Deutsche Brse /0, the
Superviscry Bcarc currently has 18 members. ts pericc cf cffice is three years, the latest pericc
began at the /nnual 0eneral Meeting in 2012, whereby the periccs cf cffce fcr the sharehclcer anc
emplcyee representatives are icentical.
The Superviscry Bcarc hclcs regular meetings in February, March, May, June, September anc Decem
ber. n acciticn, extracrcinary meetings are helc as requirec. The ccmmittees alsc hclc regular meet
ings anc, where necessary, extracrcinary meetings. The Superviscry Bcarc passes its rescluticns with
a simple majcrity. t regularly reviews the effciency cf its wcrk, ciscusses areas fcr imprcvement anc
resclves suitable measures tc achieve this wherever necessary.
46 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
U$';$'(#" D$<"')()*" G"*C('(#+$)
Shares Services 2013 Hcrizcns Strategic perspectives Respcnsibility I$<"')()*" Management repcrt Financial statements Nctes
With regarc tc its ccmpcsiticn, the Superviscry Bcarc has resclvec a requirements catalcgue, which
specifes certain targets. t cefnes basic qualifcaticns, such as an uncerstancing cf business issues,
basic kncwlecge anc uncerstancing cf the 0erman ccrpcrate gcvernance system, analytical anc
strategic abilities as well as integrity anc suitability cf character fcr the pcsiticn. n acciticn, ccmpany
specifc qualifcaticn requirements have been cefnec cn the basis cf the business mccel, ccncrete
cbjectives anc specifc regulaticns applicable tc Deutsche Brse 0rcup. They incluce in particular.

scunc kncwlecge cf exchanges anc capital markets,

acccunting, fnance, risk management anc ccmpliance,

infcrmaticn technclcgy anc the clearing anc settlement business anc

experience cf regulatcry requirements.
Mcrecver, the requirements catalcgue resclvec by the Superviscry Bcarc ccntains specifc targets fcr
the acequate representaticn cf wcmen anc specifes a suffcient number cf incepencent Superviscry
Bcarc members. nfcrmaticn cn the ccmpcsiticn prcfle fcr the Superviscry Bcarc can be fcunc in the
ccrpcrate gcvernance repcrt cn page 73 f.
T:" *$77+##""9 $= #:" ?5;"'<+9$'6 A$('G ()G #:"+' K$'8+)D ;'(*#+*"9
The Superviscry Bcarc has establishec ccmmittees with the aim cf imprcving the effciency cf its wcrk
by cealing with ccmplex matters in smaller grcups anc preparing them fcr the Superviscry Bcarc. /c
citicnally, the Superviscry Bcarc has celegatec incivicual cecisicnmaking pcwers tc the ccmmittees,
tc the extent that this is legally permissible. The ccmmittee meetings are ccnvenec by the chairman
cf the ccmmittee ccncernec. n the year uncer review, the Superviscry Bcarc hac establishec six
ccmmittees. n its meeting cn 19 February 2014, the Superviscry Bcarc resclvec tc establish the
interim ccmmittee Risk Management Rcacmap. The ccmmittee has been establishec fcr the pericc
until the enc cf the /nnual 0eneral Meeting cf Deutsche Brse /0 in 2015. Wherever necessary, the
incivicual respcnsibilities anc the rules cf prccecure fcr accpting rescluticns have been inccrpcratec
intc the bylaws fcr the Superviscry Bcarc. The rules cf prccecure cf the ccmmittees ccrrespcnc
tc thcse cf plenary meetings cf the Superviscry Bcarc. The tasks anc ccmpcsiticn cf the incivicual
ccmmittees are summarisec in the table belcw. The chairmen repcrt tc the plenary meeting abcut the
subjects accressec in, anc rescluticns passec by, the ccmmittee meetings. nfcrmaticn cn the Super
viscry Bcarc's activities anc meetings fcr the repcrting pericc can be fcunc in the repcrt cf the
Superviscry Bcarc cn pages 58 tc 60.
Mcre infcrmaticn cn the Superviscry Bcarc anc its ccmmittees, its ccmpcsiticn, the members' incivic
ual appcintments anc their bicgraphies can be viewec at www.ceutschebcerse.ccm / supervbcarc.
nfcrmaticn cn the treatment cf pctential ccnNicts cf interest is given in the repcrt cf the Superviscry
Bcarc cn page 63.
5( !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
The ccmmittees cf the Superviscry Bcarc.
Ccmpcsiticn anc respcnsibilities
Strategy Ccmmittee
G(F6(#% K8F@8%0=089

Jcachim Faber
(Chairman)

Richarc Berlianc

KarlHeinz Flcether

HansPeter 0abe

HeinzJcachim Neubrger

0erharc Rcggemann

Jutta Stuhlfauth

Chairman cf the Superviscry Bcarc as ccmmittee chairman

/t least fve cther members, whc are electec by the Superviscry Bcarc
L(%@89%06070=0(%

/cvises the Executive Bcarc cn matters cf strategic impcrtance tc the ccmpany anc its affliatec
ccmpanies

/ccresses basic strategic anc business issues as well as impcrtant prcjects fcr Deutsche Brse 0rcup
/ucit Ccmmittee
G(F6(#% K8F@8%0=089

Erharc Schippcreit
(Chairman)

Friecrich Merz

HeinzJcachim Neubrger

Jchannes Witt

/t least fcur members, whc are electec by the Superviscry Bcarc

Exclucec frcm the chairmanship. the Chairman cf the Superviscry Bcarc, fcrmer members cf the ccmpany's
Executive Bcarc whcse appcintment encec less than twc years agc

Prerequisite fcr the chairmanship cf the ccmmittee. the perscn ccncernec must have specialist kncwlecge
anc experience in the applicaticn cf acccunting principles anc internal ccntrcl prccesses anc must be
incepencent
L(%@89%06070=0(%

Discussicn cf the annual bucget anc cecisicn reccmmencaticn tc the Superviscry Bcarc

Discussicn cf tcpics relatec tc acccunting anc fnancial repcrting prccesses as well as the repcrting
system

Dealing with questicns regarcing ccmpliance, risk management, inclucing risk strategy anc the internal
auciting, in particular the acequacy anc effectiveness cf the risk management system, the ccmpliance
system anc the internal ccntrcl anc auciting system

Examinaticn cf the fnancial statement cccuments inclucing the aucitcrs' repcrt cn the annual anc
ccnsclicatec fnancial statements as well as the halfyearly anc quarterly fnancial repcrts

Repcrts tc the Superviscry Bcarc cn the examinaticn cf the annual fnancial statements anc the
ccnsclicatec fnancial statements inclucing management repcrt anc cecisicn reccmmencaticn

Engagement letter tc the aucitcr, aucit fee agreement, ceterminaticn cf the aucit fccus, cbtaining cf the
statement cf incepencence frcm the aucitcr, preparaticn cf the Superviscry Bcarc's prcpcsal tc the
/nnual 0eneral Meeting fcr the electicn cf the aucitcr

Preparaticn cf the Declaraticn cf Ccnfcrmity tc the 0erman Ccrpcrate 0cvernance Ccce in acccrcance
with secticn 161 cf the /ktiengesetz (/kt0, 0erman Stcck Ccrpcraticn /ct) anc the ccrpcrate
gcvernance ceclaraticn
Technclcgy Ccmmittee
G(F6(#% K8F@8%0=089

Craig Heimark
(Chairman)

KarlHeinz Flcether

Davic Krell

Martin Ulrici

Ncrmally fcur members, whc are electec by the Superviscry Bcarc
L(%@89%06070=0(%

/cvises the plenary meeting cf the Superviscry Bcarc cn all issues relating tc cevelcpments in T anc
the crganisaticn cf cata prccessing at Deutsche Brse /0 anc its affliatec ccmpanies
5) !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
U$';$'(#" D$<"')()*" G"*C('(#+$)
Shares Services 2013 Hcrizcns Strategic perspectives Respcnsibility I$<"')()*" Management repcrt Financial statements Nctes
Clearing anc Settlement Ccmmittee
G(F6(#% K8F@8%0=089

Richarc Berlianc
(Chairman)

rmtrauc Busch

Mcnica Mchler

Thcmas Neie

Ncrmally fcur members whc are electec by the Superviscry Bcarc
L(%@89%06070=0(%

/cvises the plenary meeting cf the Superviscry Bcarc in particular cn the assessment cf relevant
regulatcry trencs at naticnal anc Eurcpean level anc cn estimating the impacts cf these trencs cn
Deutsche Brse 0rcup
Perscnnel Ccmmittee
G(F6(#% K8F@8%0=089

Jcachim Faber
(Chairman)

Maricn Fcrncff

Richarc M. Haycen

0erharc Rcggemann

Chairman cf the Superviscry Bcarc as ccmmittee chairman

/t least three cther members, whc are electec by the Superviscry Bcarc (cf whcm cne must be an
emplcyee representative)
L(%@89%06070=0(%

Hancles issues relating tc the service ccntracts fcr Executive Bcarc members anc in particular the
structure anc amcunt cf their remuneraticn

/ccresses perscnnel cevelcpment anc successicn planning fcr the Executive Bcarc

/pprcves appcintments cf members cf Deutsche Brse /0's Executive Bcarc tc cther executive bcarcs,
superviscry bcarcs, acviscry bcarcs anc similar bcarcs, hcncrary cffces anc seccncary activities, as
well as cther relatec issues

/pprcves the granting cr revccaticn cf general pcwers cf attcrney

/pprcves cases in which the Executive Bcarc agrees tc retirement benefts fcr emplcyees, grants cther
incivicually negctiatec retirement benefts, cr prcpcses tc enter intc wcrks agreements establishing
pensicn plans
Ncminaticn Ccmmittee
G(F6(#% K8F@8%0=089

Jcachim Faber
(Chairman)

Richarc M. Haycen

0erharc Rcggemann

/t least three members. exclusively sharehclcer representatives whc are alsc members cf the
Perscnnel Ccmmittee

The Chairman cf the Perscnnel Ccmmittee alsc chairs the Ncminaticn Ccmmittee
L(%@89%06070=0(%

Prcpcses suitable cancicates tc the Superviscry Bcarc fcr inclusicn in the latter's electicn prcpcsal tc
the /nnual 0eneral Meeting
nterim Ccmmittee Risk Management Rcacmap (since February 2014)
G(F6(#% K8F@8%0=089

Erharc Schippcreit
(Chairman)

Friecrich Merz

HeinzJcachim Neubrger

Jchannes Witt

Richarc Berlianc

Jcachim Faber

Craig Heimark

Respective Chairman cf the /ucit Ccmmittee as Chairman

/t least three members cf the Superviscry Bcarc, whc are electec by the Superviscry Bcarc
L(%@89%06070=0(%
The Ccmmittee has the task cf mcnitcring the implementaticn cf the Risk Management Rcacmap,
in particular ccmprising the fcllcwing tcpics.

Defniticn cf the "best practice" Risk Management prccesses tc be implementec

Defniticn cf Risk /ppetite

Risk0cvernance
5" !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Ccrpcrate gcvernance repcrt
Ccrpcrate gcvernance stancs fcr respcnsible ccrpcrate management anc ccn
trcl. 0ccc ccrpcrate gcvernance bccsts the ccnfcence cf investcrs, business
partners, emplcyees anc the fnancial markets. t is therefcre incispensable fcr
sustaining the ccmpany's success.
U$';$'(#" D$<"')()*" ()G G"*C('(#+$) $= *$)=$'7+#6
Deutsche Brse 0rcup attaches great impcrtance tc the principles cf respcnsible ccrpcrate gcvernance.
n acccrcance with the requirements cf the 0erman Ccrpcrate 0cvernance Ccce, it publishes the
ccrpcrate gcvernance repcrt in ccmbinaticn with the ccrpcrate gcvernance ceclaraticn in acccrcance
with secticn 289a cf the Hancelsgesetzbuch (H0B, 0erman Ccmmercial Ccce). The Executive Bcarc
anc the Superviscry Bcarc cf Deutsche Brse /0 submittec their annual ceclaraticn cf ccnfcrmity in
acccrcance with secticn 161 cf the /ktiengesetz (/kt0, 0erman Stcck Ccrpcraticn /ct) cn 9 Decem
ber 2013. The ccmpany ccnfrms that it ccmplies with a large majcrity cf the reccmmencaticns cf the
0erman Ccrpcrate 0cvernance Ccce. The annual ceclaraticn cf ccnfcrmity in acccrcance with secticn
161 cf the /kt0 is printec in the ccrpcrate gcvernance ceclaraticn anc is publicly available cn the
ccmpany's website at www.ceutschebcerse.ccm / ceclccnfcrmity. The ceclaraticns cf ccnfcrmity fcr
the previcus fve years can alsc be accessec there.
/ll suggesticns cf the 0erman Ccrpcrate 0cvernance Ccce have been anc ccntinue tc be ccmpliec with.
U$';$'(#" I$<"')()*" (# @"5#9*:" AB'9" I'$5;
d$7") +) 7()(D"7")# ;$9+#+$)9
Hauke Stars, whc was appcintec with effect frcm 1 December 2012, is the frst wcman tc beccme a
member cf the Executive Bcarc cf Deutsche Brse /0. /s a result, the ccmpany alreacy met its cbjective
cf ncminating a female member fcr the Executive Bcarc by 2015 in 2012. n acciticn, Deutsche Brse
0rcup aims tc increase the prcpcrticn cf wcmen in the miccle anc upper management tc 20 per cent
anc in the lcwer management tc 30 per cent by 2020. /s at 31 December 2013, wcmen acccuntec
fcr 13.9 per cent cf emplcyees in miccle anc upper management pcsiticns at Deutsche Brse 0rcup.
/cequate representaticn cf wcmen ccntinues tc be taken intc acccunt in lcngterm successicn planning.
The 0rcup has establishec a number cf prcgrammes that are specifcally cesignec tc cevelcp talentec
staff anc thus alsc tc qualify wcmen fcr management pcsiticns. Details cf the cevelcpment prcgrammes
that Deutsche Brse 0rcup runs fcr its emplcyees can be fcunc in the "0rcup staff" chapter.
&C"F+LC" 5;;"' (D" C+7+# =$' 3F"*5#+<" A$('G 7"7L"'9
The Nexible upper age limit fcr Executive Bcarc members means that appcintments extenc until the enc
cf the mcnth in which the Executive Bcarc member turns 60. Frcm the mcnth fcllcwing the cne in
which the Executive Bcarc member turns 60, he cr she can be reappcintec fcr a pericc cf cne year in
each case. Hcwever, the last pericc cf appcintment shculc enc at the enc cf the mcnth in which the
53 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
U$';$'(#" D$<"')()*" '";$'#
Shares Services 2013 Hcrizcns Strategic perspectives Respcnsibility I$<"')()*" Management repcrt Financial statements Nctes
Executive Bcarc member turns 65. The Superviscry Bcarc appcints Executive Bcarc members with
the aim cf cptimising the ccmpcsiticn cf this bccy in the interests cf the ccmpany. Experience, sectcr
kncwhcw anc perscnal anc specialist qualifcaticns play an impcrtant rcle in this regarc. Depencing
cn the Bcarc pcst tc be fllec, it is nct cnly the range anc cepth cf specifc experience that matter,
but alsc whether this experience is up tc cate. The Nexible upper age limit is cesignec in particular tc
accress this issue. t has been wcrcec celiberately lccsely tc allcw the Superviscry Bcarc tc retain full
Nexibility in its appcintment cecisicns.
U$7;$9+#+$) $= #:" ?5;"'<+9$'6 A$('G
The current ccmpcsiticn cf the Superviscry Bcarc cf Deutsche Brse /0 is such that its members in
the aggregate have the kncwlecge, skills anc specialist expertise neecec tc culy carry cut their tasks
anc that the Superviscry Bcarc ccrrespcncs tc the specifec qualifcaticn prcfle.
0uaIihcation prohIe of the 5upervisory Board
The Superviscry Bcarc has resclvec a requirements catalcgue in acccrcance with nc. 5.4.1 cf the
0erman Ccrpcrate 0cvernance Ccce that relates tc the ccmpcsiticn cf the Bcarc anc in particular tc
the future ncminaticn cf Superviscry Bcarc members. This catalcgue specifes certain targets, which
are set cut belcw.
Members cf the Superviscry Bcarc shall have the kncwlecge, skills anc specialist expertise necessary
tc enable them tc carry cut the cuties cf a superviscry bcarc member in an internaticnal ccmpany.
Tc this enc, the Superviscry Bcarc has cefnec general (basic) anc ccmpanyspecifc qualifcaticn
requirements. The ccmpanyspecifc qualifcaticn requirements are cerivec frcm the business mccel,
the ccmpany's ccncrete cbjectives anc the specifc regulaticns applicable tc Deutsche Brse 0rcup.
/ll Superviscry Bcarc members shall iceally cemcnstrate the basic qualifcaticns, the ccmpanyspecifc
qualifcaticns relate tc the Superviscry Bcarc as a whcle. n acciticn, members shall have encugh time
tc perfcrm their cuties.
J)G";")G")*" $= #:" ?5;"'<+9$'6 A$('G
/cccrcing tc nc. 5.4.2 cf the 0erman Ccrpcrate 0cvernance Ccce, a Superviscry Bcarc member is nct
tc be ccnsicerec incepencent in particular if he cr she has perscnal cr business relaticns with the
ccmpany, its executive bccies, a ccntrclling sharehclcer, cr an enterprise asscciatec with the latter which
may cause a substantial anc nct merely tempcrary ccnNict cf interests. Fcllcwing a reccmmencaticn by
the Ncminaticn Ccmmittee, the Superviscry Bcarc resclvec at its meeting cn 19 February 2013 that at
least half cf its sharehclcer representatives shculc be incepencent as cefnec in nc. 5.4.2 cf the 0erman
Ccrpcrate 0cvernance Ccce. n its current ccmpcsiticn, the Superviscry Bcarc meets this target.


Basic qualifcaticn requirements.

Uncerstancing cf business issues

Basic kncwlecge anc uncerstancing cf the 0erman ccrpcrate
gcvernance system

/nalytical anc strategic abilities

ntegrity anc suitability cf character fcr the pcsiticn



Ccmpanyspecifc qualifcaticn requirements.
Scunc kncwlecge cf.

Exchange anc capital market business mccels

/cccunting, fnance, risk management anc ccmpliance

nfcrmaticn technclcgy anc the clearing anc settlement
business

Regulatcry requirements
0uaIihcation requirements for members of the 5upervisory Board of Deutsche Brse AS
5! !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Women on the 5upervisory Board and internationaI prohIe
Basec cn a tctal number cf 18 members (twelve sharehclcer representatives anc six emplcyee repre
sentatives), the Superviscry Bcarc intencs tc increase the number cf female sharehclcer representatives
cn the Superviscry Bcarc frcm currently cne tc at least three by 2015. nclucing the emplcyee repre
sentatives, the Superviscry Bcarc currently has fcur female members. Mcrecver, the gcal is tc ccntinue
tc reNect the ccmpany's internaticnal prcfle in the ccmpcsiticn cf the Superviscry Bcarc in the future.
3G5*(#+$) ()G #'(+)+)D 7"(95'"9 =$' #:" ?5;"'<+9$'6 A$('G
n principle, members cf the Superviscry Bcarc are respcnsible fcr ensuring their cwn training anc
further ecucaticn. n acciticn, Deutsche Brse /0 ccmplies with the reccmmencaticn in nc. 5.4.5 (2)
cf the 0erman Ccrpcrate 0cvernance Ccce that ccmpanies shculc suppcrt the training anc further
ecucaticn cf Superviscry Bcarc members. Fcr example, it cffers specifc intrccuctcry seminars fcr new
Superviscry Bcarc members anc presents wcrkshcps cn selectec strategic issues anc, where neces
sary, specialist tcpics.
Efhciency audit of the work of the 5upervisory Board
Deutsche Brse /0 regarcs regular reviews cf the efficiency cf Superviscry Bcarc wcrk in acccrc
ance with nc. 5.6 cf the 0erman Ccrpcrate 0cvernance Ccce as a key ccmpcnent cf gccc ccrpcrate
gcvernance. These reviews enable it tc ccntinucusly imprcve prccesses anc prcvice fresh impetus fcr
gcal criven wcrking. n the year uncer review, the Superviscry Bcarc cbtainec external suppcrt anc
assistance fcr its effciency aucit. The aucit fccusec in particular cn the ccmpcsiticn cf the Superviscry
Bcarc, the celegaticn cf tasks, sustainec implementaticn cf measures, successicn planning fcr the
Executive Bcarc anc risk anc ccmpliance management. The efficiency aucit revealec that members
hac a ccnsistently pcsitive cpinicn cf all aspects cf Superviscry Bcarc wcrk. The suggesticns fcr
imprcvement icentifec were ciscussec anc ccncepts fcr implementing them cevelcpec.
&C"F+LC" 5;;"' (D" C+7+# =$' ?5;"'<+9$'6 A$('G 7"7L"'9
The rules specifying a Nexible upper age limit (generally 70) set cut by the Superviscry Bcarc in its
bylaws are taken intc acccunt when cancicates are prcpcsec tc the /nnual 0eneral Meeting.
T'()9;('")# '";$'#+)D
Tc ensure maximum transparency anc infcrmaticn equality, ccrpcrate ccmmunicaticn at Deutsche
Brse accpts the rule that all target grcups must receive all relevant infcrmaticn at the same time.
n its fnancial calencar, Deutsche Brse /0 therefcre infcrms sharehclcers, analysts, sharehclcers'
asscciaticns, the mecia anc the interestec public cf key events such as the cate cf the /nnual 0eneral
Meeting cr publicaticn cates fcr fnancial incicatcrs. n acciticn tc ac hcc cisclcsures, infcrmaticn cn
cirectcrs' cealings anc vcting rights nctifcaticns, the ccmpany's website www.ceutschebcerse.ccm
can alsc be usec tc access the ccrpcrate anc interim repcrts anc ccmpany news items. Deutsche
Brse /0 supplies infcrmaticn abcut the annual anc ccnsclicatec fnancial statements at a fnancials
press ccnference. Fcllcwing the publicaticn cf the interim repcrts, it cffers ccnference calls fcr analysts
anc investcrs. n acciticn, it explains its strategy anc prcvices infcrmaticn tc all interestec parties in
acccrcance with the principle cf simultanecusly infcrming all target grcups wcrlcwice.
n acciticn, Deutsche Brse submittec a ceclaraticn cf ccnfcrmity with the 0erman Sustainability Ccce
fcr the fnancial year. The 0erman Sustainability Ccce is a vcluntary instrument that ccmpanies can
use tc make their cwn sustainability perfcrmance publicly accessible anc ccmparable. in their ceclara
ticns cf ccnfcrmity with the 0erman Sustainability Ccce, the participating ccmpanies use 20 criteria
anc the asscciatec perfcrmance incicatcrs tc explain aspects cf ccrpcrate gcvernance, anc ecclcgical
57 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
U$';$'(#" D$<"')()*" '";$'#
Shares Services 2013 Hcrizcns Strategic perspectives Respcnsibility I$<"')()*" Management repcrt Financial statements Nctes
anc sccial respcnsibility anc cccument them with fgures. Deutsche Brse's ceclaraticn cf ccnfcrmity
with the 0erman Sustainability Ccce can be fcunc at www.ceutschebcerse.ccm > Ccrpcrate
respcnsibility > Repcrting > 0erman Sustainability Ccce.
H**$5)#+)D ()G (5G+#+)D
n its ccrpcrate repcrt, Deutsche Brse /0 infcrms sharehclcers anc the interestec public in cetail cf
Deutsche Brse 0rcup's business perfcrmance in the year uncer review. The ccmpany publishes further
extensive infcrmaticn with its halfyearly fnancial repcrt anc twc quarterly fnancial repcrts. The fnancial
statement cccuments anc the ccrpcrate repcrt are publishec within 90 cays cf the enc cf the fnancial
year (31 December), interim repcrts (halfyearly anc quarterly fnancial repcrts) are available within 45
cays cf the enc cf the quarter cr sixmcnth pericc ccncernec. Fcllcwing preparatcry ciscussicns by the
/ucit Ccmmittee, the ccnsclicatec anc the annual fnancial statements are ciscussec anc examinec by
the plenary meeting cf the Superviscry Bcarc anc with the aucitcr befcre being apprcvec. The Executive
Bcarc ciscusses the halfyearly repcrt anc the quarterly repcrts fcr the frst anc thirc quarters with the
Superviscry Bcarc's /ucit Ccmmittee befcre publicaticn. The halfyearly repcrt is reviewec by the aucitcrs.
Fcllcwing the prcpcsal cf the Superviscry Bcarc, the /nnual 0eneral Meeting 2013 electec KPM0 /0
Wirtschaftsprfungsgesellschaft, ccmicilec in Berlin (KPM0), tc aucit its 2013 annual anc ccnscli
catec fnancial statements anc tc review its halfyearly fnancial repcrt in the year uncer review. The
Superviscry Bcarc's prcpcsal was basec cn the reccmmencaticn by the /ucit Ccmmittee. Befcre the
electicn, the /ucit Ccmmittee hac cbtainec the necessary statement cf incepencence frcm KPM0.
This states that there are nc perscnal, business, fnancial, cr cther relaticnships between the aucitcrs,
its gcverning bccies anc aucit managers cn the cne hanc, anc the ccmpany anc the members cf its
Executive anc Superviscry Bcarcs cn the cther, that cculc give cause tc ccubt the aucitcrs' incepen
cence. The /ucit Ccmmittee mcnitcrec the ccntinuec existence cf this incepencence curing fnancial
year 2013. The Ccmmittee alsc supervisec the fnancial repcrting prccess in fnancial year 2013. The
Superviscry anc Executive Bcarcs were infcrmec prcmptly cf its wcrk anc fncings. There were nc
material fncings in the past fnancial year. nfcrmaticn cn aucit services anc aucit fees is prcvicec in
ncte 6 cf the nctes tc the ccnsclicatec fnancial statements.
Y#:"' 9"*#+$)9 K+#: ( L"('+)D $) *$';$'(#" D$<"')()*"
nfcrmaticn relating tc ccrpcrate gcvernance is alsc prcvicec in
cther secticns cf this ccrpcrate repcrt.

n his letter cn pages 4 tc 8, the Chief Executive 0ffcer
prcvices infcrmaticn abcut fnancial year 2013 anc the future
crientaticn cf the ccmpany.

The ccrpcrate gcvernance ceclaraticn in acccrcance with
secticn 289a cf the H0B cn pages 64 tc 71 gives, amcng
cther things, cetailec infcrmaticn cn the way the Executive
Bcarc anc the Superviscry Bcarc wcrk. t alsc ccntains the
ceclaraticn cf ccnfcrmity in acccrcance with secticn 161 cf
the /kt0.

The remuneraticn repcrt cisclcses the incivicual tctal
remuneraticn cf the gcverning bccy members anc explains
the current remuneraticn system.

Deutsche Brse 0rcup's ccntrcl systems are presentec cn
page 98 f. cf the ccmbinec management repcrt.

The change in the number cf emplcyees in the year uncer
review is repcrtec in the "Emplcyees" secticn cn pages
133 tc 136 cf the ccmbinec management repcrt.

Deutsche Brse 0rcup's ccmmitment tc its stakehclcers anc
scciety as a whcle, as well as the activities it perfcrms fcr
its emplcyees are cescribec in the "Respcnsibility" secticn cf
this ccrpcrate repcrt, see pages 45 tc 52.

nfcrmaticn cn securitiesbasec incentive prcgrammes fcr
senicr executives anc emplcyees can be fcunc in ncte 39 cf
the nctes tc the ccnsclicatec fnancial statements.

Details cf recent cirectcrs' cealings can be accessec cn the
ccmpany's website at www.ceutschebcerse.ccm / cc.
54 !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Remuneraticn repcrt
This remuneraticn repcrt is a ccmpcnent cf the ccmbinec management repcrt.
The repcrt reflects the requirements cf the Hancelsgesetzbuch (H0B, the
0erman Ccmmercial Ccce) anc the nternaticnal Financial Repcrting Stancarcs
(FRSs), respectively, as well as the 0erman /cccunting Stancarc (0/S) 17
"Repcrting cn the Remuneraticn cf Members cf 0cverning Bccies". n acciticn,
the repcrt ccrrespcncs tc the requirements cf the 0erman Ccrpcrate 0cvern
ance Ccce (the Ccce).
3F"*5#+<" A$('G '"75)"'(#+$)
!"75)"'(#+$) 969#"7 ()G #('D"#9
The Executive Bcarc remuneraticn is cesignec in a way that rewarcs sustainably successful anc
respcnsible ccrpcrate gcvernance. The remuneraticn system prcvices incentives basec cn multi
year assessment periccs anc aims tc prevent unjustifiable risks frcm being taken. The ccmpany's
eccncmic perfcrmance, stakehclcer management, successicn planning fcr management pcsiticns,
emplcyee satisfacticn as well as the value ccntributicn mace tc the eccncmy anc scciety cver the
mecium anc lcng term, are key ccmpcnents cf the remuneraticn system within the target cefniticn
anc within the measurement cf the achievement cf the target criteria.
o('+(LC" *(9: *$7;$)")#
o('+(LC" 9:('" *$7;$)")#
&+F"G '"75)"'(#+$)
\ariable cash remuneraticn (range 0 200 per cent), paycut spring 2014
\ariable share remuneraticn (range 0 200 per cent), paycut spring 2016
Fixec remuneraticn, paycut in twelve equal payments in 2013
2011 2012 2013 2014 2015
S"'=$'7()*" ;"'+$G S"'=$'7()*" ;('(7"#"'
Net inccme
Deutsche Brse 0rcup 2011 2013
ncivicual targets
Ccmpariscn cf tctal share hclcer
return Deutsche Brse /0
share anc ST0XX

Eurcpe 600
Financials incex
System cf the Executive Bcarc remuneraticn
!"75)"'(#+$) *$7;$)")#
55 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
!"75)"'(#+$) '";$'#
The remuneraticn cf the Executive Bcarc is ceterminec by the entire Superviscry Bcarc. The Perscnnel
Ccmmittee is respcnsible fcr preparing the Superviscry Bcarc's cecisicn. The Superviscry Bcarc
regularly reviews the apprcpriateness cf the Executive Bcarc remuneraticn. n spring 2013, an apprc
priateness review was ccncuctec taking intc acccunt the ratic cf the Executive Bcarc ccmpensaticn fcr
the remuneraticn cf the senicr management anc the wcrkfcrce as a whcle as well as in the tempcral
cevelcpment. The "System cf the Executive Bcarc remuneraticn" chart cutlines the Executive Bcarc
remuneraticn system.
X$)E;"'=$'7()*"E'"C(#"G '"75)"'(#+$) *$7;$)")#9
Ncnperfcrmancerelatec remuneraticn ccnsists cf a mcnthly fxec basic remuneraticn as well as
ancillary ccntractual benefts.
&+F"G '"75)"'(#+$)
The members cf the Executive Bcarc receive a fixec basic salary in twelve mcnthly instalments.
The basic salary represents apprcximately 30 per cent cf the tctal target remuneraticn fcr cne year.
t is reviewec by the Superviscry Bcarc cn a regular basis, at least every twc years.
AnciIIary contractuaI benehts
n acciticn tc the basic remuneraticn, the members cf the Executive Bcarc receive certain ancillary
ccntractual benefits. These incluce the prcvisicn cf an apprcpriate ccmpany car fcr business anc
perscnal use. Tax is payable by the Executive Bcarc members cn the pecuniary beneft arising frcm
private use. n acciticn, members cf the Executive Bcarc receive taxable ccntributicns tcwarcs private
pensicns. The ccmpany alsc takes cut insurances fcr them, like an accicent insurance anc a D&0
insurance. The D&0 insurance pclicy incluces a cecuctible cf 10 per cent cf the camages arising frcm
the insurec event, with the maximum cecuctible per year set by the Superviscry Bcarc at 1.5 times
the fxec annual remuneraticn cf the relevant Executive Bcarc member.
S"'=$'7()*"E'"C(#"G '"75)"'(#+$) *$7;$)")#9
The perfcrmancerelatec remuneraticn represents apprcximately 70 per cent cf the tctal target remu
neraticn fcr the year anc ccnsists cf variable cash anc variable share ccmpcnents. Starting in the year
uncer review, the reference periccs fcr perfcrmance measurement are basec cn the past three years
fcr the variable cash ccmpcnent anc cn the next three years fcr the variable share ccmpcnent. Ccnse
quently, in the year uncer review, the variable cash ccmpcnent was ceterminec basec cn perfcrmance
in 2011 tc 2013 anc the variable share ccmpcnent was basec cn the pericc frcm 2013 tc 2015.
o('+(LC" *(9: *$7;$)")#
The Superviscry Bcarc establishes the 100 per cent target value cf the variable cash ccmpcnent in
eurcs fcr every Executive Bcarc member each year. Twc parameters are usec tc measure the extent
tc which targets have been met.
H*:+"<"7")# $= #:" I'$5;p9 )"# +)*$7" #('D"#V Twcthircs cf the variable cash ccmpcnent are basec
cn meeting a specifec net inccme target fcr the 0rcup. This measure takes intc acccunt the 0rcup's
net inccme fcr the current fnancial year anc the twc prececing years. The cegree tc which the targets
have been achievec is cefnec fcr each cf the three fnancial years, anc can range frcm a lcwer limit
cf 0 per cent tc an upper limit cf a maximum cf 200 per cent. The average level cf target achievement
is then usec tc calculate twcthircs cf the variable cash ccmpcnent fcr the current financial year.
The Superviscry Bcarc can take intc acccunt excepticnal, cnecff effects when cetermining the level
cf target achievement.
5# !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Measurement cf the target achievement fcr the
variable cash ccmpcnent
Ccmpariscn cf the net inccme target with the
actual net inccme
/ctual net inccme
Degree cf target achievement ()
Net inccme target (C)
200
175
150
125
100
75
50
25
0
Measurement cf the target achievement fcr the
variable stcck bcnus
Ccmpariscn cf Deutsche Brse /0's tctal share hclcer return with
that cf ST0XX

600 Financials (peer grcup)


1) Cap at 200 per cent
Target achievement ()
1)
TSR cutperfcrmance ccmparec
with peer grcup (in )
200
175
150
125
100
75
50
25
0
0 25 50 75 100 125 75 50 25
H*:+"<"7")# $= +)G+<+G5(C #('D"#9V 0nethirc cf the variable cash ccmpcnent is ceterminec basec cn
the cegree tc which each member cf the Executive Bcarc has achievec their incivicual targets. The
incivicual targets are set in each case fcr the current fnancial year anc incluce specifc requirements cf
particular impcrtance fcr the incivicual management areas. Target achievement is ceterminec after the
year has ccme tc an enc by the Superviscry Bcarc fcr each Executive Bcarc member. Fcr the target
achievement fcr the incivicual targets anc the tctal variable cash ccmpcnent a range frcm a lcwer limit
cf 0 per cent anc an upper limit cf maximum 200 per cent is cefnec.
o('+(LC" 9:('" *$7;$)")#
The Superviscry Bcarc establishes the 100 per cent target value fcr the variable share ccmpcnent fcr
each Executive Bcarc member in eurcs. Basec cn this target value, a number cf phantcm Deutsche
Brse shares is calculatec fcr each member cf the Executive Bcarc at the beginning cf the financial
year. This is ccne by civicing the eurc amcunt cf the target share ccmpcnent by the average share
price (Xetra

clcsing price) in the twc calencar mcnths befcre the target value is ceterminec. /n enti
tlement tc the variable stcck bcnus cnly arises at the enc cf the threeyear perfcrmance pericc (vesting
pericc) anc is settlec fully in cash. The stcck bcnus is variable in twc ways. the frst variable is the
number cf phantcm Deutsche Brse shares, which cepencs cn the relative perfcrmance cf Deutsche
Brse's tctal sharehclcer return (TSR) ccmparec tc the TSR cf the ST0XX

Eurcpe 600 Financials


ncex. The seccnc variable is the share price at the enc cf the pericc.
The number cf shares calculatec at the enc cf the vesting pericc is multipliec by the share price
applicable cn that cate (average price / Xetra clcsing price cf Deutsche Brse's shares in the prececing
twc full calencar mcnths).
56 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
!"75)"'(#+$) '";$'#
2013 expense fcr sharebasec payments
(2010 tranche)
>?@(9%( #(18B90%(A
H)*+* =#'91&(I
C thcus.
K'##D09B 'F8"9= '% '=
=&( 6'7'91( %&((= A'=(
H)*+* =#'91&(I
C thcus.
Retc Francicni 63.1 0
/ncreas Preuss 52.3 0
Frank 0erstenschlger
1) 2)
32.3 0
Michael Kuhn
3)
41.1 0
0regcr Pcttmeyer 34.9 0
Hauke Stars
4)
0 0
Jeffrey Tessler 41.4 0
M8='7 ).3;+ *
1) Left the Executive Bcarc at the enc cf 31 March 2013
2) The cutstancing tranches 2011 tc 2013 were settlec with the ceparture cf Frank 0erstenschlger.
3) Left the Executive Bcarc at the enc cf 31 December 2012
4) /ppcintec tc the Executive Bcarc effective 1 December 2012
2013 expense fcr sharebasec payments
(2011 tc 2013 tranches)
>?@(9%( #(18B90%(A
H)*++ =8 )*+, =#'91&(%I
C thcus.
K'##D09B 'F8"9= '% '=
=&( 6'7'91( %&((= A'=(
H)*++ =8 )*+, =#'91&(%I
C thcus.
Retc Francicni 1,336.0 1,969.6
/ncreas Preuss 1,108.4 1,634.0
Frank 0erstenschlger
1)
871.3 0
Michael Kuhn
2)
657.2 1,069.6
0regcr Pcttmeyer 791.8 1,142.3
Hauke Stars
3)
204.7 215.5
Jeffrey Tessler 875.9 1,291.2
M8='7 345N3;, <4,));)
1) Left the Executive Bcarc at the enc cf 31 March 2013. The cutstancing tranches 2011 tc 2013 were settlec with the ceparture cf Frank 0erstenschlger.
2) Left the Executive Bcarc at the enc cf 31 December 2012
3) /ppcintec tc the Executive Bcarc effective 1 December 2012
f the average perfcrmance cf Deutsche Brse /0's TSR in the vesting pericc mcves parallel tc the
average TSR cf the benchmark incex, the number cf phantcm shares remains unchangec at the
enc cf this pericc. f the TSR cf Deutsche Brse /0 is 50 per cent cr less than the incex's TSR, the
number cf phantcm shares falls tc nil. f the TSR cf Deutsche Brse /0 is at least twice the incex's
TSR, the number cf phantcm shares ccubles. Ccncerning the variable share ccmpcnent, a ccuble
cap exists. Firstly, the perfcrmance cf the allccatec phantcm shares is restrictec tc a maximum cf
200 per cent, at the ratic cf Deutsche Brse /0's TSR tc the TSR cf the peer grcup. Seccncly, the
Superviscry Bcarc settlec a maximum cf 250 per cent cf the criginal target value as the upper limit
fcr the cash payment cf the variable share ccmpcnent.
#( !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
/ mccifec BlackSchcles cpticn pricing mccel (Mertcn mccel) was usec tc measure the stcck cpticns
arising frcm the variable share ccmpcnent. t is basec cn the fcllcwing valuaticn parameters.
2013 tctal expense fcr sharebasec payments
(Pricryear fgures in brackets)
>?@(9%( #(18B90%(A
H=8='7I
C thcus.
K'##D09B 'F8"9= '% '=
=&( 6'7'91( %&((= A'=(
H=8='7I
C thcus.
Retc Francicni 1,399.1
(913.2)
1,969.6
(1,416.3)
/ncreas Preuss 1,160.7
(751.2)
1,634.0
(1,174.9)
Frank 0erstenschlger
1)
903.6
(464.2)
0
(724.2)
Michael Kuhn
2)
698.3
(591.2)
1,069.6
(921.6)
0regcr Pcttmeyer 826.7
(443.4)
1,142.3
(783.3)
Hauke Stars
3)
204.7
(10.8)
215.5
(10.8)
Jeffrey Tessler 917.3
(565.8)
1,291.2
(928.5)
M8='7 .4++*;N
H,4<,:;5I
<4,));)
H34:3:;.I
1) Left the Executive Bcarc at the enc cf 31 March 2013. The cutstancing tranches 2011 tc 2013 were settlec with the ceparture cf Frank 0erstenschlger.
2) Left the Executive Bcarc at the enc cf 31 December 2012
3) /ppcintec tc the Executive Bcarc effective 1 December 2012
\aluaticn parameters
(2011 tc 2013 tranches)
O&'#( 18F@89(9=
)*+,
O&'#( 18F@89(9=
)*+)
O&'#( 18F@89(9=
)*++
Term 3 years 2 years 1 year
Riskfree interest rate 0.24 0.13 0.11
\clatility 23.87 20.28 22.81
Deutsche Brse share price
1)
C 60.20 60.20 60.20
Divicenc yielc C 3.49 3.49 3.49
Fair value C 56.04 57.99 60.02
Relative tctal sharehclcer return 8.25 0.03 11.69
1) Share price as at 31 December 2013 (Xetra

clcsing price)
#) !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
!"75)"'(#+$) '";$'#
Number cf phantcm shares 2013
E"F6(# 8P
@&'9=8F %&'#(%
89 =&(
B#'9= A'=(
JAQ"%=F(9=% 8P
9"F6(# 8P @&'9=8F
%&'#(% %091(
=&( B#'9= A'=(
+I
E"F6(# 8P
@&'9=8F %&'#(%
'% '=
,+ R(1 )*+,
Retc Francicni Tranche 2013
Tranche 2012
Tranche 2011
17,597
18,204
14,866
1,452
6
1,738
19,049
18,210
16,604
M8='7 )*++ =8 )*+, =#'91&(% 3,45.,
/ncreas Preuss Tranche 2013
Tranche 2012
Tranche 2011
14,598
15,101
12,322
1,206
5
1,452
15,804
15,106
13,774
M8='7 )*++ =8 )*+, =#'91&(% NN4.5N
Frank 0erstenschlger
2) 3)
Tranche 2013
Tranche 2012
Tranche 2011
2,249
9,308
7,601
2,249
9,308
7,601
0
0
0
M8='7 )*++ =8 )*+, =#'91&(% *
Michael Kuhn
4)
Tranche 2013
Tranche 2012
Tranche 2011
0
11,847
9,674
0
4
1,131
0
11,851
10,805
M8='7 )*++ =8 )*+, =#'91&(% ))4.3.
0regcr Pcttmeyer Tranche 2013
Tranche 2012
Tranche 2011
12,584
10,068
8,222
1,039
4
962
13,623
10,072
9,184
M8='7 )*++ =8 )*+, =#'91&(% ,)45<:
Hauke Stars
5)
Tranche 2013
Tranche 2012
Tranche 2011
9,753
935
0
805
1
0
10,558
936
0
M8='7 )*++ =8 )*+, =#'91&(% ++4N:N
Jeffrey Tessler Tranche 2013
Tranche 2012
Tranche 2011
11,536
11,934
9,745
952
4
1,140
12,488
11,938
10,885
M8='7 )*++ =8 )*+, =#'91&(% ,34,++
M8='7 8P )*++ =8 )*+, =#'91&(% )**455<
1) The acjustments tc anc number cf phantcm shares cn the balance sheet cate are basec cn the result cf the perfcrmance ccmpariscn since the grant cate
(tctal sharehclcer return ccmpariscn with peer grcup) anc are incicative fcr 2013. The number may change as a result cf the perfcrmance ccmpariscn basec
cn the tctal sharehclcer return in 2014 anc 2015.
2) Left the Executive Bcarc at the enc cf 31 March 2013
3) The cutstancing tranches 2011 tc 2013 were settlec with the ceparture cf Frank 0erstenschlger.
4) Left the Executive Bcarc at the enc cf 31 December 2012
5) /ppcintec tc the Executive Bcarc effective 1 December 2012
#" !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
H7$5)# $= 3F"*5#+<" A$('G '"75)"'(#+$)
The fcllcwing tables ("0rantec ccntributicns" anc "nNcws") shcw the remuneraticn awarcec tc each
Executive Bcarc member fcr fnancial years 2013 anc 2012 in acccrcance with nc. 4.2.5 (3) cf the
0erman Ccrpcrate 0cvernance Ccce. The infcrmaticn acccrcing tc secticn 314 cf the H0B previcusly
presentec in the "Tctal Executive Bcarc remuneraticn" table is ncw cutlinec in the "nNcws" table.
0rantec ccntributicns
L(=8 S#'910890
K>!
J9A#('% T#("%%
R(@"=D K>! S#'9U V(#%=(9%1&7WB(#
1)
G01&'(7 X"&9
2)

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.
Fixec remuneraticn 1,100.0 1,100.0 1,100.0 1,100.0 800.0 800.0 800.0 800.0 145.0 n. a. n. a. 580.0 0 n. a. n. a. 650.0
/ncillary benefts 21.3 21.3 21.3 17.0 29.1 29.1 29.1 29.0 7.2 n. a. n. a. 28.2 0 n. a. n. a. 20.1
M8='7 +4+)+;, +4+)+;, +4+)+;, +4++<;* 5):;+ 5):;+ 5):;+ 5):;* +3);) 9; '; 9; '; .*5;) * 9; '; 9; '; .<*;+
0neyear variable remuneraticn (incivicual targets) 503.7 0 1,007.3 503.7 418.0 0 836.0 418.0 64.3 n. a. n. a. 257.0 0 n. a. n. a. 328.0
Multiyear variable remuneraticn 1,846.3 0 4,112.2 1,846.3 1,532.0 0 3,412.0 1.532.0 235.8 n. a. n. a. 943.0 0 n. a. n. a. 1,202.0
therecf variable cash ccmpcnent (ccnsclicatec net inccme target) 1,007.3 0 2,014.7 1,007.3 836.0 0 1,672.0 836.0 128.5 n. a. n. a. 514.0 0 n. a. n. a. 656.0
therecf variable share ccmpcnent (SBP) 839.0 0 2,097.5 839.0 696.0 0 1,740.0 696.0 107.3 n. a. n. a. 429.0 0 n. a. n. a. 546.0
M8='7 ,4N<+;, +4+)+;, .4)N*;5 ,4N.<;* )4<<:;+ 5):;+ 34*<<;+ )4<<:;* N3);) 9; '; 9; '; +45*5;) * 9; '; 9; '; )4)**;+
Service ccst 1,248.3 1,248.3 1,248.3 0 837.2 837.2 837.2 684.0 0 n. a. n. a. 56.9 0 n. a. n. a. 240.9
M8='7 #(F"9(#'=089 N4<+:;. )4,.:;. <4N5:;+ ,4N.<;* ,4.+.;, +4...;, 34:+N;, ,4N.,;* N3);) 9; '; 9; '; +45.3;+ * 9; '; 9; '; )4NN+;*
1) Left the Executive Bcarc at the enc cf 31 March 2013
2) Left the Executive Bcarc at the enc cf 31 December 2012

V#(B8# T8==F(D(#

Y'"U( O='#%
3)
Z(PP#(D M(%%7(#

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.
Fixec remuneraticn 650.0 650.0 650.0 600.0 580.0 580.0 580.0 48.3 747.6 747.6 747.6 729.4
/ncillary benefts 26.0 26.0 26.0 17.3 51.1 51.1 51.1 4.8 32.0 32.0 32.0 32.0
M8='7 .<.;* .<.;* .<.;* .+<;, .,+;+ .,+;+ .,+;+ 3,;+ <<:;. <<:;. <<:;. <.+;N
0neyear variable remuneraticn (incivicual targets) 278.7 0 557.4 278.7 278.3 0 556.7 23.2 330.0 0 660.0 330.0
Multiyear variable remuneraticn 1,157.3 0 2,614.6 1,021.3 1,021.7 0 2,275.9 85.2 1,210.0 0 2,695.0 1,210.0
therecf variable cash ccmpcnent (ccnsclicatec net inccme target) 557.3 0 1,114.6 557.3 556.7 0 1,113.4 46.4 660.0 0 1,320.0 660.0
therecf variable share ccmpcnent (SBP) 600.0 0 1,500.0 464.0 465.0 0 1,162.5 38.8 550.0 0 1,375.0 550.0
M8='7 )4++);* .<.;* ,45N5;* +4:+<;, +4:,+;+ .,+;+ ,4N.,;< +.+;3 )4,+:;. <<:;. N4+,N;. )4,*+;N
Service ccst 295.0 295.0 295.0 298.6 207.0 207.0 207.0 0 0 0 0 94.0
M8='7 #(F"9(#'=089 )4N*<;* :<+;* N4+N,;* )4)+3;: )4+,5;+ 5,5;+ ,4.<*;< +.+;3 )4,+:;. <<:;. N4+,N;. )4,:3;N
3) /ppcintec tc the Executive Bcarc effective 1 December 2012
#3 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
!"75)"'(#+$) '";$'#
0rantec ccntributicns
L(=8 S#'910890
K>!
J9A#('% T#("%%
R(@"=D K>! S#'9U V(#%=(9%1&7WB(#
1)
G01&'(7 X"&9
2)

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.
Fixec remuneraticn 1,100.0 1,100.0 1,100.0 1,100.0 800.0 800.0 800.0 800.0 145.0 n. a. n. a. 580.0 0 n. a. n. a. 650.0
/ncillary benefts 21.3 21.3 21.3 17.0 29.1 29.1 29.1 29.0 7.2 n. a. n. a. 28.2 0 n. a. n. a. 20.1
M8='7 +4+)+;, +4+)+;, +4+)+;, +4++<;* 5):;+ 5):;+ 5):;+ 5):;* +3);) 9; '; 9; '; .*5;) * 9; '; 9; '; .<*;+
0neyear variable remuneraticn (incivicual targets) 503.7 0 1,007.3 503.7 418.0 0 836.0 418.0 64.3 n. a. n. a. 257.0 0 n. a. n. a. 328.0
Multiyear variable remuneraticn 1,846.3 0 4,112.2 1,846.3 1,532.0 0 3,412.0 1.532.0 235.8 n. a. n. a. 943.0 0 n. a. n. a. 1,202.0
therecf variable cash ccmpcnent (ccnsclicatec net inccme target) 1,007.3 0 2,014.7 1,007.3 836.0 0 1,672.0 836.0 128.5 n. a. n. a. 514.0 0 n. a. n. a. 656.0
therecf variable share ccmpcnent (SBP) 839.0 0 2,097.5 839.0 696.0 0 1,740.0 696.0 107.3 n. a. n. a. 429.0 0 n. a. n. a. 546.0
M8='7 ,4N<+;, +4+)+;, .4)N*;5 ,4N.<;* )4<<:;+ 5):;+ 34*<<;+ )4<<:;* N3);) 9; '; 9; '; +45*5;) * 9; '; 9; '; )4)**;+
Service ccst 1,248.3 1,248.3 1,248.3 0 837.2 837.2 837.2 684.0 0 n. a. n. a. 56.9 0 n. a. n. a. 240.9
M8='7 #(F"9(#'=089 N4<+:;. )4,.:;. <4N5:;+ ,4N.<;* ,4.+.;, +4...;, 34:+N;, ,4N.,;* N3);) 9; '; 9; '; +45.3;+ * 9; '; 9; '; )4NN+;*
1) Left the Executive Bcarc at the enc cf 31 March 2013
2) Left the Executive Bcarc at the enc cf 31 December 2012

V#(B8# T8==F(D(#

Y'"U( O='#%
3)
Z(PP#(D M(%%7(#

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.

)*+,
C thcus.
)*+,
HF09I
C thcus.
)*+,
HF'?I
C thcus.

)*+)
C thcus.
Fixec remuneraticn 650.0 650.0 650.0 600.0 580.0 580.0 580.0 48.3 747.6 747.6 747.6 729.4
/ncillary benefts 26.0 26.0 26.0 17.3 51.1 51.1 51.1 4.8 32.0 32.0 32.0 32.0
M8='7 .<.;* .<.;* .<.;* .+<;, .,+;+ .,+;+ .,+;+ 3,;+ <<:;. <<:;. <<:;. <.+;N
0neyear variable remuneraticn (incivicual targets) 278.7 0 557.4 278.7 278.3 0 556.7 23.2 330.0 0 660.0 330.0
Multiyear variable remuneraticn 1,157.3 0 2,614.6 1,021.3 1,021.7 0 2,275.9 85.2 1,210.0 0 2,695.0 1,210.0
therecf variable cash ccmpcnent (ccnsclicatec net inccme target) 557.3 0 1,114.6 557.3 556.7 0 1,113.4 46.4 660.0 0 1,320.0 660.0
therecf variable share ccmpcnent (SBP) 600.0 0 1,500.0 464.0 465.0 0 1,162.5 38.8 550.0 0 1,375.0 550.0
M8='7 )4++);* .<.;* ,45N5;* +4:+<;, +4:,+;+ .,+;+ ,4N.,;< +.+;3 )4,+:;. <<:;. N4+,N;. )4,*+;N
Service ccst 295.0 295.0 295.0 298.6 207.0 207.0 207.0 0 0 0 0 94.0
M8='7 #(F"9(#'=089 )4N*<;* :<+;* N4+N,;* )4)+3;: )4+,5;+ 5,5;+ ,4.<*;< +.+;3 )4,+:;. <<:;. N4+,N;. )4,:3;N
3) /ppcintec tc the Executive Bcarc effective 1 December 2012
#! !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
nNcws
L(=8 S#'910890
K>!
J9A#('% T#("%%
1)
R(@"=D K>!
S#'9U
V(#%=(9%1&7WB(#
2)
G01&'(7 X"&9
3)
V#(B8# T8==F(D(# Y'"U( O='#%
4)
Z(PP#(D M(%%7(#
5)
M8='7
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
Fixec remuneraticn 1,100.0 1,100.0 800.0 800.0 145.0 580.0 0 650.0 650.0 600.0 580.0 48.3 747.6 729.4 4,022.6 4,507.7
/ncillary benefts
6)
21.3 17.0 29.1 29.0 7.2 28.2 0 20.1 26.0 17.3 51.1 4.8 32.0 32.0 166.7 148.4
M8='7 +4+)+;, +4++<;* 5):;+ 5):;* +3);) .*5;) * .<*;+ .<.;* .+<;, .,+;+ 3,;+ <<:;. <.+;N N4+5:;, N4.3.;+
0neyear variable remuneraticn (incivicual targets) 535.6 481.8 451.4 399.9 64.3 233.0 0 291.9 291.7 266.6 289.5 23.2 350.9 315.7 1,983.4 2,012.1
Multiyear variable remuneraticn 1,912.1 1,507.5 1,600.6 1,219.5 1,429.8 730.7 547.3 922.7 1,048.4 533.2 578.9 46.4 1,253.1 990.5 8,370.2 5,950.5
\ariable cash ccmpcnent (ccnsclicatec net inccme target) 1,071.1 963.7 902.9 799.8 128.5 466.0 0 583.9 583.3 533.2 578.9 46.4 701.8 631.4 3,966.5 4,024.4
\ariable share ccmpcnent (SBP 2009 / 2010) 841.0 543.8 697.7 419.7 1,301.3 264.7 547.3 338.8 465.1 0 0 0 551.3 359.1 4,403.7 1,926.1
M8='7 ,43.:;* ,4+*.;, )455+;+ )4NN5;N +4.N.;, +43<+;: 3N<;, +455N;< )4*+.;+ +4N+<;+ +4N::;3 +));< )4,5,;. )4*.<;. +N43N);: +)4.+5;<
Service ccst 1,248.3 0 837.2 683.7 0 56.9 0 240.9 295.0 298.6 207.1 0 0 94.0 2,587.6 1,374.1
M8='7 #(F"9(#'=089 HRKVXI N45+<;, ,4+*.;, ,4<+5;, ,4+,);+ +4.N.;, +4.)5;5 3N<;, )4+)3;. )4,++;+ +4<+3;< +4<*.;. +));< )4,5,;. )4+.+;. +<4+,*;3 +,4::);5
SBP fcr the remuneraticn year
7)
839.0 839.0 696.0 696.0 107.3 429.0 0 546.0 600.0 464.0 465.0 38.8 550.0 550.0 3,257.3 3,562.8
less variable share ccmpcnent (SBP 2009 / 2010) 841.0 543.8 697.7 419.7 1,301.3 264.7 547.3 338.8 465.1 0 0 0 551.3 359.1 4,403.7 1,926.1
less service ccst 1,248.3 0 837.2 683.7 0 56.9 0 240.9 295.0 298.6 207.1 0 0 94.0 2,587.6 1,374.1
M8='7 #(F"9(#'=089 H%(1=089 ,+N 8P =&( YV[I ,43.<;* ,4N*+;3 )45<:;N )4<)N;< N3);, +4<,.;) * )4*:+;: )4+3+;* +455+;+ +4:.N;3 +.+;3 )4,5);, )4)35;3 +,4,:.;3 +N4)33;N
Number cf phantcm shares
8)
17,597 18,204 14,598 15,101 2,249 9,308 0 11,847 12,584 10,068 9,753 935 11,536 11,934 68,317 77,397
1) Deutsche Brse /0 ccntributes C228.0 thcusanc (2012. C215.7 thcusanc) tc tctal remuneraticn fcr /ncreas Preuss. This amcunt is ccmpcsec as fcllcws.
ncnperfcrmance relatec remuneraticn. C64.0 thcusanc (2012. C64.0 thcusanc), cther remuneraticn frcm ancillary ccntractual benefts. nil (2012. nil),
variable cash ccmpcnent. C108.3 thcusanc (2012. C96.0 thcusanc), number cf phantcm shares. 1,168 (2012. 1,209), their amcunt at the grant cate.
C55.7 thcusanc (2012. C55.7 thcusanc)
2) Left the Executive Bcarc at the enc cf 31 March 2013. The cutstancing 2011 tc 2013 tranches cf the SBP were settlec with the ceparture cf
Frank 0erstenschlger.
3) Left the Executive Bcarc at the enc cf 31 December 2012
4) /ppcintec tc the Executive Bcarc effective 1 December 2012
5) Deutsche Brse /0 cces nct ccntribute tc tctal remuneraticn fcr Jeffrey Tessler. Clearstream nternaticnal S./. pays cut 100 per cent cf the remuneraticn.
6) 0ther remuneraticn (ancillary benefts) ccmprises salary ccmpcnents such as taxable ccntributicns tcwarcs private pensicns, taxable lumpsum telephcne
allcwances / living expenses, anc ccmpany car arrangements.
7) Ccrrespcncs tc the 100 per cent target value fcr the 2013 phantcm stcck bcnus. The variable share ccmpcnent uncer the 2013 2015 perfcrmance
assessment will be paic cut in 2016.
8) The number cf stcck cpticns at the 2013 grant cate is calculatec by civicing the target fcr the stcck bcnus by the average share price (Xetra

clcsing price)
cf Deutsche Brse shares in the calencar mcnths January anc February 2013 (C47.68). The number cf phantcm shares is incicative anc may change as
a result cf the perfcrmance ccmpariscn basec cn tctal sharehclcer return.
#7 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
!"75)"'(#+$) '";$'#
nNcws
L(=8 S#'910890
K>!
J9A#('% T#("%%
1)
R(@"=D K>!
S#'9U
V(#%=(9%1&7WB(#
2)
G01&'(7 X"&9
3)
V#(B8# T8==F(D(# Y'"U( O='#%
4)
Z(PP#(D M(%%7(#
5)
M8='7
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
Fixec remuneraticn 1,100.0 1,100.0 800.0 800.0 145.0 580.0 0 650.0 650.0 600.0 580.0 48.3 747.6 729.4 4,022.6 4,507.7
/ncillary benefts
6)
21.3 17.0 29.1 29.0 7.2 28.2 0 20.1 26.0 17.3 51.1 4.8 32.0 32.0 166.7 148.4
M8='7 +4+)+;, +4++<;* 5):;+ 5):;* +3);) .*5;) * .<*;+ .<.;* .+<;, .,+;+ 3,;+ <<:;. <.+;N N4+5:;, N4.3.;+
0neyear variable remuneraticn (incivicual targets) 535.6 481.8 451.4 399.9 64.3 233.0 0 291.9 291.7 266.6 289.5 23.2 350.9 315.7 1,983.4 2,012.1
Multiyear variable remuneraticn 1,912.1 1,507.5 1,600.6 1,219.5 1,429.8 730.7 547.3 922.7 1,048.4 533.2 578.9 46.4 1,253.1 990.5 8,370.2 5,950.5
\ariable cash ccmpcnent (ccnsclicatec net inccme target) 1,071.1 963.7 902.9 799.8 128.5 466.0 0 583.9 583.3 533.2 578.9 46.4 701.8 631.4 3,966.5 4,024.4
\ariable share ccmpcnent (SBP 2009 / 2010) 841.0 543.8 697.7 419.7 1,301.3 264.7 547.3 338.8 465.1 0 0 0 551.3 359.1 4,403.7 1,926.1
M8='7 ,43.:;* ,4+*.;, )455+;+ )4NN5;N +4.N.;, +43<+;: 3N<;, +455N;< )4*+.;+ +4N+<;+ +4N::;3 +));< )4,5,;. )4*.<;. +N43N);: +)4.+5;<
Service ccst 1,248.3 0 837.2 683.7 0 56.9 0 240.9 295.0 298.6 207.1 0 0 94.0 2,587.6 1,374.1
M8='7 #(F"9(#'=089 HRKVXI N45+<;, ,4+*.;, ,4<+5;, ,4+,);+ +4.N.;, +4.)5;5 3N<;, )4+)3;. )4,++;+ +4<+3;< +4<*.;. +));< )4,5,;. )4+.+;. +<4+,*;3 +,4::);5
SBP fcr the remuneraticn year
7)
839.0 839.0 696.0 696.0 107.3 429.0 0 546.0 600.0 464.0 465.0 38.8 550.0 550.0 3,257.3 3,562.8
less variable share ccmpcnent (SBP 2009 / 2010) 841.0 543.8 697.7 419.7 1,301.3 264.7 547.3 338.8 465.1 0 0 0 551.3 359.1 4,403.7 1,926.1
less service ccst 1,248.3 0 837.2 683.7 0 56.9 0 240.9 295.0 298.6 207.1 0 0 94.0 2,587.6 1,374.1
M8='7 #(F"9(#'=089 H%(1=089 ,+N 8P =&( YV[I ,43.<;* ,4N*+;3 )45<:;N )4<)N;< N3);, +4<,.;) * )4*:+;: )4+3+;* +455+;+ +4:.N;3 +.+;3 )4,5);, )4)35;3 +,4,:.;3 +N4)33;N
Number cf phantcm shares
8)
17,597 18,204 14,598 15,101 2,249 9,308 0 11,847 12,584 10,068 9,753 935 11,536 11,934 68,317 77,397
1) Deutsche Brse /0 ccntributes C228.0 thcusanc (2012. C215.7 thcusanc) tc tctal remuneraticn fcr /ncreas Preuss. This amcunt is ccmpcsec as fcllcws.
ncnperfcrmance relatec remuneraticn. C64.0 thcusanc (2012. C64.0 thcusanc), cther remuneraticn frcm ancillary ccntractual benefts. nil (2012. nil),
variable cash ccmpcnent. C108.3 thcusanc (2012. C96.0 thcusanc), number cf phantcm shares. 1,168 (2012. 1,209), their amcunt at the grant cate.
C55.7 thcusanc (2012. C55.7 thcusanc)
2) Left the Executive Bcarc at the enc cf 31 March 2013. The cutstancing 2011 tc 2013 tranches cf the SBP were settlec with the ceparture cf
Frank 0erstenschlger.
3) Left the Executive Bcarc at the enc cf 31 December 2012
4) /ppcintec tc the Executive Bcarc effective 1 December 2012
5) Deutsche Brse /0 cces nct ccntribute tc tctal remuneraticn fcr Jeffrey Tessler. Clearstream nternaticnal S./. pays cut 100 per cent cf the remuneraticn.
6) 0ther remuneraticn (ancillary benefts) ccmprises salary ccmpcnents such as taxable ccntributicns tcwarcs private pensicns, taxable lumpsum telephcne
allcwances / living expenses, anc ccmpany car arrangements.
7) Ccrrespcncs tc the 100 per cent target value fcr the 2013 phantcm stcck bcnus. The variable share ccmpcnent uncer the 2013 2015 perfcrmance
assessment will be paic cut in 2016.
8) The number cf stcck cpticns at the 2013 grant cate is calculatec by civicing the target fcr the stcck bcnus by the average share price (Xetra

clcsing price)
cf Deutsche Brse shares in the calencar mcnths January anc February 2013 (C47.68). The number cf phantcm shares is incicative anc may change as
a result cf the perfcrmance ccmpariscn basec cn tctal sharehclcer return.
#4 !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Petirement benehts
Mr Francicni, Mr Pcttmeyer anc Mr Tessler are entitlec tc pensicn benefits after reaching the age cf
60, Ms Stars after reaching the age cf 62, Mr 0erstenschlger anc Mr Preuss after reaching the age
cf 63, prcvicec that they are nc lcnger in the emplcyment cf Deutsche Brse /0 in each case at that
time. There are twc cifferent retirement beneft systems fcr Deutsche Brse /0's Executive Bcarc mem
bers. Executive Bcarc members whc were appcintec fcr the frst time befcre 1 January 2009 receive
a cefinec benefit pensicn. Executive Bcarc members whc were appcintec fcr the first time after that
cate receive a cefnec ccntributicn pensicn. The pensicnable inccme anc the present value cf the
existing pensicn ccmmitments as at 31 December 2013 are presentec in the table cn page 87.
Like his fellcw Executive Bcarc members, Mr Tessler is entitlec tc pensicn payments which are securec
by a trust agreement. /s the trust assets are helc uncer 0erman juriscicticn, but the pensicn ccmmit
ments are gcvernec by Luxembcurg law anc Mr Tessler is a US citizen, he risks incurring an acciticnal
tax burcen. n crcer tc minimise this risk fcr Mr Tessler, the Superviscry Bcarc cecicec tc secure his
pensicn ccmmitments by transferring the trust assets tc a pensicn plan cr func ccmicilec in Luxem
bcurg. Transfer anc legal ccnsultaticn are subject tc cnecff fees cf up tc C25 thcusanc. n acciticn,
management ccsts will amcunt tc up tc C10 thcusanc per year. Furthermcre, Mr Tessler will receive
ccmpensaticn cf up tc C800 thcusanc if a tax is incurrec upcn payment cf his pensicn.
Dehned beneht retirement beneht system
/fter reaching the ccntractually agreec retirement age, members cf the Executive Bcarc tc whcm the
cefnec beneft retirement beneft system is applicable receive a specifec percentage (replacement rate)
cf their incivicual pensicnable inccme as a pensicn. This is subject tc the Executive Bcarc member in
questicn having servec cn the Executive Bcarc fcr at least three years anc having been reappcintec at
least cnce. Pensicnable inccme is ceterminec anc regularly reviewec by the Superviscry Bcarc. When
the term cf cffce began, the replacement rate was 30 per cent. t rcse by 5 percentage pcints with
each reappcintment, up tc a maximum cf 50 per cent. The prcvisicns cf the cefnec beneft retirement
beneft system apply tc Mr Francicni, Mr 0erstenschlger, Mr Preuss anc Mr Tessler.
Dehned contribution retirement beneht system
Fcr Executive Bcarc members tc whcm the cefnec ccntributicn retirement beneft system applies, the
ccmpany makes a ccntributicn in the fcrm cf a capital ccmpcnent in each calencar year they serve cn
the Executive Bcarc. This ccntributicn is ceterminec by applying an incivicual replacement rate tc the
pensicnable inccme. /s in the cefinec benefit retirement benefit system, the pensicnable inccme is
ceterminec anc regularly reviewec by the Superviscry Bcarc. The annual capital ccmpcnents calculatec
in this way bear annual interest cf 3 per cent. The prcvisicns cf the cefnec ccntributicn retirement
beneft system apply tc Mr Pcttmeyer anc Ms Stars.
#5 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
!"75)"'(#+$) '";$'#
3('C6 '"#+'"7")# ;")9+$)
Members cf the Executive Bcarc whc have a cefnec beneft pensicn are entitlec tc an early retirement
pensicn if the ccmpany cces nct extenc their ccntract, unless the reascn fcr this is attributable tc the
Executive Bcarc member cr wculc justify terminaticn withcut nctice cf the Executive Bcarc member's
ccntract. The amcunt cf the early retirement pensicn is calculatec in the same way as the retirement
benefits by applying the relevant replacement rate tc the pensicnable inccme. /gain, this is subject tc
the Executive Bcarc member having servec cn the Executive Bcarc fcr at least three years anc having
been reappcintec at least cnce. Members cf the Executive Bcarc whc have a cefnec ccntributicn
pensicn are nct eligible fcr early retirement benefts.
Death and permanent occupationaI incapacity benehts
n the event cf the permanent cccupaticnal incapacity cf a member cf Deutsche Brse /0's Executive
Bcarc, the ccmpany is entitlec tc retire the Executive Bcarc member in questicn. Permanent cccupa
ticnal incapacity exists if an Executive Bcarc member is unable tc perfcrm his cr her prcfessicnal
activities fcr mcre than six mcnths anc it is nct expectec that his cr her cccupaticnal capacity will be
regainec within a further six mcnths. n such cases, Executive Bcarc members whc have a cefnec
benefit pensicn plan receive the amcunt calculatec by applying the relevant replacement rate tc the
Retirement benefts
T(9%089'67(
0918F(
+I
L(@7'1(F(9= #'=(
Present value / defned beneft
8670B'=089 T(9%089 (?@(9%(
)*+,
C thcus.
'% '=
,+ R(1 )*+,

'% '=
,+ R(1 )*+)

'% '=
,+ R(1 )*+,
C thcus.
'% '=
,+ R(1 )*+)
C thcus.
)*+,
C thcus.
)*+)
C thcus.
Defned beneft
%D%=(F
Retc Francicni 1,000.0 40.0 40.0 12,148.2 10,647.8 1,248.3 0
/ncreas Preuss 600.0 40.0 40.0 6,712.8 5,796.8 837.2 683.7
Frank
0erstenschlger
2)

500.0

40.0

40.0


4,269.5

0

56.9
Michael Kuhn
3)
500.0 50.0 50.0 5,794.0 0 240.9
Jeffrey Tessler
4)
577.8 40.0 40.0 5,221.9 4,166.8 0 94.0
M8='7 ,4+<<;5 )N4*5);: ,*4.<N;: )4*53;3 +4*<3;3
Defned contribution
%D%=(F
0regcr Pcttmeyer 500.0 48.0 48.0 1,368.8 1,035.9 295.0 298.6
Hauke Stars
5)
500.0 36.0 36.0 225.8 22.9 207.1
M8='7 +4***;* +43:N;. +4*35;5 3*);+ ):5;.
1) Since 2010, pensicnable inccme is nc lcnger basec cn fxec remuneraticn,
but is reviewec anc ceterminec by the Superviscry Bcarc.
2) Left the Executive Bcarc at the enc cf 31 March 2013
3) Left the Executive Bcarc at the enc cf 31 December 2012
4) Deutsche Brse /0 cces nct ccntribute tc tctal remuneraticn fcr Jeffrey Tessler.
Clearstream nternaticnal S./. pays cut 100 per cent cf the remuneraticn.
5) /ppcintec tc the Executive Bcarc effective 1 December 2012
## !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
pensicnable inccme. Executive Bcarc members with a cefinec ccntributicn pensicn plan receive the
beneft assets acquirec when the benefts fall cue, plus an allccatec amcunt. The allccatec amcunt
ccrrespcncs tc the full annual pensicn ccntributicn that wculc have been cue in the year cf leaving
service multipliec by the number cf years between the benefts falling cue anc the Executive Bcarc
member reaching the age cf 60 cr 62.
n the event cf the ceath cf an Executive Bcarc member, his cr her spcuse receives 60 per cent cf the
abcve amcunt anc each cepencent chilc receives 10 per cent (25 per cent fcr full crphans), up tc a
maximum cf 100 per cent cf the pensicn ccntributicn.
T'()9+#+$)(C ;(67")#9
n the event cf permanent cccupaticnal incapacity, the agreements uncer the cefnec beneft retirement
beneft system fcr Deutsche Brse /0's Executive Bcarc prcvice fcr a transiticnal payment in acciticn
tc the benefts cescribec abcve. The amcunt cf this payment ccrrespcncs tc the amcunt cf the target
variable remuneraticn (cash anc stcck bcnuses) in the year in which the benefts fall cue. t is paic cut
in twc tranches in the twc subsequent years. n the case cf the ceath cf an Executive Bcarc member,
his cr her spcuse receives 60 per cent cf the transiticnal payment.
?"<"'()*" ;(67")#9
n the event cf early terminaticn cf an Executive Bcarc member's ccntract cf service cther than fcr gccc
cause, any payments mace tc the Executive Bcarc member may nct exceec the remuneraticn fcr the
resicual term cf the ccntract cf service anc may alsc nct exceec the value cf twc tctal annual remune
raticn payments (severance payment cap). The payment is calculatec basec cn the tctal remuneraticn
in the past fnancial year anc, where apprcpriate, the expectec tctal remuneraticn fcr the current fnancial
year. The Superviscry Bcarc may exceec the upper limit in excepticnal, justifec cases.
U:()D" $= *$)#'$C
f an Executive Bcarc member is askec tc stanc ccwn within six mcnths cf a change cf ccntrcl, he cr
she is entitlec tc a severance payment equal tc twc tctal annual remuneraticn payments cr the value
cf the resicual term cf his cr her ccntract cf service, where this is less than twc years. This entitlement
may be increasec tc 150 per cent cf the severance payment. f an Executive Bcarc member resigns
within six mcnths cf the change cf ccntrcl because his cr her pcsiticn as a member cf the Executive
Bcarc is signifcantly negatively impactec as a result cf the change cf ccntrcl, the Superviscry Bcarc
may cecice at its ciscreticn whether tc grant a severance payment cf the abcvementicnec amcunt.
Y#:"' ;'$<+9+$)9
?"*$)G('6 "7;C$67")#
/cciticnal appcintments cr siceline activities enterec intc by incivicual members cf the Executive
Bcarc require the apprcval cf the entire Executive Bcarc anc the Chairman cf the Superviscry Bcarc
cr, in certain cases, the entire Superviscry Bcarc, which has celegatec granting such apprcval tc
the Perscnnel Ccmmittee. f a member cf the Executive Bcarc is remuneratec fcr an cffce perfcrmec
at an affliate cf Deutsche Brse /0, this is cffset against the Executive Bcarc member's entitlement
tc remuneraticn frcm Deutsche Brse /0.
#6 !"#$%& !%$'()%& *+,- ./$(0/1& !2$#2%3() 5%$&5%)2('%& 6%&5/1&(7(8(29 !"#$%&'&($ :#1#3%;%12 $%5/$2 <(1#1)(#8 &2#2%;%12& =/2%&
!"75)"'(#+$) '";$'#
R$()9 #$ 3F"*5#+<" A$('G 7"7L"'9
The ccmpany cic nct grant any acvances cr lcans tc members cf the Executive Bcarc in fnancial year
2013, anc there are nc lcans cr acvances frcm previcus years tc members cf the Executive Bcarc.
S(67")#9 #$ =$'7"' 7"7L"'9 $= #:" 3F"*5#+<" A$('G
Fcrmer members cf the Executive Bcarc cr their surviving cepencents receivec payments cf C1.9 millicn
in the year uncer review (2012. C1.6 millicn). The actuarial present value cf the pensicn cbligaticns as
at the balance sheet cate was C54.0 millicn in the year uncer review (2012. C41.5 millicn).
?5;"'<+9$'6 A$('G '"75)"'(#+$)
The members cf the Superviscry Bcarc receive a fixec annual remuneraticn cf C70 thcusanc. The
Chairman receives remuneraticn cf C170 thcusanc anc the Deputy Chairman receives C105 thcusanc.
Members cf Superviscry Bcarc ccmmittees receive acciticnal fxec annual remuneraticn cf C30 thcu
sanc fcr each ccmmittee pcsiticn they hclc. This amcunt rises tc C35 thcusanc fcr members cf the
/ucit Ccmmittee. The ccmmittee chairmen's remuneraticn is C40 thcusanc, cr C60 thcusanc fcr the
Chairman cf the /ucit Ccmmittee. f a Superviscry Bcarc member belcngs tc several Superviscry
Bcarc ccmmittees, cnly the wcrk in a maximum cf twc ccmmittees is remuneratec. The remuneraticn
fcr the wcrk in the twc mcst highly remuneratec ccmmittees is awarcec. Superviscry Bcarc members
whc cnly belcng tc the Superviscry Bcarc fcr part cf the fnancial year, receive cnetwelfth cf the fxec
annual remuneraticn anc, if applicable, cf the remuneraticn fcr their ccmmittee membership fcr each
mcnth cr part mcnth cf membership.
!"75)"'(#+$) ;(+G #$ 7"7L"'9 $= #:" ?5;"'<+9$'6 A$('G =$' (G<+9$'6 ()G (D")*6 9"'<+*"9
n the year uncer review, C164.4 thcusanc anc CHF 6.6 thcusanc (2012. C42.5 thcusanc) was paic
tc Richarc Berlianc Limitec fcr acviscry anc agency services. Richarc Berlianc is Managing Directcr
anc general partner cf Richarc Berlianc Limitec. Likewise, in 2013 a ccntract was ccnclucec with
Mayer Brcwn LLP, Washingtcn, C17.8 thcusanc (2012. C2.0 thcusanc) was paic. Friecrich Merz is a
partner at Mayer Brcwn LLP. n acciticn, a ccnsulting agreement was ccnclucec with Cchesive Flexible
Technclcgies Ccrpcraticn (Cchesive FT) curing the year uncer review. Fcr this purpcse C128.9 thcu
sanc (2012. nil) was paic in fnancial year 2013. Craig Heimark hclcs an interest in Cchesive FT. /ll
abcvementicnec agreements expirec pricr tc 31 December 2013.
6( !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
Superviscry Bcarc remuneraticn
1) 2)
G(F6(#%&0@
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Jcachim Faber
(Chairman since 16 May 2012)

full year

full year

250.0

192.3


6.7
0erharc Rcggemann
(Deputy Chairman)

full year

full year

165.0

151.3


6.7
Herbert Bayer
4)
1 Jan 16 May 28.3 6.7
Richarc Berlianc full year full year 140.0 114.2 6.7
Birgit Bckel
4)
1 Jan 16 May 28.3 6.7
rmtrauc Busch full year 16 May 31 Dec 100.0 64.0 1.3
KarlHeinz Flcether full year 16 May 31 Dec 130.0 83.2 1.3
Maricn Fcrncff full year 16 May 31 Dec 100.0 64.0 1.3
HansPeter 0abe full year full year 100.0 88.3 6.7
Manfrec 0entz
(Chairman until 16 May 2012)
4)


1 Jan 16 May


77.5


6.7
Richarc M. Haycen full year full year 100.0 120.8 6.7
Craig Heimark full year full year 110.0 96.7 6.7
Kcnrac Hummler
4)
1 Jan 16 May 32.5 6.7
Davic Krell full year full year 100.0 86.7 6.7
HermannJcsef Lamberti
4)
1 Jan 16 May 20.0 6.7
Mcnica Mchler full year 16 May 31 Dec 100.0 64.0 1.3
Friecrich Merz full year full year 105.0 97.9 6.7
Thcmas Neie full year full year 100.0 95.0 6.7
HeinzJcachim Neubrger full year 16 May 31 Dec 135.0 86.1 1.3
Rclanc Prantl
4)
1 Jan 16 May 28.3 6.7
Erharc Schippcreit full year full year 130.0 112.5 6.7
Jutta Stuhlfauth full year 16 May 31 Dec 100.0 64.0 1.3
Ncrfriec Stumpf
4)
1 Jan 16 May 28.3 6.7
Martin Ulrici full year 16 May 31 Dec 100.0 64.0 1.3
Jchannes Witt full year full year 105.0 89.6 6.7
M8='7 )4+<*;* +4:<<;5 - +):;<
1) See ncte 39 in the nctes tc the ccnsclicatec fnancial statements fcr cetails cf the lcngterm incentive ccmpcnents.
2) The recipient cf the remuneraticn is ceterminec incivicually by the members cf the Superviscry Bcarc.
3) Perfcrmancerelatec payment basec cn the fcrmer remuneraticn system which was appliec until May 2012
4) Left the Superviscry Bcarc cn 16 May 2012
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Deutsche Brse Group corporate report 2013



!"

Ths ccmbned management repcrt ccvers bcth the 0rcup and Deutsche Brse l0. lt has been prepared
n acccrdance wth sectcns 289, 3!5 and 3!5a c the Handesgesetzbuch (H0B, 0erman Ccmmerca
Ccde) and 0erman lcccuntng Standard (0lS) 20. Ths management repcrt asc takes ntc acccunt the
requrements c the Practce Statement 'Management Ccmmentary" ssued by the lnternatcna lcccunt
ng Standards Bcard (llSB).


Fundamenta ncrmatcn abcut the 0rcup
!"#$"%#& () *#+,-./# 01$-# 2$(+3
0+-%4#-- (3#$5,%(4- 546 2$(+3 -,$+.,+$#
Deutsche Brse l0, headquartered n Frankurt/Man, 0ermany, s the parent ccmpany c Deutsche
Brse 0rcup. ls at 3! December 20!3, the 0rcup empcyed 3,8!! pecpe at 22 ccatcns n !6 ccun
tres. ls cne c the argest market nrastructure prcvders wcrdwde, Deutsche Brse 0rcup cers ts
custcmers a wde range c prcducts and servces. These ccver the entre nanca market transactcns
vaue chan rcm equtes and dervatves tradng, thrcugh transactcn cearng and settement, secur
tes custcdy, servces cr qudty and ccatera management and the prcvscn c market ncrmatcn,
dcwn tc the devecpment and cperatcn c eectrcnc systems that suppcrt a these prccesses. The
0rcup's busness mcde enhances capta market stabty, ecency and ntegrty. lssuers benet rcm
the cw ccst c capta, whe nvestcrs en|cy hgh qudty and cw transactcn ccsts. lt the same tme,
Deutsche Brse stands cr transparency and securty cn the capta markets, n whch crgansed tradng
s based cn unrestrcted prcng and tradng partcpants can manage rsks under ther cwn respcnsbty.

Deutsche Brse l0 tse cperates the cash market at Frankurter Wertpaperbrse (FWB

, the Frankurt
Stcck Exchange) wth ts uy eectrcnc `etra

tradng patcrm. lt asc cers tradng n structured prcd


ucts (certcates and warrants) n 0ermany va Brse Frankurt Zertkate l0 (crmery Sccach Eurcpa
l0). Mcrecver, va Eurex Zrch l0 and ts subsdares, Deutsche Brse l0 cperates dervatves mar
kets n Eurcpe (Eurex) and the Unted States (lnternatcna Securtes Exchange, lSE), t asc cers cear
ng servces cr the cash and dervatves market (Eurex Cearng l0). ln addtcn, Deutsche Brse ses
prce and reerence data as we as cther tradng ncrmatcn, ts STC`` Ltd. subsdary devecps and
ses ndces. l pcsttrade servces that Deutsche Brse 0rcup prcvdes cr securtes are handed by
Cearstream Hcdng l0 and ts subsdares. These ncude transactcn settement, the admnstratcn
and custcdy c securtes as we as gcba securtes nancng and nvestment unds servces. Deutsche
Brse l0 and Cearstream Servces S.l. devecp and cperate Deutsche Brse 0rcup's technccgca n
rastructure.

The 'lnvestments and partnershps" chart gves an cvervew c Deutsche Brse 0rcup's prncpa
sharehcdngs, ts bass c ccnscdatcn s presented n u n ncte 2 tc the ccnscdated nanca
statements.


Ccmbned management repcrt
Fundamental information about the Group
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





!$

7(83549 8545:#8#4,
The gcvernng bcdes c Deutsche Brse l0, as a 0erman stcck ccrpcratcn, are the lnnua 0enera
Meetng, the Supervscry Bcard and the Executve Bcard, each c whch has ts cwn areas c respcn
sbty.

The lnnua 0enera Meetng rescves the apprcpratcn c the unapprcprated surpus, appcnts the
sharehcder representatves cn the Supervscry Bcard and rescves tc apprcve the actcns c the
Executve Bcard and the Supervscry Bcard. ln addtcn, t rescves cn ccrpcrate actcns and cther
matters gcverned by the lktengesetz (lkt0, 0erman Stcck Ccrpcratcn lct).

The Supervscry Bcard appcnts, supervses and advses the Executve Bcard and s drecty nvcved
n key decscns aectng the ccmpany. lddtcnay, t apprcves the ccnscdated nanca statements
prepared by the Executve Bcard. Members c the Supervscry Bcard are appcnted cr a percd c three
years, hcwever, when eectng members tc the Supervscry Bcard, the lnnua 0enera Meetng may
lnvestments and partnershps strengthen prcduct and servce cerng

Eurex Global Derivatives AG
100 %
Eurex Zrich AG
100 %
2)
Eurex Frankfurt AG
100 %
Eurex Clearing AG
100 %
Eurex Repo GmbH
100 %
Eurex Bonds GmbH
79 %
U.S. Exchange
Holdings, Inc.
100 %
International Securities
Exchange Holdings, Inc.
100 %
Deutsche Brse
Cloud Exchange AG
50 %
3)
Brse Frankfurt Zertikate
Holding S.A.
100 %
Brse Frankfurt
Zertikate AG
100 %
BrainTrade Gesellschaft
fr Brsensysteme mbH
29 %
4)
Deutsche Brse
Commodities GmbH
16 %
Tradegate Exchange GmbH
75 %
5)
Clearstream Holding AG
100 %
Clearstream
International S.A.
100 %
Clearstream Banking AG
100 %
Clearstream Services S.A.
100 %
Clearstream Operations
Prague s.r.o
100 %
LuxCSD S.A.
50 %
Clearstream Banking S.A.
100 %
6)
Clearstream Banking
Japan, Ltd.
100 %
REGIS-TR S.A.
50 %
Deutsche Boerse
Systems, Inc.
100 %
Deutsche Brse
Services s.r.o
100 %
Market News
International Inc.
100 %
Infobolsa S.A.
50 %
STOXX Ltd.
50 %
European Energy
Exchange AG
63 %
Deutsche Brse AG
1)

1) Simplied presentation of main shareholdings, as at 1 January 2014
2) Direct equity interest Deutsche Brse AG: 50 %
3) Plus an equity interest of 15 %, which is held indirectly via Zimory GmbH
4) Direct equity interest Deutsche Brse AG: 14 %
5) Plus an equity interest of 1 %, which is held indirectly via Tradegate AG Wertpapierhandelsbank
6) Equity interest Clearstream International S.A.: 77 %, equity interest Clearstream Holding AG: 23 %
Deutsche Brse Group corporate report 2013



!%

determne a shcrter term c cce. The Supervscry Bcard c Deutsche Brse l0 has !8 members
tweve sharehcder representatves and sx empcyee representatves.

The Executve Bcard has sce respcnsbty cr managng the ccmpany and the Che Executve Ccer
cccrdnates the actvtes c the Executve Bcard members. Unt 3! March 20!3, the Executve Bcard
c Deutsche Brse l0 had sx members. Eectve ! lpr 20!3, the Executve Bcard was reduced tc ve
members due tc the departure c Frank 0erstenschger. The remuneratcn system and the remuneratcn
pad tc the ndvdua members c the Executve Bcard c Deutsche Brse l0 are presented n the re
muneratcn repcrt, whch s part c ths ccmbned management repcrt.

;#3($,%4: -#:8#4,-
Deutsche Brse 0rcup casses ts busness ntc cur segments Eurex, `etra, Cearstream and
Market Data Servces. Ths structure serves as a bass cr the nterna management c the 0rcup
and cr nanca repcrtng.




"#$%&'()* +#*,#)' -.+()#++ /&#/+
0.&#1 T7 eectrcnc dervatves market tradng patcrm
T7 eectrcnc equty cptcns tradng patcrm
Eurex Repc

cvertheccunter (CTC) tradng patcrm
Centra ccunterparty cr bcnds, cn and cexchange dervatves and repc transactcns
2#'&/ Cash market wth the `etra

eectrcnc tradng system, the Specast tradng cn the Frankurt


Stcck Exchange and Tradegate
Eurex Bcnds

CTC tradng patcrm


Centra ccunterparty cr equtes and bcnds
ldmsscn c securtes tc stng
34#/&+'&#/, Custcdy and settement servces cr dcmestc and nternatcna securtes
0cba securtes nancng servces and ccatera management
lnvestment unds servces
5/&6#' 7/'/ 8 9#&:(;#+ Dstrbutcn c cences cr reatme tradng and market sgnas
Devecpment and saes c ndces
Technccgy scutcns cr externa custcmers
Tradng partcpant ccnnectvty


!$:54%-5,%(45< -,$+.,+$#
Deutsche Brse 0rcup's crgansatcna structure n nanca year 20!3 mrrcrs the market areas Cash &
Dervatves Markets, Cearstream (securtes settement and custcdy) and lT & Market Data Servces.
Each area s headed by a member c Deutsche Brse l0's Executve Bcard. ln addtcn, there are centra
unctcns, such as ccmmuncatcns cr nance, whch are headed by the Che Executve Ccer (CEC)
cr Che Fnanca Ccer (CFC), see the 'Leadershp structure c Deutsche Brse 0rcup as at
! January 20!4" chart.


2(5<- 546 -,$5,#:%#-
2(5<- 546 -,$5,#:9 () *#+,-./# 01$-# 2$(+3
ls cne c the argest market nrastructure prcvders wcrdwde, Deutsche Brse 0rcup stands cr the
stabty, ecency and ntegrty c the capta markets. lts busness success s cunded cn the 0rcup's
ntegrated busness mcde wth a prcduct and servce range that extends acng the entre nanca mar
ket transactcns vaue chan. lt ams tc cer custcmers reabe, ecent and ccsteectve servces and
s based cn the ccwng key prncpes
Fundamental information about the Group
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





!&


lntegratng derent nanca market servces such as tradng, cearng, settement, securtes custcdy,
qudty and ccatera management, as we as ndex and market data servces

Prcvdng these servces cr derent asset casses such as equtes, bcnds, unds and dervatves

Devecpng and cperatng the 0rcup's cwn eectrcnc systems cr a prccesses acng the securtes
tradng vaue chan

lctng as an mparta marketpace crganser, ensurng crdery, supervsed tradng wth ar prcng and
prcvdng rsk management servce

Deutsche Brse 0rcup has ncreased ts vaue ccnsderaby snce gcng pubc n 200!. The ecency
c ts busness mcde s reected n the act that Deutsche Brse 0rcup prcvdes hghy attractve prces
cr ts tradng, cearng and settement servces and that the 0rcup has generated strcng cash cws rcm
ts cperatng actvtes cr many years.

Deutsche Brse 0rcup s ccntnung tc pursue the strategy, that has enabed t tc acheve ts eadng
pcstcn. ln dcng sc, t ccuses prmary cn crganc grcwth. lt ams tc acheve t by ntrcducng new
prcducts n exstng and new asset casses, expandng ts busness tc addtcna custcmer grcups and
mcvng ntc markets n new regcns. l externa grcwth cppcrtuntes appear tc be eccncmcay attractve,
Deutsche Brse 0rcup asc takes these ntc ccnsderatcn. The am s grcwth that w add astng vaue
cr custcmers and busness partners, sta, sharehcders and the sccety.
Leadershp structure c Deutsche Brse 0rcup as at ! January 20!4

Programs and
Advisory
Internal Auditing
Global Public Affairs
Group Strategy
Corporate
Communications
General Counsel
Financial Accounting
& Controlling
Chief Risk Ofcer
Chief Compliance
Ofcer
Strategic Finance
Investor Relations
& Treasury
Human Resources
Group Organizational
Services
Executive Ofce
Market Structure
Market Supervision
Chief Innovation
Ofcer
International
Securities Exchange
Cash Market
European Energy
Exchange / Repo
Sales & Marketing
Clearing
Product Research
& Development
Executive Ofce
Business Management
& Strategy
Operations
Clearstream
Investment Funds
Services
Global Client Relations
Client Relations GSF
& Broker/Dealers
CIO Ofce
Infrastructure
& Operations
Market Data
+ Services
Cash & Derivatives IT
Clearstream IT
Market Data
+ Services IT
Technology Ofce
Information Security
Common Application
Development
Group Executive Board
CEO
R. Francioni
CFO
G. Pottmeyer
Cash & Derivatives
Markets
A. Preuss
Clearstream
J. Tessler
IT & MD+S
H. Stars
Deutsche Brse Group corporate report 2013



!'

Deutsche Brse 0rcup w channe ts energes n three strategc drectcns n the ccmng years


\gcrcus expanscn c ts prcduct and servce range tc currenty unreguated and unccaterased mar
kets, e.g. cvertheccunter dervatves tradng, n respcnse tc changes n custcmer needs as we as the
reguatcry ramewcrk

Rapd extenscn c ts technccgy eadershp and expertse n the market data segment, cne measure
taken tc acheve ths was tc bunde the reevant rescurces wthn the ccmpany n a new segment, lT &
Market Data Servces, as at ! January 20!3.

Entry ntc new gecgraphc grcwth areas, especay n lsa, and acqustcn c new custcmer grcups
(see the repcrt cn cppcrtuntes)

Whether Deutsche Brse 0rcup acheves ts crganc grcwth targets w depend cn the ccwng actcrs,
amcng cthers


Hcw the nanca markets percrm n ne wth genera eccncmc ccndtcns greater vcatty n the
cash market typcay eads tc mcre tradng, cr exampe.

Reguatcry requrements reguatcry ntatves (e.g. EMlR, Capta Requrements Drectves) strengthen
the rce c exchanges, ths w asc benet Deutsche Brse 0rcup.

Structura changes n the nanca markets tradng actvty ncreases, cr exampe, nvestment unds
make greater use c dervatves tc mpement ther tradng strategy.

The nncvatve pcwer c the 0rcup w t succeed n ccntnuay ntrcducng new prcducts and ser
vces cr whch there s demand n the market:

Deutsche Brse 0rcup s ccmmtted tc transparent, reabe and qud nanca markets, but cannct
aect the vcume drvers c these markets. Hcwever, the 0rcup s abe tc exert an nuence cn the cther
actcrs tc scme extent cr n u, cr exampe t can cbby cr a avcurabe ega ramewcrk cr the nan
ca markets cr t can devecp prcducts and servces that suppcrt custcmers n ther busness. ln ths
way, t can asc reduce ts dependence cn actcrs cutsde ts ccntrc.

=545:#8#4, 533$(5./ ,( #4,#$3$%-#>&%6# -+-,5%45?%<%,9 .(88%,8#4,
Deutsche Brse 0rcup's gcas and strateges asc ncude takng a hcstc vew c ts ccrpcrate respcns
bty. ln ne wth ths, ts management apprcach ccmprses cur areas cr actcn the eccncmy, em
pcyees, the envrcnment and ccrpcrate ctzenshp wth the gca c sustanabty strengthenng and
preservng Deutsche Brse 0rcup's benets tc the eccncmy and tc sccety.


Eccncmy Deutsche Brse 0rcup ams tc crganse the capta markets n a way that ensures ther
ntegrty, transparency and securty. Thus, t makes ts bggest (vaue) ccntrbutcn tc sccety n ts
prmary ccre busness, securtes tradng.

Empcyees Deutsche Brse 0rcup pursues a respcnsbe, sustanabe human rescurces pccy. lt wants
tc wn ccmmtted and ccmpetent empcyees and retan them cr as cng as pcssbe.

Envrcnment Deutsche Brse 0rcup ams tc keep ts 'ecccgca cctprnt" tc a mnmum by mpe
mentng an envrcnment and rescurcerendy busness ecccgy.

Ccrpcrate ctzenshp Deutsche Brse 0rcup s a gccd ccrpcrate ctzen and as such has respcnsb
tes tc meet. lt s ccmmtted tc ung ths rce n ts nternatcna ccatcns as we.


Fundamental information about the Group
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





!(

Seected ntatves and specc measures rcm these cur areas are descrbed n the 'Empcyees",
'Ccrpcrate respcnsbty" and 'Sustanabty" sectcns.

Ccrpcrate respcnsbty as under the remt c the CEC. The ccrpcrate respcnsbty team cccrdnates
0rcupwde measures and makes any strategc updates tc the management apprcach. ln ccnsutatcn
wth the cperatng departments, the team members hcd reguar revews tc determne whether the areas
cr actcn and mpementatcn measures are st reevant and hcw the cb|ectves can be met and the
targets reached.

@+-,5%45?%<%,9 8545:#8#4,
Deutsche Brse 0rcup s ccmmtted tc a stye c ccrpcrate management that takes scca, ethca and
ecccgca aspects ntc acccunt when mpementng ts eccncmc cb|ectves. The ccmpany gave strcng
expresscn tc ths ccmmtment by sgnng up tc the Unted Natcns 0cba Ccmpact.

ls a key capta market crganser, Deutsche Brse's rce s tc prcvde a stabe technccgca nrastructure
and ega certanty cn the markets t crganses and hence tc ensure ar tradng. ln addtcn, t ams tc
ensure that sustanabty ncrmatcn s mcre transparent and easy avaabe cr market partcpants.
ls a sted ccmpany, t has a duty tc ccnsstenty mcntcr and rase ts cwn sustanabty prce. ln ne
wth ths dua rce, Deutsche Brse 0rcup's sustanabty management ccuses cn twc areas cr actcn
prcmctng the transparency c hcstc nvestment strateges and cptmsng ts cwn sustanabty per
crmance. Exampes c ntatves and ther successu mpementatcn can be cund n the 'Sustan
abty" sectcn.


A4,#$45< 8545:#8#4,
7(4,$(< -9-,#8-
Deutsche Brse 0rcup's nterna management system s based cn key percrmance ndcatcrs taken
rcm the nccme statement (net revenue, cperatng ccsts, EBlT, ccnscdated net nccme cr the year)
as we as baance sheet key percrmance ndcatcrs (qudty, equty ess ntangbe assets). ln addtcn,
Deutsche Brse 0rcup's nterna management system ncudes key percrmance ndcatcrs that are
derved rcm the nccme statement and the baance sheet (nterest ccverage ratc, grcss debt / EBlTDl,
return cn sharehcders' equty).

Net revenue s ccmpcsed c saes revenue pus net nterest nccme rcm bankng busness and cther
cperatng nccme, ess vcumereated ccsts. Saes revenue rcm externa custcmers s generay depend
ent cn the grcwth actcrs descrbed abcve (percrmance c the nanca markets, reguatcry and struc
tura changes, and the 0rcup's abty tc nncvate). Net nterest nccme rcm bankng busness s de
pendent cn the devecpment c Cearstream's nternatcna settement busness cn the cne hand and
the devecpment c shcrtterm nterest rates, partcuary n the eurc zcne and the USl, cn the cther.
Cther cperatng nccme resuts rcm exchange rate derences, amcng cther thngs. \cumereated
ccsts ncrmay ccrreate wth the eve c saes revenue n the reevant areas c the ccmpany, such as
ees and ccmmsscns rcm bankng busness cr ccsts cr purchasng prce ncrmatcn. ln addtcn,
varcus cence ees, e.g. cr ndex cences, ccntrbute tc vcumereated ccsts.

Deutsche Brse Group corporate report 2013



!)

Cperatng ccsts ncude sta ccsts, deprecatcn, amcrtsatcn and mparment csses, as we as cther
cperatng expenses. Sta ccsts ccnsst c wages and saares as we as scca securty ccntrbutcns
and the ccst c retrement benets. They are sub|ect tc natcn ad|ustments and depend partay cn
the devecpment c Deutsche Brse l0's share prce, as they asc ncude changes n the prcvscns and
payments cr the Stcck Bcnus Pan cr members c the Executve Bcard and sencr executves that was
ntrcduced n 2007. The deprecatcn, amcrtsatcn and mparment charges ncude deprecatcn and
amcrtsatcn c, and mparment csses cn, ntangbe assets and prcperty, pant and equpment. Cther
cperatng expenses many ccnsst c the ccsts c devecpng and cperatng the 0rcup's technccgca
nrastructure, cce nrastructure ccsts and marketng ccsts.

lrcund 80 per cent c Deutsche Brse 0rcup's ccsts are xed ccsts (excudng speca actcrs). The
0rcup can therecre hande hgher vcumes c busness wthcut a sgncant ncrease n ccsts. Ccnverse
y, a decne n busness vcumes has a drect mpact cn the 0rcup's prctabty. lpprcxmatey 20 per
cent c the 0rcup's ccsts are vcumereated ccsts.

Deutsche Brse 0rcup manages ts EBlT va net revenue and cperatng ccsts. lt 0rcup eve, Deutsche
Brse 0rcup's net nccme cr the year that s net prct cr the year ess ncnccntrcng nterests asc
serves as a percrmance ndcatcr cr nterna management.

The baance sheet key percrmance ndcatcrs ncude a predened qudty target and equty ess
ntangbe assets. Lqudty pannng ams at prcvdng qudty ccrrespcndng tc the cperatng ccsts
cr cne quarter, ths qudty target currenty ranges between 6!50 mcn and 6250 mcn. The
0rcup's management c ts equty ess ntangbe assets dces nct am tc reach a partcuar target but
rather tc mantan a pcstve vaue n genera.

The nterest ccverage ratc shcws the ratc c EBlTDl tc nterest expenses rcm nancng actvtes. Un
der ts capta management prcgramme, the 0rcup pans tc acheve an nterest ccverage ratc c at east
!6 cr Deutsche Brse 0rcup. ln addtcn, the am s tc acheve a ratc c nterestbearng grcss debt tc
EBlTDl a maxmum c !.5 at 0rcup eve. ln partcuar, the atter percrmance ndcatcr pays a matera
rce at present n prctectng the 0rcup's current 'll" ratng. The Cearstream subgrcup ams tc mantan
an nterest ccverage ratc c 25 and ccmpy wth cther capta adequacy measures tc prctect ts current
'll" ratng. Because Cearstream had nc nanca abtes rcm ncnbankng busness n the year under re
vew, as n the prevcus year, t was nct necessary tc cacuate the nterest ccverage ratc cr the subgrcup.

Further ncrmatcn cn the 0rcup's nanca pcstcn s presented n the 'Fnanca pcstcn" sectcn
c ths ccmbned management repcrt.

A4,#$45< .(4,$(< -9-,#8
Deutsche Brse has estabshed a 0rcupwde nterna ccntrc system (lCS). l busness unts serve as
rst nes c deense and are respcnsbe that 0rcupwde requrements are met n ther respectve areas
c respcnsbty. ln partcuar, the lCS s vad cr the Fnanca lcccuntng and Ccntrcng (Fl&C) de
partment, ensurng that ts acccuntng prccesses ccmpy wth crdery bcckkeepng and acccuntng prac
tces. lt guarantees that the presentatcn c the net assets, nanca pcstcn and resuts c cperatcns n
the sngeentty and ccnscdated nanca statements c Deutsche Brse l0 and ts subsdares s ccr
rect and ccmpete.


Fundamental information about the Group
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





!!

The Fl&C department s prmary respcnsbe cr preparng the acccunts at Deutsche Brse l0 and ts
ccnscdated 0erman subsdares, n cregn subsdares, ths task s percrmed by the ccrrespcndng
unts. The head c the Fl&C department s respcnsbe cr the prccess, ncudng eectve saeguards
and ccntrcs. The am s tc ensure that rsks n the acccuntng prccess are dented eary cn sc that re
meda actcn can be taken n gccd tme. Scme lCS ccntrcs are ntegrated ntc the prccess, whe cthers
are percrmed ndependenty.

Fl&C uses the ccwng tccs tc ensure a ccnsstent and ccntnucus acccuntng prccess


l database stcres a wcrk nstructcns and descrptcns cr the ndvdua acccuntng prccesses,
ncudng the preparatcn c ccnscdated nanca statements.

lFRS and 0erman 0llP (H0B) acccuntng manuas and acccunt accatcn gudenes ensure a
ccnsstent standard c nanca repcrtng thrcughcut the 0rcup.

These tccs are reguary tested and updated. l Fl&C department empcyees have access tc the data
base as we as the acccuntng manuas and acccunt accatcn gudenes and can thus get ncrmatcn
cn the management |udgement and acccuntng cptcns exercsed by Deutsche Brse 0rcup. Hghrsk
prccesses are sub|ect tc speca ccntrcs.

ln addtcn, Deutsche Brse 0rcup ccntnucusy mcntcrs and anayses changes n the acccuntng env
rcnment and ad|usts ts prccess acccrdngy. Ths appes n partcuar tc the natcna and nternatcna
acccuntng standards. The 0rcup's acccuntng unctcn s asc respcnsbe cr transactcns, such as the
acqustcn cr sae c ccmpanes cr shares. The Fl&C department may be ccntacted by a subsdares
they need hep wth acccuntng cr these and cther ccmpex matters. Fcr seected ssues, such as the
measurement c penscn cbgatcns, Fl&C ccnsuts externa experts.

lncther mpcrtant eature c the lCS s the prncpe c unctcna separatcn tasks and respcnsbtes
are ceary dened and accated wthn the crgansatcn. lnccmpatbe tasks, such as mcdyng master
data and ssung payment nstructcns, are strcty segregated at a unctcna eve. ln ndependent ccn
trc unt grants acccuntng system access rghts tc each empcyee and mcntcrs them ccntnucusy usng
an nccmpatbty matrx. Transactcns are ntay reccrded n the genera edger cr ccrrespcndng sub
edgers based cn the chart c acccunts and the acccunt accatcn gudenes. Ccsng entres are made
and the ccnscdated nanca statements are prepared n a cases n ne wth the prncpe c dua ccntrc.

l ma|cr subsdares c Deutsche Brse 0rcup mantan and ccnscdate ther genera edgers n the
same system. The acccuntng data c the cther ccmpanes s upcaded cr ncuscn n the ccnscdated
nanca statements. Labtes, expenses and nccme cr ndvdua transactcns are reccrded n sepa
rate acccunts under the name c the ccunterparty ccncerned. lny ccnscdatcn derences are revewed
centray and sent cn tc the acccuntng departments c the ccmpanes cr carcatcn.

The prccesses, systems and ccntrcs descrbed abcve am tc prcvde reascnabe assurance that the
acccuntng system ccmpes wth the appcabe prncpes and aws. Servng as urther nes c deense,
the Ccmpance and lnterna ludtng unctcns carry cut rskbased, ndependent checks tc test whether
the lCS s apprcprate and eectve. The Executve Bcard and the ludt Ccmmttee estabshed by the
Supervscry Bcard receve reguar repcrts cn the eectveness c the lCS cr the nanca repcrtng
prccess.

Deutsche Brse Group corporate report 2013



*++

;#-#5$./ 546 6#"#<(38#4, 5.,%"%,%#-
ls a servce prcvder, Deutsche Brse 0rcup dces nct engage n research and devecpment actvtes
ccmparabe wth thcse c manuacturng ccmpanes. Ths sectcn c the repcrt has therecre been cmt
ted. The 0rcup's prcduct and servces devecpment actvtes are descrbed n mcre deta n the repcrt
cn cppcrtuntes and n the repcrt cn expected devecpments.


B5C#("#$>$#<5,#6 6%-.<(-+$#-
*%-.<(-+$#- %4 5..($654.# &%,/ -#.,%(4- DEF GHI 546 JKL GHI M20
ln acccrdance wth sectcns 289 (4) and 3!5 (4) c the Handesgesetzbuch (H0B, 0erman Ccmmerca
Ccde), Deutsche Brse l0 hereby makes the ccwng dsccsures as at 3! December 20!3

The share capta c Deutsche Brse l0 amcunted tc 6!93.0 mcn cn the abcvementcned baance
sheet date and was ccmpcsed c !93 mcn ncpar vaue regstered shares. There are nc cther casses
c shares besdes these crdnary shares.

The Executve Bcard s cny aware c mtatcns tc vctng rghts that resut rcm the lktengesetz (lkt0,
0erman Stcck Ccrpcratcn lct). These ccnsst c the vctng rght mtatcns pursuant tc sectcn !36 c
the lkt0 and the mtatcns under the lkt0 cr treasury shares. Sectcn !36 c the lkt0 stpuates that
sharehcders may nct exercse vctng rghts cr themseves cr cn beha c ancther sharehcder a resc
utcn s tc be adcpted crmay apprcvng ther actcns, reeasng them rcm an cbgatcn, cr decdng
whether the ccmpany shcud assert a cam aganst them. The vctng rghts c the reevant shares are
thus excuded by aw n cases where sectcn !36 c the lkt0 appes. Under sectcn 7!b c the lkt0,
Deutsche Brse l0 s nct permtted tc exercse any rghts pertanng tc treasury shares hed n ts pcrtcc.

Under the Wertpaperhandesgesetz (WpH0, 0erman Securtes Tradng lct), any nvestcr whcse share
hcdng reaches, exceeds, cr as becw speced vctng rght threshcds as a resut c purchase, sae,
cr any cther transactcn s requred tc ncty the ccmpany and the Bundesanstat r Fnanzdenstes
tungsauscht (BaFn, 0erman Federa Fnanca Supervscry luthcrty). The cwest threshcd cr ths
dsccsure requrement s 3 per cent (see ncte 43 tc the ccnscdated nanca statements cr detas).
Deutsche Brse l0 s nct aware c any drect cr ndrect nvestments n ts capta representng mcre
than !0 per cent c the vctng rghts.

Ncne c Deutsche Brse l0's sharehcders hcd shares that ccner speca ccntrc rghts.

Empcyees hcdng shares n Deutsche Brse l0 exercse ther rghts n the same way as cther share
hcders n acccrdance wth the statutcry prcvscns and the lrtces c lssccatcn.

Members c the Executve Bcard are appcnted and dsmssed n acccrdance wth sectcns 84 and 85 c
the lkt0. lmendments tc the lrtces c lssccatcn c Deutsche Brse l0 are adcpted by rescutcn c the
lnnua 0enera Meetng n acccrdance wth sectcn !!9 (!) nc. 5 c the lkt0. Under lrtce !2 (4) c the
lrtces c lssccatcn c Deutsche Brse l0, the Supervscry Bcard has the pcwer tc make changes tc
the lrtces c lssccatcn that reate cny tc the wcrdng. ln acccrdance wth lrtce !8 (!) c the
lrtces c lssccatcn c Deutsche Brse l0, rescutcns c the lnnua 0enera Meetng are passed
uness ctherwse stpuated by mandatcry requrements c the lkt0 by a smpe ma|crty c the vctes
cast. lnscar as the lkt0 prescrbes a ma|crty c the share capta represented at the lnnua 0enera
Meetng cr rescutcns, a smpe ma|crty c the represented share capta s sucent where ths s
egay permssbe.
Fundamental information about the Group
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*+*

Sub|ect tc the apprcva c the Supervscry Bcard, the Executve Bcard s authcrsed tc ncrease the share
capta by up tc a tcta c 65.2 mcn cn cne cr mcre cccascns n the percd up tc !! May 20!6 by
ssung new ncpar vaue regstered shares n exchange cr cash and/cr ncncash ccntrbutcns (authcr
sed capta l). Fu authcrsatcn, partcuary the ccndtcns cr dsappyng sharehcders' preemptve
rghts, derves rcm lrtce 4 (3) c the lrtces c lssccatcn c Deutsche Brse l0.

The Executve Bcard s asc authcrsed tc ncrease the share capta by up tc a tcta c 627.8 mcn
cn cne cr mcre cccascns n the percd up tc 26 May 20!5, sub|ect tc the apprcva c the Supervscry
Bcard, by ssung new ncpar vaue regstered shares n exchange cr cash and/cr ncncash ccntrbu
tcns (authcrsed capta ll). The sharehcders must be granted preemptve rghts, whch the Executve
Bcard can dsappy n certan cases, sub|ect tc the apprcva c the Supervscry Bcard n each case. The
Executve Bcard s authcrsed tc dsappy sharehcders' preemptve rghts cr cash capta ncreases
the ssue prce c the new shares s nct sgncanty cwer than the stcck exchange prce and the tcta
number c shares ssued whe dsappyng preemptve rghts dces nct exceed !0 per cent c the share
capta. Furthermcre, the Executve Bcard s authcrsed tc dsappy preemptve rghts cr new shares
wth a prcpcrtcnate nterest n the share capta tctang up tc 63.0 mcn n crder tc ssue these new
shares tc empcyees c the ccmpany cr c ccmpanes aated wth t, excudng the members c the
Executve Bcard and the management c aated ccmpanes. ln addtcn, the Executve Bcard s au
thcrsed tc dsappy preemptve rghts capta s ncreased n exchange cr ncncash ccntrbutcns
cr the purpcse c acqurng ccmpanes, parts c ccmpanes, nterests n ccmpanes, cr cther assets.
Fnay, the Executve Bcard s authcrsed tc dsappy sharehcders' preemptve rghts cr ractcna
amcunts. Fu authcrsatcn, partcuary the ccndtcns cr dsappyng sharehcders' preemptve rghts,
derves rcm lrtce 4 (4) c the lrtces c lssccatcn c Deutsche Brse l0.

The Executve Bcard s asc authcrsed tc ncrease the share capta by up tc a tcta c 6!9.5 mcn cn
cne cr mcre cccascns n the percd up tc 26 May 20!5, sub|ect tc the apprcva c the Supervscry
Bcard, by ssung new ncpar vaue regstered shares n exchange cr cash ccntrbutcns (authcrsed
capta lll). The sharehcders must be granted preemptve rghts, whch the Executve Bcard can dsap
py cny cr ractcna amcunts wth the apprcva c the Supervscry Bcard. The exact ccntent c ths
authcrsatcn derves rcm lrtce 4 (5) c Deutsche Brse l0's lrtces c lssccatcn.

The Executve Bcard s urther authcrsed tc ncrease the share capta by up tc a tcta c 66.0 mcn
cn cne cr mcre cccascns n the percd up tc !5 May 20!7, sub|ect tc the apprcva c the Supervscry
Bcard, by ssung new ncpar vaue regstered shares n exchange cr cash and/cr ncncash ccntrbu
tcns (authcrsed capta l\). Sharehcders must be granted preemptve rghts uness the Executve
Bcard makes use c the authcrsatcn granted tc t tc dsappy the sharehcders' preemptve rghts wth
the apprcva c the Supervscry Bcard. The Executve Bcard s authcrsed tc dsappy sharehcders' pre
emptve rghts cr ractcna amcunts wth the apprcva c the Supervscry Bcard. The Executve Bcard s
asc authcrsed, sub|ect tc the apprcva c the Supervscry Bcard, tc dsappy sharehcders' preemptve
rghts n crder tc ssue up tc 900,000 new shares per nanca year rcm authcrsed capta l\ tc mem
bers c the Executve Bcard and empcyees c the ccmpany as we as tc members c the executve bcards
cr management and empcyees c ts aated ccmpanes n acccrdance wth sectcns !5 . c the lkt0.
Fu authcrsatcn derves rcm lrtce 4 (6) c the lrtces c lssccatcn c Deutsche Brse l0.

The Executve Bcard s authcrsed tc acqure treasury shares amcuntng tc up tc !0 per cent c the share
capta. Hcwever, the acqured shares, tcgether wth any treasury shares acqured cr cther reascns that
are hed by the ccmpany cr accated tc t n acccrdance wth sectcns 7!a . c the lkt0, may at nc
tme exceed !0 per cent c the ccmpany's share capta. The authcrsatcn tc acqure treasury shares s
vad unt !4 May 20!5 and may be exercsed by the ccmpany n u cr n part cn cne cr mcre ccca
Deutsche Brse Group corporate report 2013



*+"

scns. Hcwever, t may asc be exercsed by dependent ccmpanes, by ccmpanes n whch Deutsche
Brse l0 hcds a ma|crty nterest, cr by thrd partes cn ts cr ther beha. The Executve Bcard may
eect tc acqure the shares (!) cn the stcck exchange, (2) va a pubc tender cer addressed tc a
sharehcders cr va a pubc request cr cers c sae addressed tc the ccmpany's sharehcders, (3) by
ssung tender rghts tc sharehcders, cr (4) thrcugh the use c dervatves (put cr ca cptcns cr a ccmb
natcn c bcth). The u and exact wcrdng c the authcrsatcn tc acqure treasury shares, and partcuary
the permssbe uses tc whch the shares may be put, can be cund n tems 5 and 6 c the agenda cr
the lnnua 0enera Meetng cn !5 May 20!3.

The ccwng matera agreements c the ccmpany are sub|ect tc a change c ccntrc ccwng a
takecver bd


Cn !8 March 20!3, Deutsche Brse l0 and ts subsdary Cearstream Bankng S.l. entered ntc a
mutcurrency revcvng acty agreement wth a bankng syndcate cr a wcrkng capta credt tctang
up tc 6750 mcn. l there s a change c ccntrc, the credt reatcnshp between Deutsche Brse l0
and the enders can be revewed n negctatcns wthn a percd c nc mcre than 60 days. ln ths prc
cess, each ender has the rght, at ts cwn dscretcn, tc termnate ts credt ccmmtment and demand
parta cr u repayment c the amcunts cwng tc t. l change c ccntrc has cccurred Deutsche
Brse l0 nc cnger drecty cr ndrecty hcds the ma|crty c Cearstream Bankng S.l. cr a perscn
cr a grcup c perscns actng n ccncert acqures mcre than 50 per cent c the vctng shares c
Deutsche Brse l0.

ls part c the acqustcn c lSE, t was agreed that nc perscn cr grcup may drecty cr ndrecty
acqure mcre than 40 per cent c the shares n lSE cr acqure ccntrc cver the vctng rghts attached
tc mcre than 20 per cent c the shares n lSE wthcut the prcr apprcva c the US Securtes and
Exchange Ccmmsscn (SEC). Ctherwse, as many lSE shares w be transerred tc a trust as are
requred tc ccmpy wth the mts.

Under the terms c the 20!3/20!8 xedrate bcnds amcuntng tc 6600.0 mcn ssued by Deutsche
Brse l0 and under the terms c the 20!2/2022 xedrate bcnds amcuntng tc 6600.0 mcn ssued
by Deutsche Brse l0, canceatcn rghts appy n the case c a change c ccntrc. l they are exer
csed, the bcnds are repayabe at par pus any accrued nterest. l change c ccntrc has taken pace
a perscn cr a grcup c perscns actng n ccncert, cr thrd partes actng cn ther beha has cr have
acqured mcre than 50 per cent c the shares c Deutsche Brse l0 cr the number c Deutsche
Brse l0 shares requred tc exercse mcre than 50 per cent c the vctng rghts at lnnua 0enera
Meetngs c Deutsche Brse l0. ln addtcn, the reevant bcnd terms requre that the change c ccn
trc must adversey aect the ratng gven tc cne c the preerenta unsecured debt nstruments c
Deutsche Brse l0 by Mccdy's lnvestcrs Servces, lnc., Standard & Pccr's Ratng Servces cr Ftch
Ratngs Lmted. Further detas can be cund n the appcabe bcnd terms.

l change c ccntrc asc resuts n rghts tc requre repayment c varcus bcnds ssued by Deutsche
Brse l0 n 2008 under a US prvate pacement. The change c ccntrc must asc adversey aect
the ratng gven tc cne c the preerenta unsecured debt nstruments c Deutsche Brse l0 by Ftch
Ratngs Lmted, Mccdy's lnvestcrs Servces, lnc., cr Standard & Pccr's Ratng Servces. The prcvscns
ccntaned n the appcabe terms ccrrespcnd tc the ccndtcns speced cr the xedrate bcnds currenty
n ssue. The bcnds ssued under the prvate pacement are as ccws US$!70.0 mcn due cn
!0 June 20!5, US$220.0 mcn due cn !0 June 20!8, and US$70.0 mcn due cn !0 June 2020.

Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*+$


Under certan ccndtcns, members c Deutsche Brse l0's Executve Bcard have a speca rght c
termnatcn n the event c a change c ccntrc. lcccrdng tc the agreements made wth a Executve
Bcard members, a change c ccntrc has cccurred (!) a sharehcder cr thrd party dsccses ts cwn
ershp c mcre than 50 per cent c the vctng rghts n Deutsche Brse l0 n acccrdance wth sectcns
2! and 22 c the WpH0, (2) an nterccmpany agreement n acccrdance wth sectcn 29! c the lkt0
s entered ntc wth Deutsche Brse l0 as a dependent ccmpany, cr Deutsche Brse l0 s abscrbed n
acccrdance wth sectcn 3!9 c the lkt0, cr (3) Deutsche Brse l0 s merged n acccrdance wth sec
tcn 2 c the Umwandungsgesetz (Umw0, 0erman Recrgansatcn and Transcrmatcn lct).

The ccmpensatcn agreements entered ntc wth the members c the Executve Bcard n the event c a
takecver cer can be cund n the remuneratcn repcrt. ln addtcn tc the abcve agreements, whch
appy cny the change c ccntrc s the resut c a takecver cer, urther agreements appy. ln the cpn
cn c Deutsche Brse l0, hcwever, these are nct matera as dened by sectcn 3!5 (4) c the H0B.


Repcrt cn eccncmc pcstcn
=5.$(#.(4(8%. 546 -#.,($>-3#.%)%. #4"%$(48#4,
The macrceccncmc envrcnment had and ccntnues tc have a sgncant mpact cn the cvera eccncm
c envrcnment and cn tradng actvty cn the markets. Key devecpments aectng the year under revew
ncude


The ma|cr centra banks' ccntnung cw nterest rate pccy and the resutng prcvscn c arge
amcunts c qudty

Hgh eves c gcvernment debt n certan Eurcpean states

The budget dspute n the US, whch ed tc a !6day gcvernment shutdcwn n 20!3

Lcw market vcatty



Tradng actvty cn seected Eurcpean
cash markets

<=>?
3@/)*#
:+A <=><
6bn
Bcrsa ltaana
!)
626.2 9
Eurcnext
2) 3)
!,350.2 2
Bcsas y Mercadcs Espances
3)
703.6 !
Lcndcn Stcck Exchange
!) 3)
!,022.2 0
7#.'+;@# -B&+# C&%.$ D 2#'&/
2)
>E=FGA< D>

!) Part c Lcndcn Stcck Exchange 0rcup
2) Part c lnterccntnentaExchange
3) Tradng vcume n eectrcnc tradng (sngeccunted)

Scurce Exchanges sted


Ccntracts traded cn seected
dervatves markets

<=>?
3@/)*#
:+A <=><
m ccntracts
CME 0rcup 3,!60.0 9
Natcna Stcck Exchange c lnda
Lmted 2,!35.6 6
CBCE Hcdngs !,!87.6 5
lnterccntnentaExchange 2,788.8 0
BM&F Bcvespa !,604.! 2
7#.'+;@# -B&+# C&%.$ D 0.&#1 <E>H>A< DI

Scurce Exchanges sted
Deutsche Brse Group corporate report 2013



*+%

Fccwng a !.6 per cent ncrease n rea 0DP n the CECD ccuntres n 20!2, current estmates revea a
rse c |ust !.2 per cent n 20!3. Estmates pubshed by the lnternatcna Mcnetary Fund (lMF) suggest
that the gcba eccncmy grew by 3.0 per cent n 20!3 (20!2 ncrease n rea terms c 3.! per cent).

Based cn nta estmates, grcwth n 0erman grcss dcmestc prcduct rcse mcre scwy n 20!3 than
n prevcus years, due tc scwer gcba eccncmc grcwth and the stagnatcn c wcrd trade at prcryear
eves. lMF's January 20!4 estmates put grcwth n 0erman eccncmc cutput at 0.5 per cent n 20!3
(20!2 ncrease n rea terms c 0.9 per cent).

ls n the precedng twc years, eccncmc percrmance n the year under revew was mxed acrcss Eurcpe
t was stabe n France, lustra and Begum, whe acccrdng tc Eurcpean Ccmmsscn estmates 0reece,
ltay, Span and Pcrtuga, amcng cther ccuntres, ccntnued tc be n recesscn. Wth the straned ecc
ncmc stuatcn ccntnung, the Eurcpean Centra Bank (ECB) cut ts key nterest rate n twc steps rcm
0.75 per cent tc the hstcrcay cw eve c 0.25 per cent.

The CECD s crecastng a reaterm ncrease n US eccncmc cutput c !.7 per cent n 20!3 despte
the ccntnung budget ccnscdatcn and the gcvernment shutdcwn. Market uncertanty s ccntnung
due tc the nanca pccy dcutes, the persstenty hgh unempcyment rate and resutng cwer eves
c ccnsumer spendng. The Federa Reserve kept the edera unds rate wthn the target range c zerc tc
0.25 per cent that t had set n December 2008, despte ndcatcns n the nterm that an nterest rate
hke was beng panned.

The hgh eves c gcvernment debt n ndvdua Eurcpean states, resutng n scwer grcwth ccmpared
wth cther eccncmes such as the Unted States cr the UK, are ccntnung tc ue uncertanty cn the
nanca markets. These actcrs ed tc a cwer eve c tradng n the cash and dervatves markets n
nanca year 20!3, aectng especay equty ndex prcducts n the dervatves busness.

lcccrdng tc the Bank cr lnternatcna Settements (BlS), gcba ssuance c nternatcna bcnds de
cned by 28 per cent yearcnyear n the rst nne mcnths c 20!3. ln spte c the decne n new ssu
ance, the average vcume c nternatcna bcnds hed n custcdy by Cearstream ncreased yearcnyear.
The aggregate prncpa amcunt c securtes hed n custcdy by Cearstream amcunted tc 6!2 trcn at
the end c 20!3.


0+-%4#-- 6#"#<(38#4,
Lke ts predecesscrs, 20!3 was nct an easy year cr the payers cn the nanca markets n Eurcpe
and Ncrth lmerca, as we as cr the crgansers c these markets the exchanges. Fve years ater the
nanca crss, nvestcr ccndence n the capta markets has st nct been uy restcred. Severa actcrs
had a sgncant mpact cn busness devecpment at the 0rcup


The ccntnung uncertanty abcut uture gcba eccncmc devecpments especay n the eurc zcne
put a damper cn the tradng actvtes c market partcpants. ln tmes c acute crss, banks vaue the
reabty c exchanges as tradng paces that guarantee securty and ntegrty. l, hcwever, the uncer
tanty perssts beycnd the shcrt term, as s currenty the case, ths has a paraysng eect cn the mar
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*+&

ket partcpants. ln addtcn, the ack c ccndence n the stabe cngterm devecpment c the eurc
zcne prcmpted nvestcrs tc wthdraw capta rcm Eurcpe and ether nvest t back n ther respectve
hcme markets, cr exampe n the USl, cr n grcwth markets such as lsa cr Scuth lmerca.

l ack c carty surrcundng the ega requrements resutng rcm ncreasng reguatcn c the nanca
markets has ed tc cautcn amcng scme market partcpants. Fcr exampe, strcter capta requrements
are prcmptng banks and cther market partcpants tc scae back ther tradng actvtes. Cn the cther
hand, ths gves Deutsche Brse 0rcup an cppcrtunty tc sccre pcnts wth ts qudty management
servces, whch acw banks tc depcy ther capta as ecenty as pcssbe.

The cw nterest rate pccy pursued by centra banks n respcnse tc the state c the eccncmy ed tc
ancther reductcn n net nterest nccme rcm bankng busness generated n the Cearstream segment.
Cn the cther hand, nterest rate dervatves tradng cn Eurex beneted rcm greater nterest rate vcat
ty, especay at the begnnng c the year, when cngterm yeds cn 0erman gcvernment bcnds rcse
suddeny. Cther actcrs ncuded the ECB's qudty prcgrammes, such as the cngterm renancng
cperatcns ntated n December 20!! and February 20!2. These cperatcns are desgned tc prcvde
cngterm qudty tc the capta markets cn avcurabe terms. Ths ed tc a detercratcn n the market
envrcnment cr the qudty management servces cered tc market partcpants by the Cearstream
segment.

Despte ths chaengng market envrcnment, the revenue generated by Deutsche Brse 0rcup n nan
ca year 20!3 was amcst stabe. Net revenue decreased by ! per cent tc 6!,9!2.3 mcn n 20!3
(20!2 6!,932.3 mcn), drven prmary by the decne n net nterest nccme.

Deutsche Brse l0 agan ncreased ts nvestments n strategc prc|ects tc mpement the three strategc
drectcns ccmmuncated n 20!2 (see the '0cas and strategy c Deutsche Brse 0rcup" sectcn).
Therecre, n the year under revew, cperatng ccsts, ad|usted cr ncnrecurrng ccsts, ncreased by 5 per
cent yearcnyear tc 6967.6 mcn (20!2 6922.4 mcn).

7/54:#- %4 -#:8#4, $#3($,%4:
The new Market Data Servces (MDS) repcrtng segment ccmprses the crmer Market Data & lna
ytcs segment as we as seected servces that were repcrted prevcusy n the Eurex, `etra and Cear
stream segments. These ncude, amcng cthers, tradng partcpant ccnnectvty, lT servces cr externa
custcmers and cccperatcn wth partner exchanges that use lT systems prcvded by Deutsche Brse
0rcup. The net revenue generated by Eurex Bcnds s nc cnger attrbuted tc Eurex, but tc the `etra seg
ment.

Mcrecver, snce ! January 20!3, the 0rcup's net revenue tem ncudes nct cny revenue generated
wth externa custcmers but asc ntragrcup revenue, such as ees cr Dl`

cences that the Eurex seg


ment prcvdes tc the MDS segment. The MDS segment repcrts these ees as revenue, whe the Eu
rex segment reccgnses them as vcumereated ccsts. lt 0rcup eve, there s nc eect cn ccnscdated
net revenue. The eects resutng rcm ths change are reected n the respectve segment chapters.
The prcryear gures have been ad|usted acccrdngy n the 20!3 segment repcrtng.



Deutsche Brse Group corporate report 2013



*+'

;#-+<,- () (3#$5,%(4-
Deutsche Brse 0rcup's net revenue decned sghty by ! per cent n nanca year 20!3 tc 6!,9!2.3 m
cn (20!2 6!,932.3 mcn). Net revenue s ccmpcsed c saes revenue pus net nterest nccme rcm
bankng busness and cther cperatng nccme, ess vcumereated ccsts. The year under revew was
dcmnated by ccntnung weak nterest eves and cw market vcatty. Furthermcre, uncertanty perssts
abcut the recrm prc|ects n the nanca ndustry and ther arreachng mpact cn market partcpants.
The centra banks' cw nterest rate pccy agan weghed cn net nterest nccme rcm bankng busness
a key ccntrbutng actcr tc the sght decne n net revenue. The ccmbned eect c the varcus actcrs
was a reductcn n dervatves tradng vcumes, especay n Eurcpean dervatves tradng, whereas the
cash market stabsed at the prevcus year's eve. Thanks tc ts pcsttrade servces, Deutsche Brse
acheved scd grcwth n the key busness areas, and asc generated hgher revenue n scme prcduct
grcups n the technccgy and market data busness.

ln the dervatves market, the ccntract vcumes cr Eurcpean utures and cptcns were dcwn 7 per cent,
whe the vcume c US cptcns traded cn the lnternatcna Securtes Exchange (lSE) was up sghty
(! per cent). The decne n tcta ccntract vcumes cn the 0rcup's dervatves markets resuted n a
3 per cent drcp n net revenue n the Eurex segment.

The cash market tradng vcume cn `etra

ccntracted sghty by ! per cent, whe the segment's net


revenue rcse by 5 per cent. The reascns cr these cppcsng trends are rsty the ccnscdatcn c Brse
Frankurt Zertkate l0 snce ! Juy 20!3 and seccndy the yearcnyear rse n ndex eves. These
had a pcstve eect cn the revenue generated because c the prcng mcde, whch s based cn the
transactcn vaue.

Net revenue by segment
!)


EBlT by segment
!)



1,932.3
1,912.3
millions
1) 2012 amounts restated to reect new segment structure
2012 2013
144.5
151.7 Xetra
Market Data + Services
Clearstream
Eurex
370.4
366.0
649.9 653.9
767.5 740.7
969.4
738.8
millions
1) 2012 amounts restated to reect new segment structure
2012 2013
60.1
60.5 Xetra
Market Data + Services
Clearstream
Eurex
182.3
150.8
314.6 174.9
412.4
352.6
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*+(

The pcsttrade servces prcvded by the Cearstream segment expanded n the year under revew Cear
stream reccrded bcth ncreased busness vcumes and hgher net revenue n ts three man busness ar
eas custcdy, settement and gcba securtes nancng. Ths mcre than cset the decne n net nterest
nccme rcm bankng busness, whch e by 3! per cent n the year under revew due tc persstenty
cw nterest rates, even thcugh average custcmer cash depcsts rcse at Cearstream. ln tcta, net revenue
n the Cearstream segment ncreased by ! per cent yearcnyear.

The Market Data Servces segment's net revenue was dcwn ! per cent cn the prevcus year. Whe
the tradng sgnas, ndces and ccnnectvty busness areas percrmed we, net revenue generated wth
technccgy scutcns decned.

The ccmpany's cperatng ccsts ncreased by 23 per cent yearcnyear tc 6!,!82.8 mcn (20!2
6958.6 mcn). Hcwever, they ncuded ncnrecurrng tems c 62!5.2 mcn n tcta (20!2
636.2 mcn). They are ccmpcsed c ccsts c 686.2 mcn, prmary cr ecency prcgrammes
(see the '20!3 eceny prcgramme" sectcn cr urther detas), and an amcunt c 6!29.0 mcn
n the Cearstream segment tc sette prcceedngs brcught by the US Cce c Fcregn lssets Ccntrc
(CFlC) (see the rsk repcrt cr urther detas). C ths amcunt, 6!!!.2 mcn (US$!5!.9 mcn)
was attrbutabe tc the settement payment and 6!7.8 mcn many tc ega ccsts. CFlC ncrmed
Cearstream cn 23 January 20!4 that the settement had been sgned by CFlC and had thus beccme
eectve. ld|usted cr these ncnrecurrng actcrs, ccsts ncreased by 5 per cent tc 6967.6 mcn
(20!2 6922.4 mcn). The ccwng actcrs were the key drvers cr the yearcnyear ncrease n ccsts
c 645.2 mcn


ln 20!2, the Executve Bcard had rescved tc ncrease nvestments n grcwth prc|ects and nra
structure n the year under revew tc suppcrt the 0rcup's strategc cb|ectves. The mcney was used n
partcuar cr Eurex's and Cearstream's grcwth ntatves n the area c rsk and ccatera management.

The ccst ncreases aect the ccwng tems n rcughy equa parts !) sta ccsts due tc the recrut
ment c addtcna empcyees n grcwth areas, 2) ncreased deprecatcn and amcrtsatcn expenses cn
successuy mpemented systems (cr exampe T7) and 3) the mpact c grantng custcmer ncentves
cr the new CTC cearng cerng c Eurex.

Sta ccsts, a key actcr n cperatng ccsts, rcse tc 6476.0 mcn n 20!3 (20!2 64!4.2 mcn).
ld|usted cr the eects c ecency prcgrammes amcuntng tc 662.6 mcn (20!2 6!4.4 mcn),
sta ccsts rcse by cny 3 per cent yearcnyear tc 64!3.4 mcn (20!2 6399.8 mcn). Ths sght


Deutsche Brse 0rcup key percrmance gures
<=>? <=>< 3@/)*#
6m 6m
Net revenue !,9!2.3 !,932.3 !
Cperatng ccsts !,!82.8 958.6 23
EBlT 738.8 969.4 24
Ccnscdated net
nccme 478.4 645.0 26
Earnngs per share
(basc) n 6 2.60 3.44 24



Cvervew c cperatng ccsts

<=>? <=>< 3@/)*#
6m 6m
Sta ccsts 476.0 4!4.2 !5
Deprecatcn,
amcrtsatcn and
mparment csses !!8.8 !05.0 !3
Cther cperatng
expenses 588.0 439.4 34
J%'/4 >E>G<AG HFGAK <?

Deutsche Brse Group corporate report 2013



*+)

ncrease s argey due tc the hgher average number c pecpe empcyed n the year under revew and was
partay cset by a drcp n varabe remuneratcn ccmpared wth the prevcus year. Further detas c the
sharebased payment arrangements are prcvded n !"#$ &' #" #($ )"!*"+,-.#$- /,!.!),.+ *#.#$0$!#*1

Deprecatcn, amcrtsatcn and mparment csses ncreased by !3 per cent tc 6!!8.8 mcn n the
year under revew (20!2 6!05.0 mcn). Ths was prmary drven by hgher nvestments n ntangbe
assets and prcperty, pant and equpment n ccnnectcn wth the 0rcup's grcwth ntatves and nra
structure measures.

Cther cperatng expenses reate prmary tc the ccsts c enhancng and cperatng Deutsche Brse
0rcup's technccgca nrastructure, ncudng, cr exampe, ccsts cr lT servces prcvders and data prc
cessng. ln addtcn, cther cperatng expenses ncude the ccst c the cce nrastructure at a the
0rcup's ccatcns as we as trave expenses, mcst c whch are ncurred n ccnnectcn wth saes actv
tes. Because c the 0rcup's busness mcde and the act that the ccmpany dces nct ncrmay dstrbute
ts prcducts and servces tc end custcmers, advertsng and marketng ccsts cny acccunt cr a very
sma pcrtcn c the ccmpany's cperatng expenses. Cther cperatng expenses rcse tc 6588.0 mcn n
the year under revew (20!2 6439.4 mcn), drven prmary by Cearstream's settement wth CFlC.

The resut rcm Deutsche Brse 0rcup's equty nvestments amcunted tc 69.3 mcn (20!2 64.3 m
cn). lt was generated prmary by Eurcpean Energy Exchange l0, Drect Edge Hcdngs, LLC and
Sccach Hcdng S.l. Hcwever, the atter cny ccntrbuted tc the resut rcm equty nvestments n the rst
ha c the year, because the |cnt venture wth the Swss Exchange Sl` was termnated wth eect rcm
30 June 20!3. Sccach Eurcpe l0, a subsdary tc Sccach Hcdng S.l. changed ts name tc Brse Zer
tkate Frankurt l0 and has been ccnscdated snce C2/20!3. The resut rcm equty nvestments asc
ncudes ncnrecurrng nccme c 62.0 mcn n ccnnectcn wth ths.

Cperatng ccsts ncreased prmary because c the hgher nvestments n grcwth and nrastructure prc|ects
as we as the speca actcrs descrbed abcve. Whereas net revenue decned sghty, Deutsche Brse
0rcup's earnngs becre nterest and tax (EBlT) therecre decreased by 24 per cent n the year under revew
tc 6738.8 mcn (20!2 6969.4 mcn). ld|usted cr the speca actcrs mentcned abcve, the 0rcup's
EBlT amcunted tc 6954.0 mcn, a 5 per cent decrease yearcnyear (20!2 6!,005.6 mcn).
Key gures by quarter

L> L< L? LI
<=>? <=>< <=>? <=>< <=>? <=>< <=>? <=><
6m 6m 6m 6m 6m 6m 6m 6m
Net revenue 484.3 506.9 497.! 506.7 457.9 47!.0 473.0 447.7
Cperatng ccsts 295.3 248.6 243.8 228.9 359.! 227.4 284.6 253.7
EBlT !92.0 260.0 256.3 278.8 !0!.0 245.4 !89.5 !85.2
Ccnscdated net nccme cr the percd !2!.2 !46.2 !7!.0 !86.2 6!.6 !59.9 !24.6 !52.7
Earnngs per share (basc) (6) 0.66 0.77 0.93 0.99 0.33 0.86 0.68 0.82
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*+!

The 0rcup's nanca resut cr the year under revew was 670.7 mcn (20!2 6!32.7 mcn). The
mprcvement many resuted rcm the renancng c the 0rcup's cngterm nanca abtes, whch
was ccmpeted n the seccnd quarter c 20!3, as we as speca actcrs n 20!2. ln March 20!3,
Deutsche Brse l0 successuy paced a ccrpcrate bcnd wth a vcume c 6600 mcn cn the market.
The ndvdua bcnds have a maturty c ve years and an annua ccupcn c !.!25 per cent. ln ccmb
natcn wth the bcnds ssued n Cctcber 20!2, ths acwed Deutsche Brse tc renance ts cutstand
ng ncncurrent abtes maturng n 20!3 cn extremey avcurabe terms. ln 20!2, the nanca
resut ncuded speca actcrs !) due tc Deutsche Brse l0's agreement wth Sl` 0rcup l0 tc
acqure a the shares n Eurex Zrch l0, 2) due tc the pacement c a ccrpcrate bcnd wth a
vcume c 6600 mcn and 3) due tc the repurchase c cutstandng eurcdencmnated bcnds n
the curth quarter c 20!2. ld|usted cr these actcrs, the net nanca resut n 20!2 amcunted
tc 692.9 mcn.

The eectve 0rcup tax rate was 26 per cent n 20!3 (20!2 26 per cent). lt s cacuated ater the
ad|ustment cr the nta reccgntcn c deerred taxes cr tax css carrycrwards c a 0rcup ccmpany.

Drven by the decne n EBlT, Deutsche Brse 0rcup asc reccrded a 26 per cent decrease n ccnscdated
net nccme cr the percd ccmpared tc 20!2 tc 6478.4 mcn (20!2 6645.0 mcn). Excudng the spe
ca actcrs descrbed abcve, ccnscdated net nccme was dcwn 4 per cent yearcnyear tc 6636.8 mcn
(20!2 6660.9 mcn).

Ncnccntrcng nterests n net nccme cr the percd amcunted tc 6!6.8 mcn (20!2 624.8 mcn).
Whe ncnccntrcng sharehcders c STC`` Ltd. receved 6!7.! mcn (20!2 624.6 mcn), cther ncn
ccntrcng sharehcders shared n csses ncurred n the amcunt c apprcxmatey 60.3 mcn.

Basc earnngs per share, based cn the weghted average c !84.! mcn shares, amcunted tc 62.60
(20!2 63.44 cr an average c !87.4 mcn shares cutstandng). ld|usted cr the speca actcrs descrbed
abcve, basc earnngs per share decned by 2 per cent tc 63.46 (20!2 63.53).

DNKJ #))%.%#4.9 3$(:$588#
Tc ncrease cperatcna ecency n ts ccre busness (excudng grcwth and nrastructure ntatves),
Deutsche Brse 0rcup aunched an ecency prcgramme n February 20!3, under whch the ccmpany
w mpement addtcna sta and ncnperscnne ccst savngs c 670 mcn per annum rcm 20!6

EBlT and net prctabty by segment
<=>? <=><
<M

0-NJ 0-NJ ,/&*()
>M
0-NJ 0-NJ ,/&*()
>M

6m 6m
Eurex 352.6 48 4!2.4 54
`etra 60.5 40 60.! 42
Cearstream

!50.8 23 3!4.6 48
Market Data Servces !74.9 48 !82.3 49
J%'/4 O?GAG ?H HKHAI F=

!) Based cn net revenue
2) 20!2 amcunts restated tc reect new segment structure
Deutsche Brse Group corporate report 2013



**+

cnwards. lrcund 30 per cent c the panned savngs were aready reased n 20!3 and ancther 30 per
cent w be acheved n 20!4. The ccrnerstcnes c ths prcgramme were ad|usted n the ccurse c the
year. The panned sta and ncnperscnne ccst savngs are dvded ntc sta savngs c 625 mcn and
ncnperscnne ccst savngs c 645 mcn. The target perscnne ccst savngs resut rcm a reductcn n
sta c !20 empcyees (crgnay 200 empcyees) as we as 50 executves. The ecency measures are
amed at csettng the expected eects c natcn cn the cperatng ccst base n the ccmng years. The
ccmpany s expectng tc ncur mpementatcn ccsts c abcut 6!!0 mcn tc acheve the ecency m
prcvements. Speca actcrs reatng tc ecency measures amcunted tc 68!.6 mcn n 20!3. The
measures w thus ensure the necessary exbty tc ccntnue the grcwth and nrastructure nvestments,
whch w acw the ccmpany tc expct cppcrtuntes cered by structura and reguatcry changes n the
nanca markets, and tc everage the pctenta cered by markets such as lsa.

7(835$%-(4 () $#-+<,- () (3#$5,%(4- &%,/ ,/# )($#.5-, )($ DNKJ
Fcr 20!3, Deutsche Brse 0rcup had crecast net revenue c apprcxmatey 6!.8 bcn tc 62.0 bcn, a
mcderate ncrease n cperatng ccsts and ad|usted EBlT c apprcxmatey 60.8 bcn tc 6!.0 bcn. Ths
crecast was based cn derent scenarcs abcut devecpments cn the 0rcup's cash and dervatves mar
kets, dependng cn whether the capta market envrcnment mprcved and the extent tc whch nvestcrs
and market partcpants reganed ther ccndence.

The ccndtcns descrbed n the 'Resuts c cperatcns" sectcn abcve many reected the assumptcns
underyng the crecast that the capta market envrcnment and nvestcr ccndence wcud reman argey
unchanged. ln ne wth ths, the net revenue generated by Deutsche Brse 0rcup was sghty dcwn cn
the prevcus year, but n the mdde c the crecast range.

ld|usted cr speca tems (prmary rcm ecency prcgrammes and the settement wth CFlC), the
0rcup's cperatng ccsts rcse by 5 per cent n nanca year 20!3 tc 6967.6 mcn, drven many by n
creased nvestments n grcwth and nrastructure prc|ects. Ths s n ne wth the 0rcup's crecast, whch
had predcted a mcderate ncrease n cperatng ccsts.

EBlT and net prct cr the year, bcth ad|usted cr speca actcrs, are at the upper end c the crecast
range. Mcrecver, snce the successu renancng c the 0rcup's cngterm nanca abtes ed tc a sg
ncant reductcn n nterest expense, the 0rcup acheved an nterest ccverage ratc c 20.!, sgncanty
abcve the mnmum target c !6.

ln addtcn, Deutsche Brse ams tc acheve a ratc c nterestbearng grcss debt tc EBlTDl c nc mcre
than !.5 at 0rcup eve. ln 20!3, the 0rcup had expected the ratc tc sghty exceed ths gure. Due tc
the pcstve change n exchange rates and the betterthanexpected busness percrmance n the curth
quarter c 20!3, ths target was asc met, wth the ratc beng !.5.



Ccmparscn c resuts c cperatcns wth the crecast cr 20!3
P%&#;/+' "#+.4' <=>?
6m 6m
Net revenue !,800 2,000 !,9!2.3
Cperatng ccsts 960 967.6
EBlT

800 !,000 954.0
Net prct cr the year 500 700 636.8
0rcss debt / EBlTDl !.5 !.5
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





***

O+$#P -#:8#4,
The percrmance c the Eurex dervatves segment argey depends cn the tradng actvtes c nsttutcn
a nvestcrs and prcpretary tradng by prcesscna market partcpants. The segment's revenue s there
cre generated prmary rcm the ccmbned transactcn ees that Eurex charges cr tradng and cearng
dervatves ccntracts.

Eurcpean dervatves are the man revenue drvers equty ndex dervatves generated 44 per cent c net
revenue, nterest rate dervatves ccntrbuted 25 per cent and equty dervatves 5 per cent. US cptcns
traded cn the lnternatcna Securtes Exchange (lSE) acccunted cr !2 per cent c net revenue. The
'cther" tem (!4 per cent) ncudes revenue rcm Eurex Repc.

ln tcta, 2,!9!.2 mcn ccntracts were traded cn Deutsche Brse 0rcup's dervatves exchanges (Eurex
and lSE) n 20!3, a yearcnyear decne c 4 per cent (20!2 2,292.0 mcn). Ths s equvaent tc a
day average c arcund 8.8 mcn ccntracts (20!2 9.0 mcn). Eurex generated a tradng vcume c
!,552.4 mcn ccntracts cr Eurcpean utures and cptcns, dcwn 6 per cent cn the prevcus year
(20!2 !,660.2 mcn). The vcume c US cptcns traded cn lSE expanded by ! per cent tc
638.8 mcn ccntracts (20!2 63!.8 mcn). The segment's net revenue decreased by 3 per cent
tc 6740.7 mcn (20!2 6767.5 mcn). Cperatng ccsts rcse by !2 per cent, they ncude speca
actcrs many reatng tc ecency prcgrammes n the amcunt c 623.2 mcn. Eurex generated
EBlT c 6352.6 mcn (20!2 64!2.4 mcn).

The market envrcnment n 20!3 was argey dcmnated by the centra banks' persstent cw nterest
rate pccy, the hgh eves c gcvernment debt n certan Eurcpean states as we as a rse n share prces
and ndex eves ccmbned wth cw market vcatty. The budget dspute n the Unted States, whch ed
tc a tempcrary gcvernment shutdcwn, gave rse tc uncertanty n the autumn. ln addtcn, there were
arreachng reguatcry recrm prc|ects n the nanca servces ndustry that ccud resut n structura
ccsts cr market partcpants and requre ad|ustments tc ther busness mcdes n scme cases. l trend
tcwards pcstve eccncmc sgnas cn the equty markets, whch pcnt tc ccndence n the rea eccncmy,
and the avaabe qudty resutng rcm the cw nterest rate pcces cny bccsted nvestments n de
rvatves tc a mted extent. Cvera, tradng cn Deutsche Brse 0rcup's dervatves exchanges decned
yearcnyear.

Eurcpean ndex dervatves remaned the prcduct grcup wth the hghest tradng vcume. Tradng c
these dervatves, hcwever, decreased by !6 per cent yearcnyear tc 649.7 mcn ccntracts (20!2
770.4 mcn). Ths sharp decne s due tc cwer vcatty ccmpared tc the prevcus year and the cau
tcn st beng exercsed by nvestcrs because c the uncertanty regardng the uture devecpment c the
eurc zcne eccncmy as a whce. By ar the mcst ccmmcny traded prcducts were ccntracts cn the EURC

Segment key gures (ad|usted)
0.&#1 2#'&/ 34#/&+'&#/, 5/&6#' 7/'/ 8 9#&:(;#+
<=>? <=>< <=>? <=>< <=>? <=>< <=>? <=><
6m 6m 6m 6m 6m 6m 6m 6m
Net revenue 740.7 767.5 !5!.7 !44.5 653.9 649.9 366.0 370.4
Cperatng ccsts 370.0 334.8 87.! 84.! 335.0 325.8 !75.5 !77.5
EBlT 375.8 428.0 68.6 65.3 3!9.! 323.6 !90.5 !88.7
Deutsche Brse Group corporate report 2013



**"

STC`` 50

ndex (268.5 mcn utures and 225.! mcn cptcns). Eurex generated net revenue c
6325.3 mcn rcm tradng n Eurcpean equty ndex dervatves a decne c !3 per cent ccmpared
tc the prevcus year (20!2 6374.6 mcn).

The vcume c equty dervatves ccntracts (sngestcck cptcns and utures) traded n the year under
revew drcpped by 7 per cent tc 384.6 mcn (20!2 4!3.! mcn). Net revenue rcm equty derva
tves decreased sghty tc 640.2 mcn (20!2 640.3 mcn).

The vcume c nterest rate dervatves traded n the year under revew rcse by 8 per cent tc 509.6 m
cn (20!2 6470.4 mcn). lmcng cther thngs, ths grcwth s attrbutabe tc changes n market par
tcpants' expectatcns wth regard tc centra bank nterest rate pcces arcund the wcrd n the rst ew
mcnths c the year under revew. ln addtcn, aternatves tc 0erman gcvernment bcnds, such as utures
cn ltaan gcvernment bcnds and cn French gcvernment bcnds, whch were aunched n 20!2, ccntn
ued tc percrm we. Net revenue rcm tradng and cearng nterest rate dervatves rcse by 8 per cent
tc 6!83.9 mcn (20!2 6!70.9 mcn).

Cn lSE, market partcpants traded 638.8 mcn ccntracts n the year under revew (20!2 63!.8 m
cn). ln a hghy ccmpettve market envrcnment, lSE's market share c US equty cptcns stabsed at
!7.0 per cent (20!2 !7.0 per cent). ln lugust 20!3, lSE successuy aunched lSE 0emn, ts seccnd
marketpace cr US cptcns, whch gves nvestcrs mcre exbe executcn cptcns and prcng mcdes.
32.! mcn ccntracts have been traded usng lSE 0emn snce t was ntrcduced. lSE's net revenue
wth US cptcns was dcwn 3 per cent tc 69!.5 mcn (20!2 694.0 mcn).

The average cutstandng vcume cn Eurex Repc, the marketpace cr the ccaterased mcney market n
Swss rancs and eurcs as we as cr the 0C Pccng

(0enera Ccatera) cerng, was 6222.7 bcn
n 20!3 (20!2 6234.7 bcn, sngeccunted cr bcth percds). Cn the eurc market, the vcume rcse
sghty tc 636.5 bcn (20!2 636.! bcn, sngeccunted cr bcth percds). The Swss ranc market,

Net revenue n the Eurex segment


Eurex segment key gures
<=>? <=>< 3@/)*#

P()/);(/4 6#Q R(*.&#+ S, S, T
Net revenue 740.7 767.5 3
Cperatng ccsts 393.2 350.4 !2
EBlT 352.6 4!2.4 !5


3%)'&/;' :%4.,#+
,
;%)'&/;'+
,
;%)'&/;'+ T
Equty ndex dervatves
!)
649.7 770.4 !6
Equty dervatves
!)
384.6 4!3.! 7
lnterest rate dervatves 509.6 470.4 8
J%'/4 0.&%$#/) U#&(:/'(:#+
V0.&#1M
<M
>EFF<AI >EKK=A< DK
US cptcns (lSE) 638.8 63!.8 !
J%'/4 0.&#1 /)U N90
<M
<E>H>A< <E<H<A= DI

!) Dvdend dervatves have been accated tc the equty ndex and equty
dervatves.
2) The tcta shcwn dces nct equa the sum c the ndvdua gures as t n
cudes cther traded dervatves such as ETF, vcatty, agrcutura, preccus
metas and emsscn dervatves.
767.5
740.7
millions
2012 2013
40.3
94.0
99.8
91.5
40.2
US options
European equity derivatives
Other
European interest rate
derivatives
European index derivatives
87.7
170.9
183.9
374.6
325.3
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





**$

by ccntrast, was negatvey mpacted by the nterest rate pccy measures taken by the Swss Natcna
Bank (SNB) n crder tc weaken the ranc as we as by ts decscn tc stcp ssung ts cwn mcney market
nstruments (SNB bs). lt reccrded a 39 per cent decne tc 632.3 bcn (20!2 653.2 bcn).
0C Pccng, the ccaterased mcney market that Eurex Repc cperates |cnty wth Eurex Cearng and
Cearstream, percrmed we. The average cutstandng vcume cn ths market ncreased by 6 per cent
tc a new reccrd eve c 6!53.8 bcn n 20!3 (20!2 6!45.4 bcn, sngeccunted cr bcth years).

Besdes dervatves tradng, Eurex asc cperates Eurex Cearng, Eurcpe's eadng cearng hcuse. Cn
!3 Ncvember 20!2, Eurex Cearng aunched EurexCTC Cear, the new cearng cerng cr cverthe
ccunter (CTC) nterest rate swaps. By cerng a uy ntegrated range c cearng and ccaterasatcn
servces cr CTC and exchangetraded dervatves under the rcc c a snge cearng hcuse cperatng
wthn a snge ega ramewcrk, Eurex Cearng s antcpatng the cearng cbgatcn cr CTCtraded
nanca nstruments that w resut rcm c the mpementatcn c the Eurcpean Market lnrastructure
Reguatcn (EMlR). The reguatcry cbgatcn cr centra cearng c CTC dervatves n Eurcpe s nct
expected tc be ntrcduced becre the curth quarter c 20!4. lt the end c 20!3, EurexCTC Cear had
aready regstered 32 cearng partcpants and cver !20 nsttutcna nvestcrs. ln June 20!3, Eurex
Cearng aunched the Prsma rsk management system. Prsma appes a pcrtcc methcdccgy cr
cacuatng the ccatera tc be depcsted (margnng) that ders rcm the typca prcductbyprcduct
apprcach by ccusng cn partcpants' entre pcrtccs and thus acwng them tc acheve capta e
cences. l prcducts ceared by Eurex Cearng are beng graduay transerred tc the new system.

The prcduct pcrtcc was urther expanded n the year under revew tc cer market partcpants as many
derent aternatves as pcssbe cr mpementng ther tradng strateges. Eurex had aready respcnded
tc market devecpments n the past by aunchng new dervatves n the crm c prcducts cn French and
ltaan gcvernment bcnds. ln 20!3, Eurex expanded the cerng by addng a medumterm nterest rate
uture as we as cptcns cn cngterm French gcvernment bcnd utures. Eurex asc ccntnued tc dversy
the range c ndex dervatves the addtcns ncuded ccntracts cn regcna ndces cr devecped markets
and ccuntry ndces cr emergng markets. The ndces are cacuated as underyngs by the ndex prc
vder MSCl.

When aunchng new prcducts, Eurex nct cny rees cn nhcuse devecpment, but asc wcrks wth
partner exchanges. The best exampe s the successu cccperatcn wth the Kcrean exchange KR` cr
a prcduct cn Kcrea's benchmark KCSPl ndex. The tradng vcume n ths prcduct ncreased agan, by
arcund 32 per cent, n the year under revew (ad|usted cr the mnmum ccntract sze mpcsed by the
Kcrean exchange reguatcr n June 20!2). Fccwng ths exampe, Eurex entered ntc a cccperatcn
agreement wth TllFE`, the Tawan Futures Exchange. The Eurex/TllFE` nk s expected tc gc ve n
May 20!4. TllE` ndex dervatves, whch are amcng lsa's mcst wdey traded equty ndex ccntracts,
w then be avaabe cr tradng by Eurex partcpants. Eurex asc entered ntc partnershps wth the
\enna Stcck Exchange and the Te lvv Stcck Exchange. The decared am s kewse tc enabe Eurex
market partcpants tc trade dervatves cn lustran and lsrae ndces n uture.

Eurex ccmpeted the mgratcn c tradeabe ccntracts tc the new T7 tradng system n June. The system
s based cn Deutsche Brse 0rcup's gcba tradng nrastructure, whch had aready been successuy
ntrcduced at lSE. Market partcpants ncw benet rcm ccnsderaby mprcved percrmance and unc
tcns wthcut csng any c the hgh system stabty and avaabty tc whch they are accustcmed. T7
prcvdes greater exbty, thus cuttng the tme tc market cr new prcducts and unctcns. Mcrecver,
T7 has been adapted tc the dervatves market c the Bcmbay Stcck Exchange (BSE), where t was
successuy rced cut n Ncvember 20!3.
Deutsche Brse Group corporate report 2013



**%

Q#,$5 -#:8#4,
The `etra segment generates mcst c ts net revenue rcm tradng and cearng cash market securtes.
Net revenue n the `etra segment rcse by 5 per cent tc 6!5!.7 mcn (20!2 6!44.5 mcn). The
prmary saes drver, acccuntng cr 6! per cent, was net revenue rcm tradng. The cw nterest rate
envrcnment and the reatvey gccd resuts c cperatcns at 0erman ccmpanes had a pcstve eect
cn share tradng. ln ccntrast, ccntnued uncertanty abcut the uture c the eurc zcne and the recrm
prc|ects n the nanca servces ndustry and ther eects cn market partcpants had a negatve mpact.
ls rcm the thrd quarter c 20!3, net segment revenue asc ncudes nccme rcm structured prcducts
tradng, ccwng the termnatcn c the Sccach cccperatcn as at the end c 30 June 20!3. The ccn
scdatcn c Brse Frankurt Zertkate l0 ed, amcng cther thngs, tc an ncrease n net revenue n the
`etra segment. The centra ccunterparty (CCP) cr equtes cperated by Eurex Cearng l0 ccntrbuted
!9 per cent tc the segment's net revenue, the net revenue c the CCP s determned tc a sgncant ex
tent by tradng actvtes cn `etra. The 'cther" tem (20 per cent c net revenue n tcta) ccmprses stng
ees and, snce ! January 20!3, the net revenue generated by Eurex Bcnds. Lstng ees predcmnanty
ccme rcm exstng ccmpany stngs and admsscns tc tradng.

Cperatng ccsts n the `etra segment rcse by 7 per cent, they ncude speca actcrs c 68.! mcn,
many reatng tc ecency prcgrammes. Therecre, EBlT cny ncreased sghty tc 660.5 mcn
(20!2 660.! mcn).

ln the 20!3 nanca year, securtes wth a tcta vcume c 6!.!6 trcn were traded cn Deutsche
Brse 0rcup's cash markets (20!2 6!.!6 trcn). They ncude shares and bcnds rcm 0erman and
nternatcna ssuers, exchangetraded unds (ETFs) and exchangetraded ccmmcdtes (ETCs) as we

Net revenue n the `etra segment


`etra segment key gures
<=>? <=>< 3@/)*#

P()/);(/4 6#Q R(*.&#+ S, S, T
Net revenue !5!.7 !44.5 5
Cperatng ccsts 95.2 89.3 7
EBlT 60.5 60.! !

3/+@ ,/&6#'W '&/U()*
:%4.,# V+()*4#X;%.)'#UM SY) SY) T
`etra !,058.2 !,069.9 !
Frankurt Stcck
Exchange
!)
46.0 4!.4 !!
Tradegate 45.3 33.9 34

!) Fcrmery `etra Frankurt Specast Tradng, snce C3/20!3 ncudng cert
cates and warrants (67.4 bcn n the seccnd ha c the year) as a resut c
the termnatcn c the Sccach cccperatcn.

144.5
151.7
millions
1) Incl. revenue from listing and Eurex Bonds
2) The position Trading includes the Xetra

electronic trading system,


Brse Frankfurt (formerly Xetra Frankfurt Specialist Trading) as well as
structured products trading.
2012 2013
29.4 28.0 Central counterparty
for equities
Other
1)
Trading
2)
24.6
31.0
90.5 92.7
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





**&

as unts n actvey managed reta unds and structured prcducts. The key payers cn Deutsche Brse's
patcrms are nsttutcna nvestcrs and prcesscna market partcpants.

Whe nsttutcna nvestcrs prmary trade cn `etra, the eectrcnc tradng patcrm, prvate nvestcrs
make greater use c the Frankurt Stcck Exchange and Tradegate Exchange. The tradng mcde c the
Frankurt Stcck Exchange ccmbnes the strengths c `etra tradng extremey ast crder executcn, trad
ng thrcughcut Eurcpe and hgh qudty wth the benets c ccr tradng, human kncwhcw, durng
tradng hcurs stretchng rcm 8 a.m. tc 8 p.m. The cng tradng hcurs and speca crder types cered
by the Bernbased Tradegate Exchange s tacred tc meet the needs c prvate nvestcrs.

`etra, the eectrcnc tradng patcrm, s by ar the bggest revenue generatcr. lts tradng vcume (meas
ured n terms c crder bcck turncver, sngeccunted) was argey stabe n the year under revew at
6!,058.2 bcn (20!2 !,069.9 bcn). The number c transactcns decned by 2 per cent yearcn
year tc !9!.2 mcn (20!2 !94.7 mcn). The average vaue per `etra transactcn was unchanged
at 6!!.0 thcusand. The vcume (sngeccunted) traded cn the Frankurt Stcck Exchange was 646.0 b
cn (20!2 64!.4 bcn), c whch 67.4 bcn was attrbutabe tc structured prcducts, whch have
been assgned tc the Frankurt Stcck Exchange snce the seccnd ha c 20!3. The tradng vcume
generated by Tradegate Exchange ncreased by 34 per cent tc 645.3 bcn (20!2 633.9 bcn).

The tcta vcume traded cn Eurex Bcnds, the nternatcna eectrcnc patcrm cr nterbank bcnd tradng,
decned sghty n 20!3 n a generay dcut market envrcnment. The tradng vcume n 20!3 edged
dcwn 3 per cent tc 6!!6.6 bcn (20!2 6!!9.7 bcn, sngeccunted cr bcth percds).

Deutsche Brse has cperated Eurcpe's eadng marketpace cr ETFs snce 2000. ETFs ccmbne the
exbty c ndvdua equtes wth the rsk dverscatcn c a und. They represent entre markets cr
sectcrs n a snge prcduct, are traded va stcck exchanges as ecenty and wth the same qudty as
equtes, and can be bcught at cw transactcn ccsts wthcut cad ees. Deutsche Brse cers nvestcrs
the argest seectcn c ETFs c a Eurcpean exchanges as at 3! December 20!3, !,037 ETFs were
sted (20!2 !,0!0 ETFs). Tradng vcumes went dcwn by !! per cent tc 6!!4.7 bcn (20!2
6!28.5 bcn). The mcst heavy traded ETFs ccntnue tc be based cn the Eurcpean STC`` equty
ndces and cn the Dl` ndex.

Besdes the marketpace cr ETFs, Deutsche Brse asc cperates a segment cr exchangetraded ccm
mcdtes (ETCs). ETCs reect the percrmance c snge ccmmcdtes cr entre ccmmcdty sectcrs, such
as energy, agrcutura ccmmcdtes, cr preccus metas. `etra0cd

, a bearer bcnd ssued by Deutsche


Brse Ccmmcdtes 0mbH and backed by physca gcd, s the mcst successu ETC prcduct. ln the year
under revew, nvestcr seng trggered by the ang gcd prce ed cr the rst tme tc a decne n the
vcume hed as at 3! December 20!3, Deutsche Brse 0rcup hed 45.5 tcnnes c gcd n custcdy
(20!2 53.8 tcnnes). 0ven a gcd prce c 628.07 per gram (ccsng prce cn 3! December 20!3),
the vaue c the gcd was equvaent tc 6!.3 bcn (20!2 62.2 bcn).

ln the stng busness, Deutsche Brse l0 reccrded !0 new admsscns n the year under revew. Seven
c these were nta pubc cerngs (lPCs), a n the Prme Standard. The tcta pacement vcume n
20!3 stccd at arcund 66 bcn. The year's argest lPC was that c Evcnk lndustres l0, whch tcck
pace n lpr 20!3 and had a vcume c arcund 62.2 bcn. Lkewse, ccmpanes that were aready
Deutsche Brse Group corporate report 2013



**'

sted made use c the cptcn c rasng arcund 69.5 bcn c capta thrcugh capta ncreases n 20!3.
The cptcn c ssung bcnds n the Entry Standard, ntrcduced n 20!!, was a sgncant success n 20!3
28 ccmpanes (ncudng three transers) used the Entry Standard tc rase debt capta. The ssue vcume
as gven n the prcspectuses amcunted tc a tcta c 6!.275 bcn. The ssue vcume as gven n the
prcspectuses cr the eght ccmpanes (ncudng cur transers) that cpted cr the new Prme Standard
segment cr ccrpcrate bcnds aunched n 20!2 amcunted tc 62.5 bcn. The Prme Standard cr ccrpc
rate bcnds s amed at arger sted and unsted ccmpanes.

`etra ccntnued tc devecp ts tradng technccgy n 20!3. Cngcng nvestments n the percrmance
c the tradng system ensure that tradng s reabe, ar and crdery, even durng tmes c extreme
demand. Wth the new verscn c the tradng system (Reease !4.0), `etra has upgraded the system
sc t can meet the requrements c the Hcchrequenzhandesgesetz (0erman Hgh Frequency Trad
ng lct). ln addtcn, `etra has created new nteraces tc enabe custcmers tc mprcve ther rsk
management. The `etra netwcrk has expanded ntc East lsa the rst partcpant n Hcng Kcng
was ccnnected n lugust. ln tcta, the `etra netwcrk ccmprsed 224 tradng partcpants wth
arcund 3,900 traders n !8 ccuntres at the end c 20!3. Mcrecver, n the year under revew, the
Frankurt Stcck Exchange ntrcduced a quaty guarantee cr the mcst requenty traded equtes and
ETFs. Fcr vcumes up tc 67,500, nvestcrs can buy cr se these prcducts at prces equvaent tc
(cr better than) thcse cn the reerence market ccncerned. Fccwng the termnatcn c the Sccach
cccperatcn, a structured prcducts (certcates and warrants) are asc traded under the Frankurt
Stcck Exchange brand. Ths means nvestcrs can trade a tcta c cver cne mcn securtes cn the
Frankurt Stcck Exchange.

7<#5$-,$#58 -#:8#4,
Cearstream prcvdes the pcsttrade nrastructure cr bcnds, equtes and nvestment unds. ln addtcn,
Cearstream cers custcdy servces cr securtes rcm 53 markets wcrdwde. The custcdy busness
was the key ccntrbutcr tc Cearstream's net revenue, generatng 52 per cent. Net revenue n ths bus
ness s many drven by the vaue c securtes under custcdy, whch determnes the depcst ees. The
settement busness acccunted cr !7 per cent c Cearstream's net revenue. lt depends heavy cn
the number c settement transactcns prccessed by Cearstream, bcth va stcck exchanges and cver
theccunter (CTC). The 0cba Securtes Fnancng (0SF) busness, whch ncudes trparty repc, 0C
Pccng, securtes endng and a wde range c ccatera management servces, ccntrbuted 9 per cent
tc the segment's net revenue. Cearstream asc prcvdes the pcsttrade nrastructure cr nvestment
unds. Net nterest nccme rcm Cearstream's bankng busness ccntrbuted 5 per cent tc Cear
stream's net revenue. Cther busness actvtes ncudng repcrtng servces cr crder rcutng va
\estma

acccunted cr a !7 per cent share c tcta net revenue.



Cearstream's net revenue ncreased tc 6653.9 mcn n the year under revew (20!2 6649.9 mcn).
lncreases were reccrded n a busness areas, athcugh net nterest nccme rcm bankng busness was
dcwn sgncanty cn the prcryear gure. Cperatng ccsts rcse tc 6503.3 mcn (20!2 6334.8 m
cn), ths ncudes speca actcrs such as the settement payment made n the ccntext c the CFlC
nvestgatcn and ccsts cr ecency prcgrammes tctang 6!68.3 mcn. ls a resut, EBlT decned
tc 6!50.8 mcn (20!2 63!4.6 mcn).

ln the custcdy busness, the average equvaent vaue c securtes under custcdy n 20!3 ncreased tc
a new reccrd eve c 6!!.6 trcn (20!2 6!!.! trcn). Ths was due tc cent wns and the grcwth
n vaue c exstng custcmer pcrtccs, n partcuar, ths was due tc the custcdy vcume c the 0erman

Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





**(

dcmestc market whch s many determned by the market prce c the shares, unds and structured
prcducts traded cn the 0erman cash market. The vaue c securtes under custcdy rcse tc 65.5 trcn
(20!2 65.! trcn). ln the nternatcna custcdy busness, the average vaue c securtes under custc
dy s many drven by the amcunt c cutstandng bcnds and ncreased sghty tc 66.! trcn (20!2
66.0 trcn). ln the custcdy busness, net revenue was up by 2 per cent tc 634!.4 mcn n 20!3
(20!2 6334.5 mcn).

UBS became an mpcrtant new custcmer cr Cearstream n 20!3. The bank appcnted Cearstream as
ts prmary lCSD cr the gcba securtes busness n ts nvestment bankng and Weath Management
busnesses. Prevcusy, these had been spt between Eurccear (nvestment bankng busness) and
Cearstream (Weath Management busness). Snce the ccrrespcndng UBS securtes were cny trans
erred tc Cearstream n the curth quarter c 20!3, the newy added custcdy vcumes had cny a sma
mpact cn the averages cr 20!3. ln addtcn tc UBS, the ltaan CSD Mcnte Ttc asc decded tc ex
pand ts busness reatcnshp wth Cearstream. Mcnte Ttc, a subsdary c the Lcndcn Stcck Exchange,
transerred ts nternatcna securtes rcm Eurccear Bank tc Cearstream n the rst quarter c 20!3.
Deutsche Brse 0rcup regards the decscn by UBS and Mcnte Ttc as ccnrmatcn c ts busness
strategy, n partcuar n the area c ccatera and qudty management servces.


Net revenue n the Cearstream segment


Cearstream segment key gures
<=>? <=>< 3@/)*#

P()/);(/4 6#Q R(*.&#+ S, S, T
Net revenue 653.9 649.9 !
Cperatng ccsts 503.3 334.8 50
EBlT !50.8 3!4.6 52

3.+'%UQ SY) SY) T
\aue c securtes under
custcdy (average vaue
durng the year) !!,626 !!,!!! 5
nternatcna 6,!46 5,964 3
dcmestc 5,480 5,!47 6
9#''4#,#)' , , T
Securtes transactcns !2!.0 !!3.9 6
nternatcna CTC 34.2 3!.9 7
nternatcna cn
exchange 6.9 7.2 4
dcmestc CTC 28.2 25.7 !0
dcmestc cnexchange 5!.7 49.! 5
C4%Y/4 9#;.&('(#+ P()/);()* SY) SY) T
Mcnthy average 576.5 570.3 !
Z:#&/*# U/(4Q ;/+@ Y/4/);#+ , , T
Tcta !0,765 !0,248 5
eurc 4,36! 3,888 !2
US dcars 4,5!7 4,350 4
cther currences !,886 2,0!0 6

!) lncudes scme 6!.4 bcn currenty cr crmery bccked by EU and US
sanctcns (20!2 6!.6 bcn)

649.9
653.9
millions
2012 2013
52.0
107.3
57.8
109.9
35.8
Other
Net interest income from
banking business
Global Securities Financing
Settlement
Custody
57.1
99.0
109.0
334.5 341.4
Deutsche Brse Group corporate report 2013



**)

The number c settement transactcns (dcmestc and nternatcna) prccessed by Cearstream saw a
6 per cent ncrease n 20!3 tc !2!.0 mcn (20!2 !!3.9 mcn). lnternatcna transactcns grew
by 5 per cent tc 4!.! mcn (20!2 39.0 mcn) due tc a 7 per cent rse yearcnyear n CTC trans
actcns, whch acccunted cr 83 per cent c Cearstream's nternatcna settement busness. Stcck ex
change transactcns, whch had a !7 per cent share c the nternatcna settement busness, decreased
by 4 per cent yearcnyear. ln the dcmestc 0erman market, settement transactcns grew by 7 per cent
tc 79.9 mcn (20!2 74.8 mcn). Here, a ma|crty (65 per cent) were stcck exchange transactcns,
whe CTC busness acccunted cr 35 per cent c transactcns. Bcth stcck exchange and CTC transac
tcns cn the dcmestc market were up n the year under revew, athcugh grcwth n the CTC sectcr was
strcnger (at !0 per cent) than n the stcck exchange busness (by 5 per cent). Net revenue n the sette
ment busness rcse by !0 per cent tc 6!09.0 mcn (20!2 699.0 mcn). ln addtcn tc the hgher
number c transactcns, the ncrease n net revenue s attrbutabe tc an addtcna ee that Cearstream
s ccectng tempcrary tc ccver the ccsts c ccnnectng tc TlR0ET2Securtes.

Cearstream's lnvestment Funds Servces keep grcwng. ln the year under revew, Cearstream prccessed
7.9 mcn transactcns, 23 per cent mcre than n the prevcus year (20!2 6.4 mcn). Mcre than
!25,000 unds rcm 34 |ursdctcns are avaabe cr crder rcutng thrcugh Cearstream's \estma
patcrm. The assets hed under custcdy at lnvestment Funds Servces crm part c Cearstream's tcta
custcdy vcume, they were 6265.0 bcn cn average n 20!3, up !6 per cent yearcnyear (20!2
6229.! bcn).

ln the 0cba Securtes Fnancng (0SF) busness, the average cutstandng vcume rcse sghty tc
6576.5 bcn (20!2 6570.3 bcn). Whe the cngterm renancng cperatcns (LTRCs) ntrcduced
by the Eurcpean Centra Bank negatvey mpacted the 0SF busness as a whce, the 0C Pccng servce,
cered n cccperatcn wth Eurex, ccntnued tc shcw a strcng grcwth n cutstandngs (see the 'Eurex
segment" sectcn). Net revenue n the 0SF busness ncreased tc 657.8 mcn (20!2 657.! mcn).

lverage custcmer cash depcsts grew yearcnyear by 5 per cent tc 6!0.8 bcn (20!2 6!0.2 bcn).
Ths ncudes an average amcunt c scme 6!.4 bcn (20!2 6!.6 bcn), whch was nct avaabe
as a resut c the bcckng c certan acccunts n ne wth Eurcpean and US sanctcn prcgrammes. Net
nterest nccme rcm Cearstream's bankng busness e by 3! per cent tc 635.8 mcn n 20!3
(20!2 652.0 mcn). The decne n net nterest nccme reects the cw eve c nterest rates, whch
have been at cws cr scme tme cn !! Juy 20!2, the Eurcpean Centra Bank had reduced the rate
cr the depcst acty, whch s reevant cr Cearstream's net nterest nccme rcm bankng busness,
rcm 0.25 tc 0 per cent and has et t unchanged ever snce. Fcr ths reascn, 20!3 was the rst year
n whch the cw nterest rate pccy mpacted cn the segment's net nterest nccme thrcughcut the
entre repcrtng percd.

Bcth the tradng and the pcsttradng market envrcnment have beccme mcre ccmpex n recent years.
Cearstream cers asset management servces wcrdwde n crder tc suppcrt custcmers n ccpng wth
the ncreased capta requrements and rsk and qudty management ccnsderatcns. Cne c Cear
stream's strategc cb|ectves n the year under revew was tc expand ts cerng cr ecent ccatera
management. Thrcugh the 0cba Lqudty Hub, Cearstream prcvdes an ntegrated ccatera manage
ment envrcnment that acws banks tc use the assets that are avaabe as ccatera mcre ecenty.
l number c measures are strengthenng Cearstream's ccatera management cerng


Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





**!


Tcgether wth lS` (lustraa), Cetp (Braz), lbercear (Span) and Strate (Scuth lrca), Cearstream
estabshed the Lqudty lance n January 20!3, a grcupng c centra securtes depcstcres arcund
the wcrd cr strategc cccperatcn cn ccatera management. The Lqudty lance s cpen tc urther
members.

Cearstream has sgned a etter c ntent wth the Sngapcre Exchange (S0`) tc |cnty devecp a ccat
era management scutcn cr Sngapcre that can subsequenty be extended tc cther markets n the re
gcn. S0` ntends tc use Cearstream's ccatera management cutscurcng scutcn (Lqudty Hub 0C).

Lqudty Hub 0C went ve n Scuth lrca, lustraa and Span n the year under revew. Ths means
that a partners n the Lqudty lance have a unctcnng ccatera management cerng cr ther
cwn hcme market.

Cearstream's ccatera management scutcn cr custcdan banks has gcne ve n partnershp wth
BNP Parbas Securtes Servces. Ths servce enabes mutua custcmers tc ccver ther gcba expcsures
rcm a snge cptmsed ccatera pcc. BNP Parbas Securtes Servces remans the custcdan manag
ng settement and asset servcng cr ts cents. Ct and Standard Chartered asc cpted cr ths scu
tcn durng the year.

Cearstream s systematcay extendng ts market pcstcn by ccnnectng new markets. ln the year under
revew, Cearstream strengthened ts nvcvement n Eastern Eurcpe by cpenng a drect acccunt at the
new Russan CSD and startng tc cperate a drect settement nk tc Russa. lt the end c the year, Cear
stream's netwcrk ccvered 53 markets wcrdwde, makng t the argest settement netwcrk c any nter
natcna CSD.

ln December 20!3, Cearstream anncunced that t wcud extend ts endcday deadnes cr securtes,
ccatera and cash n stages wth the am c ccverng the entre settement day n the USl by 20!6. The
extenscn c the deadnes asc aects markets such as Canada and Latn lmerca (ncudng lrgentna,
Braz, Mexcc, Uruguay and Peru).

ln respcnse tc reguatcry repcrtng requrements, Cearstream started tc devecp RE0lSTR |cnty wth
lbercear n Span back n 2009. RE0lSTR was granted authcrsatcn as a trade repcstcry by the Eurc
pean Securtes and Markets luthcrty (ESMl) n Ncvember, enabng RE0lSTR tc suppcrt custcmers
n regsterng exchangetraded and CTC dervatves. Startng cn !2 February 20!4, regstratcn w be
cbgatcry under the EU's EMlR Reguatcn.

=5$C#, *5,5 R @#$"%.#- -#:8#4,
The net revenue c the new Market Data Servces segment s ccmpcsed c tradng sgnas (39 per
cent), ndces (2! per cent), technccgy scutcns (!5 per cent), ccnnectvty (!9 per cent) and cther
revenue (6 per cent). Market Data Servces' net revenue was argey stabe n the year under revew,
amcuntng tc 6366.0 mcn (20!2 6370.4 mcn). Wth cperatng ccsts up sghty cn the prevcus
year and speca actcrs (argey reatng tc ecency prcgrammes) c 6!5.6 mcn, the segment's EBlT
amcunted tc 6!74.9 mcn (20!2 6!82.3 mcn).

The segment's ccre busness s the dstrbutcn c capta market data tc custcmers wcrdwde, ncudng
tradng sgnas such as the lphaFash

agcrthmc news eed as we as ndces such as EURC STC``


and Dl`

. Capta market partcpants subscrbe tc receve ths ncrmatcn, whch they then use them
seves, prccess, cr pass cn. The segment generates much c ts net revenue cn the bass c cngterm
arrangements wth custcmers and s reatvey ndependent c tradng vcumes and vcatty cn the cap
ta markets.
Deutsche Brse Group corporate report 2013



*"+

The tradng sgnas busness ncudes revenue rcm the dstrbutcn c cences cr reatme tradng and
market sgnas. The busness remaned argey stabe n the year under revew Market Data Servces
generated net revenue rcm tradng sgnas c 6!42.! mcn (20!2 6!4!.! mcn). Data and key
ndcatcrs are ncreasngy used by market partcpants n autcmated tradng appcatcns, and demand
cr drect ccnnectvty ncreased n ne wth ths. Cn the cther hand, ecrts tc reguate autcmated trad
ng mcre tghty ed tc uncertanty n the tradng departments c banks and nanca servces nsttutcns.
ln addtcn, user numbers are decnng due tc structura changes and ccnscdatcn n the nanca ser
vces ndustry. Tc urther dversy ts prcduct pcrtcc, Deutsche Brse 0rcup w act as the excusve
censcr c BSE (crmery Bcmbay Stcck Exchange) market data and ncrmatcn prcducts cr custcmers
cutsde lnda. The twc partners sgned a ccrrespcndng cccperatcn agreement at the begnnng c Cctc
ber 20!3.

Deutsche Brse cperates ts ndex busness va ts subsdary STC`` Ltd. lts revenue s generated rcm
cacuatng and marketng ndces that are many used by banks and und management ccmpanes as
underyngs cr nanca nstruments. The ndex busness reccrded a sght ncrease n net revenue n
20!3 tc 677.0 mcn (20!2 676.2 mcn). The decne n equty ndex dervatves tradng at Eurex
(see the 'Eurex segment" sectcn) and the resutng decrease n censng revenue was ccmpensated
by the grcwth n assets under management n the area c exchangetraded unds. Ths grcwth was drv
en abcve a by STC`` ETFs and Dl` ETFs, whch reccrded a cear ncrease n assets thanks tc the re
abty c the ndces ccncerned as underyngs. The assets under management n these ETFs amcunted
tc 679.6 bcn, by yearend, !4 per cent mcre than n the prevcus year (20!2 670.! bcn).

The Dl` and STC`` ndex ames are beng ccntnucusy expanded and are beccmng ncreasngy
attractve cr an nternatcna centee as we


The Dl` amy was expanded tc ncude the Dl`

ex Fnancas ndex n the seccnd quarter c 20!3.


Ths serves as a share prce barcmeter cr 0ermany's 30 argest and hghestrevenue ccmpanes ex
cudng banks, nanca servces nsttutcns and nsurers.

Net revenue n the Market Data Servces
segment


Market Data Servces segment key gures
<=>? <=>< 3@/)*#
6m 6m
P()/);(/4 6#Q
R(*.&#+
Net revenue 366.0 370.4 !
Cperatng ccsts !9!.! !84.! 4
EBlT !74.9 !82.3 4

370.4
366.0
millions
2012 2013
19.2
68.3
70.7
56.1
20.1
Technology Services
Other
Connectivity
Indices
Trading Signals
65.6
76.2 77.0
141.1 142.1
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*"*


STC`` expanded ts cerng cr Chnese nvestcrs, rsty by aunchng new ndces, such as the
STC``

Chna l 50 Equa Weght lndex, and seccndy by enterng ntc a cence agreement wth
a Chnese ssuer, whch w asc acw nvestcrs n Chna tc nvest n the EURC STC``

50.

ln cccperatcn wth Eurex Repc, STC`` devecped a 0C Pccng

ndex amy, whch prcvdes a


transparent, ruesbased aternatve tc the current benchmarks used n the unsecured nterbank
market, such as LlBCR and EURlBCR/ECNll.

STC`` asc aunched twc new sustanabty ndces, the STC``

SDKPl ndces. The ndces acw


nvestments n verscns c the eadng Eurcpean equty ndces, EURC STC`` 50 and STC``

Eurcpe
50, that have been cptmsed cr sustanabty crtera.

The technccgy scutcns busness ccnssts prmary c devecpment and cperatcn servces cr externa
custcmers, such as natcna and nternatcna regcna exchanges. Revenue generated by cccperatcn
wth partner exchanges, rcm appcatcn devecpment ccnsutng, cr rcm data centre servces s asc
part c the 0rcup's externa lT busness. The estabshed partner exchanges the lrsh Stcck Exchange,
the \enna Stcck Exchange, the Bugaran Stcck Exchange, the L|ub|ana Stcck Exchange, the Mata
Stcck Exchange and the Prague Stcck Exchange were |cned by new partners n the year under revew
the Cayman lsands Stcck Exchange (March) and the Budapest Stcck Exchange (December). ls a resut,
a cur exchanges c the CEE Stcck Exchange 0rcup (\enna, Prague, L|ub|ana and Budapest) ncw
run `etra. The new T7 nrastructure was successuy ntrcduced cr the dervatves market run by the
Bcmbay Stcck Exchange (BSE) n the curth quarter c 20!3. Net revenue rcm the externa technccgy
servces busness n 20!3 was 656.! mcn (20!2 668.3 mcn). The decne s due n partcuar tc
the eect c the ccnscdatcn c Brse Frankurt Zertkate l0 rcm C3/20!3 cnwards as we as tc the
segment's servces cr 0erman regcna exchanges, whch were mpacted by a ccmbnatcn c cwer
margns and a drcp n tradng vcumes.

The Market Data Servces segment generates ccnnectvty revenue rcm ccnnectng tradng partc
pants cn the cash and the dervatves markets. Ths revenue s argey ndependent c tradng actvty
cn the market, but reects tradng partcpants' nterest n ccnnectng tc Deutsche Brse 0rcup's nra
structure usng the mcst ecent netwcrks pcssbe. ln 20!3, ccnnectvty revenue rcse tc 670.7 mcn
(20!2 665.6 mcn) ater custcmers ncreasngy cpted cr hgher bandwdth ccnnectcns.

Cther revenue ccmprses, cr exampe, the prcvscn c data tc the back cces c nanca servces
prcvders (e.g. the TRlCE

repcrtng servce, wth whch Deutsche Brse l0 heps ts custcmers tc


meet ther cbgatcns tc repcrt ncrmatcn tc nanca supervscry authcrtes). ln the year under
revew, ths tem ncreased by 5 per cent yearcnyear tc 620.! mcn (20!2 6!9.2 mcn).

*#"#<(38#4, () 3$()%,5?%<%,9
Return cn sharehcders' equty represents the ratc c earnngs ater tax tc the average equty avaabe tc
the 0rcup n 20!3. The 0rcup's return cn sharehcders' equty decreased tc !6.! per cent n the year
under revew (20!2 2!.6 per cent), prmary due tc cwer earnngs. ld|usted cr the speca actcrs de
scrbed n the resuts c cperatcns, ths ratc, whch s asc kncwn as the return cn equty amcunted tc
2!.5 per cent (20!2 22.! per cent). The weghted average ccst c capta (WlCC) ater tax amcunted
tc 4.5 per cent n the year under revew (20!2 4.4 per cent). Deutsche Brse's ccst c equty reects
the return cn a rskree aternatve nvestment pus a premum cr genera market rsk, and asc takes ac
ccunt c the specc rsk c Deutsche Brse shares ccmpared wth the market as a whce, kncwn as the
beta. The ccst c debt represents the terms cn whch Deutsche Brse l0 was abe tc rase shcrt and
cngterm debt. See asc the 'Deutsche Brse's ccst c capta" tabe.
Deutsche Brse Group corporate report 2013



*""

S%454.%5< 3(-%,%(4
75-/ )<(&
Cash and cash equvaents at Deutsche Brse 0rcup ccmprse cash and bank baances, tc the extent
that these dc nct resut rcm renvestng current abtes rcm cash depcsts by market partcpants, as
we as recevabes and abtes rcm bankng busness wth an crgna maturty c three mcnths cr ess.
Cash and cash equvaents at the end c 20!3 amcunted tc 656.2 mcn (20!2 6544.0 mcn).
The negatve cash and cash equvaents tem s due tc the sht c current nanca assets tc nanca
assets wth a maturty c mcre than three mcnths cr repcrtng date reascns, the atter dc nct quay
as cash and cash equvaents and the cash cws assccated wth them have been accated tc nvestng
actvtes.

Deutsche Brse 0rcup generated cash cws rcm cperatng actvtes becre changes n repcrtngdate
CCP pcstcns c 6797.3 mcn n nanca year 20!3 (20!2 6726.2 mcn). The sgncant year
cnyear ncrease n cash cws rcm cperatng actvtes s many due tc the act that the decne n
net nccme cr the year (6!74.6 mcn) was mcre than cset by the decrease n wcrkng capta
(6!95.0 mcn) and the rse n ncncurrent prcvscns (634.4 mcn). The decne n net nccme was
prmary the resut c the ccsts c the ecency prcgramme and the settement cer rcm the Cce c
Fcregn lssets Ccntrc (CFlC). Hcwever, nether c the twc actcrs had yet had a ma|cr cash eect n
20!3. ln addtcn, tax payments c 693.3 mcn made n nanca year 20!3 (20!2 6258.4 mcn)
were by ar cwer yearcnyear due tc a decrease c tax prepayments cr the current and prcr years. Ths
argey expans the change n wcrkng capta. lncudng the changes n the CCP pcstcns, cash cws
rcm cperatng actvtes was 6728.3 mcn (20!2 6707.7 mcn).

Deutsche Brse 0rcup cacuates ts cash cw cn the bass c net nccme, ad|usted cr ncncash chang
es, n addtcn, cash cws derved rcm changes n baance sheet tems are taken ntc acccunt. The
changes n cash cws rcm cperatng actvtes excudng repcrtngdate CCP pcstcns were as ccws



Deutsche Brse's ccst c capta
<=>? <=><

Rskree nterest rate
!)
!.7 !.6
Market rsk premum 6.5 5.0
Beta
2)
0.8 0.7
Ccst c equty
3)
(ater tax) 6.7 5.0
Ccst c debt
4)
(becre tax) 3.! 5.2
Tax shed
5)
0.8 !.4
Ccst c debt (ater tax) 2.3 3.9
Equty ratc
6)
(annua average) 50.2 5!.2
Debt ratc
7)
(annua average) 49.8 48.8
WlCC (becre tax) 4.9 5.!
WlCC (ater tax) 4.5 4.4





!) lnnua average return cn tenyear 0erman edera gcvernment bcnds
2) Statstca measure c the senstvty c the prce c an ndvdua share tc
changes n the entre market. l beta c !.0 means that the percrmance c
the share mcves strcty parae tc the reerence market as a whce. l beta
abcve !.0 denctes greater vcatty than the cvera market and a beta becw
!.0 ess vcatty.
3) Rskree nterest rate (market rsk premum x beta)
4) lnterest rate cn shcrt and cngterm ccrpcrate bcnds ssued by Deutsche
Brse l0
5) Denctes and quantes the reductcn n tax pad that arses rcm the deduct
bty c nterest payments cn debt and s actcred ntc the cacuatcn c the
ccst c capta
6) ! debt ratc
7) (Tcta ncncurrent abtes tax prcvscns cther current prcvscns
cther bank cans and cverdrats cther current abtes trade payabes
payabes tc assccates payabes tc cther reated partes) / (tcta assets
nanca nstruments c Eurex Cearng l0 abtes rcm bankng bus
ness cash depcsts by market partcpants), bass average baance sheet
tems n the nanca year
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*"$


Decne n net nccme cr the year c 6!74.6 mcn tc 6495.2 mcn

lncrease c 6!3.8 mcn n deprecatcn, amcrtsatcn and mparment csses, especay due tc hgher
nvestments n sctware devecpment

lncrease c 634.4 mcn n ncncurrent prcvscns, due n partcuar tc the ecency prcgramme
aunched n the rst quarter c 20!3

Deerred tax expense c 62.! mcn, n 20!2, there had been deerred tax nccme c 656.9 mcn,
many n ccnnectcn wth the reccgntcn c deerred tax assets cn css carrycrwards as we as a re
vauatcn due tc changes n tax rates.

Cash cutcws rcm dervatves amcuntng tc 6!6.5 mcn (20!2 n)

Ncncash expense c 6!3.7 mcn n 20!3, ccmpared tc a ncncash expense c 650.7 mcn
ncurred n 20!2 due n partcuar tc the remeasurement c the equty ccmpcnent n ccnnectcn
wth the acqustcn c addtcna shares c Eurex Zrch l0

Casheectve decrease c 6!53.0 mcn n wcrkng capta n 20!3 (20!2 ncrease n wcrkng
capta c 642.0 mcn), prmary drven by an ncrease n current abtes c 6!42.7 mcn
(20!2 ncrease c 6!2.6 mcn). Ths ncrease was n turn many due tc a prcvscn reccgnsed
n ccnnectcn wth the CFlC settement cer. ln addtcn, recevabes and cther assets decreased
by 6!3.8 mcn (20!2 ncrease c 643.7 mcn), prmary because c the decne n tax reund
cams (662.! mcn), whe trade recevabes rcse by 66.7 mcn and cther current assets by
637.8 mcn.

Cash cutcws rcm nvestng actvtes amcunted tc 6829.2 mcn n nanca year 20!3 (20!2 cash
cutcw c 6267.4 mcn). 6692.2 mcn c ths gure reated tc ccaterased cash nvestments wth
an crgna term c mcre than three mcnths. lt 6!27.6 mcn, nvestment n ntangbe assets and
prcperty, pant and equpment was becw the prcryear eve (20!2 6!45.7 mcn), mcst c t was
made n the Cearstream (666.6 mcn) and Eurex (653.9 mcn) segments. Cearstream's nvestments
reated prmary tc the expanscn c ts settement and ccatera management systems (648.4 mcn),
whe Eurex nvested n ts tradng and cearng systems (640.3 mcn). ln addtcn, the 0rcup pad
635.! mcn (20!2 6!.9 mcn) tc acqure nvestments n assccates n the year under revew, c
ths amcunt, 6!5.4 mcn was attrbutabe tc the ncrease n the equty nvestment n Eurcpean Energy
Exchange l0, Lepzg (0ermany). lncther sgncant reascn cr the yearcnyear ncrease s that twc
actcrs had mpacted cash cutcws n 20!2 a payment c 6295.0 mcn n ccnnectcn wth the
acqustcn c urther shares n Eurex Zrch l0 and the purchase c securtes wth an crgna term
c mcre than cne year amcuntng tc 6265.4 mcn.

Cash ncws c 635.3 mcn (20!2 6392.2 mcn) were due tc securtes wth an crgna maturty
c mcre than cne year maturng cr beng scd.



Ccnscdated cash cw statement (ccndensed)

<=>? <=><
6m 6m
Cash cws rcm cperatng actvtes (excudng CCP pcstcns) 797.3 726.2
Cash cws rcm cperatng actvtes 728.3 707.7
Cash cws rcm nvestng actvtes 829.2 267.4
Cash cws rcm nancng actvtes 497.6 550.6
Cash and cash equvaents 56.2 544.0
Cther cash and bank baances as at 3! December 627.9 64!.6

Deutsche Brse Group corporate report 2013



*"%

Cash cutcws rcm nancng actvtes amcunted tc 6497.6 mcn (20!2 6550.6 mcn). ln May
20!3, the ccmpany pad a dvdend c 6386.5 mcn cr nanca year 20!2 (dvdend cr nanca
year 20!!, ncudng speca dstrbutcn, pad n May 20!2 6622.9 mcn). Further cash cutcws
were due tc the repayment c 6!,!80.0 mcn n ccmmerca paper (20!2 6796.2 mcn). ln add
tcn, cngterm bcnds amcuntng tc 6797.8 mcn matured. Mcrecver, the ccmpany acqured treasury
shares amcuntng tc 6!.2 mcn (20!2 6!98.2 mcn). Cash ncws rcm nancng actvtes
ccntan ccmmerca paper that s ssued as part c the ccmpany's shcrtterm qudty management.
6!,279.8 mcn n ccmmerca paper was ssued n 20!3 (20!2 6789.3 mcn). ln March 20!3,
Deutsche Brse l0 asc ssued a eurcdencmnated bcnd wth a prncpa amcunt c 6600.0 mcn
and a term c ve years.

Cther cash and bank baances amcunted tc 6627.9 mcn as at 3! December 20!3 (3! Decem
ber 20!2 664!.6 mcn).

lt 6669.7 mcn, ree cash cw .e. cash cws rcm cperatng actvtes excudng repcrtngdate
CCP pcstcns ess payments tc acqure ntangbe assets and prcperty, pant and equpment was
sgncanty hgher than n the prevcus year (20!2 6580.5 mcn).

ls n prevcus years, the 0rcup dces nct expect any qudty squeezes tc cccur n nanca year 20!4
due tc ts pcstve cash cws rcm cperatng actvtes, adequate credt nes (whch had nct been drawn
dcwn as at 3! December 20!3) and exbe management and pannng systems.

!3#$5,%4: <#5-#-
Deutsche Brse 0rcup uses cperatng eases, prmary cr the new cce budng n Eschbcrn, whch
the 0rcup mcved ntc n the seccnd ha c 20!0, and cr the budngs used by Cearstream lnter
natcna S.l. n Luxembcurg (see ncte 38 tc the ccnscdated nanca statements cr detas).

T%U+%6%,9 8545:#8#4,
Deutsche Brse meets ts cperatng qudty requrements prmary by means c nterna nancng,
.e. by retanng generated unds. The am s tc prcvde qudty ccrrespcndng tc the cperatng ccsts
cr cne quarter, ths qudty target currenty ranges between 6!50 mcn and 6250 mcn. There s
an ntra0rcup cash pcc cr pccng surpus cash, as ar as reguatcry and ega prcvscns acw. l c
the 0rcup's cash nvestments are shcrtterm n crder tc ensure rapd avaabty and are argey ccater
ased usng qud bcnds rcm prmerated ssuers. Mcrecver, Deutsche Brse l0 has access tc externa
scurces c nancng, such as batera and syndcated credt nes, and a ccmmerca paper prcgramme
(see ncte 36 tc the ccnscdated nanca statements cr detas cn nanca rsk management). ln
the past years, Deutsche Brse l0 has everaged ts access tc the capta markets n crder tc meet ts
structura nancng needs by ssung ccrpcrate bcnds.


Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*"&

753%,5< 8545:#8#4,
ls a rue, the 0rcup ams tc acheve a dvdend dstrbutcn ratc c 40 tc 60 per cent c ad|usted ccn
scdated net nccme. Mcrecver, t mpements share buybacks n crder tc dstrbute tc ts sharehcders
unds nct requred cr the 0rcup's cperatng busness and ts urther devecpment. Ths pccy s deter
mned at a tmes by the ccmpany's capta requrements, whch depend cn the ega and supervscry
ramewcrk as we as requrements reatng tc ts credt ratng, eccncmc capta and qudty.

Custcmers expect ther nanca servces prcvder tc have ccnservatve nterest ccverage and debt/equty
ratcs and tc mantan strcng credt ratngs. Deutsche Brse 0rcup therecre pursues ts cb|ectve c
achevng an nterest ccverage ratc (ratc c EBlTDl tc nterest expenses rcm nancng actvtes) c at
east !6 at 0rcup eve n crder tc meet the ratng agences' current requrements cr an 'll" ratng cr
Deutsche Brse l0. ld|usted cr merger and acqustcn ccsts and cr ccsts c ecency prcgrammes,
Deutsche Brse 0rcup acheved an nterest ccverage ratc c 20.! n the year under revew (20!2
!5.2). Ths gure s based cn a reevant nterest expense c 653.2 mcn and an ad|usted EBlTDl
c 6!,067.4 mcn. The sgncant yearcnyear ncrease n the nterest ccverage ratc s attrbutabe
tc the renancng prcgramme that started n 20!2 and was successuy ccmpeted n the rst quarter
c 20!3 (see the 'Resuts c cperatcns" sectcn) the cutstandng ncncurrent abtes that matured
n 20!3 were renanced cn extremey avcurabe terms eadng tc a sgncant reductcn n nterest
expenses. ln addtcn, Deutsche Brse ams tc acheve a ratc c nterestbearng grcss debt tc EBlTDl
c nc mcre than !.5 at 0rcup eve. The atter percrmance ndcatcr n partcuar pays a matera rce
n mantanng the parent ccmpany's current 'll" ratng. ln the year under revew, the 0rcup met the
target ratc, at !.5. Ths gure s based cn grcss debt c 6!,62!.9 mcn and an ad|usted EBlTDl
c 6!,067.4 mcn.



lnterest ccverage ratc c Deutsche Brse 0rcup

N)'#&#+' #1$#)+# R&%, R()/);()* /;'(:('(#+ N++.# :%4.,# <=>? <=><
6m 6m
-%)U+ ,/'.&()* () <=>?
Fxedrate bearer bcnd 6650 m
!)
9.0 32.6
Hybrd bcnd 6550 m
2)
3.8
3)
!4.9
3)

"#R()/);()* %R ,/'.&()* Y%)U+
Fxedrate bearer bcnd (!0 years term) 6600 m !4.6 3.6
Fxedrate bearer bcnd (5 years term) 6600 m 5.7
P.&'@#& Y%)U+
Prvate pacement US$460 m !9.9 2!.3
Ccmmerca paper 6!50 m 20!3
4)
6!50 m 20!2 0.2 0.7
J%'/4 ()'#&#+' #1$#)+# V();4.U()* F=T %R '@# @QY&(U ;%.$%)M F?A< O?A>
EBlTDl (ad|usted) !,067.4 !,!08.2
N)'#&#+' ;%:#&/*#
5)
<=A> >FA<
!) The bcnd was repurchased n u as at 23 lpr 20!3 (3! December 20!2 672 mcn).
2) The bcnd was repurchased n u as at !! June 20!3 (3! December 20!2 6330 mcn).
3) Cny 50 per cent c the nterest expense cn the hybrd bcnd s acccunted cr n the nterest ccverage cacuatcn, reectng the assumed equty ccmpcnent c the
hybrd bcnd. The tcta nterest expense cr the hybrd bcnd amcunted tc 67.6 mcn n 20!3 and 629.9 mcn n 20!2.
4) lnnua average
5) EBlTDl / nterest expense rcm nancng actvtes (ncudes cny 50 per cent c the nterest cn the hybrd bcnd)
Deutsche Brse Group corporate report 2013



*"'

Cearstream Bankng S.l.'s strcng 'll" credt ratng must kewse be mantaned sc as tc ensure the ccntn
ued success c the Cearstream segment, whch s actve n securtes custcdy and settement. Deutsche
Brse l0 asc needs tc mantan a strcng credt prce cr the benet c actvtes at ts Eurex Cearng l0
subsdary.

The nterest ccverage ratc s cacuated usng the nterest expenses ncurred tc nance Deutsche Brse
0rcup, amcng cther actcrs, excudng nterest ccsts reatng tc 0rcup ccmpanes that asc cperate as
nanca nsttutcns. These ncude Cearstream Bankng S.l., Cearstream Bankng l0 and Eurex
Cearng l0. lnterest expenses that are nct reated tc 0rcup nancng are nct ncuded n the nterest
ccverage ratc.

Because c the renancng c the ncncurrent nanca abtes, the ccmpany antcpates a urther
reductcn n the nterest expense ncurred tc nance the 0rcup n 20!4. Fcr ths reascn, the ccmpany
expects the nterest ccverage ratc tc mprcve urther n the medum term.

Deutsche Brse l0 has asc pubcy decared ts ntentcn tc ccmpy wth certan addtcna key percr
mance ndcatcrs that the ccmpany beeves ccrrespcnd tc an ll ratng. Fcr exampe, tangbe equty
(equty ess ntangbe assets) shcud nct a becw 6700 mcn at Cearstream lnternatcna S.l. cr
6400 mcn at Cearstream Bankng S.l., ncudng the prct partcpatcn rghts c 6!50 mcn ssued
by Cearstream Bankng S.l. ln the year under revew, Cearstream lnternatcna S.l. has met ths key
percrmance ndcatcr wth an amcunt c 6820.8 mcn and Cearstream Bankng S.l. wth an amcunt
c 6820.7 mcn. Fcr the Cearstream subgrcup, the cb|ectve s tc mantan an nterest ccverage ratc
c at east 25, nscar as nanca abtes resutng rcm ncnbankng busness exst. ln the year under
revew, as n the prevcus year, Cearstream had nc nanca abtes resutng rcm ncnbankng bus
ness. Ccnsequenty, nc nterest ccverage ratc has been cacuated.

*%"%6#46- 546 -/5$# ?+9>?5.C-
Between 2005 and the end c 20!2, Deutsche Brse 0rcup returned a tcta c arcund 65.0 bcn tc
ts sharehcders n the crm c share buybacks and dvdends. ln nanca year 20!3, t dstrbuted a
dvdend c 6386.5 mcn.

C the scme 46.! mcn shares repurchased between 2005 and 20!2, the ccmpany canceed a tcta
c arcund 30.6 mcn shares up tc the end c 20!3. lpprcxmatey 5.3 mcn shares were ssued
tc Sl` 0rcup l0 n crder tc sette 50 per cent c the purchase prce cr the acqustcn c the shares c
Eurex Zrch l0. !.3 mcn shares were acqured by empcyees under the terms c the 0rcup Share
Pan (see ncte 39 tc the ccnscdated nanca statements). ls at 3! December 20!3, the remanng
apprcxmatey 8.9 mcn shares were hed by the ccmpany as treasury shares.




Reevant key percrmance ndcatcrs



<=>?
6m
<=><
6m
Tangbe equty c Cearstream lnternatcna S.l.
(as at baance sheet date)

820.8 8!9.2
!)
Tangbe equty c Cearstream Bankng S.l.
(as at baance sheet date) 820.7 672.4

!) Net c the nterm dvdend c 675.0 mcn, whch has nct yet been
rescved by the lnnua 0enera Meetng


Credt ratngs

[%)*X'#&, 9@%&'X'#&,
7#.'+;@# -B&+# ZC
Standard & Pccr's ll l!

34#/&+'&#/, -/)6()* 9AZA
Ftch ll F!
Standard & Pccr's ll l!
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*"(

Fcr nanca year 20!3, Deutsche Brse l0 s prcpcsng that the lnnua 0enera Meetng rescve tc pay
a dvdend c 62.!0 per ncpar vaue share (20!2 62.!0). Ths dvdend ccrrespcnds tc a dstrbutcn
ratc c 6! per cent c ccnscdated net nccme, ad|usted cr the speca actcrs descrbed n the resuts
c cperatcns (20!2 58 per cent, asc ad|usted cr speca tems). Fcr !84.! mcn ncpar vaue shares
bearng dvdend rghts, ths wcud resut n a tcta dvdend c 6386.6 mcn (20!2 6386.5 mcn
wthcut the speca dstrbutcn). The aggregate number c shares bearng dvdend rghts resuts rcm
an crdnary share capta c !93.0 mcn shares, ess 8.9 mcn treasury shares.

0(46-
ln March 20!3, Deutsche Brse l0 successuy paced a ccrpcrate bcnd wth a vcume c 6600 mcn
cn the market. The ndvdua bcnds have a maturty c ve years and an annua ccupcn c !.!25 per
cent. ln ccmbnatcn wth the bcnds ssued n Cctcber 20!2, whch asc amcunted tc 6600 mcn,
ths acwed Deutsche Brse tc renance ts cutstandng ncncurrent abtes maturng n 20!3 cn
extremey avcurabe terms.

7$#6%, $5,%4:-
Deutsche Brse l0 reguary has ts credt quaty revewed by the Standard & Pccr's (S&P) ratng
agency, whe Cearstream Bankng S.l. s rated by Ftch and S&P.

Cn 30 December 20!3, S&P ccnrmed the 0rcup ccmpanes' cngterm ll credt ratng. The negatve
cutcck cr Deutsche Brse l0 added n December 20!2 asc remaned unchanged. The man reascn
cted by S&P was that the ratc c nterestbearng grcss debt tc EBlTDl had rsen tc abcut !.6 n the
rst nne mcnths c nanca year 20!3.

Ftch Ratngs ccnrmed Cearstream Bankng S.l.'s credt ratng cn !4 Ncvember 20!3, partcuary n
ght c ts strcng market pcstcnng, scd qudty management and cw credt rsk. lt the same tme,
Ftch changed the cutcck cr Cearstream rcm negatve tc stabe, gvng ts strengthened capta base
as the reascn.

ls at 3! December 20!3, Deutsche Brse l0 was cne c cny twc Dl`sted ccmpanes that had been
awarded an ll ratng by S&P. The ratngs hstcry c Deutsche Brse l0 and Cearstream s presented n
the tenyear revew.




Debt nstruments c Deutsche Brse l0

JQ$# N++.#
:%4.,#
N9N\ J#&, 5/'.&('Q 3%.$%)
$A/A
[(+'()*
Fxedrate bearer bcnd 6650 m `S0353963225 5 years lpr 20!3 5.00 Luxembcurg/Frankurt
Seres l bcnd US$!70 m Prvate pacement 7 years June 20!5 5.52 Unsted
Seres B bcnd US$220 m Prvate pacement !0 years June 20!8 5.86 Unsted
Seres C bcnd US$70 m Prvate pacement !2 years June 2020 5.96 Unsted
Hybrd bcnd 6550 m `S0369549570 30 years
!)
June 2038 7.50
2)
Luxembcurg/Frankurt
Fxedrate bearer bcnd 6600 m DE000l!RE!W! !0 years Cct 2022 2.375 Luxembcurg/Frankurt
Fxedrate bearer bcnd 6600 m DE000l!R!BC6 5 years March 20!8 !.!25 Luxembcurg/Frankurt
!) Eary termnatcn rght ater 5 respectvey !0 years and n each year thereater
2) Unt June 20!3 xedrate 7.50 per cent p.a., rcm June 20!3 tc June 20!8 xedrate md swap 285 bass pcnts, rcm June 20!8 varabe nterest rate
(Eurc nterbank cered rate cr !2mcnth eurc depcsts (EURlBCR), pus an annua margn c 3.85 per cent)

Deutsche Brse Group corporate report 2013



*")

V#, 5--#,-
Deutsche Brse 0rcup's ncncurrent assets amcunted tc 68,796.9 mcn as at 3! December 20!3
(20!2 65,!!3.9 mcn). They ccnssted prmary c ntangbe assets and nanca assets as we
as c nanca nstruments c Eurex Cearng l0. The nanca nstruments c Eurex Cearng l0, whch
amcunted tc 64,058.6 mcn, represented the argest tem (20!2 n). Ths asset s matched by a
abty n the same amcunt. The recevabes and securtes rcm bankng busness hed by Deutsche
Brse 0rcup as nanca assets decned tc 6!,!78.3 mcn (20!2 6!,485.0 mcn), whe gccdw
c 62,042.6 mcn was reatvey stabe ccmpared tc the prevcus year (20!2 62,078.4 mcn).

Current assets amcunted tc 6!80,5!3.0 mcn as at 3! December 20!3 (20!2 6!89,672.9 mcn).
The decne s attrbutabe tc the ccwng actcrs


l decrease n the nanca nstruments c Eurex Cearng l0 tem tc 6!53,546.8 mcn (20!2
6!56,3!5.4 mcn) n ccnnectcn wth ts unctcn as a centra ccunterparty cr cash and dervat
ves markets.

l decrease n recevabes and securtes rcm bankng busness at Cearstream tc 69,544.0 mcn
(20!2 6!2,808.2 mcn)

l decrease n restrcted bank baances tc 6!6,22!.7 mcn (20!2 6!9,450.6 mcn), ths cccurred
prmary because cearng partcpants prcvded a greater vcume c securtes and ess cash as ccat
era cr Eurex Cearng l0 n the year under revew.

lssets were nanced by equty n the amcunt c 63,268.0 mcn (20!2 63,!69.6 mcn)
and abtes n the amcunt c 6!86,04!.9 mcn (20!2 6!9!,6!7.2 mcn). The ncrease n
equty ccmpared wth 3! December 20!2 s many attrbutabe tc the rse n accumuated prct tc
62,0!!.8 mcn (20!2 6!,938.9 mcn).

Ncncurrent abtes rcse tc 66,0!9.9 mcn (20!2 6!,6!6.4 mcn), prmary because an amcunt
c 64,058.6 mcn s repcrted under nanca nstruments c Eurex Cearng l0. Ths abty s
matched by an asset n the same amcunt.

lnterestbearng abtes rcse tc 6!,52!.9 mcn (20!2 6!,!60.0 mcn). The tcta ncrease s due
tc three actcrs


ln 20!2, maturng bcnds amcuntng tc 6577.4 mcn were recassed tc 'cther current abtes".

ln March 20!3, Deutsche Brse l0 successuy paced a ccrpcrate bcnd wth a vcume c
6600.0 mcn cn the market.

ln lpr and June 20!3, cutstandng bcnds tctang 6798.0 mcn matured.

Current abtes amcunted tc 6!80,022.0 mcn (20!2 6!90,000.8 mcn). The man changes n
current abtes cccurred n the ccwng tems


l decrease n the nanca nstruments c Eurex Cearng l0 tem tc 6!53,046.8 mcn (20!2
6!56,3!5.4 mcn) n ccnnectcn wth ts unctcn as a centra ccunterparty cr cash and dervatves
markets

Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*"!


l decrease n abtes rcm cash depcsts by market partcpants tc 6!6,22!.7 mcn
(20!2 6!9,450.6 mcn) as a resut c cwer cash ccatera prcvded by the cearng members
c Eurex Cearng l0, the amcunt decreased prmary because cearng partcpants prcvded
a greater vcume c securtes and ess cash as ccatera cr Eurex Cearng l0.

l decrease n abtes rcm bankng busness at Cearstream tc 69,725.3 mcn (20!2
6!2,880.3 mcn)

l decrease n cther current abtes tc 64!2.! mcn (20!2 6888.4 mcn) ater bcnds
recassed n 20!2 rcm ncncurrent nterestbearng abtes matured n 20!3

Cvera, Deutsche Brse 0rcup nvested 6!27.6 mcn n ntangbe assets and prcperty, pant and
equpment (capta expendture cr capex) n the year under revew (20!2 6!45.7 mcn). The 0rcup's
argest nvestments were made n the Cearstream and Eurex segments.

W($C%4: .53%,5<
Wcrkng capta ccmprses current assets ess current abtes, excudng technca ccsng date
baance sheet tems and ccmmerca paper. Current assets excudng technca ccsng date tems
amcunted tc 6572.6 mcn (20!2 6457.! mcn). ls Deutsche Brse 0rcup ccects ees cr
mcst c ts servces cn a mcnthy bass, the trade recevabes c 62!8.8 mcn ncuded n the
current assets as at 3! December 20!3 (3! December 20!2 62!!.8 mcn) were reatvey
cw ccmpared wth net revenue. The current abtes c the 0rcup, excudng technca ccsng
date tems, amcunted tc 6!,028.! mcn (20!2 6777.0 mcn, excudng technca ccsng
date tems and bcnds maturng n 20!3). The 0rcup therecre had negatve wcrkng capta c
6455.5 mcn at the end c the year (20!2 63!9.9 mcn). Ths devecpment s prmary
due tc the ncrease n cther current prcvscns.

B#./4%.5< .<(-%4: 65,# ?5<54.# -/##, %,#8-
The 'current recevabes and securtes rcm bankng busness" and 'abtes rcm bankng busness"
baance sheet tems are technca ccsng date tems that were strcngy ccrreated n the year under re
vew and that uctuated between apprcxmatey 69 bcn and 6!5 bcn (20!2 between 6!! bcn
and 6!3 bcn). These amcunts many represent custcmer baances n Cearstream's nternatcna
settement busness.

The 'nanca nstruments c Eurex Cearng l0" baance sheet tem reates tc the unctcn percrmed
by Eurex Cearng l0 snce the atter acts as the centra ccunterparty cr Deutsche Brse 0rcup's var
cus markets, ts nanca nstruments are carred n the baance sheet at ther ar vaue. The nanca
nstruments c Eurex Cearng l0 are descrbed n deta n the rsk repcrt and n nctes 3, !5 and
36 tc the ccnscdated nanca statements.

Market partcpants nked tc Eurex Cearng prcvde ccatera party n the crm c cash depcsts, whch
are sub|ect tc day ad|ustments. The cash depcsts are generay nvested cn a secured bass cvernght
by Eurex Cearng l0 and repcrted n the baance sheet under 'restrcted bank baances". The tcta
vaue c cash depcsts at the baance sheet dates reevant cr the year under revew (3! March,
30 June, 30 September, 3! December) vared between 6!6.2 bcn and 6!7.7 bcn (20!2 between
6!3.4 bcn and 6!9.5 bcn).



Deutsche Brse Group corporate report 2013



*$+


Deutsche Brse 0rcup tenyear revew

<==I <==F <==K
3%)+%4(U/'#U ();%,# +'/'#,#)'
Net revenue 6m !,395.5 !,6!6.4 !,899.6
therec net nterest nccme rcm bankng busness 6m 77.! !!2.7 !50.7
Cperatng ccsts 6m 869.9 9!0.9 879.!
Earnngs becre nterest and tax (EBlT) 6m 458.7 705.0 !,027.5
Net nccme 6m 266.! 427.4 668.7
Earnngs per share (basc) 6 !.!9
2)
2.00
2)
3.36
2)
3%)+%4(U/'#U ;/+@ R4%] +'/'#,#)'
Cash cws rcm cperatng actvtes 6m 439.6 667.7 843.4
3%)+%4(U/'#U Y/4/);# +@##'
Ncncurrent assets 6m 2,!62.7 2,007.8 !,907.6
Equty 6m 2,552.5 2,200.8 2,283.3
Ncncurrent nterestbearng abtes 6m 502.3 50!.6 499.9
^#&R%&,/);# ()U(;/'%&+
Dvdend per share 6 0.35
2)
!.05
2)
!.70
2)
Dvdend paycut ratc 28 49 50
Empcyees (average annua FTEs) 3,080 2,979 2,739
Net revenue per empcyee, based cn average FTEs 6 thcus. 453 543 694
Perscnne expense ratc (sta ccsts/net revenue) 24 25 22
EBlT margn, based cn net revenue 33 44 54
Tax rate 43.8 38.0 36.0
Return cn sharehcders' equty (annua average)
!6)
!0 !8 30
J@# +@/&#+
Ccsng prce c Deutsche Brse shares 6 22.!4
2)
43.28
2)
69.7!
2)
lverage market captasatcn 6bn 4.9 7.5 !!.7
"/'()* 6#Q R(*.&#+
0rcss debt / EBlTDl 0.8 0.6 0.4
lnterest ccverage ratc n.a. n.a. 58.5
Deutsche Brse l0 Standard & Pccr's Ratng ll ll ll
Cearstream Bankng S.l. Standard & Pccr's Ratng ll ll ll
Ftch Ratng ll ll ll
5/&6#' ()U(;/'%&+
2#'&/ /)U P&/)6R.&' 9'%;6 01;@/)*#
>GM

Tradng vcume 6bn !,0!4.3 !,!25.5 !,695.3
0.&#1
Number c ccntracts m !,065.6 !,248.7 !,526.8
34#/&+'&#/,
\aue c securtes depcsted (annua average) 6bn 7,593
!9)
8,752
!9)
9,203
!9)
Number c transactcns m 50.0
20)
53.9
20)
!04.7
0cba Securtes Fnancng
(average cutstandng vcume cr the percd) 6bn !36.4
2!)
2!0.9
2!)
30!.2
2!)

!) lmcunt restated tc reect the transtcn c the acccuntng pcces cr dened benet cbgatcns tc the revsed llS !9 2) lmcunt restated tc reect the capta n
crease n 2007 3) Therec 6449.8 mcn are repcrted under 'Cther current abtes" 4) Therec 6!,!60.0 mcn are repcrted under 'lnterestbearng abtes",
and the bcnds that w mature n nanca year 20!3 n the amcunt c 6577.4 mcn are repcrted under 'Cther current abtes". 5) Prcpcsa tc the lnnua 0en
era Meetng 20!4 6) ld|usted cr the lSE mparment charge 7) ld|usted cr the ccsts c ecency prcgrammes 8) ld|usted cr the ccsts c mergers and acqus
tcns and c ecency prcgrammes 9) Fgure based cn the prcpcsa tc the 20!4 lnnua 0enera Meetng !0) ld|usted cr the ccsts c the CFlC settement !!) ld
|usted cr tax ree resutng rcm the lSE mparment charge n 2009 !2) ld|usted cr tax ree resutng rcm the lSE mparment charge n 20!0 and ad|usted cr
620 mcn nterest cn expected tax payments !3) ld|usted cr the ncntaxabe nccme reated tc the revauatcn c the share ccmpcnent c the purchase prce pad
cr the acqustcn c the shares n Eurex Zrch l0 hed by Sl` 0rcup
Report on economic position
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*$*





<==O <==G <==H <=>= <=>> <=>< <=>?


2,4!6.0 2,497.4 2,039.4 2,0!5.8 2,!2!.4 !,932.3 !,9!2.3
230.8 236.8 97.4 59.4 75.! 52.0 35.9
!,075.2 994.8 !,396.8 !,500.2 962.2
!)
958.6 !,!82.8
!,345.9 !,508.4 637.8 527.8 !,!62.8
!)
969.4 738.8
9!!.7 !,033.3 496.! 4!7.8 855.2 645.0 478.4
4.70 5.42 2.67 2.25 4.60 3.44 2.60

839.6 !,278.9 80!.5 943.9 785.6 707.7 728.3

4,!64.0 4,544.9 5,25!.0 5,069.5 5,020.3
!)
5,!!3.9 8,796.9
2,690.2 2,978.3 3,338.8 3,4!0.3 3,!32.6
!)
3,!69.6 3,268.0
50!.0
3)
!,5!2.9 !,5!4.9 !,455.2 !,458.3 !,737.4
4)
!,52!.9

2.!0 2.!0 2.!0 2.!0 2.30 2.!0 2.!0
5)
5! 38 56
6)
54
6)7)
52
8)!3)
58
8)!3)!4)!6)
6!
9)
2,854 3,!!5 3,333 3,300 3,278 3,4!6 3,5!5
847 802 6!2 6!! 647 566 544
23 !7 !9 20
7)
!9
7)
2!
8)
22
!0)
56 60 3! 26 55 50 39
36.0 28.5 26.9
!!)
26.9
!2)
26.0
!3)
26.0
!4)
26.0
!0) !5)
39 4! !8 !4 30 22 2!

!35.75 50.80 58.00 5!.80 40.5! 46.2! 60.20
!8.4 !6.0 !0.2 !0.! 9.6 8.5 !0.0

0 !.0 !.3
6)
!.2
6)7)
!.!
8)
!.6
8)
!.5
8)
64.4 !8.9 !5.8 !6.8
!!)
!9.0
8)
!5.2
8)
20.!
8)
ll ll ll ll ll ll ll
ll ll ll ll ll ll ll
ll ll ll ll ll ll ll


2,552.5 2,229.! !,!20.6 !,298.3 !,459.8 !,!!!.3 !,!04.2

2,704.3
!7)
3,!72.7 2,647.4 2,642.! 2,82!.5 2,292.0 2,!9!.0

!0,504 !0,637 !0,346 !0,897 !!,!06 !!,!!! !!,626
!23.! !!4.3 !02.0 !!6.4 !26.3 !!3.9 !2!.0
332.7 398.8 483.6 52!.6 592.2 570.3 576.5

!4) ld|usted cr expenses reated tc the revauatcn c the share ccmpcnent c the purchase prce pad cr the acqustcn c the shares n Eurex Zrch l0 hed by
Sl` 0rcup, a cnec nccme rcm the reversa c deerred tax abtes cr STC`` Ltd. based cn a decscn by the Swss Fnanca Supervscry luthcrty and a cnec
nccme rcm the reccgntcn c deerred tax assets resutng rcm the uture pcssbe csettng c csses carred crward by Eurex 0cba Dervatves l0 !5) ld|usted
cr the nta reccgntcn c deerred taxes cn tax css carry crwards c a 0rcup ccmpany !6) Net nccme / average sharehcders' equty cr the nanca year
based cn the quarterend sharehcders' equty baance !7) Prc crma gure ncudng US cptcns c lSE !8) Fcrmery `etra Frankurt Specast Tradng, prcr tc
23 May 20!! ccr tradng. Snce C3/20!3, gure ncudes warrants and certcates (67.4 bn n the seccnd ha c 20!3), ccwng the termnatcn c the |cnt ven
ture Sccach. !9) \aue c assets under custcdy cn 3! December 20) Due tc a change n the statstca repcrtng prccedure n 2007, the gures are cny ccmparabe
tc a mted extent wth thcse rcm 2006 cnwards. 2!) lverage cutstandng vcume n December c the year
Deutsche Brse Group corporate report 2013



*$"

X5<+# 566#6Y ?$#5C6(&4 () #4,#$3$%-# 3#$)($854.#
Deutsche Brse 0rcup's ccmmerca actvty ccntrbutes tc prvate and pubc nccme ths ccntrbutcn
s made transparent n the vaue added statement. \aue added s cacuated by subtractng deprecatcn,
amcrtsatcn and mparment charges and thrdparty ccsts rcm the enterprse percrmance. ln 20!3,
the vaue added by Deutsche Brse 0rcup amcunted tc 6!,20!.! mcn (20!2 6!,378.9 mcn).
The breakdcwn c vaue added shcws that arge pcrtcns c the revenue generated cw back ntc the
eccncmy 33 per cent (6394.8 mcn) beneted sharehcders n the crm c dvdend payments, whe
40 per cent (6476.0 mcn) were perscnne ccsts n the crm c saares and cther remuneratcn ccm
pcnents. Taxes acccunted cr !4 per cent (6!72.9 mcn), whe 5 per cent (657.0 mcn) was at
trbutabe tc enders. The 8 per cent vaue added that remaned n the ccmpany (6!00.4 mcn) s
avaabe cr nvestments n grcwth ntatves, cr exampe (see the charts becw).


!"#$5<< 5--#--8#4, () ,/# #.(4(8%. 3(-%,%(4 ?9 ,/# OP#.+,%"# 0(5$6
Deutsche Brse 0rcup's resuts c cperatcns n nanca year 20!3 were wthn the range expected by
the Executve Bcard despte the ccntnung dcut eccncmc ccndtcns and market uncertanty. The
0rcup's net revenue decned by a sght ! per cent n tcta. Cperatng ccsts were negatvey mpacted
by speca actcrs, n partcuar the settement payment made tc CFlC by Cearstream and the ccsts c
ecency prcgrammes. ls expected, drven by hgher nvestments n grcwth ntatves, ad|usted cperat
ng ccsts were sghty up cn the prevcus year, as a resut EBlT and net nccme cr the percd were
scmewhat cwer than n the prevcus year.

The Executve Bcard beeves that Deutsche Brse 0rcup's nanca pcstcn was extremey scund n the
year under revew. ls n the prevcus year, the ccmpany generated hgh cperatng cash cws. ln spte c
the cwer EBlT, the nterest ccverage ratc met the target c at east !6 at 0rcup eve, snce the success
u renancng c the 0rcup's cngterm nanca abtes ed tc a sgncant reductcn n the nterest
expense. The 0rcup acheved an nterest ccverage ratc c 20.!. ln addtcn, Deutsche Brse ams tc
acheve a ratc c nterestbearng grcss debt tc EBlTDl c nc mcre than !.5 at 0rcup eve. Ths target
was asc met, even thcugh the 0rcup had expected that the ratc wcud sghty exceed the gure c
!.5 n 20!3.

Crgnatcn c vaue added

Dstrbutcn c vaue added


54 %
Value added
6 %
Depreciation and amortisation
40 %
External costs
Company performance: 2,212.2 million
8 %
Retained earnings
33 %
Shareholders
(dividends)
Value added: 1,201.1 million
14 %
Taxes
40 %
Personnel
5 %
External creditors
Performance indicators
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*$$

Ratng agences ccnrmed the 0rcup's credt quaty by awardng t exceent ratngs n 20!3. Hcwever,
the negatve cutcck cr Deutsche Brse l0 ntrcduced n December 20!2 remaned unchanged. The
man reascn cted by S&P was that the ratc c nterestbearng grcss debt tc EBlTDl had rsen tc abcut
!.6 n the rst nne mcnths c nanca year 20!3. Ftch changed the cutcck cr Cearstream rcm neg
atve tc stabe, gvng ts strengthened capta base as the reascn.

Deutsche Brse l0 has cered ts sharehcders attractve returns cr years and nanca year 20!3
s nc exceptcn. Wth a prcpcsed dvdend c 62.!0, the dstrbutcn tc sharehcders s at the prevcus
year's eve c 62.!0 despte cwer earnngs. Ccmpared wth the prevcus year, the dstrbutcn ratc
has ncreased rcm 58 tc 6! per cent (ad|usted cr speca tems n bcth cases), sghty n excess c
the upper end c the Executve Bcard's target range c between 40 and 60 per cent.


Repcrt cn pcstbaance sheet date events
There were nc matera events ater the baance sheet date.


Ncnnanca key percrmance ndcatcrs
O83<(9##-
Ccmmtted, hghy sked empcyees are cne c the ccrnerstcnes c Deutsche Brse 0rcup's busness
success. They master chaengng tasks and shape the ccrpcrate cuture wth ther sense c respcn
sbty, ther dedcatcn and exbty, as we as ther w tc dever cutstandng percrmance. Deutsche
Brse 0rcup ams tc make sure that sta wth these quates ccntnue tc |cn the ccmpany n the uture
and, deay, that they stay cr the cng term. Ths s why t ccntnues tc adcpt a sustanabe human
rescurces pccy.

Deutsche Brse 0rcup empcys an nternatcna team wcrkng at 22 ccatcns wcrdwde. ls at 3! Decem
ber 20!3, Deutsche Brse 0rcup had 3,8!! empcyees (3! December 20!2 3,704), the average num
ber c empcyees n the year under revew was 3,75! (20!2 3,654). Twc mutuay csettng eects
were at wcrk here cn the cne hand, the number c empcyees decreased as a resut c measures under



Empcyees per ccuntres/regcns
?> 7#; <=>? T
0ermany !,624 42.6
Luxembcurg 982 25.8
Czech Repubc 494 !3.0
Unted Kngdcm !!2 2.9
Rest c Eurcpe !59 4.2
Ncrth lmerca 3!0 8.!
lsa !22 3.2
Mdde East 8 0.2
J%'/4 7#.'+;@# -B&+# C&%.$ ?EG>> >==



Empcyees by segment
!)

?> 7#; <=>? ?> 7#; <=><
`etra 330 309
Eurex !,0!8 96!
Cearstream !,8!8 !,793
Market Data Servces 645 64!
J%'/4 7#.'+;@# -B&+# C&%.$ ?EG>> ?EO=I

!) ls a resut c the new segment structure as at ! January 20!3, scme bus
ness areas were transerred tc the new Market Data Servces segment,
especay rcm the `etra segment. The empcyees wcrkng n these busness
areas were asc reassgned see asc ncte 35 tc the ccnscdated nanca
statements. The 20!2 gures were ad|usted acccrdngy.
Deutsche Brse Group corporate report 2013



*$%

the twc prcgrammes tc ncrease cperatcna ecency datng rcm 20!0 and 20!3. The 20!0 prc
gramme (Exceence) ed, amcng cther thngs, tc cperatcns beng reccated rcm Frankurt/Eschbcrn
and Luxembcurg tc Prague and Sngapcre. ls a resut, the number c empcyees at these twc ccatcns
rcse by 32 (Prague) and !4 (Sngapcre) respectvey. Nevertheess there was a rse n the number c
pecpe empcyed at the man ccatcns, Frankurt/Eschbcrn (26) and Luxembcurg (9), because new
|cbs were created n ccnnectcn wth strategcay mpcrtant prc|ects such as the ntatves at Eurex
Cearng l0 and Cearstream. ln addtcn, Brse Frankurt Zertkate l0 (crmery Sccach Eurcpa l0)
was ccnscdated as at ! Juy 20!3, eadng tc an ncrease c !2 empcyees n Frankurt as at the
repcrtng date (ncuded n the 26 mentcned abcve). The sze c the wcrkcrce at the cther ccatcns
asc ncreased by 26, agan due tc the strategcay mpcrtant ntatves.

Tc recrut and retan the best taent cr the ccmpany n the cng term, Deutsche Brse 0rcup cers
exbe wcrkng tme mcdes. lncudng parttme empcyees, there was an average c 3,5!5 utme
equvaents (FTEs) durng the year (20!2 3,4!6). ls at 3! December 20!3, the prcpcrtcn c parttme
empcyees was hgher n the genera wcrkcrce than n management, and t was hgher amcng wcmen
than amcng men.

The ccmpany ams tc 20 per cent c upper and mdde management pcstcns and 30 per cent c
cwer management pcstcns wth wcmen by 2020. ls at 3! December 20!3, the prcpcrtcn c such
pcstcns ed by wcmen stccd at !3.9 per cent cr Deutsche Brse 0rcup wcrdwde (0ermany
!3.4 per cent) cr upper and mdde management pcstcns, and at 2!.7 per cent (0ermany !7.5 per
cent) cr cwer management pcstcns. ln crder tc ncrease the prcpcrtcn c wcmen n management
pcstcns, Deutsche Brse has adapted ts taent management prcgrammes and ts recrutment and
prcmctcn prccesses. lthcugh specc attentcn s pad tc ensurng that ncmnatcns cr management
pcstcns asc ncude wcmen, as a matter c prncpe, t s the empcyees' quacatcns that determne
hcw a pcstcn s ed. Deutsche Brse 0rcup asc cers a varety c cther nstruments tc devecp
emae empcyees actve successcn pannng, an externa and nterna mentcrng prcgramme, a
wcmen's netwcrk as we as ccachng and tranng speccay cr wcmen. Ten c the current 2! mem
bers c the 'hgh pctenta crce", Deutsche Brse 0rcup's prcgramme cr grcwng pctenta manage
ment taent, are emae (47.6 per cent). ln addtcn, the ssue c whether there are any remuneratcn
derences between wcmen and men s the sub|ect c reguar anayss. Ths has nct dented any
systematc dsadvantages cr wcmen. Rather, derences n remuneratcn are due tc quacatcns,
years c servce and unctcn.

The ccmpany cers a number c cptcns desgned tc acheve a gccd wcrke baance as part c ts Jcb,
Le & Famy ntatve


Cptcn tc wcrk rcm hcme (teewcrkng)

Emergency chdcare servce, whch was used n 0ermany cn a tcta c !87 days

l hcday cub cr schccchdren

ln emergency parentchd cce at the Eschbcrn and Luxembcurg ccatcns

Reservatcn c paces cr empcyees' chdren aged between sx mcnths and three years at a daycare
centre cr chdren n Eschbcrn, the number c dedcated paces depends cn demand n the ccmpany

ln 'Eder and Famy Care" prcgramme tc actate care cr amy members requrng care

The abty tc take sabbatcas ths cptcn was used by ve empcyees n 0ermany and Luxembcurg
n 20!3.



Performance indicators
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*$&

l tcta c 24 mae and 54 emae empcyees tcck parenta eave n nanca year 20!3, ncudng
twc mae and cur emae empcyees n management pcstcns. ln the year under revew, 26 mae
and 39 emae empcyees returned tc the ccmpany ater takng parenta eave, whe three emae
empcyees et the ccmpany ater ther parenta eave.

ln the year under revew, Deutsche Brse 0rcup suppcrted ts empcyees by subsdsng chdcare n the
amcunt c 6742 thcusand (20!2 6692 thcusand). l empcyees receve a mcnthy net sum c up tc
6255.65 per chd unt t s sx years cd cr starts schcc.

Mcrecver, presentatcns by specasts, wcrkshcps and ccachng cer empcyees ncrmatcn cn a varety
c ssues reatng tc achevng a wcrke baance as we as advce (e.g. cn stress management, nutrtcn,
cr care cr the sck and edery). Cne c the ams c these measures s tc ensure empcyees reman
heathy n spte c hgh wcrkcads and tc keep the sckness rate n the ccmpany tc a mnmum. ln ths
ccntext, a heath awareness day was crgansed n Eschbcrn and Luxembcurg wth a wde range c cer
ngs cr a empcyees. Deutsche Brse 0rcup's sckness rate was 3.4 per cent n the year under revew
(20!2 2.8 per cent).

ls at 3! December 20!3, 63.8 per cent c Deutsche Brse 0rcup empcyees were graduates (20!2
62.5 per cent). Ths gure s cacuated cn the bass c the number c empcyees hcdng a degree rcm
a unversty, unversty c apped scences, cr prcesscna academy, t asc ncudes empcyees whc
have ccmpeted ccmparabe studes abrcad. Deutsche Brse 0rcup cers ts sta a brcad pcrtcc c
prcesscna devecpment cppcrtuntes n the crm c nterna and externa tranng events. ln tcta, the
0rcup nvested an average c 2.7 days per empcyee n sta tranng.

Measured n terms c the average number c utme equvaent empcyees n the year under revew,
net revenue per empcyee decned by 4 per cent tc 6544 thcusand (20!2 6566 thcusand). Sta
ccsts per empcyee, ad|usted cr ecency prcgramme ccsts, rcse by ! per cent tc 6!!8 thcusand
Deutsche Brse 0rcup empcyees' age structure

Deutsche Brse 0rcup empcyees' age structure


2,393
1,418
by gender
male female
466
505
183 over 50 years
40 49 years
30 39 years
under 30 years
956
741
507
230 223
3,811
by location
Global thereof in
Germany
thereof in
Luxembourg
649
1,461
1,248
453
over 50 years
40 49 years
30 39 years
under 30 years
1,624
982
406
138
725
481
124
55
124
369
308
Deutsche Brse Group corporate report 2013



*$'

(20!2 6!!7 thcusand). The remuneratcn pad under the ccmpany's ccectve abcur agreement n
0ermany ncreased by 2.0 per cent n nanca year 20!3. Saares were asc ad|usted at the 0rcup's
cther ccatcns.

The average age c Deutsche Brse 0rcup's empcyees at the end c the year under revew was
40.6 years (20!2 40.4 years). The 'Deutsche Brse 0rcup empcyees' age structure" charts shcw
the empcyee age structure as at 3! December 20!3. l tcta c 222 empcyees et Deutsche Brse
0rcup and 3!0 |cned the 0rcup n the ccurse c the year, 267 c them cr rst tme. The sta turncver
rate was 5.9 per cent and therecre up sghty cn the prevcus year (20!2 5.7 per cent). The average
ength c servce at the end c the year under revew was !0.9 years (20!2 !0.6 years).

2<(?5< #83<(9## -+$"#9 %6#4,%)%#- -,$#4:,/- 546 5$#5- )($ %83$("#8#4,
ln Ncvember 20!3, Deutsche Brse 0rcup ccnducted an empcyee survey n whch a permanent
empcyees and managers c the 0rcup and ts ccnscdated subsdares were nvted tc take part.
Key gures cn Deutsche Brse 0rcup's wcrkcrce as at 3! December 20!3

C4%Y/4 '@#&#%R () C#&,/)Q '@#&#%R () [.1#,Y%.&*
Mae Femae Tcta Mae Femae Tcta Mae Femae Tcta

Empcyees
2,393 !,4!8 3,8!! !,023 60! !,624 6!! 37! 982
Upper and mdde
management
!67 27 !94 !0! !6 !!7 42 9 5!
Lcwer
management
!88 52 240 94 20 !!4 49 !8 67
Sta
2,038 !,339 3,377 828 565 !,393 520 344 864
Parttme empcyees
72 357 429 38 200 238 3! !32 !63
Upper and mdde
management
! 4 5 0 3 3 ! ! 2
Lcwer
management
2 8 !0 ! 3 4 ! 5 6
Sta
69 345 4!4 37 !94 23! 29 !26 !55
Dsabed empcyees
36 23 59 33 22 55 3 3
Prcpcrtcn c
graduates ()
67 58 64 68 54 63 56 49 53
lpprentces
4 8 !2 4 8 !2
lnterns and students
!)

!!8 !2! 239 !!2 !!0 222 4 !0 !4
Length c servce

Under 5 years ()
29 34 3! 20 23 2! !2 !4 !3
5 !5 years ()
5! 47 49 52 5! 52 6! 57 60
Cver !5 years ()
20 20 20 28 26 27 26 29 27
Sta turncver

Jcners
!87 !23 3!0 54 32 86 30 !9 49
Leavers
!36 86 222 46 26 72 2! !7 38
Tranng days per
sta member
2.4 3.3 2.7 2.3 2.4 2.3 2.8 4.8 3.5
Prcmctcns
!33 74 207 54 27 8! 30 !6 46
Empcyees ccvered by
ccectve barganng
agreements
!)

!,386 933 2,3!9 868 578 !,446 509 353 862
!) The gcba gures repcrted here reer scey tc the ccatcns n 0ermany, Luxembcurg and the Czech Repubc, ths ccrrespcnds tc 8! per cent c 0rcup sta.
Performance indicators
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*$(

The partcpatcn rate c 8!.6 per cent ccnrms that empcyees take an actve nterest n ther empcyer.
The resuts revea that, n mpcrtant areas such as empcyee ccmmtment and percrmancereated
suppcrt, Deutsche Brse 0rcup ranks bascay cn a eve wth, cr sghty abcve, cther nanca servces
prcvders and lT ccmpanes n Eurcpe. Custcmer ccus and the hgh prcduct and servce quaty
emerged as the ccmpany's strengths. The wcrkng envrcnment (tccs, tranng cppcrtuntes) receved
a very pcstve ratng and was perceved as a mctvatng actcr. lreas where empcyees thcught that
Deutsche Brse 0rcup cught tc mprcve ncude, cr exampe, crcssdepartmenta and crcsssegment
cccperatcn. Deutsche Brse has set up a 0rcupwde prc|ect crgansatcn, wth Executve Bcard
members actng as prc|ect spcnscrs, tc derve specc measures rcm the resuts c the empcyee
survey. The resuts w be dscussed n empcyee wcrkshcps and suggestcns cr mprcvement w
be devecped.

7(6# () #,/%.-


lmpcrtant basc prncpes and vaues crmng part c the 0rcup's ccrpcrate cuture are set cut n a
ccde c ccnduct at Deutsche Brse 0rcup, whch serves as a gudene cr a empcyees at every eve
c the 0rcup. Ths ncudes, as a matter c ccurse, respect cr human rghts and empcyee rghts.
Fcr exampe, Deutsche Brse 0rcup ccmpes wth nternatcna agreements such as the Unted
Natcns Unversa Decaratcn c Human Rghts, the CECD 0udenes cr Mutnatcna Enterprses
and the standards ssued by the lnternatcna Labcur Crgansatcn. ln addtcn, t has undertaken tc
mpement the ten prncpes c the UN 0cba Ccmpact n the areas c human rghts, abcur standards,
the envrcnment and antccrruptcn thrcughcut the 0rcup. Empcyees receve mandatcry ntrcductcry
tranng n ths area. ln 20!3, ve !6 hcurtranng sesscns tcck pace and were attended by a tcta c
!04 empcyees.


7($3($5,# $#-3(4-%?%<%,9
Deutsche Brse's ccrpcrate respcnsbty (CR) strategy, '0rcwng respcnsby", denes what t means by
ccrpcrate respcnsbty and ays dcwn the sccpe c actvty cr the entre 0rcup. Deutsche Brse ccuses
ts actvtes n ths ed cn cur areas the eccncmy, empcyees, the envrcnment and ccrpcrate ctzen
shp. Ths acws t tc take due acccunt c scca, ethca and ecccgca aspects when mpementng ts
eccncmc cb|ectves.

O.(4(89
ls a capta market crganser, Deutsche Brse 0rcup prcvdes ar market access as we as qud and
transparent tradng cr nvestcrs. lt reduces ncrmatcn asymmetres and uses hghy eectve nstru
ments tc manage ts custcmers' rsks. ln dcng sc, the 0rcup makes ts greatest vaue ccntrbutcn tc
sccety n ts prmary ccre busness c crgansng scund, transparent and secure capta markets wcrd
wde. l key eement c ths s cperatng and devecpng ts ntegrated busness mcde. ln acccrdance
wth ths, tcp strategc prcrty s gven tc nvestments n the avaabty and reabty c tradng systems,
n servces and technccges tc manage the rsk and qudty c market partcpants, and n ntatves
amed at appyng the hgh standards c the reguated market tc the argey unreguated cexchange
segment c the capta markets.

Because Deutsche Brse 0rcup sets standards n the market, eectve ccrpcrate gcvernance structures,
scund busness practce and ccmpance wth a aws, requrements and reguatcns pay a key rce n
ts cperatng busness. Ths s why, as a member c the UN 0cba Ccmpact, Deutsche Brse 0rcup s

Deutsche Brse Group corporate report 2013



*$)

ccmmtted tc mpementng the ten prncpes c the UN 0cba Ccmpact n the areas c human rghts,
abcur, standards, envrcnmenta prctectcn and antccrruptcn thrcughcut the 0rcup when desgnng
ts busness prccesses.

ln addtcn, Deutsche Brse 0rcup campagns cr greater transparency c sustanabty ncrmatcn cn
the gcba capta markets wth measures rangng rcm ntrcducng ts cwn transparency ntatves tc
suppcrtng campagns by cther payers n ths area cr prcmctng best practce n the market. lganst
ths backgrcund, Deutsche Brse 0rcup suppcrts the 0erman Sustanabty Ccde and has pubshed
an annua decaratcn c ccmpance wth t, cr the rst tme n 20!! and annuay snce then.

O83<(9##-
Deutsche Brse 0rcup takes ts respcnsbty as an empcyer sercusy, because ts busness success
s cunded cn the ccmmtment and percrmance c ts sta. The 0rcup pursues a respcnsbe, sustan
abe human rescurces pccy tc ensure that t ccntnues tc attract respcnsbe and mctvated pecpe
n the uture and, deay, tc retan them n the cng term. lmcng cther thngs, ts gcas ncude
enhancng the ccmprehensve 'Jcb, Le & Famy" prcgramme as we as speccay prcmctng
dversty and ccntnucusy expandng actve dacgue wth empcyees. (Fcr detas, see the prevcus
'Empcyees" sectcn.)

O4"%$(48#4,
lthcugh Deutsche Brse 0rcup s nct a manuacturng ccmpany and can therecre exert cny tte nu
ence cn cmate change, t s aware c the sgncance c ths ssue reductcns n greenhcuse gas ems
scns and the careu handng c rescurces are an mpcrtant part c ts ccmmtment tc greater sustana
bty. The ccus s cn ccntnucusy mprcvng the 0rcup's busness ecccgy thrcugh envrcnmentrendy
lT management as we as cn reducng ts energy, water and paper ccnsumptcn, and waste (cr detas
see the ccwng 'Sustanabty" sectcn).

7($3($5,# .%,%Z#4-/%3
Deutsche Brse 0rcup sees tse as a ccrpcrate ctzen and s ccmmtted tc ung ths rce, especay
at ts ccatcns. lts actvtes n ths area ccus cn educatcn and scence, cuture and scca nvcve
ment. When seectng prc|ects, t gves prcrty n partcuar tc nncvatve deas and ccncepts that asc
acw ts sta tc get nvcved. l chartabe ccntrbutcns are sub|ect tc 0rcupwde ccrpcrate ctzen
shp gudenes adcpted by the Executve Bcard. They prcvde a bndng ramewcrk that determnes
the nature and prcper handng c ccntrbutcns. Spcrts, prvate ndvduas, regcus nsttutcns and
pctca partes are nct egbe cr suppcrt (the cny exceptcn s the Pctca lctcn Ccmmttee c ts
lSE subsdary).


@+-,5%45?%<%,9
Deutsche Brse 0rcup asc ees ccmmtted tc sustanabe busness actvtes n partcuar. Exampes
ncude ntatves tc prcmcte the transparency c hcstc nvestment strateges cn the cne hand and
measures tc cptmse ts cwn sustanabty percrmance cn the cther.


Performance indicators
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*$!

B$54-35$#4.9>#4/54.%4: %4%,%5,%"#- )($ /(<%-,%. %4"#-,8#4, -,$5,#:%#-
@+-,5%45?<# %46#P 3$(6+.,-
Deutsche Brse 0rcup devecps ndex prcducts that are used by nvestcrs as a bass cr sustanabe
nvestments. The am s tc ncrease capta market transparency by mprcvng the ncrmatcn ava
abe and cerng a dverse ndex pcrtcc. The ndces ccus the attentcn c capta market partc
pants cn ccmpanes engagng n sustanabe busness practces.

ln 20!3, STC`` Ltd., a subsdary c Deutsche Brse l0, agan expanded ts range c sustanabty
ndces tc a tcta c !9. ln addtcn tc the exstng ndex ames STC`` ES0 Leaders (ES0 stands cr
'Envrcnment, Scca, 0cvernance") and STC`` Eurcpe Sustanabty, twc new ndces, the STC``
SDKPl ndces, have been ntrcduced. The new ndces acw nvestments n verscns c the eadng
Eurcpean equty ndces, EURC STC`` 50 and STC`` Eurcpe 50, that have been cptmsed cr sus
tanabty crtera. The STC`` ES0 Leaders ndex amy uses a ruebased seectcn mcde wth uy
transparent crtera. l uncrm mcde was devecped cn the bass c the 'KPls cr ES0 3.0" standard
pubshed by the D\Fl (the Sccety c lnvestment Prcesscnas n 0ermany) and data reeased by
Sustanaytcs, the eadng prcvder c sustanabty data. Ths mcde awards a ccmpanes n the
gcba STC``

0cba !800 equty ndex a ccnsstent and transparent sccre cr the ES0 crtera. The
crtera can be accessed cn www.stcxx.ccm.

ln addtcn, STC`` cacuates and markets cther ndces that track sustanabe nvestments cr the
0erman and Swss markets an aance wth Sarasn, a Swss prvate bank kncwn n partcuar cr
ts sustanabty research, has resuted n the Dl`gcba

Sarasn Sustanabty lndces cr 0ermany


and Swtzerand.

O8%--%(4- ,$56%4:
ln cccperatcn wth the Eurcpean Energy Exchange (EE`) n Lepzg, Eurex cperates a reguated, trans
parent marketpace cr tradng greenhcuse gas (CC
2
) emsscns. Ths marketpace heps market partc
pants tc meet ther cmate change targets under the Kyctc Prctccc mcre easy. Market partcpants cn
bcth exchanges can trade cn a ccmmcn patcrm and hedge aganst the rsks arsng rcm ther actvtes
cn the emsscns market. ln addtcn tc emsscn rghts, pcwer, gas and cca dervatves are asc traded
cn the EE` markets.

EE` started tradng n 0uarantee c Crgn certcates cr green pcwer n June 20!3. These types c
certcates prcve that a megawatt hcur c pcwer has been generated rcm renewabe scurces. They are
ssued excusvey cr the purpcse c dentcatcn and transparency. The aunch c exchange tradng cn
the EE` dervatves market s an mpcrtant mestcne tcwards greater transparency n a market that was
prevcusy excusvey based cn cvertheccunter tradng.

A4)($85,%(4 8#6%5
Deutsche Brse 0rcup has pubshed a Mcnthy Carbcn Repcrt snce Cctcber 20!0, whch prcvdes
ncrmatcn cn the extent c CC
2
emsscns n the energy sectcr and n ndustry and thus prcvdes un
damenta data tc anaysts and traders n the CC
2
tradng envrcnment.

EE` cperates a centra and neutra patcrm kncwn as Transparency n Energy Markets, eaturng
generatcn data cr pcwer and gas. By upcadng ther data, market partcpants meet bcth ther ega
dsccsure requrements and the vcuntary cbgatcns cr the sectcr.

Deutsche Brse's ncrmatcn pcrta cr sustanabe securtes (lNW) heps bcth reta and nsttut
cna nvestcrs ncude sustanabty crtera n ther nvestment decscns. Ths ree servce s part

Deutsche Brse Group corporate report 2013



*%+

c www.bcerserankurt.de. lt pccs ncrmatcn cn a sustanabe prcducts tradeabe at Deutsche
Brse (.e. equtes, ndces, nvestment unds and certcates) cn a snge patcrm. ln addtcn tc ccm
panyspecc master data and key nanca ndcatcrs cr !,800 gcba ccmpanes n the gcba STC``
unverse, the ncrmatcn pcrta ccntans suppementary ES0 ndcatcrs and data rcm the Carbcn
Dsccsure Prc|ect, a ncnprct crgansatcn whch mantans the wcrd's argest database c ccrpcrate
cmate ncrmatcn.

=#5-+$#- ,( (3,%8%-# *#+,-./# 01$-#[- (&4 -+-,5%45?%<%,9 3#$)($854.#
O4#$:9>#))%.%#4, AB 8545:#8#4,
Deutsche Brse 0rcup us ts rce as marketpace crganser prmary by devecpng and cperatng
lT scutcns. Fcr ths reascn, lT management s an area that cers partcuar pctenta cr mprcvng
sustanabty percrmance. The gudng prncpe behnd sustanabe lT management at Deutsche Brse
0rcup s tc acheve the maxmum pcssbe cperatng ecency, .e. tc cptmse server and stcrage sys
tem utsatcn and reduce backup systems tc the extent that market requrements cr system securty
and speed permt. lncther cb|ectve s tc ensure that the servers currenty beng depcyed are used
ccntnucusy pcssbe by actvey baancng the cad.

Deutsche Brse 0rcup's server rccms n Frankurt/Man have a exbe prce system that enabes the
strct separatcn c ccd suppy ar and hct exhaust ar, kncwn as ccd ase ccntanment. Ths prce
system prevents ccd and warm ar rcm mxng, thus savng the energy that wcud have been used tc
ccc t cr heat t agan. ln addtcn, the use c brecptc rather than ccpper cabes and drect cccng
c the server rccms permanenty reduce pcwer ccnsumptcn. ln 20!3, a servers at the Equnx data
centre were supped wth !00 per cent envrcnmentay rendy hydrceectrc pcwer. lt the Luxem
bcurg ccatcn, the data centre s stuated underneath the cce budng. Ths acws an especay
ecent use c energy, as the exhaust ar rcm the servers s used tc heat the cce premses. Here
tcc, urther energy savngs are acheved by cccng the server rccms drecty wth cutdccr ar. Cutsde
the data centres, tcc, the ccus s cn sustanabe, energyecent lT scutcns. Fcr exampe, thn
cents (netwcrk ccmputers wthcut hard drves) are used thrcughcut the 0rcup and the hardware
(awarded the 'Energy Star" abe) s seected speccay cr ts cng espan and ecccgca certcatcn.
ln 20!3, CC
2
emsscns went dcwn 30 per cent thrcughcut the 0rcup, n partcuar due tc a new green
pcwer agreement n Luxembcurg.

;#-(+$.#>#))%.%#4, ?+-%4#-- #.(<(:9
Fcr Deutsche Brse 0rcup, envrcnmenta prctectcn s an unccndtcna ccmmtment tc preservng the
natura envrcnment and rescurces. The 0rcup ams tc reccrd ts cwn 'ecccgca cctprnt" as accuratey
as pcssbe and tc steady reduce t. Facty management s hghy reevant n ths regard.

The ctes c Frankurt/Man and Darmstadt and the FrankurtRhenMan Regcna luthcrty ccnerred
the '0reen Budng 20!3" archtecture award cn the 0rcup's headquarters cr ts ecccgcay nncvatve
desgn, reccgnsng t as a pcneer n sustanabe ccnstructcn. The budng has twc nterna bcgas
ccmbned heat and pcwer pants cr generatng eectrcty (ccverng up tc 60 per cent c the budng's
cwn pcwer ccnsumptcn), an aquer heat stcrage system, a hghy ecent heat reccvery system and
eectve budng autcmatcn. Renewabe scurces c energy and regcna budng materas wth a hgh
recyced ccntent were used n ts ccnstructcn. Cearstream's budng ccmpex 'The Square" was the
rst estabshed prcperty n Luxembcurg tc receve the 'NF Btments Tertares Demarche HCE"
sustanabty certcate.


Performance indicators
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*%*

Cther ntatves tc mprcve the 0rcup's busness ecccgy ccus cn reducng greenhcuse gas emsscns,
water and paper ccnsumptcn and waste. They ncude


Usng shutte buses between the Eschbcrn and Luxembcurg stes tc cut dcwn cn ndvdua trps

Cerng |cb tckets cr cca pubc transpcrt tc sta n Eschbcrn

Usng vdecccnerencng nstead c busness trave

lutcmatcay presettng prnters cr dcubesded prntng

Reducng the number c prnted pubcatcns

Sendng etters and parces at the Frankurt ste and parces at the Luxembcurg ste va the Deutsche
Pcst and DHL '0c 0reen" ntatve

Crgansng 0rcupwde '0reen Days" tc rase awareness c envrcnmenta ssues amcng sta

7(6# () .(46+., )($ -+33<%#$-
l sustanabty agreement between Ccrpcrate Purchasng and Deutsche Brse 0rcup's suppers and
servce prcvders has been n pace snce the end c 2009 and requres mandatcry ccmpance wth
basc ega prncpes and rues c ccnduct, such as respect cr human rghts and empcyee rghts. The
agreement asc mpcses ecccgca and scca requrements cn the 0rcup's servce prcvders. Suppers
acccuntng cr arcund 95 per cent c the 0rcup's gcba purchasng vcume had sgned ths ccde c ccn
duct by the end c 20!3, cr submtted vcuntary cbgatcns that ccver cr exceed the pcnts sted. The
suppers are assessed at reguar ntervas as part c the busness reatcnshp, the evauatcn crtera
ncude eccncmc, ecccgca and ethca sustanabty ssues.

;#-3(4-%?<# 3$(.+$#8#4,
Startng wth the materas prccurement stage, Deutsche Brse 0rcup makes sure t buys excusvey en
vrcnmentay ccmpatbe prcducts wherever pcssbe. These ncude FSC paper, recyced tcner and cther
cce ccnsumabes, as we as sma appances that have been awarded 'Bue lnge" cr 'Energy Star"
envrcnmenta certcatcn.

@+-,5%45?%<%,9 %46%.#-
Sustanabty ndces and ratngs assess the repcrtng and percrmance c ccmpanes n the area c sus
tanabty. They measure ecccgca, scca and ccrpcrate gcvernance percrmance and rate ccmpanes'
endtcend management c cppcrtuntes and rsks. Fcr nvestcrs wth a ccus cn sustanabty, the re
suts c these ratngs ncreasngy pay a rce n ther assessment c ccmpanes cn the capta markets.
Deutsche Brse 0rcup s reguary anaysed by servce prcvders, such as Rcbecc SlM, Sustanaytcs,
ElRlS, cekcm, \gec and Sarasn. lt has percrmed we n varcus sustanabty ratngs and rankngs,
and ths has repeatedy ed tc Deutsche Brse shares beng ncuded n the ccwng sustanabty ndces


Dcw Jcnes Sustanabty lndces (DJSl) n DJSl Eurcpe snce 2005, resut c Rcbecc SlM ratng
ccmpany sccre 60, average sectcr sccre 44 (hcwever snce 20!3 nc cnger ncuded n the DJSl
Wcrd lndex)

FTSE40ccd lndex n the Eurcpe lndex snce 2009

Carbcn Dsccsure Leadershp lndex (CDLl) snce 2009, sccre 9! cut c !00, ncuded n the Cmate
Dsccsure Leadershp lndex (CDLl)

STC`` ES0 Leaders lndex snce 20!! (aunch year). The entrey ruebased and transparent STC``
ratng mcde means that there s nc ccnct c nterests, resut c Sustanaytcs ratng tcta sccre c 69
(E 69, S 72, 0 69), rankng 6th cut c 96 ccmpanes

ECPl Ethca lndex Eurc snce 2008

MSCl Wcrd ES0 lndex snce 20!0

ESl lndex snce 20!2

Deutsche Brse Group corporate report 2013



*%"

7($3($5,# $#-3(4-%?%<%,9Y C#9 3#$)($854.# %46%.5,($- )($ *#+,-./# 01$-# 2$(+3
Based cn a materaty anayss c ts busness mcde, Deutsche Brse 0rcup has determned that the
ncnnanca key percrmance ndcatcrs shcwn n the tabe becw are matera tc the 0rcupwde
sustanabty prce. Data cr key ndcatcrs reatng tc transparency and securty has been ccated
quartery snce 20!3 and s audted externay and dsccsed n the nterm repcrts.

7(835$%-(4 &%,/ ,/# )($#.5-, )($ DNKJ
Wth regard tc ncnnanca percrmance ndcatcrs, the 0rcup was abe tc mantan ts very hgh eve
c system avaabty. The cb|ectve tc reach a 30 per cent prcpcrtcn c wcmen n cwer and 20 per
cent n mdde and upper management by 20!5 was xed cr the year 2020, n crder tc ntegrate the
devecpment tcwards a hgher prcpcrtcn c wcmen at these eves ntc the ccrpcrate cuture and tc
dene eectve measures. The prccnged percd cr ths structura change s deemed apprcprate rcm
tcday's perspectve.

Ccrpcrate respcnsbty key gures cr Deutsche Brse 0rcup
<=>? <=><

J&/)+$/&#);Q
Prcpcrtcn c ccmpanes repcrtng n acccrdance wth maxmum transparency standards (by
market captasatcn)
!)
8! 83
Number c cacuated ndces !0,5!3
2)
!!,393
Number c sustanabe ndex ccncepts 23 !9
9#;.&('Q /)U &#4(/Y(4('Q
System avaabty c the `etra

tradng system 99.999 99.998
System avaabty c the Eurex

tradng system (resp. c ts successcr T7) 99.969 99.999


Market rsk ceared va Eurex Cearng (grcss mcnthy average) 6bn !5,86! !5,080
3)
9.$$4(#& ,/)/*#,#)'
Share c revenue generated wth suppers/servce prcvders that have sgned the Ccde c
Ccnduct cr have made vcuntary ccmmtments cver and abcve thcse requred under the Ccde 95.3 94.3
3%,$4(/);#
Punshed cases c ccrruptcn 0 0
Prcpcrtcn c busness unts revewed cr ccrruptcn rsk !00 !00
Number c empcyees traned n antccrruptcn measures
4)
372 !,!33
Number c |usted custcmer ccmpants reatng tc data prctectcn 0 0
0):(&%),#)'


Energy ccnsumptcn
5)
MWh 74,662 73,062
6)
0reenhcuse gas emsscns t 20,437 29,452
therec travebased greenhcuse gas emsscns t 6,222 6,304
Water ccnsumptcn
7)
m 67,932 63,757
Paper ccnsumptcn
8)
t !0! !!3
Cash vaue c matera admnstratve nes and tcta number c ncnmcnetary penates due tc
ncnccmpance wth ega requrements n the envrcnmenta area 6 0 0
3%&$%&/'# ;('(_#)+@($
Ccrpcrate respcnsbty prc|ect expenses per empcyee
9)
6 730 850
Ccrpcrate vcunteerng days per empcyee days 2 2


!) Ratc c the market captasatcn c ccmpanes sted n the Prme Standard (shares) tc the market captasatcn c a ccmpanes sted cn the Frankurter Wert
paperbrse (FWB

, Frankurt Stcck Exchange) 2) ln 20!3 nc drect ccmparscn tc prevcus years numbers pcssbe due tc new cacuatcn base rcm a new sys
tem 3) ld|usted cr changes n cacuatcn methcdccgy cr Eurex Repc n the year under revew 4) ln addtcn tc nta tranng cr new recruts, ccmpance tranng
s percrmed at twcyear ntervas. ls a resut, the number c empcyees may der sgncanty n a drect yearcnyear ccmparscn. 5) The energy ccnsumptcn re
pcrted ccmprses drect and ndrect energy ccnsumptcn. 6) ld|usted due tc mprcved quaty c data 7) The water ccnsumptcn repcrted ccmprses cny the vcume
c water scurced rcm muncpa uttes. 8) The paper ccnsumptcn repcrted cny reates tc cce requrements. 9) Fcr membershps, dcnatcns, spcnscrng and
ccmmuncatcn, dces nct ncude scca benets cr speca eave expenses cr ccrpcrate vcunteerng
Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*%$

Rsk repcrt
Deutsche Brse 0rcup's ccre area c expertse ncudes scutcns that enabe ts custcmers tc ecenty
manage rsk and ccatera. lt s therecre even mcre mpcrtant cr the 0rcup tc prctect tse aganst rsks.
Ths sectcn c the ccmbned management repcrt shcws hcw the ccmpany deas wth rsks. Despte the
ccntnung dcut eccncmc envrcnment and reguatcry devecpments, whch w be brey descrbed
n the rst sectcn c ths rsk repcrt, the rsk prce n the year under revew has remaned argey stabe.

Management urther strengthened rsk management n 20!3. The seccnd sectcn c ths rsk repcrt ex
pans the enhanced rsk management strategy and shcws hcw the 0rcup manages ts rsks.

ln the thrd part c ths rsk repcrt, the 0rcup descrbes the man types c rsk and prcvdes exampes c
hcw t assesses and manages them. ln addtcn tc the rsk repcrt, the 0rcup sets cut ts uture prcspects
n the repcrt cn cppcrtuntes.

Deutsche Brse 0rcup ncudes, amcng cther ccmpanes, Cearstream Bankng S.l. and Cearstream
Bankng l0, whch crm part c the Cearstream Hcdng grcup (herenater 'Cearstream"), and Eurex
Cearng l0. These nanca nsttutcns are sub|ect tc bankng supervscn and ccrrespcndng statutcry
requrements, and therecre aready meet the strctest requrements cr rsk management (cr detas cn
the requrements, see the 'Rsk management envrcnment" sectcn). l c the cther ccmpanes n the
0rcup are agned wth the hghest standard cr ccmparabe ccmpanes ('bestncass"). Rsk manage
ment acrcss the 0rcup therecre meets the hghest standards.

Wth ts range c rsk management servces, Deutsche Brse 0rcup ams tc make a sustanabe ccntrbu
tcn tc sccety, n partcuar by ensurng ntegrty and saety cn the markets n ts unctcn as a capta
markets crganser and by ncreasng the dstrbutcn ecency c the markets thrcugh ts prce dsccvery
unctcn. Fcr ts custcmers, Deutsche Brse 0rcup asc percrms mpcrtant rsk management unctcns,
such as prcvdng cent asset prctectcn scutcns, and thus ccntrbutes tc the ecency and systemc
stabty c capta markets. The 0rcup's rsk management ensures that t can ccntnucusy cer these
servces.


;%-C 8545:#8#4, #4"%$(48#4,
The acut rcm the nanca crss has ed tc ncreased reguatcn c nanca markets, the new regua
tcns aect Deutsche Brse 0rcup bcth drecty and ndrecty thrcugh ts cents. Cn the cne hand, the
changed reguatcry envrcnment cers the 0rcup cppcrtuntes, as a marketpace crganser, t certany
ccntrbutes sgncanty tc the desred stabty, ntegrty and transparency c the capta markets (see
the repcrt cn cppcrtuntes). Cn the cther hand, the mpementatcn c new reguatcns such as the
amendment tc the Eurcpean Uncn's MFlD reguatcn and the attempts tc ntrcduce a nanca trans
actcn tax mean ccnsderabe burdens as we as busness rsks cr the 0rcup.

ln partcuar, the reguatcry requrements cr the rsk management c nanca nsttutcns have been ex
tended. Exampes are the Mndestancrderungen an das Rskcmanagement (MaRsk, 0erman mnmum
requrements cr rsk management), the 0esetz zur lbschrmung vcn Rsken und zur Panung der Sane
rung und lbwckung vcn Kredtnsttuten und Fnanzgruppen (Rsklbsch0, 0erman lct cn Rngencng
and Reccvery and Rescutcn Pannng cr Credt lnsttutcns and Fnanca 0rcups), rsk management re
qurements set cut n the Eurcpean Market lnrastructure Reguatcn (EMlR), the prncpes cr nanca
market nrastructure c the Fnanca Stabty Bcard (FSB) and the lnternatcna Crganzatcn c Secur
tes Ccmmsscns (lCSCC), and the act mpementng the Capta Requrements Drectve (CRD l\). The
Deutsche Brse Group corporate report 2013



*%%

prncpes c the FSB and lCSCC n partcuar pace demands cn the rsk management c nanca mar
ket nrastructures. The CRD l\ ccud mean that reguated nanca nsttutcns wcud have tc repcrt
hgher equty thanks tc measures such as everage ratc (put smpy a mnmum ratc c equty tc un
weghted tcta assets pus cbaance sheet rsk pcstcns), whch wcud ncrease the ccst c equty.

These reguatcns asc drecty aect the nanca nsttutcns c the 0rcup, Cearstream and Eurex
Cearng l0, ths appes n partcuar tc the MaRsk rcm Bundesanstat r Fnanzdenstestungs
auscht (BaFn, the 0erman Federa Fnanca Supervscry luthcrty), whch was mcst recenty revsed
n December 20!2. Ths was 'Par ll" under Base ll dctates tc banks hcw they must crganse ther
rsk management system, and therecre asc appes tc Cearstream and Eurex Cearng l0. lt sets cut
the prncpes gcvernng hcw much equty a bank must hcd cr ts busness tc ccver ccunterparty credt
rsk, market rsk and cperatcna rsk, and stpuates ccndtcns cr cutscurcng, ccmpance and audtng.
ln addtcn, Cearstream and Eurex Cearng l0 have prepared reccvery pans n acccrdance wth the
Rsklbsch0. lbcve and beycnd ths requrement, Deutsche Brse 0rcup s asc currenty and vcuntary
devecpng a 0rcupwde reccvery pan cr the event that ths shcud be necessary at Cearstream and
Eurex Cearng l0.

There are asc busness rsks cr Deutsche Brse 0rcup rcm the new reguatcns. Ths s because
the new reguatcns change the structure c the entre nanca system. Fcr exampe, a aw was passed
n the summer c 20!3 n 0ermany requrng banks tc cutscurce prcpretary tradng tc ndependent
ccmpanes as c 20!6. ln December 20!3, Brtan passed a b tc rngence the reta bankng system.
lt the same tme, what s kncwn as the \ccker rue was adcpted n the Unted States amed at restrct
ng prcpretary tradng there and curbng specuatve transactcns. The Rsklbsch0 has smar gcas.
Deutsche Brse 0rcup weccmes reguatcry measures that reduce systemc rsks. Wth ts prcducts and
servces, the 0rcup ccntrbutes sgncanty tc ncreasng system stabty.

ln ght c the new reguatcry requrements, Deutsche Brse 0rcup has ccmped a ccmprehensve pan
cr enhancng ts rsk management (rsk management mpementatcn pan) n crder tc ccntnue tc prc
vde the hghest pcssbe standard. l arge part c the dened measures w be mpemented n 20!4
(cr a mcre detaed descrptcn c the measures, see the 'Cutcck" sectcn).


;%-C -,$5,#:9 546 $%-C 8545:#8#4,
Deutsche Brse 0rcup's rsk strategy s agned wth ts busness mcde and busness strategy. lt prcvdes
the nrastructure cr reabe and secure capta markets, asssts ccnstructvey n ther reguatcn and
takes a eadng rce n a c ts busnesses areas. ln the prccess, the 0rcup ccuses cn ts rsk appette
and rskbearng capacty. lt ccnsccusy assumes rsks n crder tc satsy market needs and maxmse
busness cppcrtuntes. Hcwever, t curbs ths appette wth a dened upper mt cn the rsks t takes.

Management urther strengthened and recrgansed rsk management n 20!3. The bass cr nterna rsk
management s the 0rcupwde strategy cr detectng and mnmsng rsks, whch s ccused cn what
s kncwn as rsk appette. Each dvscn s ndvduay respcnsbe cr managng ts rsks as part c the
0rcupwde rsk management reguatcns, the Executve Bcard c Deutsche Brse 0rcup has cvera
respcnsbty and steers the 0rcupwde rsk management system n crder tc take pcssbe nteractcns
ntc acccunt and tc make use c synerges. lmcng cther thngs, ths cccrdnated prccess ensures that
Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*%&

The 0rcup and ts ccmpanes act qucky and eectvey n the event that a snge system as, cr even
severa systems a smutanecusy. Ths sectcn c the rsk repcrt shcws hcw the 0rcup has estabshed
rsk management as an ntegra part c ccmpany management actvtes, and that t has estabshed three
prncpes cr the rsk strategy, as we as settng cut the apprcaches and methcds used by the 0rcup tc
reguary mcntcr and manage ts rskbearng capacty and rsk appette.

A83<#8#4,5,%(4 %4 ,/# ($:54%-5,%(45< -,$+.,+$# 546 &($C)<(&
The rsk strategy appes tc the entre Deutsche Brse 0rcup. Rsk management unctcns, prccesses
and respcnsbtes are bndng cr a empcyees and crgansatcna unts c Deutsche Brse 0rcup.
Tc ensure that a empcyees take a careu apprcach n deang wth rsks, rsk management s rmy
anchcred n the crgansatcna structure and wcrkcws and s suppcrted by ccrrespcndng measures,
such as rsk management tranng. The Executve Bcard s respcnsbe cr rsk management cvera,
wthn ndvdua ccmpanes t s the respcnsbty c the management, whch ensures t s cut uy
up tc date n a tmey manner wth a c ts rsks.

The Supervscry Bcard c Deutsche Brse l0 mcntcrs the eectveness c the rsk management system
and examnes ts rsk strategy and rsk appette cn a yeary bass. The Supervscry Bcard has deegated
the evauatcn tc ts ludt Ccmmttee, whch reguary assesses the apprcprateness and eectveness c
the rsk management system. Tc mcntcr the mpementatcn c the rsk management rcadmap, the Su
pervscry Bcard has estabshed an nterm Rsk Management Rcadmap Ccmmttee.

Rsk management structura crgansatcn and repcrtng nes

Supervisory Board of Deutsche Brse AG
Monitors the effectiveness of the risk management system
Evaluates the risk strategy and risk management system
Audit Committee
Monitors the effectiveness of the risk management system
Evaluates the risk strategy and risk management system
Risk management functions
1)
Identify, notify and control
Risk management functions
1)
Identify, notify and control
Executive Board of Deutsche Brse AG
Decides on risk strategy and appetite
Interim Risk Management Roadmap Committee
Monitors implementation of the risk management roadmap
Risk Committee
Continuously monitors the overall risk prole
Chief Risk Ofcer / Group Risk Management
Assess and monitor risks, report to Executive Board and
Supervisory Board
Supervisory Boards
Monitor the effectiveness of risk management systems and
evaluate risk strategy
Executive Boards
Responsible for the risk management of their institution
Group-wide Financial institutions
Clearstream and Eurex Clearing AG
1) These include, for example, the divisions Credit and Treasury.
Chief Risk Ofcers
Manage risks in day-to-day operations and report to their
own committees and the Group
Deutsche Brse Group corporate report 2013



*%'

The Executve Bcard c Deutsche Brse l0 (n ts capacty as the 0rcup Executve Bcard) determnes
the 0rcupwde rsk strategy and rsk appette and accates the atter tc the ccmpany's unts. lt ensures
that the rsk appette s and remans ccmpatbe wth the ccmpany's shcrt and cngterm strategy,
busness and capta pannng, rskbearng capacty and remuneratcn systems. Based cn the para
meters used tc assess rsks, t asc determnes hcw the rsk capta s accated and what prccedures
appy. lt ensures that each busness unt ccmpes wth these requrements cr rsk strategy, rsk appette
and rsk mts.

The Rsk Ccmmttee revews the rsk pcstcn c the 0rcup at east cnce every quarter and nvcves
the Executve Bcard n a decsve questcns. The Ccmmttee s chared by the Che Fnanca Ccer.
lt asc ncudes Executve Bcard members c the Cearstream, Eurex and Eurex Cearng l0 subsd
ares. ln addtcn, t reguary checks the current eves c a parameters tc ensure they are sutabe,
and, as necessary, makes reccmmendatcns tc the Executve Bcard as tc what measures shcud be
used tc ad|ust these parameters.

0rcup Rsk Management (0RM) s headed by the Che Rsk Ccer (CRC). lt prepares the prcpcsas
cr the rsk evers, .e. the strategy, appette, parameters, capta accatcn and prccedures. 0RM
ccntnucusy anayses and evauates rsks and repcrts quanttatvey and quatatvey tc the Rsk
Ccmmttee, Executve Bcard and the ludt Ccmmttee c the Supervscry Bcard every quarter. ln
ths way, the respcnsbe bcdes can reguary check whether the rsk mts dened n the strategy
are systematcay adhered tc. ln addtcn, 0RM reccmmends measures tc mtgate rsks.

The reguated subsdares act n the same way, aways ensurng that they meet the requrements c the
0rcup. ln partcuar, they adhere tc the ramewcrk cr rsk appette accated tc them by Deutsche Brse
0rcup. The reevant supervscry bcards and ther ccmmttees are nvcved, as are the executve bcard
members and rsk management unctcns n the varcus dvscns. Cearstream and Eurex Cearng l0,
the 0rcup's nanca nsttutcns, mpement the rsk strategy usng ther cwn strateges that they derve
rcm t. ln ne wth ths, they use parameters and repcrtng crmats that are ccmpatbe wth the hgher
eve 0rcupwde structure. lt Cearstream, respcnsbty es wth the executve bcard c Cearstream
Hcdng l0, supervsed by the supervscry bcard, as we as the ccrrespcndng gcvernng bcdes c
Cearstream Bankng S.l. and Cearstream Bankng l0, at Eurex Cearng l0, respcnsbty agan es
wth the executve bcard, whch s asc mcntcred by the supervscry bcard.


Ccurse c the vestage rsk management system

Responsibility
Executive Board
Risk Committee
Group Risk Management
Business areas
Risk management strategy and appetite
Risk prole
Risk management process
1. Identify 2. Notify 4. Control
3. Assess 5. Report
Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*%(

7#4,$5<<9 .(($6%45,#6 $%-C 8545:#8#4, %4 )%"# -,5:#-
Rsk management s mpemented n a vestage prccess. l pctenta csses shcud be dented n
gccd tme, reccrded centray and evauated quanttatvey as ar as pcssbe, necessary, management
measures must then be reccmmended and ther mpementatcn mcntcred (see the 'Ccurse c the
vestage rsk management system" chart). The rst stage determnes the rsks and pcssbe causes c
css cr cperatcna htches. ln the seccnd stage, the busness dvscns reguary and mmedatey,
urgent repcrt tc 0RM the rsks that they determne and quanty. ln the thrd stage, 0RM assesses the
pctenta cr rsk, whe n the curth stage, the busness dvscns manage the rsks by avcdng, mtgat
ng, cr transerrng them, cr by actvey takng them. The th and na stage nvcves ncrmng the re
spcnsbe Executve Bcard members and ccmmttees c sgncant rsks, ther assessment and pcssbe
emergency measures. ln addtcn tc the quartery repcrts, 0RM ccmpes ad hcc repcrts cr the executve
bcards and supervscry bcards. lt Cearstream and Eurex Cearng l0, the ccrrespcndng rsk manage
ment unctcns repcrt tc the executve bcards and supervscry bcards. lnterna ludtng mcntcrs that
the rsk management system s adhered tc.

Management at Cearstream and Eurex Cearng l0 are ncrmed quartery abcut ther respectve ccm
pany's rsk stuatcn and capta rescurces. Lke the reguatcrs, management asc receve an annua re
pcrt n ne wth the lnterna Capta ldequacy lssessment Prccess (lCllP). ln ccmpance wth Par lll
requrements under Base ll, Cearstream and Eurex Cearng l0 asc repcrt n deta cn ther busness
actvtes. ln partcuar, they reguary ncrm the supervscry authcrtes c ther rsk management meth
cds and capta rescurces assessment. The lCllP repcrt and the repcrt cn busness actvtes are asc
made avaabe tc the pubc.

B/$## 3$%4.%3<#-
Deutsche Brse 0rcup's rsk strategy s based cn three prncpes

K\ ;%-C <%8%,5,%(4 ] 3$(,#.,%4: 546 #4-+$%4: .(4,%4+%,9 () (3#$5,%(4-
'Capta s expected tc be exhausted nc mcre than cnce n 5,000 years, an cperatng css may cccur nc
mcre than cnce every hundred years." lcccrdngy, cne gca s tc ensure a prcbabty c 99.98 per cent
cr mcre that the tcta capta w nct be cst. lncther s tc ensure a prcbabty c 99.0 per cent cr mcre
that Deutsche Brse at east breaks even n terms c ts net nccme as measured at the EBlT eve. Thus,
ths prncpe estabshes hcw much rsk the 0rcup must be abe tc wthstand and asc the eve c rsk
appette that t has.

D\ @+33($,%4: :$(&,/ %4 ,/# "5$%(+- ?+-%4#-- 6%"%-%(4-
'Rsk management suppcrts the busness dvscns n expandng ther busness." Wth ths prncpe,
the 0rcup strengthens ts grcwth strategy by requrng that rsks are dented and ceary ccmmuncated.
ln ths way, t ams tc make ncrmed strategc decscns wthn the ramewcrk c the rsk appette that
t has dened.

J\ ^33$(3$%5,# $%-C_$#,+$4 $5,%(
'The return cn equty shcud exceed the ccst c equty." Deutsche Brse 0rcup has set tse the gca that
rsk and return shcud be reascnaby baanced, nct cny cr each busness dvscn n genera, but asc
cr each ndvdua regcn, prcduct and custcmer.


Deutsche Brse Group corporate report 2013



*%)

;%-C 8545:#8#4, 533$(5./#- 546 8#,/(6-
Deutsche Brse 0rcup uses varcus quanttatve and quatatve rsk management apprcaches and meth
cds tc mcntcr and manage ts rsk prce. The am s tc prcvde as ccmpete a pcture as pcssbe c ts
rsk stuatcn at a tmes.

Deutsche Brse 0rcup assesses and repcrts cperatcna, nanca and busness rsks usng the same
apprcach the unreguated unts asc use vaue at rsk (\aR) as a uncrm measure. Ths vaue quantes
the rsks and represents the upper mt c the cumuatve css that Deutsche Brse 0rcup may ncur
wthn a speced percd c tme, e.g. cr the next tweve mcnths. Prncpe ! abcve asc denes a ccn
dence eve cr each c the crdery qudatcn and the gcng ccncern. The reguatcry capta requrements
cr the nanca nsttutcns are asc determned, c ccurse. Furthermcre, Deutsche Brse 0rcup appes
stress tests tc anayse ts rsks.

T%U+%65,%(4 3$%4.%3<#Y &/5, $%-C .54 ,/# .53%,5< .("#$`
ln acccrdance wth the rst part c prncpe ! c the rsk strategy, Deutsche Brse 0rcup s nct expected
tc exhaust ts rskbearng capacty n mcre than 0.02 per cent c a years. The 0rcup determnes the
eccncmc capta that t requres cr ths (requred eccncmc capta, EC) wth the hep c \aR. lt there
cre cacuates ts EC at a ccndence eve c 99.98 per cent sc that t can prctect tse nancay
aganst extreme events n the ccwng tweve mcnths. ln ne wth the prncpe c prudence, the 0rcup
assumes a ccrreatcn c cne between rsk types and between the rsks at derent 0rcup ccmpanes
when makng cacuatcns, .e. t assumes that a pcssbe rsks wcud cccur smutanecusy. lt therecre
ccnsccusy dsregards the act that dverscatcn wcud actuay reduce the cvera rsk. Deutsche Brse
0rcup thus uses the mcst ccnservatve apprcach requrng the hghest EC. The ECs cacuated cr Cear
stream and Eurex Cearng l0 asc meet the Par ll requrements under Base ll.

Deutsche Brse 0rcup determnes ts rskbearng capacty based cn the repcrted equty n acccrdance
wth lnternatcna Fnanca Repcrtng Standards (lFRSs). lt adapts ths gure cr precautcnary reascns,
amcng cther thngs tc take ntc acccunt that t may nct be pcssbe tc dspcse c ntangbe assets at
ther carryng amcunts n case c extreme stress. Cearstream and Eurex Cearng l0 use ther reguatcry
capta tc determne ther rskbearng capacty (cr detas, see ncte 20 tc the ccnscdated nanca
statements).

Fcr management purpcses, 0RM reguary determnes the ratc c the EC tc the rskbearng capacty,
ths ndcatcr s kncwn as the utsatcn c rskbearng capacty. ln sc dcng, t answers a key rsk man
agement questcn hcw much rsk can the 0rcup acrd and what rsk s t currenty expcsed tc: ls at
3! December 20!3, Deutsche Brse 0rcup's EC was 6!,630 mcn, and the avaabe rskbearng
capacty was 62,395 mcn. The ratc c EC tc rskbearng capacty s therecre we wthn the stpu
ated maxmum rsk. Ctherwse, the 0rcup wcud use up ts entre rskbearng capacty n a wcrstcase
scenarc and wcud be qudated. The qudatcn ccncept therecre assumes that qudatcn c the
0rcup ('gcne ccncern") s avcded.

2(%4: .(4.#$4 3$%4.%3<#Y &/5, $%-C- .54 #5$4%4:- 5?-($?`
Snce the year under revew Deutsche Brse 0rcup has asc used an apprcach that assumes an crdery
ccntnuatcn c the 0rcup n the event c a crss ('gcng ccncern"). The 0rcup cacuates earnngs at


Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*%!

rsk (EaR) as ndcatcr. Ths ndcatcr ccrrespcnds tc the seccnd part c prncpe ! c ts rsk strategy,
.e. that an cperatng css may cccur nc mcre than cnce n a hundred years. ln cther wcrds, there
shcud be a prcbabty c 99.0 per cent cr mcre that Deutsche Brse shcud at east break even (net
nccme measured n terms c EBlT). The EaR determned cr the gcng ccncern prncpe s ccmpared
wth the rsk appette. Rsk appette s measured n terms c the prc|ected earnngs becre nterest and
tax (EBlT) and accated tc the 0rcup segments. ls at 3! December 20!3, EaR were 6589 mcn,
whch wcud be ccmparabe tc the ad|usted EBlT 20!3 c 6840 mcn.

;#:+<5,($9 .53%,5< $#U+%$#8#4,-
Cearstream and Eurex Cearng l0 must asc cacuate ther capta requrements cr varcus rsk types
(see the chart becw) acccrdng tc the Par l requrements under Base ll. They use a standard ap
prcach cr anaysng and evauatng credt and market prce rsks. ln ths apprcach, rsk weghtngs are
apped n acccrdance wth ccunterparty ratngs.

Fcr cperatcna rsks, they prcceed derenty Cearstream has used the sgncanty mcre ccmpex ad
vanced measurement apprcach (lMl) cr ths n a busness unts snce 2008. lt therecre ccmpes
wth the reguatcry capta requrements cr cperatcna rsks acccrdng tc the Scvabttsvercrdnung
(Scv\, 0erman Scvency Reguatcn) under Base ll. The methcd, whch has been apprcved by, and s
reguary tested by, BaFn, acws reguatcry capta tc be accated tc busnesses precsey. lt s partcu
ary sutabe because at Cearstream, cperatcna rsk acccunts cr a greater prcpcrtcn c the cvera rsk
than cr a typca bank, whe the prcpcrtcn attrbutabe tc nanca rsks s smaer. Fcr cperatcna rsks,
Eurex Cearng l0 uses the basc ndcatcr apprcach tc cacuate reguatcry capta. The bass cr cacu
atng the basc ndcatcr s kncwn as the 'reevant ndcatcr," whch s cacuated rcm certan tems n
the prct and css acccunt c the Eurex segment. ls a at rate, !5 per cent c the threeyear average c
ths ndcatcr s requred as cperatcna rsk capta.

@,$#-- ,#-,-
Fcr Cearstream and Eurex Cearng l0, Deutsche Brse 0rcup asc uses stress tests tc anayse busness
rsks as we as cperatcna and nanca rsks. These stress tests smuate the cccurrence c extreme
csses cr an accumuatcn c ma|cr csses wthn cne year. Pcssbe rsk scenarcs are set cut cr ths.
The scenarcs descrbe pctenta css events, the prcbabty that they w cccur and the estmated css

Deutsche Brse 0rcup's rsk prce

Business risks Operational risks

System availability

Processing

Physical assets

Legal disputes and business practice
Project risks
Financial risks

Credit

Market price

Liquidity
Risk prole of Deutsche Brse Group
Deutsche Brse Group corporate report 2013



*&+

amcunt. The gures cacuated n ths way are ccmpared wth the rskbearng capacty. Bcth hypcthet
ca scenarcs and extreme market ccndtcns that actuay cccurred n the past are cacuated. Lcsses
ncurred by the 0rcup tse n the past are nct sutabe because tc date there has been cny cne
case c css cn ths scae (see the 'Lega dsputes and busness practce" sectcn, the settement
agreement wth CFlC). Tc nvestgate the qudty rsk, Deutsche Brse 0rcup carres cut qudty
stress tests. What are kncwn as nverse stress tests are asc percrmed. These reversecrder stress
tests determne whch css scenarcs wcud have tc cccur cr the rskbearng capacty tc be exceeded.


;%-C 6#-.$%3,%(4
The ccwng sectcn descrbes the types c rsk that Deutsche Brse 0rcup must manage as a rue
and gves exampes c the rsks t actuay aces. Usng exampes, t asc expans the measures that
Deutsche Brse 0rcup uses tc prevent rsks cccurrng and tc mnmse ther nanca eects. Frsty,
hcwever, there ccws a bre expanatcn c the rsk prce that ders rcm mcst cther nanca
servces prcvders, as nanca rsks pay a sgncanty smaer rce cr Deutsche Brse 0rcup.

;%-C 3$()%<#
Deutsche Brse 0rcup derentates between the three standard types c rsk cperatcna, nanca and
busness rsk. There are asc prc|ect rsks that the 0rcup dces nct speccay quanty as ther mpact
s aready reected n the three tradtcna rsk types.

T(& <#"#< () ,93%.5< ?54C $%-C
The rsks c Deutsche Brse 0rcup's nanca nsttutcns der undamentay rcm thcse c cther nan
ca servce prcvders. Whe credt and market prce rsks cr a typca unversa bank acccunt cr mcre
than 80 per cent c the reguatcry capta requrements, credt rsks cny acccunt cr arcund !6 per cent
and market rsks cr ! per cent cr the nanca nsttutcns n Deutsche Brse 0rcup. Cearstream and
Eurex Cearng l0 have a structuray cwer rsk n ccmparscn wth cther banks because they act as n
termedares, and therecre dc nct themseves trade cn the nanca markets as a dstnct busness dv
scn, cr exampe. Ccnsequenty, Deutsche Brse 0rcup's nanca nsttutcns dc nct have tc bear the
Reguatcry capta requrements c Cearstream
and Eurex Cearng l0

Requred eccncmc capta c Deutsche Brse
0rcup by rsk types



83 %
Operational
risks
1 %
Market risks
16 %
Credit risks
22 %
Business risks
54 %
Operational
risks
24 %
Financial risks
Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*&*

assccated hgh trade rsks. Cn the ccntrary, t cers market partcpants servces such as ccatera and
rsk management that reduce ther rsk rcm tradng actvtes. lts bankng busness many ccnssts c
reabe cearng, settement and custcdy actvtes, as we as ccatera management.

The reguatcry capta requrements cr Cearstream and Eurex Cearng l0 arse prmary rcm cpera
tcna rsks (see the 'Reguatcry capta requrements c Cearstream and Eurex Cearng l0" chart).

!3#$5,%(45< $%-C- /%:/#$ ,/54 )%454.%5< 546 ?+-%4#-- $%-C-
The utsatcn c rskbearng capacty n the qudatcn prncpe and c rsk appette n the gcng ccn
cern prncpe are used as nterna management ndcatcrs acrcss the whce Deutsche Brse 0rcup (see
the 'Rsk management apprcaches and methcds" sectcn cr an expanatcn c the terms). lpart rcm
the abcve mentcned nanca and cperatcna rsks, busness rsks are asc dented and assessed.
Busness rsks reer n partcuar tc pctenta threats tc revenue such as prce pressure cr css n market
share. Under the qudatcn prncpe nanca rsks amcunt tc amcst cne quarter c the tcta rsks c
Deutsche Brse 0rcup. Busness rsks asc represent sghty ess than cne quarter wth 22 per cent c
the tcta. l the mcre mpcrtant cr the Deutsche Brse 0rcup s the thrd typca rsk type wth 54 per
cent, cperatcna rsks amcunt tc mcre than ha c the tcta rsk (see the 'Requred eccncmc capta
c Deutsche Brse 0rcup by rsk types" chart).

l arge part c the rsk s assccated wth the Cearstream and Eurex segments (see the 'Requred
eccncmc capta by segment" chart), n acccrdance wth the sze c the busness n terms c saes reve
nue and earnngs. ln the year under revew, the Cearstream prcpcrtcn was at 46 per cent, cr Eurex
ths gure was 35 per cent. ln the Eurex segment, the rsks prmary resut rcm the busness c Eurex
Cearng l0. The Market Data Servces segment had a share c !! per cent, and `etra c 8 per cent.
ln ccntrast tc the reguatcry capta requrements, ths ncudes busness dvscns that are nct sub|ect
tc bankng reguatcns.

ln tcta Deutsche Brse 0rcup has cacuated a requred eccncmc capta c 6!,630 mcn. ln
acccrdance wth the qudatcn prncpe, the requred EC ccmpares tc a rskbearng capacty c
62,395 mcn.
Requred eccncmc capta by segment Earnngs at rsk by segment



16 %
Market Data +
Services
38 %
Eurex
38 %
Clearstream
8 %
Xetra
35 %
Eurex
8 %
Xetra
11 %
Market Data +
Services
46 %
Clearstream
Deutsche Brse Group corporate report 2013



*&"


l smar spt may be seen n earnngs at rsk. Here asc, the busness segments wth the argest prcpcr
tcns c revenues and earnngs Cearstream and Eurex shcw the argest shares c earnngs at rsk
(see the 'Earnngs at rsk by segment" chart).

Deutsche Brse 0rcup assgns ndcatcrs tc each rsk tc estmate hcw key t s tc cccur and what
nanca eect t ccud have. lt dstngushes cur prcbabty eves very cw, cw, medum and hgh,
as we as cur nanca mpact eves cw, medum, substanta and a rsk tc the ccmpany as a gcng
ccncern. Hcwever, ncne c the assessed rsks reach the curth mpact eve, nether ndvduay ncr
n tcta, ths means that ncne |ecpardses the exstence c the 0rcup as a gcng ccncern.

The three types c rsk as we as the prc|ect rsks are expaned becw and ustrated wth specc ex
ampes.

The prcbabty c the rsk cccurrng can be categcrsed as ccws

\ery cw prcbabty c rsk cccurrng s ess than ! per cent

Lcw prcbabty c rsk cccurrng s greater than ! per cent but ess than !0 per cent

Medum prcbabty c rsk cccurrng s greater than !0 per cent but ess than 50 per cent

Hgh prcbabty c rsk cccurrng s greater than 50 per cent

The nanca eects can be cassed ntc the ccwng cur categcres

Lcw nanca css ccud be up tc !0 per cent c EBlT

Medum nanca css ccud be up tc 50 per cent c EBlT

Substanta nanca css ccud be up tc !00 per cent c EBlT

Rsk tc the busness as a gcng ccncern nanca css ccud equa the avaabe rskbearng capacty

The rsks sted becw as exampes can be assessed based cn these categcres

K\ !3#$5,%(45< $%-C-

lnccrrect prccessng c cent nstructcns (e.g. capta ncreases)

Mscacuatcn c ndces

Mshandng c tradng nstructcns

Lcsses caused by crce ma|eure (e.g. natura dsasters, terrcrsm)

Lcsses rcm cngcng tgatcn

lnrngements c sanctcns cr supranatcna reguatcns

D\ S%454.%5< $%-C-

Deaut c a credt ccunterparty

Lcsses rcm mparment c und assets cr penscn pans

Lcss c a cent and an assccated qudty bctteneck

J\ 0+-%4#-- $%-C-

Entry c new ccmpettcrs cn the Eurcpean tradng market

Wcrsenng c the Eurcpean gcvernment debt crss

Decne n tradng actvty

New reguatcry requrements


Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*&$

Frcm tcday's perspectve, ncne c these rsks can ead tc nanca css that s rated as substanta.
Sgncant rsks ccud arse cny rcm a ccmbnatcn c extreme events that have a very cw prcbabty


Faure c a tradng system astng mcre than cne week n a hghy vcate market envrcnment

Smutanecus aure c severa arge systemcay mpcrtant banks

These extreme events that ccud ead tc a css ccrrespcndng tc mcre than 50 per cent c annua EBlT
are rated as havng a prcbabty c ess than ! per cent. Such extreme events have nct cccurred tc date,
they are asc kncwn as 'ta rsks".

0RM assesses these rsks ccntnucusy and repcrts cn ts assessment n the crm c a rsk matrx tc
the Executve Bcard c Deutsche Brse 0rcup.

!3#$5,%(45< $%-C-
Cperatcna rsks cr Deutsche Brse 0rcup reate tc avaabty, prccessng, matera gccds, as we
as tgatcn and busness practce (see the chart becw). Perscnne rsks are nct quanted drecty,
but nuence the quantcatcn prccess ndrecty va the cperatcna rsk categcres. The cperatcna
rsks amcunt tc |ust under cne ha c the tcta 0rcup rsk.

@9-,#8 5"5%<5?%<%,9
Cperatcna rescurces such as the tradng systems `etra

and T7 are essenta cr the servces cered


by Deutsche Brse 0rcup. They shcud never a, n crder tc ensure that market partcpants can
trade securtes cr dervatves at any tme and wthcut deay. The 0rcup therecre sees the avaabty
c these systems as an mpcrtant rsk ndcatcr. ln ne wth the ccmpany's rsk strategy, the busness
areas are respcnsbe cr mcntcrng these rsk ndcatcrs.

The pctenta css wcud be arger, the cnger cne c these systems aed. Hcwever, ths has never
happened n practce. ln the past, cny mted aures have cccurred wth bcth `etra and T7 and
ts predecesscr system, cr shcrt percds c tme cr aectng cny a ew prcducts. ln December c
the year under revew, cr exampe, there were three mncr auts n T7's tradng cperatcns, the
cngestaut asted cr cny apprcxmatey three mnutes and was mted tc utures tradng cn the
EURC STC`` 50

ndex. Ths suppcrts the vew that the prcbabty c a system aure astng
cnger than a week n an extremey vcate market s very cw. Hcwever, the pctenta nanca
eect c such an event ccud be sgncant, cams are |usted and asserted.

Cperatcna rsks c Deutsche Brse 0rcup

Operational risks
System availability

Trading

Clearing

Settlement
Processing

Human error

Supplier faults

Loss of client funds

Product defects
Physical assets

Force majeure

Weather disasters

Terror
Legal disputes and business
practice

Loss from ongoing legal
disputes

Fraud

Employment practices

Contract risks
Deutsche Brse Group corporate report 2013



*&%

The prcbabty c a cngastng aure cr cne day cr cnger c the margn cacuatcn system, c the
centra ccunterparty at Eurex Cearng l0, cr the settement system at the nternatcna centra securtes
depcstcry and settement servce prcvder, Cearstream Bankng S.l., s asc cw. ln actua act, nc such
aure has ever cccurred. The eects are categcrsed here as medum.

ln genera, avaabty rsk represents the argest cperatcna rsk cr Deutsche Brse 0rcup. The 0rcup
sub|ects t tc reguar stress tests, whch check nct cny what happens when ts cwn systems a but asc
when suppers a tc dever.

a$(.#--%4:
Rsks can asc arse a servce prcvded tc a custcmer s nadequate and ths eads tc ccmpants cr
ega dsputes, such as n the settement c securtes transactcns due tc deectve prcducts and prc
cesses cr errcnecus manua entres. Fcr exampe, ccrpcrate actcns (e.g. capta ncreases cr securtes
exchange) by an ssuer c securtes mght be mssed cr ndces such as Dl`

mscacuated. Such prc


cessng errcrs can cccur wth a medum prcbabty, but have hardy ever happened tc date. The pcssbe
csses n the case c cent nstructcns such as the abcvementcned ccrpcrate actcns wcud be cass
ed as medum whe, by ccntrast, csses reatng tc the cacuatcn c ndces wcud be cw, tc date,
there have been nc cent cams n ths regard.

l a `etra cr Eurex cent ccmpans tc the Market Supervscn department c Deutsche Brse abcut
nccrrect tradng nstructcns, the atter checks mmedatey whether the nctcatcn s |usted and then
ssues ccrrespcndng tradng nstructcns tc the market partcpants. The rsk here s c a nctcatcn
beng ntay nccrrecty assessed as un|usted. l the cent ccncerned then ccses ther pcstcn them
seves, cr exampe, they ccud demand a reund c the addtcna ccsts ncurred. Hcwever, such errcrs
have amcst never cccurred and the prcbabty s therecre ccnsdered cw. Tc date nc sgncant cent
cams have been brcught, and the pctenta nanca eects are rated as cw.

Cther scurces c errcr may be attrbutabe tc suppers cr tc deectve prcducts cr mstakes that may
ead tc the css c cent assets. The 0rcup ams tc regster a ccmpants and crma cb|ectcns as a
key ndcatcr c prccessng rsk.

a/9-%.5< 5--#,-
Cperatcna rsks ncude natura dsasters, accdents, terrcrsm and sabctage. Fcr exampe, a data centre
ccud be destrcyed, cr a ma|cr stcrm ccud severey damage cce budngs. Fcr nstance, the lSE cce
n New Ycrk, USl, was damaged by a severe stcrm, athcugh the nanca ccnsequences were cny mncr.
Busness ccntnuty management (BCM) pannng am at avertng sgncant nanca damage (see the
chart c the same name). There s cny a cw prcbabty c the rsk c crce ma|eure materasng and,
n the event that t dces, t shcud have a cw mpact.

T#:5< 6%-3+,#- 546 ?+-%4#-- 3$5.,%.#
Lcsses can asc resut rcm cngcng ega prcceedngs. Deutsche Brse |udges the prcbabty that ths
cperatcna rsk w cccur tc be medum, athcugh damage can be substanta. ls a resut, 0RM ccntn
uay mcntcrs cngcng ega prcceedngs. These can cccur Deutsche Brse 0rcup breaches aws cr
requrements, enters ntc nadequate ccntractua agreements, cr as tc cbserve case aw tc a sucent
degree. Lega rsks asc ncude csses due tc raud and abcur aw ssues. They urther ncude csses as
Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*&&

a resut c nsucent ccntrcs tc prevent mcney aunderng, breaches c ccmpettcn aw reguatcns
cr c bankng secrecy. Such cperatcna rsks can asc appy gcvernment sanctcns are nct cbserved,
cr n the event c breaches c cther state cr hghercrder reguatcry prcvscns.

Cn 7 Ncvember 20!3, Deutsche Brse 0rcup ater careu examnatcn rescved tc end prcceedngs
brcught by the US Cce c Fcregn lssets Ccntrc (CFlC) by enterng ntc a settement. Fcr ths purpcse,
Cearstream made a payment c US$!5!.9 mcn. ln 2008, CFlC had nvestgated a ccectve acccunt
hed by Cearstream n the Unted States as we as certan securtes transactcns n the settement sys
tem. The securtes had been transerred ater Cearstream's rescutcn n 2007 tc ccse the acccunts
c ts lranan cents. Prevcusy cn 9 January 20!3, Deutsche Brse l0 had repcrted n an ad hcc ds
ccsure that Cearstream had ccmmenced settement prcceedngs at CFlC's suggestcn. lntay, CFlC
had cted a premnary amcunt c apprcxmatey US$340 mcn as a ne. lter negctatcns, Cear
stream rescved the matter by way c a settement and ccnsented tc pay the abcvementcned amcunt.
The settement asc rescves CFlC's aegatcn that Cearstream had been n breach c reguatcns.

Cn 30 December 20!3 US pants ed under sea a ccmpant targetng certan assets c apprcx
matey US$!.6 bcn camed tc be hed cr Bank Markaz, the lranan Centra Bank, by Cearstream
n Luxembcurg. The pants are |udgement credtcrs c lran and seek the turncver c these custcmer
assets tc satsy ther |udgement.

ln derent, st current, prcceedngs ed cn 26 Ncvember 20!2, the nscvency admnstratcr c Leh
man Brcthers Bankhaus l0 (LBB l0) brcught a sut aganst Eurex Cearng l0. Cn the bass c 0erman
nscvency aw, the nscvency admnstratcr s demandng rcm Eurex Cearng l0 the repayment c
6!!3.5 mcn and payment c ancther sum c arcund 6!.0 mcn pus nterest. Eurex Cearng l0
beeves ths cam tc be uncunded and s deendng tse aganst the nscvency admnstratcr's sut.
The backgrcund tc the actcn s an amcunt c 6!!3.5 mcn, whch Lehman Brcthers lnternatcna
(Eurcpe) pad tc Eurex Cearng l0 as securty cn !5 September 2008, and whch was ceared va an
acccunt becngng tc LBB l0.

Cn !2 Ncvember 20!2, CBCE ed a patent nrngement actcn aganst lSE. lt aeges US$525 mcn
n damages cr nrngement c three patents reatng tc systems and methcds cr mtng marketmaker
rsk. lSE beeves that nether the acts ncr the aw suppcrts CBCE's damages cam. lt the end c 20!3,
lSE ed varcus appcatcns wth the U.S. Patent and Trademark Cce (USPTC) tc have the respectve
patents c CBCE decared nvad. lSE ntends tc vgcrcusy deend tse n ths awsut. ln Ncvember
2006, lSE tse had brcught an actcn aganst CBCE cr patent nrngements, aegng US$475 mcn
n damages.

=#5-+$#- ,( 8%,%:5,# (3#$5,%(45< $%-C-
Deutsche Brse 0rcup takes actve measures tc reduce Deutsche Brse 0rcup's cperatcna rsk. The
mcst mpcrtant c these are emergency and ccntngency pans, nsurance ccntracts and precautcns
tc ensure that reguatcns are cbserved ('ccmpance").



Deutsche Brse Group corporate report 2013



*&'

O8#$:#4.9 546 .(4,%4:#4.9 3<54-
lt s essenta cr Deutsche Brse 0rcup tc prcvde ts prcducts and servces as reaby as pcssbe.
lt must mantan ts busness cperatcns and saeguard aganst emergences and dsasters. l ts ccre
prccesses and rescurces are nct avaabe, there s a substanta rsk cr the entre 0rcup and even a
pctenta systemc rsk cr the nanca markets n genera. ls a resut, Deutsche Brse 0rcup has set
up a system c emergency and dsaster pans ccverng the entre 0rcup (BCM). Ths ccvers a prccesses
whch ensure ccntnung cperatcns n the event c a crss and sgncanty reduces avaabty rsk.
These ncude precautcns n reatcn tc a mpcrtant rescurces (systems, wcrkspaces, empcyees, sup
pers), ncudng the redundant desgn c essenta lT systems and the technca nrastructure, as we
as emergency wcrkspaces cr empcyees n ccre unctcns at a mpcrtant ccatcns. Exampes c such
precautcns are sted n the chart becw.

a$#35$5,%(4- )($ #8#$:#4.%#- 546 .$%-#-
The 0rcup has ntrcduced and tested a management prccess cr emergences and crses whch enabes
t tc respcnd qucky and n a cccrdnated manner. Ths prccess s ntended tc mnmse the eects cn
busness prccesses and cn the market and tc enabe a quck return tc reguar cperatcns. l busness
areas have appcnted emergency managers tc act as centra ccntacts and take respcnsbty durng
emergences and crses. The emergency managers ncrm the Executve Bcard cr aert them n the case
c severe ncdents. ln the event c a crss, the respcnsbe Bcard member acts as the crss manager.
The emergency and ccntngency pans are tested reguary by reastcay smuatng crtca stuatcns.
Such tests are generay carred cut unanncunced. 0RM repcrts any prcbems that cccur tc the Executve
Bcard, evauates the resuts and ssues reccmmendatcns. The test resuts are evauated based cn the
ccwng crtera


Functcnay eectve The measures must be techncay successu.

Executabe The empcyees must be amar wth the emergency prccedure and be abe tc execute t.

Tmey Emergency measures must ensure a restart c cperatcns wthn the ntended tme percd.


Busness ccntnuty management

Emergency and crisis management process
Systems

Trading, clearing and
settlement systems, as well
as related networks, are
designed to be available
for operations at all times
without losing data.

Since all computer centres
are duplicated, the failure
of an entire location can be
contained immediately.
Workspaces

Emergency backup work -
spaces are set up for
all essential functions.

Emergency workspaces
are fully equipped and
ready for use at all times.

In emergency situations,
numerous employees can
also access the systems
from home.
Employees

If a large proportion of
employees at a site are
unable to work, essential
areas of operations can
be moved to other sites.

In the event of a pandemic,
additional precautions
ensure that operations
remain active.
Suppliers

Contracts and manuals
specify emergency
procedures for suppliers
and service providers.

Supplier emergency
preparations are carefully
checked on a regular basis.

If a supplier does not meet
the requirements, that
supplier is replaced by
another supplier, if possible.
Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*&(

A4-+$54.# .(4,$5.,-
Cperatcna rsks whch Deutsche Brse 0rcup cannct cr dces nct wsh tc bear tse are transerred tc
nsurance ccmpanes, ths s pcssbe at a reascnabe prce. l nsurance ccntracts are cccrdnated
centray sc that the entre Deutsche Brse 0rcup has at a tmes ccnsstent nsurance ccver cerng an
attractve ccstbenet ratc. The nsurance ccntracts are checked ndvduay and apprcved by the CFC
c Deutsche Brse l0.

7(83<%54.#
The ccmpance unctcn and the ndvdua busness segments have the task c prctectng the 0rcup
aganst rsks and physca cr ncnphysca damage that ccud arse empcyees act n ccntraventcn c
appcabe aws, supervscry requrements, market standards, cr prncpes c prcper ccrpcrate gcvern
ance, cr the expectatcns c pubc authcrtes, custcmers, nvestcrs, cr the genera pubc are nct met.

Ccmpance management at Deutsche Brse 0rcup ccmprses a range c rues, prccedures and ccntrcs
tc hep the busness areas ccmpy wth the appcabe aws and reguatcry requrements. ln partcuar,
the system speces measures tc enabe the 0rcup tc meet ts cbgatcns reatng tc the preventcn c
mcney aunderng and terrcrsm nancng as we as ccmpance wth nanca sanctcns rues. Further
mcre, t ccntans rues and prccedures tc prevent nsder tradng and market manpuatcn, ncudng an
nsder regster n acccrdance wth securtes aw requrements. The 0rcup's ccmpance unctcn s asc
respcnsbe cr ssung gudance cn hcw tc avcd ccncts c nterest, ght ccrruptcn and prevent crm
na cences n genera. By ssung apprcprate rues, t ensures that bankng and prcesscna secrecy s
mantaned and perscna data s prctected. ln addtcn, ccmpance management devecps gudance cr
the nterna ccntrc system tc prctect the 0rcup tse, ts nvestcrs and custcmers rcm nanca csses.
lncther prctectcn mechansm s the whstebcwer hctne ths system can be used tc ncrm a thrd
party c suspected crmna acts cr ccntraventcns c the 0rcup's ccmpance reguatcns, ancnymcusy
preerred.

Deutsche Brse 0rcup ntrcduced ts 0rcupwde ndependent ccmpance unctcn and adcpted ccmp
ance prncpes many years agc. lt has ccntnucusy enhanced ts ccmpance management system ever
snce. ln ght c ncreased reguatcry requrements, ncudng the agreements made wth the US De
partment c the Treasury, Deutsche Brse 0rcup has rescved tc sgncanty strengthen and expand
ts ccmpance management system. Scme measures were aready taken durng the year under revew,
cthers are panned cr the current year. They meet the revsed Mnmum Requrements cr Rsk Manage
ment (MaRsk) c the Bundesanstat r Fnanzdenstestungsauscht (BaFn, 0erman Federa Fnanca
Supervscry luthcrty). Mcrecver, the 0rcup rescved n 20!3 tc mpement strcter rues and measures
tc prevent mcney aunderng and terrcrsm nancng and tc ensure ccmpance wth nanca sanctcns
rues. ln addtcn, the requrements reatng tc the ght aganst brbery and ccrruptcn have been revsed
and tghtened ccnsderaby.

The 0rcup ams tc ncrease transparency n securtes custcdy and tc suppcrt and enccurage the deve
cpment c sectcrwde standards. ls part c ths drve, t ntay enhanced ts methcdccgy cr capturng,
categcrsng and assessng pctenta rsks arsng rcm derent custcmer grcups, busness partners, mar
kets and busness actvtes c the 0rcup. Based cn the resuts c the derent rsk anayses, the checks
apped when estabshng busness reatcnshps and cpenng acccunts are currenty beng tghtened.
ln addtcn, reguar checks cn busness partners, custcmers and custcmer acccunts are beng ntensed.
The checks ncude whether the purpcse and extent c exstng busness reatcnshps are pausbe cr
Deutsche Brse Group corporate report 2013



*&)

whether the custcmer ncrmatcn and dccuments cn e are ccmpete and up tc date. They ccus n
partcuar cn transactcns setted and pcrtccs hed n custcdy va the 0rcup ccmpanes n crder tc get
a better understandng c the beneca cwners c the tems under custcdy. Mcrecver, revews are carred
cut tc determne the extent tc whch the 0rcup's busness partners have themseves ntrcduced ccmp
ance prcgrammes and whether they mantan busness reatcnshps wth sanctcned partes. lccess tc
cmnbus acccunts w n uture be mted tc custcmers whc meet certan ccmpance and rsk crtera
and ccnrm that they dc nct acw the acccunt tc be used n a way that wcud ead tc the ccntraventcn
c sanctcns. lutcmatc and reguar checks cn transactcn and pcrtcc data w asc be tghtened wth
regard tc bcth nanca sanctcns and cther ccmpance rsks. Fcr exampe, transactcn ncrmatcn w
autcmatcay be ccmpared aganst reerence sts becre the transactcn s setted. ln addtcn, the 0rcup
w n uture track the devecpment c ts custcmers' transactcn and pcrtcc vcumes mcre ccsey and
mcntcr hcw they are usng the 0rcup's prcducts and servces, ths w asc ncude a pausbty check.
The am s tc prctect the 0rcup rcm beng msused tc ccmmt nanca crme.

ln respcnse tc tghter nternatcna rues cn ghtng ccrruptcn and brbery n busness, the 0rcup has
asc taken measures tc prctect tse rcm ega cr reputatcna ccnsequences as we as any resutng
csses. Ths appes tc acts ccmmtted by empcyees c the 0rcup cr thrd partes actng cn beha c the
0rcup. ln ths ccntext, gudance has been ntrcduced n partcuar tc ensure mcre detaed checks and
ccntractua arrangements gcvernng new and exstng busness partners and cr managng deangs wth
ccas. ln addtcn, the 0rcup has tghtened ts rues cn prcvdng and acceptng gts and cther bene
ts, such as nvtatcns tc meas and entertanment, by empcyees and thrd partes actng cn beha c
the 0rcup. The apprcva prccess has asc been made sub|ect tc strcter requrements.

ln suppcrt c the ntrcductcn c the measures descrbed abcve, Deutsche Brse 0rcup has sgncanty
expanded ts ccmpance tranng prcgramme cr empcyees. l empcyees receve mcre requent and
mcre ccmprehensve ncrmatcn and tranng cn the atest ccmpance ssues, ether at cassrccm ses
scns tacred tc the area c wcrk c the empcyees tc be traned cr thrcugh ccmputerbased tranng
prcgrammes, whch test ccmprehenscn tc ensure tranng success.

The expanscn c the ccmpance management system asc prcmpted the 0rcup tc strengthen the
ccmpance unctcn by addng new team members rsty, addtcna ccmpance ccers have been
depcyed at the eve c the reguated 0rcup ccmpanes, and seccndy, there are pans tc ntrcduce
ccmpance ccers at cther nternatcna ccatcns c the 0rcup. By takng these measures, Deutsche
Brse 0rcup w be abe tc meet urther ncreases n reguatcry requrements and expectatcns.

S%454.%5< $%-C-
Deutsche Brse 0rcup casses ts nanca rsks ntc credt, market prce and qudty rsks (see the
'Fnanca rsks c Deutsche Brse 0rcup" chart). lt 0rcup eve, these rsks acccunt cr abcut 24 per
cent c the entre rsk prce (snce qudty rsks are nct quanted n the EC, ths ncrmatcn cny n
cudes credt and market prce rsk, see ncte 36 tc the ccnscdated nanca statements). These
rsks prmary appy tc the 0rcup's nanca nsttutcns. ls a resut, the ccwng expanatcn ccuses
cn Cearstream and Eurex Cearng l0.


Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*&!

7$#6%, $%-C
Credt rsk descrbes the danger that a ccntract partner mght nct meet ts ccntractua cbgatcns, cr nct
n u. Measurement crtera ncude the degree tc whch the credt ne has been used, the depcsted
ccatera, as we as ccncentratcn rsk. Cearstream and Eurex Cearng l0 cten have shcrtterm cams
aganst ccntract partners tctang severa bcn eurcs cvera, but these are usuay be secured by cc
atera depcsted by the market partcpants. The 0rcup tests credt rsk ccverage by means such as ex
amnng hcw resent the 0rcup wcud be ts bggest ccunterparty were tc deaut, amcng cther ways.
ln addtcn, t reguary assesses the reabty c emergency pans cr Cearstream and Eurex Cearng l0
n the case c credt deauts.

Furthermcre, Cearstream Bankng S.l. s expcsed tc credt rsk arsng rcm ts strategc securtes end
ng transactcns (lSLpus). Cny seected banks act as bcrrcwers. l bcrrcwng transactcns are uy
ccaterased. Cny seected bcnds may be used as ccatera, these must be rated at east l by the
Standard & Pccr's (S&P) ratng agency cr the equvaent rcm cther agences. ln the case c shcrtterm
securtes wthcut ndvdua ratngs, the ssuers must be rated at east l!.

Cearstream grants credts tc ts custcmers n crder tc make settement mcre ecent. Ths type c
credt busness s, hcwever, undamentay derent rcm the cassc endng busness. Frsty, credt
s extended scey cn a very shcrtterm bass, ncrmay cr ess than a day. Seccndy, t s argey
ccaterased and granted tc hghy credtwcrthy cents. Furthermcre, the credt nes granted can
be revcked at any tme.

lcccrdng tc ts terms and ccndtcns, Eurex Cearng l0 cny enters ntc transactcns wth ts cearng
members. Cearng many reates tc dened securtes, rghts, dervatves and emsscn acwances, that
are traded cn specc stcck exchanges. Eurex Cearng l0 asc cers ths servce cr scme cverthe
ccunter (CTC) prcducts such as nterest rate swaps and crward rate agreements. lt serves as an nter
medary between the partes tc the transactcn ( centra ccunterparty) n crder tc reduce ts custcmers'
credt rsk by csettng recevabes. Cearng members depcst ccatera wth Eurex Cearng l0 tc re
duce ther recprcca deaut rsk.

Tc date, nc deaut by a bcrrcwer wth a secured credt ne has resuted n matera nanca csses.
Deutsche Brse 0rcup ccntnues tc vew the prcbabty that cne c ts bcrrcwers ccud beccme nscvent
and that ths ccud ead tc csses cr the 0rcup as cw. lt ccnsders the mpact c such an event tc be
Fnanca rsks c Deutsche Brse 0rcup

Credit

For collateralised and uncollateralised
customer credits

For collateralised and uncollateralised
cash investments

In securities lending

Outstanding liabilities

Participation in clearing fund
Liquidity

Customer default

Payment obligations

Repayment of customer deposits
Market price

For securities

When managing pension provisions
Financial risks
Deutsche Brse Group corporate report 2013



*'+

cw the credt ne n questcn s ccaterased and medum t s unccaterased. The prcbabty c
a ccunterparty tc an unccaterased credt deautng s ccnsdered tc be very cw. The hghestprce
deauts n recent years ncude MF 0cba n 20!2 and Lehman Brcthers lnternatcna (Eurcpe) n 2008.
ln bcth cases, the saeguards wcrked, sc that nether Cearstream ncr Eurex Cearng l0 suered a
nanca css. The ccwng 'Reducng credt rsk" sectcn cutnes hcw credt rsk s reduced.

Credt rsk can asc arse rcm cash nvestments. The Treasury department s respcnsbe here, and
has 0rcupwde authcrty. Treasury argey makes ccaterased nvestments c unds bcngng tc 0rcup
ccmpanes as we as Cearstream and Eurex Cearng l0 custcmers. Tc date, ccunterparty deaut has
nct ed tc any matera css cr the 0rcup cr ether ccaterased cr unccaterased nvestments. The
prcbabty the deaut c a ccunterparty tc an unccaterased cash nvestment ccud ead tc a css s
ccnsdered tc be cw, athcugh the nanca css tse ccud be sgncant.

The nanca mpact c severa arge, systemcay mpcrtant banks deautng smutanecusy ccud be
substanta. The prcbabty c ths scenarc cccurrng s ccnsdered tc be very cw.

;#6+.%4: .$#6%, $%-C
Cearstream and Eurex Cearng l0 assess the credtwcrthness c pctenta custcmers resp. ccunterpar
tes c an nvestment becre enterng ntc busness reatcns. The twc ccmpanes dc ths n the same way
they determne ndvdua custcmers' credt nes based cn reguar credtwcrthness checks, whch they
suppement wth ad hcc anayses necessary. They dene harcuts cr securtes pcsted as ccatera
acccrdng tc the rsk nvcved, and ccntnuay revew ther apprcprateness. Cearstream ncudes a
reevant rsk actcrs when determnng harcut and the margn and acws a specc deductcn tc each.
The tcta harcut s cacuated by addng tcgether the ndvdua margns cr the reevant rsk actcrs.

ln crder tc denty pctenta ccncentratcn rsks rcm ndvdua ccunterpartes, Cearstream urther ana
yses the \aR at the eve c the Cearstream Hcdng grcup. Fcr ths purpcse, credt rsk \aRs are cacu
ated at the eve c ndvdua ccunterpartes and ccmpared tc the cvera credt rsk \aRs. Due tc ts
busness mcde, Cearstream ccuses amcst excusvey cn nanca sectcr custcmers. Hcwever, there
s nc matera ccncentratcn c credt rsk cn any ndvdua ccunterparty.

0ven the sze and vcatty c ts cents' abtes, Eurex Cearng l0 has devecped a eadngedge
ccatera management system, whch s descrbed n deta n the ccwng sectcn.

@5)#,9 )($ ?(,/b 35$,%.%354,- 546 ,/# .<#5$%4: /(+-#
Each cearng member must prcve that t has capta equa tc at east the amcunt that Eurex Cearng l0
has dened cr the derent markets. The amcunt c capta cr whch evdence must be prcvded de
pends cn the rsk. ln crder tc mtgate Eurex Cearng l0's rsk that cearng members mght deaut be
cre settng cpen transactcns, cearng members are cbged tc depcst ccatera n the crm c cash cr
securtes (margns) cn a day bass and, requred, tc meet addtcna ntraday margn cas.

Eurex Cearng l0 cny permts securtes wth a hgh credt quaty tc be used as ccatera. lt ccntnuay
revews what ccatera t w accept and ccvers market rsk usng ccrrespcndng harcuts wth a ccn
dence eve c at east 99.9 per cent. lt appes a urther harcut tc ccatera rcm ssuers n hghrsk
ccuntres cr excudes them rcm beng urnshed as ccatera atcgether. The rsk nputs are checked
reguary, and the saety margns are cacuated day cr each securty. ln addtcn, a mnmum saety
margn appes tc a securtes.


Risk report
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*'*

The margns are cacuated separatey cr cearng member acccunts and cent acccunts. 0ans and
csses whch resut rcm ntraday changes tc the vaue c nanca nstruments are ether setted n cash
by the ccunterpartes (varatcn margn) cr depcsted wth Eurex Cearng l0 as ccatera by the seer
due tc the change n the equvaent vaue c the tem (premum margn). ln the case c bcnd, repc, cr
equty transactcns, ether the buyer cr the seer s ccected rcm the margn (current qudatng margn),
dependng cn hcw the purchase prce percrms ccmpared tc the current vaue c the nanca nstru
ments. The purpcse c these margns s tc cset gans and csses.

ln addtcn, Eurex Cearng l0 prctects tse becre deaut by a cearng member aganst any rsk that
the vaue c the pcstcns n the atter's acccunt w detercrate n the percd becre the acccunt s setted
by cbtanng addtcna ccatera. Ths addtcna ccatera s caed addtcna margn n rskbased mar
gnng and nta margn n the Prsma methcd (pcrtccbased rsk management). The target ccndence
eve here s at east 99.0 per cent. Eurex Cearng l0 checks reguary whether the margns match the
requested ccndence eve and currenty cacuates the margns usng bcth rskbased margnng and the
Prsma methcd. The new Prsma methcd s aready avaabe cr a varety c prcducts and the ntentcn
s cr t tc uy repace rskbased margnng cver tme. lt takes ntc acccunt the cearng member's entre
pcrtcc and takes hstcrca and stress scenarcs ntc acccunt when cacuatng the margn requre
ments. The cb|ectve s tc ccver market uctuatcns cr the entre qudatcn percd unt the acccunt
s setted.

ln addtcn tc the margns cr current transactcns, each cearng member ccntrbutes tc a cearng und
dependng cn ts ndvdua rsk prce. Ths und s |cnty abe cr the nanca ccnsequences c a de
aut by a cearng member tc the extent that ths cannct be ccvered by the member's ndvdua margn,
ts cwn ccntrbutcns tc the cearng und and Eurex Cearng l0's retaned earnngs. Eurex Cearng l0
has set up a separate cearng und cr cearng credt deaut swaps (CDSs). Eurex Cearng l0 uses
reguar stress tests tc check whether ts cearng unds match the rsks. Ths nvcves sub|ectng a
current transactcns and ther ccatera tc market prce uctuatcns at a ccndence eve c at east
99.9 per cent. ln crder tc be abe tc determne pctenta csses n excess c a cearng member's ndvd
ua margns, the mpact c a pctenta deaut cn the cearng und s smuated. Eurex Cearng l0 has
dened mts whch, when exceeded, trgger an mmedate ad|ustment tc the sccpe c the cearng und
necessary. The ccwng nes c deence are avaabe n case a cearng member s unabe tc meet
ts cbgatcns tc Eurex Cearng l0 due tc deays cr deauts


Frst, the cutstandng pcstcns and transactcns c the cearng member ccncerned can be netted
and/cr ccsed rcm a rsk perspectve by enterng ntc apprcprate backtcback transactcns, cr they
can be setted n cash.

lny pctenta shcrta that mght be ncurred n ccnnectcn wth such a ccsng cr cash settement,
as we as assccated ccsts, wcud be ccvered n the rst nstance by the ccatera prcvded by the
cearng member ccncerned. ls at 3! December 20!3, ccatera amcuntng tc 646,!33.5 mcn
had been prcvded cr the benet c Eurex Cearng l0. Ths ccatera baanced the rsk c a cearng
member's deaut amcuntng tc 634,840.4 mcn.

Deutsche Brse Group corporate report 2013



*'"


lter ths, the reevant cearng member's ccntrbutcn tc the cearng und wcud be used tc ccver the
cpen amcunt. The ccntrbutcns made range rcm 6! mcn tc 692 mcn.

lny remanng shcrta wcud ntay be ccvered by a ccntrbutcn tc the cearng und by Eurex Cear
ng l0. Eurex Cearng l0's ccntrbutcn amcunted tc 650.0 mcn as at 3! December 20!3.

Cny then wcud the cther cearng members' ccntrbutcns tc the cearng unds be used prcpcrtcn
atey. ls at 3! December 20!3, the vcume c Eurex Cearng l0's cearng und stccd at 6!,597.2 m
cn. lter ncreasng the prcvscn cr the cearng und, t amcunted tc 62,67!.3 mcn as at
3! January 20!4. lter the ccntrbutcns have been used n u, Eurex Cearng l0 can request add
tcna ccntrbutcns rcm each cearng member, whch can be up tc twce as hgh as ther crgna
cearng und ccntrbutcns.

Utmatey, a etter c ccmcrt has been ssued by Deutsche Brse l0. ln t, Deutsche Brse l0 states
that t wcud prcvde Eurex Cearng l0 wth up tc 6700 mcn tc ccver any remanng csses. The
etter c ccmcrt may cny be used cr csses rcm cnexchange transactcns.

Fnay, n the case c a shcrta the remanng equty c Eurex Cearng l0 wcud be used.

ln the event c a ccunterparty deaut the Deaut Management Prccess (DMP) s trggered. lts purpcse
s tc assess the pcstcns c the deautng partcpant. These are cassed ntc reccvery grcups, based
cn crtera such as |cnt saeabty cr ther |cnt prcng, n crder tc treat smar pcstcns n a smar
manner. ln the case c payment deaut, each c these reccvery grcups s transerred tc cther partcpants
va an auctcn. When the DMP s ntated, the cearng und s asc segmented acccrdng tc the reccvery
grcups based cn the margn requrements. l a cearng member deauts, tc reccver the pcstcn rst,
cny the specc segment acccrdng tc the qudatcn grcups c the cearng und s used tc bear the
csses. lt the same tme, a ccmmttee c market experts (Deaut Management Ccmmttee) meets tc
advse and suppcrt Eurex Cearng l0.

There have been three deauts c Eurex Cearng l0's cearng members tc date 0cntard & MetaBank,
Lehman Brcthers and MF 0cba. ln a cases, a cutstandng pcstcns ccud aready be ccsed at the
ccsng cr cash settement (rst ne c deense). ln addtcn, the ma|crty c ccatera ccud be trans
erred back tc ts cwners.

Deutsche Brse 0rcup reduces ts rsk when nvestng unds becngng tc 0rcup ccmpanes as we
as cent unds by dstrbutng nvestments acrcss mutpe ccunterpartes, a wth a hgh credt quaty,
by denng nvestment mts cr each ccunterparty as we as by prmary nvestng unds n the shcrt
term and n ccaterased crm pcssbe. lnvestment mts are estabshed cr each ccunterparty cn the
bass c reguar credt checks and usng ad hcc anayses, as necessary.

Stress tests are cacuated cr Cearstream and Eurex Cearng l0 tc anayse scenarcs such as the m
pact ther argest cent were tc deaut. The gures determned n ths way are ccmpared wth the m
ts dened as part c the rskbearng capacty. ln addtcn, the mpact c severa cearng ccunterpartes
deautng at the same tme s cacuated cr Eurex Cearng l0. l speca stress test examnes Cear
stream Bankng S.l.'s credt rsk expcsure rcm the settement prccedure wth Eurccear. Mcrecver, n
verse stress tests are cacuated tc determne the number c cents that wcud have tc deaut cr csses
tc exceed the rsk ccver amcunt. The resuts can ead tc urther anayses and measures tc reduce rsk.
ln the 20!3 nanca year, nc Cearstream and Eurex Cearng l0 as gcng ccncerns were dented n
the ccurse c the stress test cacuatcns.

Risk report
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*'$

0eneray, Deutsche Brse 0rcup reccrds varcus rsk ndcatcrs, n addtcn tc the rsk measures EC and
the earnngs at rsk and the stress tests percrmed, that measure credt rsk. These ncude the extent tc
whch ndvdua cents use ther credt nes and credt ccncentratcns.

=5$C#, 3$%.# $%-C
Market prce rsks resut rcm cperatcns n the case c nterest rate cr currency uctuatcns. Deutsche
Brse 0rcup measures these rsks usng earnngsbased senstvty anayses cr extreme nterest rate cr
exchange rate uctuatcns. lt avcds cpen currency pcstcns whenever pcssbe. lddtcna market prce
rsks can resut rcm rngenced pan assets wthn Deutsche Brse 0rcup (Ccntractua Trust lgreement,
Cearstream penscn pan n Luxembcurg). The 0rcup ncreased the prcpcrtcn c xednccme securtes
n ts pcrtcc n 20!3 n crder tc urther reduce market prce rsk. The prcbabty c sgncant market
prce rsk s cw, and the 0rcup asc ccnsders the mpact tc be cw. Cearstream and Eurex Cearng l0
percrm reguatcry stress tests cn the market prce rsk. Hcwever, snce these market prce rsks are nct
substanta, nc urther stress tests are percrmed beycnd thcse prescrbed by the reguatcrs.

T%U+%6%,9 $%-C
Lqudty rsk appes a Deutsche Brse 0rcup ccmpany s unabe tc meet ts day payment cbgatcns
cr cny n return cr ncreased renancng ccsts. Cperatcna qudty requrements are met prmary by
nterna nancng, by retanng unds generated. The am s tc retan qudty n the amcunt c cperatng
ccsts cr cne quarter, target qudty currenty ranges rcm 6!50 tc 6250 mcn. l 0rcup cash pcc
asc exsts whch pccs excess qudty tc the extent that ths s permssbe rcm a reguatcry and ega
perspectve. Lqud unds are nvested excusvey n the shcrt term n crder tc ensure that they are
avaabe. Shcrtterm nvestments are asc argey secured by qud bcnds rcm rstcass ssuers.
Deutsche Brse l0 has access tc shcrtterm externa scurces c nancng, such as agreed credt nes
wth ndvdua banks cr ccnscrta, and a ccmmerca paper prcgramme. ln crder tc ccver ts structura
nancng needs, Deutsche Brse l0 has used ts access tc the capta market tc ssue ccrpcrate bcnds
n recent years.

Cearstream's nvestment strategy ams tc be abe tc repay custcmer depcsts at a tmes. lcccrdngy,
qudty mts are set careuy. ln addtcn, extensve scurces c nancng are avaabe at a tmes, such
as cngcng access tc the qudty actes at Deutsche Bundesbank and Banque Centrae du Luxem
bcurg. Cearstream had sucent qudty thrcughcut 20!3.

Due tc ts rce as a centra ccunterparty, Eurex Cearng l0 has strct nterna qudty gudenes. lts
nvestment pccy s ccrrespcndngy ccnservatve. Reguar anayses ensure the apprcprateness c the
qudty gudenes. Snce extendng ts cence as an nvestment and credt nsttutcn under the Kredt
wesengesetz (KW0, 0erman Bankng lct), Eurex Cearng l0 can use Deutsche Bundesbank's perma
nent actes.

The key qudty rsk cr Deutsche Brse 0rcup es n custcmer deaut. l a cearng member c Eurex
Cearng l0 deauts, ts member pcstcn s qudated. l a Cearstream cent deauts, the generay
ccaterased and ntraday credt ne granted tc ncrease settement ecency wcud be caed, and the
ccatera prcvded by the cent ccud then be qudated. Deutsche Brse 0rcup estmates the prcbab
ty c ths rsk tc be cw, wth the pcssbty c medum nanca csses. Hcwever, n ths ccntext, the key
rsk es nct n nanca csses but n the danger that the 0rcup may nct be abe tc meet ts cbgatcns.

Deutsche Brse Group corporate report 2013



*'%

The qudty rsk tc whch Cearstream and Eurex Cearng l0 are expcsed s sub|ect tc reguar stress
tests. Bcth the scurces c qudty and ts use are tested based cn dened hstcrc and hypcthetca
scenarcs. ln addtcn, nverse stress tests are percrmed tc see whch addtcna scenarcs wcud have
tc cccur cr qudty tc be nsucent. Cearstream and Eurex Cearng l0 had sucent qudty n the
stress tests at a tmes n 20!3.

0+-%4#-- $%-C
Busness rsk reects the act that the 0rcup depends cn macrceccncmc devecpments and s nu
enced by cther externa events, such as changes n the ccmpettve envrcnment cr reguatcry ntatves.
lt therecre expresses the 0rcup's busness envrcnment and sectcr rsk. lt asc ncudes busness strate
gy rsk, .e. the mpact c rsks cn the busness strategy and pcssbe ad|ustments tc t. These busness
rsks are represented as target /actua ccmparscns cr EBlT, and are mcntcred ccnstanty by the dv
scns. Ther tcta weghtng cr the 0rcup s c abcut 29 per cent. Busness rsks may resut n revenues
taggng budget prc|ectcns cr n ccsts beng hgher.

7(83#,%,%"# #4"%$(48#4,
Busness rsk ncudes the rsk that US ccmpettcrs such as the CME and lnterccntnentaExchange (lCE)
dervatves exchanges cr the Nasdaq CM` stcck exchange, mght ncrease ther presence cn the Eurcpe
an tradng markets (bcth cn and cexchange). Deutsche Brse 0rcup casses such market entry tc be
hghy prcbabe, but ccnsders ts mpact tc be reatvey cw.

^::$5"5,#6 )%454.%5< 546 6#?, .$%-%-
l a perphera state were tc eave the Eurcpean Currency Uncn, cr a state were tc beccme nscvent,
ths ccud mean that gcvernment bcnds wcud nct be redeemed cr cny wcud redeemed be n part.
The 0rcup currenty vews the prcbabty c ths rsk cccurrng as cw, and the pcssbe ccnsequences
as cw. l reductcn n cent tradng actvty and a reated reductcn n revenue rcm the tradng busness
represent a ccntnued rsk cr the 0rcup.The 0rcup ncw ccnsders the prcbabty c ths rsk cccurrng
tc be cw.

Deutsche Brse 0rcup smuates derent scenarcs n stress tests. The scenarcs smuate the smuta
necus cccurrence c derent busness rsks, such as the negatve eects c strcnger ccmpettcn acng
sde reduced busness due tc new reguatcns.

V#& $#:+<5,($9 $#U+%$#8#4,-
The rsk arsng rcm new reguatcry requrements ccud sgncanty reduce tradng vcumes n the cash
and dervatves markets. Ths means that the panned revscn c the Markets n Fnanca lnstruments
Drectve (MFlD ll) and the Markets n Fnanca lnstruments Reguatcn (MFlR) ccud ncrease the
0rcup's busness rsks. Factatng access tc Eurcpean tradng centres and cearng hcuses ccud ead
tc a greater ccmpettcn and have a negatve eect cn revenue n the Eurex and `etra segments.

ln respcnse tc numercus pcssbe manpuatcns c nterest rates such as the nterbank nterest rate
LlBCR cr the reerence nterest rate lSDlx, the EU s pannng a reguatcn cn ndces used as bench
marks n nanca nstruments and nanca ccntracts. The market changes resutng rcm ths ccud
negatvey mpact the revenue c the Market Data Servces segment as we as the Eurex marketpace.

Risk report
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*'&

The ntrcductcn c a nanca transactcn tax, whch s suppcrted by eeven Eurcpean states, ccud
sgncanty reduce tradng actvtes cr bcth Eurex and `etra. Ths wcud gc hand n hand wth
cwer revenue nct cny cr the marketpaces but asc cr a pcsttradng busnesses, and hence cr
the entre 0rcup.

Deutsche Brse 0rcup assumes a medum prcbabty c cccurrence cr rsks rcm new reguatcry
requrements. The pcssbe nanca ccnsequences c these rsks are currenty cassed as medum.

a$(c#., $%-C
Prc|ect rsks can resut rcm the mpementatcn c cngcng prc|ects (such as the aunch c new prcducts,
prccesses, cr systems), whch ccud have a matera mpact cn cne cr mcre c the three cther rsk cate
gcres (cperatcna, nanca and busness rsk). Prc|ect rsks are nct brcken dcwn urther. lt s evauated
by the 0RM and aready ccnsdered n the nta phase c substanta prc|ects.

Fcr exampe, the mpementatcn c the TlR0ET2Securtes settement system s currenty an mpcrtant
prc|ect cr Cearstream. CelR s ancther key Deutsche Brse 0rcup prc|ect. lts gca s tc devecp an
even mcre pcweru patcrm cr Eurex Cearng l0's cearng system.

Cngcng mcntcrng and ccntrcs ensure that prc|ect rsks are ccntnuay anaysed and evauated. Ut
matey, prc|ect rsks gure as cperatcna, nanca and busness rsks,whch s why they are quanted
wthn these rsk types.


!"#$5<< 5--#--8#4, ?9 ,/# OP#.+,%"# 0(5$6
Deutsche Brse l0's Executve Bcard s respcnsbe cr rsk management thrcughcut the 0rcup and reg
uary revews the entre 0rcup's rsk stuatcn. lts summary c the stuatcn n 20!3 s gven here, acng
wth a na bre cck at the ccmng nanca year.

@+885$9
The past nanca year saw addtcna externa rsk actcrs emerge cr Deutsche Brse 0rcup's bus
ness. The 0rcup dented these actcrs eary cn and tcck apprcprate ccuntermeasures. Due tc these
measures, Deutsche Brse 0rcup's rsk prce remaned stabe. Hcwever, due tc the settement pay
ment tc CFlC, Deutsche Brse 0rcup suered rcm the argest css event n ts hstcry. ln the year
under revew, Deutsche Brse 0rcup's rsks were aways ccvered by sucent rskbearng capacty.
ls at 3! December 20!3, the EC c Deutsche Brse 0rcup was 6!,630 mcn, ths was up by abcut
cnetenth ccmpared tc the prevcus year (3! December 20!2 6!,45! mcn). lvaabe rsk ccverage

Key gures c the qudatcn prncpe as at 3! December 20!3

7#.'+;@# -B&+#
C&%.$
0.&#1 2#'&/ 34#/&+'&#/, 5/&6#' 7/'/
8 9#&:(;#+
Requred eccncmc capta 6m !,630 574 !28 748 !80
Rskbearng capacty 6m 2,395 845 2!4 !,!06 230
Utsatcn 68 68 60 68 78
Eary warnng mt 90 90 90 90 90

Deutsche Brse Group corporate report 2013



*''

bascay remaned ccnstant cver the same percd at 62,395 mcn (3! December 20!2 62,407 m
cn). The earnngs at rsk as at 3! December 20!3 were 6589 mcn, whe rsk appette 6840 mcn,
whch ccmpares wth ad|usted EBlT n 20!3. The ncrease n EC s prmary due tc the ncrease n
Deutsche Brse 0rcup's cperatcna rsk, n partcuar ega and reguatcry rsks. Hcwever, busness
rsks n the 0rcup's ccre markets tended tc decne as the macrceccncmc dangers tended tc decrease.

The Executve Bcard c Deutsche Brse l0 s ccnvnced that the rsk management system s eectve.
The Bcard strengthened the system n 20!3 and recrgansed the busness area respcnsbe cr t. The
0rcupwde strategy tc capture and mnmse rsks, whch ncw ccuses mcre strcngy cn rsk appette,
crms the bass cr nterna rsk management. lt s ccded n the three prncpes descrbed n ths repcrt.

!+,<((C
The 0rcup ccntnucusy assesses ts rsk stuatcn. Based cn stress tests, the cacuated EC as we as
the rsk management system, the Executve Bcard c Deutsche Brse l0 ccncudes that the avaabe
rskbearng capacty s sucent. Furthermcre, t cannct denty any rsk that ccud endanger the
0rcup's exstence as a gcng ccncern. ln addtcn, the accated rsk appette mts were cbserved.

ln 20!4, the 0rcup ntends tc urther strengthen ts 0rcupwde rsk management. Fcr nstance, t
pans tc extend the deaut management prccess currenty n pace cr Eurex Cearng l0 nct cny tc
Cearstream but tc the entre 0rcup. Ths w resut n a ccnsstent prccess cr the 0rcup's nanca
nsttutcns, and take ntc acccunt the pctenta recprcca eects c a ccunterparty deaut.

Mcrecver, recprcca eects acrcss the entre 0rcup are tc be anaysed even better by expandng 0rcup
wde stress tests sc as tc permt eary dentcatcn c substanta rsks, cr even rsks endangerng the
0rcup's exstence as a gcng ccncern. Based cn the reccvery pans cr Cearstream and Eurex Cearng
l0 that have aready been devecped, a 0rcupwde reccvery pan w be prepared n 20!4. Pcssbe
reccvery scenarcs, whch have sc ar been vewed n scatcn, can then asc be anaysed at 0rcup eve,
and eectve ccuntermeasures can be devecped. ln addtcn, methcds tc measure and manage cpera
tcna and credt rsks are tc be rened 0rcupwde.


Repcrt cn cppcrtuntes
!$:54%-5,%(4 () (33($,+4%,%#- 8545:#8#4,
Deutsche Brse 0rcup's management c cppcrtuntes ams tc denty, evauate and assess cppcrtu
ntes as eary as pcssbe and tc take apprcprate measures n crder tc transcrm cppcrtuntes ntc
busness success.

Deutsche Brse 0rcup evauates crganc grcwth cppcrtuntes bcth cn an cngcng bass cver the year
n the ndvdua busness areas and systematcay at 0rcup eve as part c ts annua budget pan
nng prccess. Suggestcns rcm the 0rcup's busness areas cr new prcducts, servces, cr technccges
serve as the startng pcnt. The prccess begns wth a careu anayss c the market envrcnment. ls


Report on opportunities
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*'(

we as custcmer wshes, t asc ccnsders actcrs such as market devecpments, ccmpettcrs and regua
tcry changes. Ths draws cn a range c cppcrtunty devecpment tccs such as a strengths and weak
nesses anayses cr nsdecut and cutsden apprcaches.

The deas cr grcwth ntatves are eshed cut usng uncrm, 0rcupwde tempates and sub|ected tc
a prctabty anayss. Cuatatve aspects are dccumented n the crm c a busness pan, and expenses
and revenues are prc|ected n deta cr severa years. The busness pan ncudes ncrmatcn abcut the
prcduct cr servce that s tc be cered, as we as abcut target custcmers and ccmpettcrs, market sze,
barrers tc market entry and the pcstcnng c the prcduct cr servce cn the market. lt asc cutnes the
rescurces requred and the mpementatcn apprcach ncudng a marketng/saes strategy and hgh
ghts pctenta rsks. The prctabty anayss s based cn abscrptcn ccstng. l dstnctcn s made
between expense and expendturereated varabes, thus ndcatng the eect cn bcth the ccmpany's
nccme statement and ts cash cw statement.

Cnce the busness pan and prctabty anayss have been prepared cr the ndvdua grcwth ntatves,
a decscn s made as tc ther mpementatcn. Ths s made by the Executve Bcard c Deutsche Brse
l0 as part c the annua budget pannng prccess. The Executve Bcard starts by settng the budget
avaabe cr grcwth ntatves, whch depends cn genera busness percrmance. Ths budget s then
accated tc the ndvdua busness areas cn the bass c varcus actcrs (such as a busness area's ccn
trbutcn tc 0rcup EBlT). The reevant grcwth ntatves wthn the busness areas are then prcrtsed.
Prcrtsatcn s based cn the prctabty anayss. lt asc takes rsks ntc acccunt and assesses the
ccntrbutcn c ndvdua grcwth ntatves tc the busness area's and 0rcup strategy. Eccncmes c
sccpe, .e. the benets cered by a grcwth ntatve tc severa busness areas, asc pay a rce n the
prcrtsatcn c grcwth ntatves. The ntatves that make the hghest vaue ccntrbutcn and that can
be nanced wthn the sccpe c the budget accated tc the busness area are seected by the Executve
Bcard and nccrpcrated ntc the budget.

Budgetng cr grcwth ntatves nvcves reservng a uyear budget n the crm c expendtures and ex
penses cr each seected grcwth ntatve ncuded n the nvestment pcrtcc. The budget s apprcved
by the Executve Bcard c Deutsche Brse l0 n the ccurse c the year and s brcken dcwn ntc prc|ect
phases. Ths ensures that undng apprcva s nked tc prc|ect prcgress and that prc|ects are revewed
reguary. lt asc gves the Executve Bcard the cppcrtunty tc ad|ust the depcyment c the unds re
served cr the year as a whce and tc react tc genera busness percrmance requred, new grcwth
ntatves can be apprcved and budgeted n the ccurse c the year, cr exampe.

Mcntcrng c grcwth ntatves durng the ntrapercd budget apprcva prccess s actated by reguar
repcrtng. Deutsche Brse l0's Executve Bcard receves a mcnthy repcrt cn the status and prcgress c
ntatves currenty beng mpemented. The repcrt s cccrdnated by centra unctcns n cccperatcn
wth the ndvdua prc|ects rcm the busness areas and ccmpares panned ccsts and revenues wth ac
tua budget utsatcn and the revenues actuay generated. ln addtcn, nanca pannng s ad|usted,
crecasts are updated and changes tc the sccpe c the prc|ect are made transparent. ln addtcn, checks
are used tc estabsh whether mestcnes have been reached and prc|ectspecc rsks and the ccunter
measures taken are descrbed. Prc|ect management and the suppcrtng centra unctcns ccmment cn
the status c the prc|ect cr the Executve Bcard.


Deutsche Brse Group corporate report 2013



*')

!$:54%. :$(&,/ (33($,+4%,%#-
ln terms c crganc grcwth cppcrtuntes, Deutsche Brse 0rcup makes a basc dstnctcn between
structura and cycca cppcrtuntes. Structura cppcrtuntes arse, cr exampe, as a resut c reg
uatcry changes cr new custcmer requrements, and can be nuenced drecty by the ccmpany.
Cycca cppcrtuntes, whch are drven by macrceccncmc changes, cannct be nuenced drecty
by the ccmpany.

@,$+.,+$5< :$(&,/ (33($,+4%,%#-
Deutsche Brse 0rcup s currenty ccusng cn structura grcwth cppcrtuntes reatng tc CTC derva
tves cearng, ccatera and qudty management, and urther expanscn n lsa.

7<#5$%4: () !B7 6#$%"5,%"#- GO+$#PI
The qudty prcbems experenced by ma|cr market partcpants durng the nanca crss were trggered
by the ncnsettement c batera cvertheccunter (CTC) transactcns that were entered ntc cn an un
secured bass. ln ght c ths, the eadng ndustrased natcns (020) agreed tc create an eectve regu
atcry envrcnment tc make cexchange dervatves transactcns mcre transparent and mcre secure. ln
respcnse, the Eurcpean Uncn has devecped the Eurcpean Market lnrastructure Reguatcn (EMlR),
whch s amed at reguatng CTC tradng wth dervatves. EMlR ncudes the ccwng reguatcry re
qurements


an cbgatcn tc cear standardsed CTC dervatves transactcns usng a centra ccunterparty

speca rsk management requrements cr transactcns n ncnstandardsed dervatves

an cbgatcn tc repcrt the transactcns tc a trade repcstcry

EMlR entered ntc crce cn !6 lugust 20!2 and s currenty beng mpemented. Tc hep market par
tcpants meet ts requrements, Eurex Cearng has devecped a centra ccunterparty cr cearng CTC
dervatves transactcns, ths s kncwn as 'EurexCTC Cear" and has been avaabe tc the market
snce !3 Ncvember 20!2. Ths cerng, whch may ater be extended tc cther asset casses, s amed
prmary at nsttutcna custcmers and ther nterest rate dervatves transactcns (nterest rate swaps).
lt ccuses n partcuar cn securty and ecency, acwng custcmers tc gan the u benet c Eurex
Cearng's rsk and ccatera management servces cr ther CTC transactcns as we. By the end c
20!3, a tcta c 32 cearng partcpants and cver !20 nsttutcna nvestcrs had regstered cr the
cerng. Severa deays n dratng and mpementng the EMlR reguatcn have asc deayed the eec
tve date c the cearng cbgatcn. lt the tme c pubcatcn c ths management repcrt, the ccmpany
expects t tc enter ntc crce at the end c 20!4 cr at the begnnng c 20!5.

7(<<5,#$5< 546 <%U+%6%,9 8545:#8#4, G7<#5$-,$#58I
The ccatera and qudty management cerng devecped as part c the 0cba Lqudty Hub grcwth
ntatve enabes Cearstream tc hep ts custcmers ccpe wth the structura changes they are acng,
such as thcse resutng rcm the addtcna qudty requrements under Base lll and the new cearng
cbgatcns under EMlR. The 0cba Lqudty Hub acws banks tc use the assets that Cearstream hcds
n custcdy cn ther beha mcre ecenty acrcss derent patcrms and ccuntres. Snce ths s a key
ssue wcrdwde, Cearstream markets ts ccatera management system tc thrd partes and has entered
ntc ccrrespcndng cutscurcng agreements wth varcus market nrastructure cperatcrs arcund the wcrd.

Report on opportunities
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*'!

Ths servce the Lqudty Hub 0C (0cba Cutscurcng) s at derent stages c devecpment wth
Cearstream's nternatcna partners. ln addtcn tc centra securtes depcstcres, Cearstream has asc
sgned agreements wth custcdan banks tc acw them tc benet rcm Cearstream's ccatera manage
ment expertse. By the end c 20!3, cur centra securtes depcstcres (CSDs) rcm Braz, lustraa,
Span and Scuth lrca had been ccnnected tc the Lqudty Hub 0C. Mcrecver, etters c ntent have
been sgned wth cther exchanges and CSDs, amcng cthers n Sngapcre and Canada. ln addtcn tc
CSDs and exchanges, severa custcdan banks, such as BNP Parbas, Standard Chartered and Ctbank,
are asc n the prccess c beng ccnnected.

OP354-%(4 %4 ^-%5
ln addtcn tc grcwth n CTC and unsecured markets, the 0rcup s ccusng cn expandng ts busness n
grcwth regcns. l partcuar emphass s cn lsa, where the 0rcup s aready successuy represented by
Cearstream subsdares n partcuar. lmcng cther thngs, Cearstream has cperated a permanent estab
shment n Sngapcre snce 2009, whch has ts cwn bankng cence. The ccmpany expects urther
grcwth n lsa n areas such as ccatera and qudty management. The 0rcup has aready acheved n
ta successes n ths area by ccnnectng the lustraan Stcck Exchange tc the 0cba Lqudty Hub and
by sgnng an agreement wth the Sngapcre Exchange (S0`).

lter successuy pcstcnng Cearstream n lsa, t s the 0rcup's decared am tc ceary ncrease the
prcpcrtcn c lsan prcducts and custcmers n cther busness areas as we n the medum term. ln the
Eurex segment, the ccus tc date has been cn prcduct aances and cn ccnnectng partcpants tc the
gcba netwcrk. Cne exampe s the successu partnershp Eurex entered ntc wth the Kcrea Exchange
(KR`) prcducts based cn Kcrea's benchmark KCSPl ndex have been traded cn Eurex snce 20!0. The
cccperatcn agreement entered ntc wth TllFE`, the Tawan Futures Exchange, n 20!3 ccws ths ex
ampe. What s mcre, Eurex acqured a 5 per cent nterest n TllFE` n crder tc strengthen ths strategc
prcduct partnershp. Thrcugh ts subsdary EE`, Deutsche Brse 0rcup acqured a ma|crty nterest n
Ceartrade, a Sngapcrebased utures exchange, at the begnnng c 20!4. The 0rcup asc pans the
setup c a cca cearng nrastructure cr the dervatves area n crder tc suppcrt the grcwth wthn
the lsan regcn. lsa asc cers grcwth cppcrtuntes cr the Market Data Servces segment cr
exampe, the Bcmbay Stcck Exchange (BSE) has used Deutsche Brse 0rcup's dervatves tradng tech
nccgy snce the end c 20!3. ln addtcn, the 0rcup has systematcay expanded ts cerng c ndces
cn lsan underyngs, such as the STC`` Chna Tcta Market ndces, and wcn urther custcmers cr
ts brcad range c ndex prcducts.

=5$C#, 65,5 546 AB
The 0rcup s asc pannng urther grcwth by seng capta market data and scutcns. The am s tc
gve STC``

, whch s aready estabshed as an ndex prcvder n Eurcpe, a mcre gcba reach sc that
cther ndces can be devecped and marketed wcrdwde acngsde the Dl` and STC`` ndex ames.
Dversyng the range c ndces ams tc tap ntc new custcmer grcups, bcth wthn Eurcpe and n lsa
and lmerca. Fcr exampe, n 20!3 STC`` expanded ts cerng cr Chnese nvestcrs, rsty, by aunch
ng new ndces such as the STC``

Chna l 50 Equa Weght ndex and seccndy, by enterng ntc a


cence agreement wth a Chnese ssuer, whch w acw nvestcrs n Chna tc asc nvest n the EURC
STC``

50. ln addtcn, the 0rcup s pannng tc ncrease externa marketng c ts nternay devecped

Deutsche Brse Group corporate report 2013



*(+

tradng, cearng and ccatera management technccgy tc thrd partes n crder tc wn urther custcmers
abcve and beycnd ts exstng aances. ln the curth quarter c 20!3, the new T7 tradng nrastructure
was successuy pcrted tc the Bcmbay Stcck Exchange's dervatves market, the `etra technccgy s
aready used by the exchanges n \enna, Prague, L|ub|ana, Budapest, Dubn and Sca, as we as
n Mata and the Cayman lsands.

The 'Expected net revenue ccntrbutcn by structura grcwth cppcrtuntes n 20!7" tabe detas the
nanca pctenta c the three grcwth ntatves descrbed abcve. Pease ncte that the addtcna net
revenue s expected n 20!7.

!,/#$ -,$+.,+$5< :$(&,/ (33($,+4%,%#-
ln addtcn tc these ntatves, the 0rcup has dented a number c cther structura actcrs that shcud
have a pcstve mpact cn busness success.


ln January 20!4, agreement was reached at a Eurcpean eve cn the MFlD ll Drectve amcng cther
thngs, CTC dervatves transactcns w n uture have tc be setted va crgansed tradng actes, a
requrement that s expected tc benet Eurex. ln addtcn, t was rescved tc mt the vcume c equ
tes traded n dark pccs. The 0rcup expects ths restrctcn tc have a pcstve mpact cn the vcumes
traded cn `etra.

Rsk management s beccmng mcre mpcrtant as a ccnsequence c the nanca crss. The ccmpany
expects market partcpants tc make greater use c Eurex Cearng's cearng servces tc net cut trans
actcns n derent asset casses and hence tc emnate ccunterparty rsk.

ls a resut c the Eurcpean ega and admnstratve ramewcrk reatng tc certan undertakngs cr
ccectve nvestment n transerabe securtes (UClTS lll), the ccmpany expects that tradtcna nvest
ment unds w ncreasngy ncude dervatves n ther pcrtcc strateges. Ths ccud resut n add
tcna busness cr the Eurex segment.

Fcr Cearstream's pcsttrade actvtes, the ccmpany antcpates that, n the cng term, ccmpanes w
ncreasngy rase capta thrcugh equty and debt nancng cn the capta markets. Ths s reated tc
the hgher capta and qudty requrements cr banks and the resutng negatve mpact cn the tcta
vcume c avaabe credt. Fcr Cearstream, ths ccud have a pcstve eect cn custcdy vcumes, espe
cay n the nternatcna bcnd segment. ln addtcn, gven the grcwng nternatcnasatcn c the cap
ta markets, the ccmpany s ccntnung tc expect a sharper rse n the vcume ssued nternatcnay
ccmpared wth natcna bcnd ssues.




Expected net revenue ccntrbutcn by structura grcwth cppcrtuntes n 20!7
9'&.;'.&/4 *&%]'@ %$$%&'.)('(#+ 7#+;&($'(%) 01$#;'#U /UU('(%)/4
)#' &#:#).#
^&%Y/Y(4('Q
!)


CTC dervatves cearng Cearng servces cr CTC dervatves tradng n respcnse tc
reguatcry requrements (EMlR)
lpprcxmatey
650 tc 6!00 mcn Hgh
Ccatera and qudty
management
Expanscn c ccatera and qudty management servces
cn a gcba bass, pcstve eects c these servces cn
Cearstream's ccre busness
lpprcxmatey
6!00 mcn
Hgh
Expanscn n lsa Further expanscn n grcwth markets n lsa, especay n the
Cearstream and Eurex segments
lpprcxmatey
6!00 mcn
Hgh
Market data and lT 0cbasatcn c ndex prcvder STC``
lntensed marketng c lT scutcns tc externa custcmers
lpprcxmatey
650 tc 675 mcn
Hgh

!) See the 'Descrptcn c rsks" sectcn cr an expanatcn c the terms.
Report on expected developments
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*(*

79.<%.5< (33($,+4%,%#-
ln addtcn tc structura grcwth cppcrtuntes, Deutsche Brse 0rcup has cycca cppcrtuntes, cr
exampe as a resut c pcstve macrceccncmc devecpment. lthcugh the ccmpany cannct nuence
these drecty, they ccud t Deutsche Brse 0rcup's net revenue and ccnscdated net nccme sgn
canty n the medum term


ln the cash and dervatves market segments (`etra and Eurex), sustaned pcstve eccncmc devecp
ment, an mprcvement n the stuatcn c the scuthern EU member states, a astng rse n nvestcr
ccndence n the capta markets and, as a resut, a renewed rse n rsk appette amcng market partc
pants, as we as greater stcck market vcatty, ccud stmuate tradng actvty by market partcpants
and bccst tradng vcumes.

The vcumes c nterest rate dervatves traded cn the 0rcup's dervatves markets ccud rse as a resut
c ncreasng specuatcn abcut trends n cngterm nterest rates cr 0erman and cther Eurcpean gcv
ernment bcnds, key nterest rates actuay rse and the spread between the varcus Eurcpean
gcvernment bcnds ccntnues tc narrcw.

ln the pcsttrade segment, Cearstream, a reductcn n the qudty supped by the centra banks ccud
enccurage bcnd ssuance and ead tc an ncrease n custcdy vcumes. Mcrecver, ths ccud ncrease
demand cr Cearstream's range c ccatera and qudty management servces. Net nterest nccme
rcm bankng wcud benet rcm a rse n shcrtterm nterest rates n the eurc zcne and the USl.

ln the market data busness, an ncrease n the number c empcyees at ccmpanes actve cn the
nanca markets ccud ead tc grcwng demand cr data packages.


OP,#$45< :$(&,/ (33($,+4%,%#-
ln addtcn, the ccmpany reguary expcres externa grcwth cppcrtuntes, whch are sub|ected tc the
same knd c strngent anayss as ts crganc grcwth ntatves. Fcr ths reascn, cny a sma number c
the cppcrtuntes anaysed are utmatey reased. Exampes c externa grcwth n the past ew years n
cude the acqustcn c a the shares c Eurex rcm Sl` 0rcup l0 and c a ma|crty nterest n the Eurc
pean Energy Exchange, as we as the ncreased stake n the ndex prcvder STC`` Ltd. Deutsche Brse
0rcup s asc cpen tc aances and equty nvestments n lsa exampes can be cund n the 'Eurex
segment" and 'Cearstream segment" sectcns. ln genera, hcwever, gven that the ccmpany aready
cers a very ccmprehensve range c prcducts and servces acng the entre vaue chan, ts ccus s
squarey cn everagng crganc grcwth cppcrtuntes.


Repcrt cn expected devecpments
The repcrt cn expected devecpments descrbes hcw Deutsche Brse 0rcup s expected tc percrm n
nanca year 20!4. lt ccntans statements and ncrmatcn cn events n the uture and s based cn
the ccmpany's expectatcns and assumptcns at the tme c pubcatcn c ths repcrt. ln turn, these are
sub|ect tc kncwn and unkncwn cppcrtuntes, rsks and uncertantes. Numercus actcrs nuence the
0rcup's success, ts busness strategy and nanca resuts. Many c these actcrs are cutsde the ccm
pany's ccntrc. Shcud cppcrtuntes, rsks, cr uncertantes materase cr cne c the assumptcns made
turn cut tc be nccrrect, the actua devecpment c the 0rcup ccud devate ether pcstvey cr negatvey
rcm the expectatcns and assumptcns ccntaned n the crwardcckng statements and ncrmatcn
ccntaned n ths repcrt cn expected devecpments.


Deutsche Brse Group corporate report 2013



*("

*#"#<(38#4, () ,/# (3#$5,%4: #4"%$(48#4,
Deutsche Brse 0rcup antcpates that the eccncmy w grcw mcderatey wcrdwde durng the crecast
percd. ln the case c the emergng markets, the 0rcup expects that ccuntres wth a current acccunt
surpus w ccntnue tc expand at an abcveaverage rate and that the exchange rate turbuence cbserved
n scme emergng markets at the begnnng c 20!4 w nct escaate ntc a sercus crss. Mcrecver,
the 0rcup expects that eccncmc grcwth n the ndustrased natcns w asc pck up agan ccwng
a number c dcut years n the wake c the nanca crss. Wth respect tc Eurcpe, the 0rcup s cre
castng that the eccncmc stuatcn w mprcve cn the back c the cear ncrease n grcwth expected cr
0ermany n partcuar. ln vew c ths essentay pcstve stuatcn, the ccmpany expects market partc
pants tc regan ccndence n the capta markets. Hcwever, currenty uncertan actcrs such as the credt
quaty and qudty c ndvdua eurc zcne states, the budgetary stuatcn n the USl, the mcnetary pc
cy adcpted by the centra bank, cr a crss n ccndence n the currences c certan emergng market
ccuntres ccud unsette the markets agan. ls regards nterest rate trends, the 0rcup dces nct expect
tc see any undamenta departure rcm the current cw nterest rate pccy n Eurcpe, whereas a trend
reversa mght cccur n the USl aready n 20!4.

ln ts crecast c eccncmc devecpment cr 20!4 pubshed n January 20!4, the lnternatcna Mcne
tary Fund (lMF) predcts an ncrease c arcund !.0 per cent n the eurc zcne and grcwth c arcund
!.6 per cent n 0ermany. The derence between the eurc zcne and 0ermany s a resut c cny sght
grcwth n ccuntres such as France, ltay and Span. Expectatcns cr the Unted Kngdcm and the
Unted States are sgncanty hgher than cr the eurc zcne. ln 20!4, the eccncmy s crecast tc grcw
by arcund 2.4 per cent n the UK and by arcund 2.8 per cent n the US. The hghest grcwth by ar
n 20!4 apprcxmatey 7 per cent s agan expected n lsan ccuntres (and especay Chna) n
antcpatcn c hgh dcmestc demand. 0ven the extremey vared estmates cr the derent eccncmc
regcns, gcba eccncmc grcwth s prc|ected tc be arcund 3.7 per cent n 20!4.

0cvernments and centra banks are currenty wcrkng cn strengthenng reguatcn c the nanca
markets tc urther stabse the nanca sectcr and prevent uture crses c ths degree c severty. The
measures envscned, and n scme cases aready ntated, range rcm revsng the ega ramewcrk
cr bankng busness and capta requrements tc mprcvng nanca market supervscn (cr mcre n
crmatcn, pease see the 'Reguatcry envrcnment" sectcn c ths repcrt cn expected devecpments).
Fcr Deutsche Brse 0rcup's custcmers, the mpact c these arreachng reguatcry recrm prc|ects cn
market structures and busness mcdes s dcut tc gauge accuratey at present. Deutsche Brse antc
pates that ths uncertanty w ccntnue tc wegh cn the busness actvtes c market partcpants
durng the crecast percd. Fcr the 0rcup tse, the derent reguatcry prc|ects w have bcth pcstve
and negatve ccnsequences. Cvera, hcwever, the ccmpany sees the changng reguatcry envrcnment
as an cppcrtunty tc expand ts busness urther, see the repcrt cn cppcrtuntes cr urther detas.


;#:+<5,($9 #4"%$(48#4,
A4,$(6+.,%(4
Cne ccnsequence c the gcba nanca market crss s that wcrk s ncw underway at an nternatcna
eve cn reguatcry ntatves n a wde varety c areas, wth the am c creatng a mcre transparent,
mcre stabe and ar nanca system n ne wth the 020's cb|ectves. The man ccus s cn reguatcn
c the supervscry structure, reccvery and rescutcn pans, new reguatcns cr the nanca market


Report on expected developments
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes






*($

nrastructure and cr banks, and the settement c securtes, dervatves and cther nanca nstruments.
The atter ntatves have been ntegrated ntc the reguatcry prc|ects cr nanca market nrastructures
(e.g. restrctcns cn hghrequency tradng cr a centra cearng cbgatcn cr dervatves) and are cny
suppemented by separate reguatcry prc|ects n seected areas (e.g. the revscn c Eurcpean Securtes
Law Legsatcn).

;#:+<5,%(4 () -+3#$"%-($9 -,$+.,+$#-
Supervscry structures have changed as a resut c tghter reguatcn the Eurcpean supervscry authcr
tes created cn ! January 20!! ESMl (Eurcpean Securtes Markets luthcrty), EBl (Eurcpean Bank
ng luthcrty) and ElCPl (Eurcpean lnsurance and Cccupatcna Penscns luthcrty) as we as the
Eurcpean Systemc Rsk Bcard ncw pay a much mcre sgncant rce, whe the sccpe cr decscns at
natcna eve has decned.

The gca s tc urther harmcnse the supervscry practces n the EU n uture and tc structure them as
a 'bankng uncn". ln the rst step, supervscn cver the apprcxmatey !30 argest banks wth nter
natcna cperatcns w be transerred drecty tc the Eurcpean Centra Bank (ECB) n Ncvember 20!4
(Snge Supervscry Mechansm, SSM). The EU adcpted the SSM Reguatcn cn !5 Cctcber 20!3.
Under the SSM, the ECB w assume respcnsbty n prncpe cr bankng supervscn n the eurc
zcne, states cutsde the eurc zcne have the cptcn tc |cn the supervscry mechansm. Hcwever, the
ECB w cny ay dcwn supervscry prncpes, harmcnse nterpretatcn decscns and cccrdnate the
natcna supervscry authcrtes. ln preparatcn cr ths, the seected nsttutcns w be sub|ected tc
ntensve quanttatve anayses and stress tests as a bass cr devecpng the apprcprate supervscn
strategy cr the uture. Cearstream Bankng S.l. meets the quanttatve crtera and has been seected
cr ECB supervscn because c ts key rce n Luxembcurg. Thanks tc ts busness mcde and undamen
tay rskaverse busness strategy, t regards tse as we pcstcned cr the upccmng ECB anayses and
the uture supervscry regme.

Furthermcre, the reccvery and rescutcn mechansm cr banks n dstress s tc be harmcnsed and
a Eurcpean und nanced by the banks s tc be created (Snge Rescutcn Mechansm, SRM). Cn
!0 Juy 20!3, the Eurcpean Ccmmsscn submtted a drat SRM reguatcn. The egsatve prccess s at
an advanced stage and the reguatcn s currenty expected tc be adcpted by the mdde c 20!4. The
SRM s set tc enter ntc crce cn ! January 20!5 and w ccver a ccuntres partcpatng n the SSM.

The thrd measure makng up the bankng uncn s ccmmcn depcst prctectcn, the Eurcpean Ccmms
scn submtted a prcpcsa cr ths n Juy 20!3. The egsatve prccess s expected tc be ccmpeted by
the mdde c 20!4.

;#.("#$9 546 $#-(<+,%(4 3<54-
054C-
ln Cctcber 20!!, the Fnanca Stabty Bcard (FSB) adcpted the Key lttrbutes c Eectve Rescutcn
Regmes cr Fnanca lnsttutcns (Key lttrbutes), whch are amed at rescvng systemcay mpcrtant
nsttutcns n an crdery manner wthcut css tc the pubc purse. The heads c state and gcvernment
c the 020 ccuntres have undertaken tc mpement the Key lttrbutes.


Deutsche Brse Group corporate report 2013



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lt a Eurcpean eve, the Eurcpean Ccmmsscn pubshed a prcpcsa cn 6 June 20!2 cr a drectve c
the Eurcpean Parament and the Eurcpean Ccunc denng a ramewcrk cr the reccvery and rescutcn
c credt nsttutcns and securtes rms (Bank Reccvery and Rescutcn Drectve, BRRD). The drectve
s expected tc nccrpcrate matera ccmpcnents c the Key lttrbutes and tc be enacted n sprng 20!4.

ln antcpatcn c the expected Eurcpean reguatcn, 0ermany passed the 0esetz zur lbschrmung
vcn Rsken und zur Panung der Sanerung und lbwckung vcn Kredtnsttuten und Fnanzgruppen
(0erman lct cn Rngencng and Reccvery and Rescutcn Pannng cr Credt lnsttutcns and Fnanca
0rcups) cn 7 lugust 20!3. Cn the bass c ths act, Cearstream Bankng l0 and Eurex Cearng l0
have been cassed as a 'pctenta systemc rsk".

S%454.%5< 85$C#, %4)$5-,$+.,+$# 3$("%6#$-
Prcvscn s asc beng made cr reccvery and rescutcn pans cr nanca market nrastructure prcvd
ers such as centra securtes depcstcres (CSDs), centra ccunterpartes, centra trade repcstcres and
securtes settement servces. ln ths ccntext, back n Juy 20!2, the Ccmmttee cn Payment and Sette
ment Systems (CPSS) and the lnternatcna Crganzatcn c Securtes Ccmmsscns (lCSCC) had |cnty
nvted ccnsutatcn cn ther nta thcughts, whch n turn ccmpement the 'Prncpes cr Fnanca
Market lnrastructures" (PFMl) pubshed n lpr 20!2. ln lugust 20!3, a revsed and expanded ver
scn was submtted tc market partcpants. Hcwever, a drat egsatve text s nct yet avaabe and s
nct expected becre the mdde c 20!4.

lt EU eve, the Eurcpean Ccmmsscn n 20!2 expaned ts thnkng cn a pcssbe ramewcrk cr the
reccvery and rescutcn c nanca market nrastructures. Hcwever, gven that the nternatcna debate
s st cngcng, the Ccmmsscn s nct expected tc reease a drat text c the reguatcn becre the mdde
c 20!4.

=5$C#, %4)$5-,$+.,+$# $#:+<5,%(4
Wth respect tc the changes tc the reguatcry ramewcrk, three EU egsatve packages are c centra re
evance tc Deutsche Brse 0rcup, n addtcn tc a arge number c smaer ntatves the current revscn
c the Markets n Fnanca lnstruments Drectve (MFlD), the reguatcn by the Eurcpean Parament and
the Eurcpean Ccunc cn CTC dervatves, centra ccunterpartes and trade repcstcres (Eurcpean Market
lnrastructure Reguatcn, EMlR) and the reguatcn cn centra securtes depcstcres (CSD Reguatcn).

=%SA*
The Eurcpean Ccmmsscn has revsed MFlD and pubshed the resutng drat at the end c 20!!. The
revscn s amed at ncreasng the transparency and ntegrty c the markets and at urther strengthenng
nvestcr prctectcn, amcng cther thngs n the ght c the nanca market crss. ln addtcn, the Eurc
pean Ccmmsscn s pannng tc take measures tc reguate hgh requency tradng and tc ncrease ccm
pettcn, partcuary n the area c dervatves tradng and cearng. The EU states agreed ths ntatve
n prncpe n January 20!4. lt s expected tc be crmay adcpted n the sprng c 20!4. Scme c the
rues w beccme drecty appcabe thrcughcut the EU n the crm c a reguatcn (MFlR). The mcded
reguatcry ramewcrk w cny be appcabe as rcm 20!7. The reguatcns ntay prcpcsed by the
Eurcpean Ccmmsscn wcud create bcth cppcrtuntes and rsks cr Deutsche Brse 0rcup (see the
repcrt cn cppcrtuntes and rsks)

Report on expected developments
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes






*(&

O=A;
The reguatcn by the Eurcpean Parament and the Eurcpean Ccunc cn CTC dervatves, centra ccun
terpartes and trade repcstcres entered ntc crce n lugust 20!2. lmcng cther thngs, t mandates the
use c centra ccunterpartes (CCPs) cr settng a greater number c dervatves transactcns. ln addtcn,
t requres CTC dervatves tc be regstered n trade repcstcres, whch are n turn mcntcred by ESMl.

Fcr Deutsche Brse 0rcup, ths prcvdes an cppcrtunty tc expand ts cearng cerng tc CTC dervatves
(see the repcrt cn cppcrtuntes). Hcwever, the addtcna mpcrtance paced cn centra ccunterpar
tes n Eurcpe asc entas ncreased capta requrements cr CCPs. Fcr Eurex Cearng l0, Deutsche
Brse 0rcup's centra ccunterparty, the 0rcup expects an addtcna capta requrement c mcre than
6!00 mcn. Fcr ths reascn, an amcunt c 6!!0 mcn was apprcprated tc the reserves n January
20!3. Eurex Cearng l0 submtted ts appcatcn cr authcrsatcn as a centra ccunterparty cn
! lugust 20!3. Deutsche Brse 0rcup expects the authcrsatcn tc be granted and ccnsequenty cr
EMlR tc appy tc Eurex Cearng n practce n the seccnd quarter c 20!4. Further gradua ad|ustments
tc capta requrements may be made cnce the authcrsatcn has been granted. ln addtcn tc Eurex
Cearng l0, the cbgatcn tc cbtan authcrsatcn asc appes tc Eurcpean Ccmmcdty Cearng l0,
the cearng ccmpany cr EE`traded prcducts, whch w be ccnscdated wth eect rcm 20!4.
RE0lSTR S.l., cne c cur centra trade repcstcres authcrsed by ESMl n Ncvember 20!3, asc
becngs tc Deutsche Brse 0rcup.

7@* $#:+<5,%(4
Wth the CSD reguatcn, the Eurcpean Ccmmsscn ams tc create a uncrm Eurcpean reguatcry
ramewcrk cr centra securtes depcstcres cr the rst tme. The Ccmmsscn submtted a prcpcsa
cr ths n March 20!2, and the measures are expected tc be passed n the rst quarter c 20!4. lt
s currenty assumed that securtes settement systems and supervscry rues cr centra securtes de
pcstcres w be harmcnsed thrcughcut Eurcpe. Ths w strengthen Cearstream's busness mcde,
because the prcvscn c ntegrated bankng servces w st be permtted.

!,/#$ $#:+<5,($9 %4%,%5,%"#- &%,/ 54 %835., (4 )%454.%5< 85$C#, -,$+.,+$#-
Cther ntatves expected cr 20!4 are a revscn c Eurcpean Securtes Law Legsatcn (SLL) as we
as the th revscn c the drectve cn undertakngs cr ccectve nvestment n transerabe securtes
(UClTS) and the mpementatcn c the Drectve cn lternatve lnvestment Fund Managers (llFM) n
0ermany. lt s nct pcssbe at present tc gauge the mpact cn Cearstream's busness actvtes.

054C%4: $#:+<5,%(4-
The reguatcry ntatves cr banks currenty ccus cn the Base lll reguatcns, whch have been mpe
mented n the EU n ccmbnatcn wth cther rues as part c the CRD l\ package. lnternatcnay, the
Base lll reguatcns are aready undergcng urther devecpment by the Base Ccmmttee cn Bankng
Supervscn (BCBS). Furthermcre, a grcup c experts ed by Erkk Lkanen, gcverncr c the Bank c Fn
and, has prepared a repcrt cr the EU cn necessary recrms c the bankng sectcr that was pubshed n
Cctcber 20!2 (Lkanen Repcrt). ls a ccnsequence, wcrk s currenty under way cn the mted ntrc
ductcn c a separated bankng system.

05-#< AAA_7;* AX
ln partcuar, Base lll ncudes a revsed dentcn c capta, addtcna rsk buers cr expected csses,
the ntrcductcn c antcycca capta buers, the ntrcductcn c a everage ratc (put smpy, a mn
mum ratc c capta tc unweghted tcta assets pus cbaance sheet rsk pcstcns), strcter qudty
management requrements and ccser mcntcrng c qudty pcstcns by supervscry authcrtes (n par
tcuar the ntrcductcn c twc quanttatve mnmum ratcs cr shcrtterm and medumterm qudty).

Deutsche Brse Group corporate report 2013



*('

The reguatcry ramewcrk s panned tc be ntrcduced n severa stages n the percd up tc 20!9. Durng
the transtcn prccess, certan subareas, whch have been devecped successvey snce 20!2, and n
scme cases have aready been ccmpeted, w be revewed and, necessary, mcded. The Base lll
package asc ccmprses a genera revscn c the captasatcn requrements cr expcsures tc centra
ccunterpartes.

ln the EU, the Base lll reguatcns, tcgether wth cther ssues such as ccrpcrate gcvernance tcpcs and
the mpementatcn c a snge rue bcck, were nccrpcrated n a revsed reguatcry ramewcrk cr banks
and securtes servce prcvders. Tc acheve ths, the EU Drectves 2006/48/EC (Bankng Drectve) and
2006/49/EC (Capta ldequacy Drectve) reerred tc ccectvey up tc ncw as the Capta Requre
ments Drectves were ccmpetey revsed and restructured tc prcduce an ntegrated egsatve package
(ccmmcny reerred tc as CRD l\) ccnsstng c Drectve 20!3/36/EU (whch has tc be mpemented
n natcna aw) and Reguatcn (EU) Nc. 575/20!3 (Capta Requrement Reguatcn, CRR), whch
appes drecty.

The Drectve and Reguatcn crmng part c the CRD l\ package were adcpted cn 26 June 20!3.
Meanwhe, the EBl has prcduced a number c Leve 2 mpementng measures (EBl technca stand
ards), athcugh they have nct yet been put ntc crce by the EU. The EU egsatcn has nccrpcrated a
number c the Base amendments and addtcns that the BCBS had pubshed by the mdde c the sec
cnd quarter c 20!3. The am s tc transpcse urther amendments arsng rcm the Base prccess ntc
EU aw wthcut deay va Leve 2 texts, revew causes, cr Ccmmsscndeegated ega acts. The CRD l\
Drectve and the cptcns exercsed under the CRR were mpemented n 0ermany by way c the CRD l\
Umsetzungsgesetz (lct lmpementng CRD l\) c 3 September 20!3 as we as by a number c regua
tcns pubshed n the seccnd ha c December 20!3. ln antcpatcn c the na EU texts, Luxembcurg
ssued a crcuar by the CSSF (Ccmmsscn du Secteur Fnancer) ccverng ndvdua aspects n 20!2.
Hcwever, the na mpementatcn c CRD l\ and c the natcna cptcns under the CRR had nct been
rescved as at the begnnng c 20!4.

Whereas the Base lll rues cny appy drecty tc gcba ccmmerca banks wth an nternatcna remt,
the EU rues appy tc a banks that cperate n the EU. CRD l\ therecre party addresses bcth regcna
and szereated ssues, and prcvdes cr specc cr mcded reguatcns cr certan types c busness.
Wth regard tc systemc rsk, the Eurcpean reguatcns gc beycnd the sccpe c Base lll. Mcrecver, spe
cc rues have been ncuded cr ccrpcrate gcvernance, and n partcuar cr remuneratcn, whch are
nct cund n the Base ramewcrk. Fnay, the argeexpcsure rues have been graduay harmcnsed at
EU eve. lthcugh ccmparabe rues have tc date nct been harmcnsed nternatcnay, the BCBS pre
sented a ccnsutatcn paper n 20!3 cn the ntrcductcn c nternatcnay harmcnsed argeexpcsure
rues (ccncentratcn rsk), whch s panned cr 20!5, the na reguatcry ramewcrk s expected at the
begnnng c 20!4.

Takng ntc acccunt varcus nterm rues, the Base lll reguatcns have, n prncpe, been n crce nter
natcnay snce ! January 20!3. ln the EU, they were cny mpemented va the CRD l\ package as at
! January 20!4.

Frcm Deutsche Brse 0rcup's perspectve, the prcvscns w nct have any matera eect cn the equty
base c ts reguated ccmpanes n the shcrt term. Snce the ccmpanes becngng tc Deutsche Brse
0rcup aready have ccmprehensve nternay speced buers, the addtcna capta requrements
resutng rcm the phased ntrcductcn c new capta buers are expected tc be reatvey mcderate.
ln addtcn, these requrements w be nuenced by cther actcrs, such as busness devecpments,
cperatcna rsk ccverage, reccvery pan requrements and pcssby asc the uture CSD Reguatcn.

Report on expected developments
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes






*((

lndependent c the reguatcry requrements, the 0rcup w ccntnucusy anayse the captasatcn c ts
reguated enttes ncudng nteractcns wth the requrements cr the centra ccunterpartes under
EMlR and w ad|ust t as necessary tc mprcve rsk ccverage. The reguated ccmpanes becngng tc
Deutsche Brse 0rcup have been desgnated as cther systemcay mpcrtant banks by the 0erman and
Luxembcurg supervscry authcrtes. Here, tcc, the 0rcup dces nct expect any ncrease n capta tc be
requred n the shcrt term as a resut c ths desgnatcn. Snce many detaed questcns are st unre
scved, the mpact cn the 0rcup's busness actvtes cannct be assessed ccncusvey at the present tme.

05-#< 6#"#<(38#4,-
The BCBS aunched a number c measures tc update the Base ramewcrk (Base lll), whch was essen
tay ccmpeted n 20!0, and nased scme c them n 20!3 cr at the begnnng c 20!4. The man
changes reate tc the ccwng aspects ad|ustments tc the qudty rues (netunng c the requre
ments cr the shcrtterm qudty ccverage ratc, suppementary ccntrc parameters and the ntrcductcn
c management nstruments cr ntraday qudty), detas c the dsccsure c qudty ccverage and ev
erage ratcs, treatment c nvestments n nvestment unds and addtcns cr updates tc the methcdccgy
used tc denty gcbay systemcay mpcrtant banks. The BCBS s currenty asc dscussng urther
netunng cr undamenta revscns c ndvdua aspects c the Base reguatcry ramewcrk, ncudng
rues cn accatng tems tc the tradng cr bankng bcck, changes tc the treatment c securtsatcns, the
devecpment c a suppementary methcd cr cacuatng ccunterparty rsk capta requrements cr derv
atves, ad|ustments tc the capta requrements cr expcsures tc centra ccunterpartes, the ntrcductcn
c nternatcna rues tc mt ccncentratcn rsk (argeexpcsure rues) and netunng c the net stabe
undng ratc (structura qudty ratc). Furthermcre, a undamenta revscn c the ccunterparty rsk ex
pcsure tc ccuntres s panned. lbcve and beycnd the Base lll ramewcrk, the BCBS has pubshed
rues cr the ccaterasatcn c dervatves nct setted va centra ccunterpartes.

@#35$5,#6 ?54C%4: -9-,#8
Based cn the reccmmendatcns c the Lkanen Repcrt, the ntrcductcn c a separated bankng system
s currenty beng dscussed at EU eve. The am c such a system s tc rngence argescae prcpretary
tradng actvtes rcm the tradtcna depcst and endng busness. Whe there s cny a drat reguatcn
gcvernng ths at Eurcpean eve, 0ermany has antcpated a Eurcpean scutcn by passng a reguatcn
that w ccme ntc eect n stages rcm 20!4 cnwards. The nsttutcns becngng tc Deutsche Brse
0rcup are nct drecty aected by ths mcve.

S%454.%5< ,$54-5.,%(4 ,5P
ln addtcn, there are cngcng dscusscns wthn the Eurcpean Uncn abcut the ntrcductcn c a nan
ca transactcn tax. The ntrcductcn c such a tax wcud negatvey mpact Deutsche Brse 0rcup's
busness devecpment. The extent c the mpact wcud depend cn whch asset casses were aected,
hcw the tax wcud be apped and what the tax rates wcud be. lt s nct pcssbe tc predct the ccncrete
mpact cn the 0rcup's busness rcm the current status c the dscusscns.

*#+,-./# 01$-# 2$(+3[- %4"(<"#8#4, %4 $#:+<5,($9 %4%,%5,%"#-
Neutra market nrastructure prcvders such as Deutsche Brse 0rcup make a sgncant ccntrbutcn
tc ncreasng the transparency, stabty and arness c the nanca markets. Fcr ths reascn, Deutsche
Brse 0rcup has been, and w ccntnue tc be, deepy nvcved n the abcvementcned pctca and
reguatcry ntatves rght rcm the start. The 0rcup partcpates actvey n the ccnsutatcns, makng

Deutsche Brse Group corporate report 2013



*()

sure that pctca decscnmakers are aware c pctenta negatve ccnsequences cr the market as a
whce and the ccmpany aected n partcuar. Deutsche Brse 0rcup asc takes an apprcprate stance
cn the abcvementcned pctca ntatves. ln ths way, t ccunteracts excessve eects cn the 0rcup
cr any c ts subsdares and wcrks tc ensure that the nterests c any aected busness unts are taken
ntc acccunt n an apprcprate manner.


S+,+$# 6#"#<(38#4, () $#-+<,- () (3#$5,%(4-
0ven ts dversed busness mcde and mutpe scurces c revenue, Deutsche Brse 0rcup ccntnues
tc ccnsder tse very we pcstcned and expects tc see a pcstve trend n ts resuts c cperatcns n the
cng term. Ths expectatcn s based cn, amcng cther thngs, the grcwth cppcrtuntes that the ccmpany
ntends tc expct n the medum tc cng term (see the repcrt cn cppcrtuntes cr urther detas). Fcr
the crecast percd, hcwever, the uncertanty abcut the uture behavcur c capta market partcpants
ccntnues tc make specc crecasts c the resuts c cperatcns dcut. l recurrence c the dsccnnect,
aready cbserved n 20!2 and 20!3, between the percrmance c the stcck markets and the rea eccn
cmy and tradng cn the 0rcup's cash and dervatves markets, whch s nked tc a css c ccndence
amcng nvestcrs and market partcpants, cannct be rued cut cr the crecast percd ether. The ccmpa
ny asc expects ccntnung uncertanty amcng market partcpants abcut the uture crm c the reguatcry
prc|ects. Ths ccud have a dampenng eect cn the busness actvtes c the 0rcup's custcmers n the
crecast percd.

ls part c ts budget pannng prccess, the ccmpany has therecre devecped derent pcssbe scenarcs
cr ts resuts c cperatcns n 20!4. l the capta market envrcnment and nvestcr ccndence a tc
mprcve and the markets ccntnue tc be mpacted by uncertanty regardng gcba eccncmc percrmance
and the uture stuatcn n the eurc zcne, busness actvty wcud be rcughy cn a par wth the prevcus
year. Ths wcud mean net revenue c apprcxmatey 6!.9 bcn cr 20!4. Shcud the capta market
envrcnment, nvestcr ccndence and the stuatcn n the scuthern EU member states mprcve sgn
canty n 20!4, the ccmpany wcud expect net revenue tc ncrease yearcnyear tc arcund 62.! bcn.
The scenarc used tc crecast net revenue s determned tc a sgncant extent by the dcmnant shcrt
tc medumterm cycca actcrs, whcse mpact cn busness actvty the ccmpany s unabe tc ccntrc.
The net revenue crecast ncudes ccnscdatcn eects c arcund 655 mcn rcm the ccnscdatcn
c Brse Frankurt Zertkate l0 as at ! Juy 20!3 and c Eurcpean Energy Exchange (EE`) as at
! January 20!4. Wth regard tc net nterest nccme rcm bankng busness, whch s a ccmpcnent
c net revenue, the ccmpany dces nct antcpate any undamenta change n nterest rate pcces n
Eurcpe and the USl.

l, ccntrary tc expectatcns, genera ccndtcns turn cut tc be wcrse than as descrbed abcve, cr they
mpact the ccmpany's custcmers tc an even greater extent, the ccmpany beeves t s n a gccd pcstcn
tc ccntnue tc dc busness prctaby due tc ts successu busness mcde and ts rgcrcus ccst dscpne.

The 0rcup w ccmpensate cr the expected natcnnked ccst ncreases ater the crecast percd
thanks tc the addtcna annua savngs c 670 mcn rcm 20!6 cnwards that were rescved n 20!3.
lt the same tme, these prcvde the 0rcup wth the reedcm needed tc ccntnue ts grcwth and nra
structure ntatves, whch t ntends tc use tc take advantage c cppcrtuntes presented by the struc
tura and reguatcry changes cn the nanca markets and tc harness the pctenta cered by grcwth

Report on expected developments
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes






*(!

markets such as lsa. The 0rcup's cperatng ccsts have been rsng snce 20!!, prmary as a resut c
the ncreased eve c nvestments. The ccmpany expects cperatng ccsts tc ccntnue tc ncrease mcder
atey n the crecast percd and beycnd. Fcr 20!4, the ccmpany s budgetng cr addtcna cperatng
ccsts c arcund 630 mcn, prmary cr the cngcng expanscn c ts ccatera and qudty manage
ment servces and ts expanscn n lsa. ln addtcn, ccnscdatcn eects (see abcve) w aect cperat
ng ccsts by arcund 650 mcn. ln tcta, the ccmpany therecre expects cperatng ccsts c apprcx
matey 6!,050 mcn n 20!4, ad|usted cr speca actcrs such as ecency prcgrammes. ls at the
pubcatcn date c ths ccmbned management repcrt, the ccmpany s expectng that cperatng ccsts w
be aected by speca actcrs c scme 620 mcn, especay reatng tc ccsts cr ecency measures.

Because c the sght rse n cperatng ccsts, the stabe net revenue scenarc wcud generate EBlT c
arcund 6850 mcn, ad|usted cr speca actcrs. ln the scenarc wth a rse n net revenue, ad|usted
EBlT wcud be apprcxmatey 6!,050 mcn.

The 0rcup antcpates an unchanged tax rate c apprcxmatey 26 per cent cr the crecast percd,
ad|usted cr any speca actcrs.

Ccnscdated net nccme cr the percd wcud amcunt tc arcund 6600 mcn n the stabe net revenue
scenarc and tc arcund 6750 mcn n the rsng net revenue scenarc, ad|usted cr speca actcrs
n bcth cases. The renancng c cngterm nanca abtes, whch was ccmpeted n 20!3, w
pcstvey mpact ccnscdated net nccme because t has ed tc a sgncant reductcn n the 0rcup's
nterest expense.

The parent ccmpany Deutsche Brse l0 has asc ccnsdered the scenarcs descrbed abcve n ts
pannng. Fcr uyear 20!4, the ccmpany expects net revenue c between 6!.! and 6!.2 bcn
and net nccme c 60.5 tc 60.6 bcn, ad|usted cr speca actcrs, n bcth scenarcs.

O+$#P -#:8#4,
ln the past year, the cycca actcrs (see the 'Resuts c cperatcns" sectcn cr detas) ed tc a de
crease n dervatves tradng vcumes. Hcwever, Deutsche Brse 0rcup st beeves that structura
grcwth actcrs w reman dcmnant cver the cng term, and that they w pcstvey nuence tradng
vcumes n a prcduct segments (see the repcrt cn cppcrtuntes cr urther detas).

Eurex w agan step up nvestments tc enhance ts technccgy and ts prcduct cerng n the crecast
percd. The nvestment ccus s cn expandng rsk management. Fcr exampe, the segment s pannng a
urther expanscn c ts pcrtccbased rsk management actvtes and c the unctcns used tc segregate
custcmer pcstcns. lmcng cther thngs, these new eatures are beng mpemented sc as tc cer an ex
panded range c cearng servces cr CTC dervatves tradng n uture. ln the medum tc cng term, the
ccmpany expects ths ntatve tc dever sgncant addtcna net revenue. Snce the reguatcry requre
ments tc sette CTC dervatves transactcns va a centra ccunterparty w prcbaby nct nay enter ntc
crce unt the end c 20!4 cr 20!5, the 0rcup dces nct antcpate any matera addtcna ccntrbutcn
tc net revenue cr 20!4. Wth respect tc cycca busness drvers n the Eurex segment, twc actcrs
ccud have a pcstve mpact cn busness actvty !) an ncrease n stcck market vcatty, because ths
has a ma|cr nuence cn tradng n ndex dervatves, and 2) ncreasng specuatcn abcut pcssbe
changes n nterest rate pcces by the centra banks.

Deutsche Brse Group corporate report 2013



*)+

Q#,$5 -#:8#4,
ls n the past, net revenue n the `etra cash market segment w ccntnue tc depend cn equty mar
ket trends and equty market vcatty n the uture, but asc cn structura and cycca changes n
tradng actvty. 20!3 saw a sgncant eve c cautcn cn the part c market partcpants, as n the
prevcus year. Sustanabe grcwth wcud requre a urther mprcvement n nvestcr ccndence. Hcw
ever, there were cny tentatve sgns c ths at the tme ths management repcrt was prepared.

ln addtcn tc enhancng ts cash market, the ccmpany w ccntnue tc mantan a ccse watch cn
changes n the ccmpettve envrcnment cr the Eurcpean cash markets. ls n the past, t ccnsders t
se we pcstcned tc retan ts status as the market eader cr tradng 0erman bue chps and tc cer
ts custcmers acrcss the gcbe an attractve range c prcducts and servces cr cash tradng n 0erman
and Eurcpean equtes, as we as equtes cearng. Hcwever, due tc the strcnger ccmpettcn n the
cash market, urther shts n the market shares c a ccmpettcrs cannct be rued cut.

7<#5$-,$#58 -#:8#4,
The Cearstream segment generates ts net revenue prmary rcm the settement and custcdy c nterna
tcna bcnds a busness that s much mcre stabe and ess sub|ect tc uctuatcns cn the capta mar
kets than the tradng busness. ln ght c reguatcry requrements and the css c ccndence amcng
market partcpants, the 0rcup antcpates a structuray drven ncrease n demand cr ccatera and
qudty management servces. Fcr ths reascn, Cearstream s systematcay expandng ts nternatcna
0cba Lqudty Hub cerng ccwng cn the cur centra securtes depcstcres that had aready ccn
nected tc the 0cba Lqudty Hub by the end c 20!3, urther ccnnectcns are panned cr the crecast
percd. ln the medum tc cng term, the ccmpany expects ths ntatve tc dever sgncant addtcna
net revenue. Hcwever, snce the new partners can cny be ccnnected ccnsecutvey, cny a sma add
tcna ccntrbutcn tc net revenue s antcpated cr 20!4. The mcnetary pccy pursued by centra banks
n the crecast percd w asc have an mpact cn Cearstream's busness. l mcnetary pccy beccmes
mcre restrctve, ths wcud have pcstve ccnsequences cr securtes ssuance, the use c ccatera and
qudty management servces, and net nterest nccme n the bankng busness. Furthermcre, durng
the crecast percd Cearstream w make preparatcns cr TlR0ET2Securtes (T2S), the Eurcpean Cen
tra Bank's uture centra settement patcrm. ln the medum tc cng term, Cearstream expects ts attrac
tve ccatera and qudty management and ts strcng pcstcn n the T2S netwcrk tc resut n ncreased
busness actvty.

Wth regard tc ts custcmer structure, the ccmpany ccntnues tc expect that ccnscdatcn n the nanca
sectcr w persst and that custcmers n Cearstream's dcmestc and nternatcna busness w merge.
These arger custcmers wcud benet rcm greater dsccunts, whch wcud ead tc a decne n average
ees. lthcugh Deutsche Brse aces especay ntense ccmpettcn n the areas c the settement and
custcdy c nternatcna bcnds, the ccmpany dces nct expect ths tc have a ma|cr mpact cn ts net rev
enue cr tc resut n a css c market share durng the crecast percd.

=5$C#, *5,5 R @#$"%.#- -#:8#4,
lt the begnnng c 20!3, the lncrmatcn Technccgy (lT) and Market Data & lnaytcs areas were
ccmbned n a separate repcrtng segment tcgether wth seected externa lT servces. The am c the
new segment s tc acceerate the expanscn c Deutsche Brse's technccgy eadershp and expertse n

Report on expected developments
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes






*)*

the area c market data by pccng a the ccmpany's reevant rescurces n a dedcated, marketdrven
busness unt. The gca s tc cpen up untapped grcwth cppcrtuntes n the medum tc cng term under
uncrm management and wth separate prct and css respcnsbty.

ln spte c the persstenty dcut envrcnment, the ccmpany antcpates a sght ncrease n net revenue
n the Market Data Servces segment durng the crecast percd. Ths expectatcn s based cn the ccn
tnucus expanscn c the prcduct range n a areas and greater marketng c these prcducts n grcwth
regcns.

*#"#<(38#4, () 3$%.%4: 8(6#<-
Deutsche Brse antcpates sustaned prce pressure n scme c ts busness areas durng the crecast
percd. The ccmpany's cb|ectve s tc mtgate ths prce pressure by ccntnuay mprcvng ts prcducts
and servces and cerng seectve ncentves cr prceeastc busness.

Cver the cng term, the average net revenue per unt ccncerned (e.g. tradng cr cearng ees per trans
actcn, ees cr custcdy servces) s expected tc decne sghty n a areas c the 0rcup. Ths s a resut
c the addered prcng mcdes that ead tc a decne n nccme per unt as custcmers' busness actvtes
ncrease.


*#"#<(38#4, () 4(4>)%454.%5< 3#$)($854.# %46%.5,($-
lntatves tc prcmcte the transparency and securty c the markets w be a ccus durng the crecast pe
rcd, ensurng Deutsche Brse 0rcup's vaue ccntrbutcn tc sccety. Tc ve up tc ths gca, Deutsche
Brse w ccntnue tc expand ts 0rcupwde prcduct and servce cerng n the area c market transpar
ency, cr exampe by addng ndces devecped and cacuated by the 0rcup. Mcrecver, the nvestments
n the tradng and cearng nrastructure aready made n 20!3 as we as thcse panned cr the crecast
percd w ensure that the systems meet custcmer and market requrements. lganst ths backgrcund,
the ccmpany antcpates that the avaabty c the derent systems w be mantaned at the very hgh
eve c prevcus years thrcughcut the crecast percd.

Respcnsbe management wth a ccus cn cngterm vaue creatcn s c ccnsderabe mpcrtance cr
Deutsche Brse 0rcup as a servce ccmpany. ln partcuar n vew c demcgraphc change and the
resutng shcrtage c specast sta, the ccmpany ams tc ccntnue tc pcstcn tse adequatey and
therecre ntends tc ncrease the number c wcmen n management pcstcns. The appcntment c
Hauke Stars means that the gca c havng at east cne emae Executve Bcard member by 20!5 was
aready met n 20!2.


S+,+$# 6#"#<(38#4, () ,/# 2$(+3[- )%454.%5< 3(-%,%(4
The ccmpany expects cperatng cash cw, whch s Deutsche Brse 0rcup's prmary undng nstru
ment, tc reman ceary pcstve n the crecast percd. Wth regard tc qudty, the 0rcup expects twc
sgncant actcrs tc nuence ts devecpment. Frsty, the ccmpany pans tc nvest 6!50 mcn per
year n ntangbe assets and prcperty, pant and equpment durng the crecast percd cn a ccnsc
dated bass. The nvestments w be repcrted as cash cws rcm nvestng actvtes and w serve
prmary tc devecp new prcducts and servces n the Eurex and Cearstream segments and enhance

Deutsche Brse Group corporate report 2013



*)"

exstng cnes. The tcta many ccmprses nvestments n the tradng nrastructure and rsk manage
ment unctcnates. Seccndy, the Executve Bcard and Supervscry Bcard c Deutsche Brse l0 w
prcpcse tc the lnnua 0enera Meetng tc be hed n May 20!4 that a dvdend c 62.!0 per share
shcud be pad. Ths wcud ccrrespcnd tc a qudty cutcw c 6386.6 mcn. lpart rcm the abcve,
nc urther matera actcrs were expected tc mpact cn the 0rcup's qudty at the tme the manage
ment repcrt was prepared. ls n prevcus years, the 0rcup dces nct expect any qudty squeezes
due tc ts pcstve cash cw, adequate credt nes (see ncte 36 tc the ccnscdated nanca state
ments cr detas) and exbe management and pannng systems.

Under ts capta management prcgramme, Deutsche Brse w react exby tc a changng market
envrcnment n the crecast percd. Bcth the genera target dvdend dstrbutcn ratc c 40 tc 60 per
cent c ccnscdated net nccme cr the year and any share buybacks n addtcn are sub|ect tc cap
ta requrements, nvestment needs and genera qudty ccnsderatcns.

Tc mantan ts strcng credt ratngs at 0rcup eve, the ccmpany ams tc acheve a ratc c nterest
bearng grcss debt tc EBlTDl c nc mcre than !.5. Fcr 20!4, the 0rcup expects a ratc c !.5 cr
sghty ess tc be reached, dependng cn hcw net revenue devecps.

The parent ccmpany, Deutsche Brse l0, pans tc nvest scme 650 mcn n ntangbe assets and
prcperty, pant and equpment durng the crecast percd.


!"#$5<< 5--#--8#4, ?9 ,/# OP#.+,%"# 0(5$6
The Executve Bcard c Deutsche Brse l0 beeves that, thanks tc ts ccmprehensve cerng acng
the securtes tradng vaue chan and ts nncvatve pcwer, the ccmpany remans n a very gccd pcstcn
ccmpared wth the nternatcna ccmpettcn and expects tc see a pcstve trend n ts resuts c cpera
tcns n the cng term. Fcr the crecast percd, hcwever, the uncertanty abcut the behavcur c capta
market partcpants n reatcn tc eccncmc and reguatcry ccndtcns makes t dcut cr the Executve
Bcard tc make a specc crecast. By takng the addtcna ecency measures rescved n 20!3, the
Executve Bcard has prepared the ccmpany at an eary stage cr the changng market and w be abe
tc ccmpensate cr the expected natcnnked ccst ncreases abcve and beycnd the crecast percd.
lt the same tme, ths means the Executve Bcard has prcvded the exbty needed tc ccntnue the
0rcup's grcwth and nrastructure nvestments, whch t ntends tc use tc take advantage c cppcrtuntes
presented by the structura and reguatcry changes cn the nanca markets and tc harness the pctenta
cered by grcwth markets such as lsa. Prmary as a resut c the ncreased eve c nvestments, the
Executve Bcard expects cperatng ccsts (ater ad|ustments) tc ncrease mcderatey n the crecast percd
and beycnd. Cvera, the Executve Bcard antcpates cn ths bass that cash cw rcm cperatng actv
tes w be ceary pcstve and that, as n prevcus years, there w be nc qudty squeezes. The cvera
assessment by the Executve Bcard s vad as c the tme c pubcatcn c ths ccmbned management
repcrt.


Deutsche Brse AG (HGB)
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*)$

Deutsche Brse l0 (Dsccsures based cn the H0B)
ln ccntrast tc the ccnscdated nanca statements, the sngeentty nanca statements c Deutsche
Brse l0 are nct prepared n acccrdance wth lnternatcna Fnanca Repcrtng Standards (lFRS) but n
acccrdance wth the Handesgesetzbuch (H0B, 0erman Ccmmerca Ccde) and the suppementary prc
vscns c the lktengesetz (lkt0, 0erman Stcck Ccrpcratcn lct).


0+-%4#-- 546 (3#$5,%4: #4"%$(48#4,
2#4#$5< -%,+5,%(4 () ,/# .(83549
Deutsche Brse l0 s the parent ccmpany c Deutsche Brse 0rcup. lts busness actvtes prmary ccm
prse the cash and dervatve markets as we as lT and Market Data Servces. The percrmance c the
Cearstream segment s reected n the busness percrmance c Deutsche Brse l0 many because c
the prct and css transer agreement wth Cearstream Hcdng l0. ln vew c ths, the busness and
cperatng envrcnment c Deutsche Brse l0 s essentay the same as that c Deutsche Brse 0rcup.
These are descrbed n deta n the 'Macrceccncmc and sectcrspecc ccndtcns" sectcn.

!"#$"%#& () *#+,-./# 01$-# ^2[- .(+$-# () ?+-%4#-- %4 ,/# 9#5$ +46#$ $#"%#&
Deutsche Brse l0 reccrded a cwer resut n 20!3 than n the prevcus year, prmary because c d
cut market ccndtcns and a decne n the resut rcm equty nvestments, whch was mpacted many
by prcvscns cr a settement cer.

Saes revenue e by 3 per cent tc 6!,076.8 mcn (20!2 6!,!!0.3 mcn). The argest ccntrbutcn
tc saes was prcvded by the Eurex segment, n whch saes revenue amcunted tc 6625.8 mcn (20!2
6649.! mcn). lt 6744.2 mcn, the ccmpany's tcta ccsts (sta ccsts, mparment csses reatng
tc ntangbe assets and prcperty, pant and equpment, and cther cperatng expenses) were 7 per cent
hgher than n the prevcus year (20!2 6692.6 mcn).

ln 20!3, the resut rcm nvestments c Deutsche Brse l0 was 6!38.9 mcn (20!2 6307.6 mcn).
lnccme rcm the transer c prct amcuntng tc 6!02.! mcn (20!2 62!5.4 mcn) ccntrbuted tc
ths resut. There was asc a parta reversa c the mparment c the prct partcpatcn rghts c Deutsche
Brse l0 n Eurex Frankurt l0 amcuntng tc 62!.4 mcn (20!2 656.7 mcn). Ths reversa s a
resut c the prct generated by Eurex Frankurt l0 n nanca year 20!3. lnccme rcm nvestments
asc ncuded dvdends amcuntng tc 6!5.5 mcn (20!2 623.! mcn).


Percrmance gures c Deutsche Brse l0
<=>? <=>< 3@/)*#
6m 6m

Saes revenue !,076.8 !,!!0.3 3
Tcta ccsts 744.2 692.6 7
Resut rcm nvestments !38.9 307.6 55
EBlT 596.4 844.6 29
Resut rcm crdnary
busness actvty (EBT) 5!3.5 726.3 29
Net nccme 4!2.8 605.7 32
Earnngs per share (6) 2.24
!)
3.23
!)
3!

!) Cacuatcn based cn weghted average c shares cutstandng


Saes revenue by segment
<=>? <=><
>M
3@/)*# <=><
<M

6m 6m 6m

Eurex 625.8 649.! 4 660.2
Market Data
Servces 279.3 283.6 2 !96.6
`etra !57.4 !64.7 5 232.4
Cearstream !4.3 !2.9 !0 2!.!
J%'/4 >E=OKAG >E>>=A? D? >E>>=A?

!) Revenue restated tc reect the new crgansatcna structure c the segments
2) Revenue becre the new crgansatcna structure c the segments
Deutsche Brse Group corporate report 2013



*)%

Earnngs becre nterest and taxes (EBlT) e by 29 per cent tc 6596.4 mcn (20!2 ad|usted
6844.6 mcn). Net nccme amcunted tc 64!2.8 mcn, ang by 32 per cent (20!2 6605.7 mcn).


;#-+<,- () (3#$5,%(4- () *#+,-./# 01$-# ^2
Deutsche Brse l0's revenue e n 20!3 by 3 per cent tc 6!,076.8 mcn (20!2 6!,!!0.3 mcn).
The 'Saes revenue by segment" tabe shcws hcw ths revenue breaks dcwn amcng the ccmpany's
segments.

Pease reer tc the 'Eurex segment" sectcn cr detas c the percrmance c the Eurex dervatves
segment. The reascns cr any devatcns rcm the ncrmatcn n the abcvementcned sectcn e n the
act that devecpments n the US dervatves market cperated by the lnternatcna Securtes Exchange
(lSE) dc nct drecty aect Deutsche Brse l0's busness.

lncrmatcn cn the busness devecpment n the `etra segment can many be cund n the '`etra
segment" sectcn. The revenue attrbutabe tc the Cearstream segment s derved rcm lT servces
that Deutsche Brse l0 prcvdes tc ccmpanes n the Cearstream Hcdng l0 subgrcup. The resuts
c cperatcns n the Market Data Servces segment are essentay expaned n the 'Market Data
Servces segment" sectcn. Pease ncte that busness devecpments at the subsdary STC`` Ltd. have
nc drect mpact cn Deutsche Brse l0's busness percrmance.

Cther cperatng nccme ncreased sghty n the year under revew tc 6!!2.3 mcn (20!2 6!09.2 m
cn). Ths s bascay due tc the nccme resutng rcm currency vauatcn c USdcar cans whch
ncreased tc 6!4.5 mcn (20!2 67.5 mcn).

ln the year under revew, tcta ccsts ncreased by 7 per cent ccmpared tc 20!2 tc 6744.2 mcn
(20!2 6692.6 mcn). Ther ccmpcstcn s presented n the 'Cvervew c tcta ccsts" tabe.

Sta ccsts ncreased yearcnyear by 22 per cent tc 6!67.8 mcn (20!2 6!38.0 mcn) n the year
under revew. lddtcna ccsts prmary resut rcm ecency prcgrammes. ln the year under revew,
amcrtsatcn and deprecatcn reatng tc ntangbe assets and prcperty, pant and equpment ncreased
by !0 per cent tc 635.7 mcn (20!2 632.5 mcn). Ths ncrease s essentay due tc hgher depre
catcn cn lT hardware amcuntng tc 624.6 mcn (20!2 622.0 mcn). Cther cperatng expenses
ncreased yearcnyear by 4 per cent many due tc hgher expenses resutng rcm ccst c agency
agreements amcuntng tc 6222.3 mcn (20!2 620!.8 mcn).

The resut rcm crdnary busness actvty e by 29 per cent tc 65!3.5 mcn (20!2 6726.3 mcn)
ccmpared tc the prevcus year. The margn becre taxes decreased rcm 65 per cent tc 48 per cent.

*#"#<(38#4, () 3$()%,5?%<%,9
Deutsche Brse l0's return cn equty represents the ratc c the resut ater tax tc the average equty that
was at the dspcsa c the ccmpany n 20!3. lt e ccmpared tc 20!2, many because c the pccrer
resut, rcm 27.4 per cent tc !8.5 per cent.

Deutsche Brse AG (HGB)
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*)&

S%454.%5< 3(-%,%(4 () *#+,-./# 01$-# ^2
ls at the repcrtng date cn 3! December 20!3, cash unds amcunted tc 6203.0 mcn (20!2
628!.! mcn) ncudng cash, current acccunt baances at banks and xed depcsts.

The ccmpany receved dvdends tctang 6!5.5 mcn (20!2 623.! mcn). The decne s prmary
due tc the cwer dstrbutcn by STC`` Ltd., whch e tc 67.8 mcn (20!2 6!5.0 mcn).

Deutsche Brse l0 can draw cn externa credt nes amcuntng tc 6605.0 mcn (20!2 6605.0 mcn),
whch had nct been used as at 3! December 20!3. ln addtcn, the ccmpany has an cppcrtunty cr
exbe, shcrtterm nancng prcvded by a ccmmerca paper prcgramme nvcvng a tcta acty c
62.5 bcn n varcus currences. Ccmmerca paper amcuntng tc 6!00.0 mcn (20!2 n) was n
crcuatcn at the end c the year.

Deutsche Brse l0 uses a 0rcupwde cash pccng prccess tc guarantee an cptma accatcn c qud
ty wthn Deutsche Brse 0rcup, thus ensurng that a subsdares are abe tc meet ther payment cb
gatcns at a tmes.

ln the past nanca year, Deutsche Brse l0 ssued a ccrpcrate bcnd wth a ace vaue c 6600 mcn.
There are asc cther eurcdencmnated bcnds wth a ace vaue tctang 6600 mcn and US dcar
bcnds wth a ace vaue n the amcunt c US$460 mcn. Pease see the 'Fnanca pcstcn" sectcn
cr mcre ncrmatcn cn these bcnds.

ln 20!3, Deutsche Brse l0 generated cash cw rcm cperatng actvtes amcuntng tc 6552.3 mcn
(20!2 6456.6 mcn). The ncrease n cperatng cash cw was many due tc cwer cash cutcws n
ccnnectcn wth trade recevabes rcm aated ccmpanes.

The cash cw rcm nvestng actvtes came tc 673.0 mcn (20!2 637!.0 mcn). The rse was
many due tc the cwer nvestments n nanca assets ccmpared tc the prevcus year.

Cash cw rcm nancng actvtes n the year under revew was 6483.! mcn (20!2 6526.! m
cn). The ncrease s predcmnanty due tc the cwer dvdend. The dvdend e rcm 62.30 tc 62.!0
per share, n addtcn, there was nc speca dstrbutcn c 6!.00 per share. Ths resuted cr nanca
year 20!3 n a cash cutcw c 6386.5 mcn (20!2 6622.9 mcn).





Cvervew c tcta ccsts
<=>? <=>< 3@/)*#
6m 6m

Sta ccsts !67.8 !38.0 22
Deprecatcn/amcrtsatcn 35.7 32.5 !0
Cther cperatng expenses 540.7 522.! 4
J%'/4 OIIA< KH<AK O



Cash cw statement (ccndensed)

<=>? <=><
6m 6m

Cash cws rcm cperatng actvtes 552.3 456.6
Cash cws rcm nvestng actvtes 73.0 37!.0
Cash cws rcm nancng actvtes 483.! 526.!
Cash and cash equvaents as at
3! December 245.5 24!.7
Deutsche Brse Group corporate report 2013



*)'

ls at the repcrtng date, 3! December 20!3, cash and cash equvaents amcunted tc 6245.5 mcn
(20!2 624!.7 mcn). They ncude qud unds amcuntng tc 6203.0 mcn (20!2 628!.! m
cn) mnus abtes rcm cash pccng amcuntng tc 6448.5 mcn (20!2 6522.7 mcn) and ab
tes tc banks n the amcunt c 60 mcn (20!2 60.! mcn).


V#, 5--#,- () *#+,-./# 01$-# ^2
ls at 3! December 20!3, the ncncurrent assets c Deutsche Brse l0 amcunted tc 64,280.8 mcn
(20!2 64,22!.7 mcn). The argest part was acccunted cr by shares n aated ccmpanes amcunt
ng tc 63,283.2 mcn (20!2 63,086.3 mcn), prmary rcm the nvestment n Cearstream Hcd
ng l0 and rcm cans tc aated ccmpanes c 6868.3 mcn (20!2 6996.9 mcn).

Shares n aated ccmpanes rcse by 6!85.0 mcn, many due tc the capta reversa c prct
partcpatcn rghts amcuntng tc 6!50.0 mcn and a capta ncrease c 620.0 mcn c Cearstream
Hcdng l0.

Lcans tc aated ccmpanes n the year under revew e by 6!28.6 mcn, abcve a due tc the
abcvementcned reversa. The reversa c c the wrtedcwn cn the prct partcpatcn rghts c Eurex
Frankurt l0 amcuntng tc 62!.4 mcn had an cppcstcna eect.

ln the year under revew, nvestments by Deutsche Brse l0 n ntangbe assets and prcperty, pant
and equpment amcuntng tc 6!8.! mcn (20!2 636.4 mcn) were cwer than the wrtedcwns,
these came tc 635.7 mcn (20!2 632.5 mcn).

Recevabes rcm and abtes tcwards aated ccmpanes ncude charges cr 0rcupnterna servces
and the amcunts nvested by Deutsche Brse l0 wthn the sccpe c cash pccng arrangements. Re
cevabes rcm aated ccmpanes are many due as a resut c the exstng prct transer agreement
wth Cearstream Hcdng l0, they amcunt tc 6!02.! mcn (20!2 62!5.4 mcn). Labtes tc
wards aated ccmpanes many arse rcm cash pccng n the amcunt c 6448.6 mcn (20!2
6509.5 mcn) and trade recevabes amcuntng tc 653.! mcn (20!2 647.9 mcn).

Deutsche Brse l0 receves ees cr mcst c ts servces shcrty ater the end c each mcnth. lcccrdngy,
trade recevabes as at the end c the year amcunted tc 6!!7.0 mcn (20!2 6!!8.8 mcn).

Ncncurrent assets (ccndensed)
<=>? <=><
6m 6m
lntangbe assets !0.2 !3.5
Tangbe assets 63.5 77.8
Fnanca assets 4,207.! 4,!30.4
\%)X;.&&#)' /++#'+ /+ /'
?> 7#;#,Y#& IE<G=AG IE<<>AO



Empcyees per ccuntry/regcn
?> 7#; <=>? T

0ermany 964 93.7
Unted Kngdcm 50 4.9
France 7 0.7
Rest c Eurcpe 6 0.6
lsa ! 0.!
J%'/4 7#.'+;@# -B&+# ZC >E=<G >==

Deutsche Brse AG (HGB)
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





*)(

ln the year under revew, net wcrkng capta came tc 6468.9 mcn (20!2 6438.! mcn).
The change s prmary attrbutabe tc a decrease n abtes tcwards aated ccmpanes.


O83<(9##- () *#+,-./# 01$-# ^2
ln the year under revew, the number c empcyees at Deutsche Brse l0 ncreased by !6 tc !,028
as at 3! December 20!3 (3! December 20!2 !,0!2). Cn average, !,0!4 empcyees wcrked cr
Deutsche Brse l0 durng nanca year 20!3.

ln the ccurse c nanca year 20!3, 49 empcyees et Deutsche Brse l0, resutng n a uctuatcn
rate c 4.8 per cent.

ls at 3! December 20!3, Deutsche Brse l0 empcyed perscnne at eght ccatcns thrcughcut the
wcrd. Detas cn ccuntres/regcns, empcyee age structure as we as the ength c servce c the ccm
pany's empcyees are ustrated n the tabes becw and cn the prevcus page.

ls at 3! December 20!3, 69.5 per cent c Deutsche Brse l0's empcyees were graduates. Ths gure
s cacuated cn the bass c the number c empcyees hcdng a degree rcm a unversty, unversty c
apped scences, cr prcesscna academy, and empcyees whc have ccmpeted studes abrcad. ln tcta,
the ccmpany nvested an average c 2.2 days per empcyee n sta tranng.


;#8+4#$5,%(4 $#3($, () *#+,-./# 01$-# ^2

ls the structure and desgn prncpes c the remuneratcn system ccrrespcnd tc thcse c Deutsche Brse
0rcup, pease reer tc the remuneratcn repcrt n ths ccrpcrate repcrt.


7($3($5,# :("#$454.# 6#.<5$5,%(4 %4 5..($654.# &%,/ -#.,%(4 DEF5 M20

The ccrpcrate gcvernance decaratcn n acccrdance wth sectcn 289a H0B appes tc Deutsche Brse
0rcup and Deutsche Brse l0, pease reer tc the ccrpcrate gcvernance decaratcn made cn beha
c the 0rcup.





lge structure c empcyees

?> 7#; <=>< T

Under 30 years 69 6.7
30 tc 39 years 222 2!.6
40 tc 49 years 458 44.6
Cver 50 years 279 27.!
J%'/4 7#.'+;@# -B&+# ZC >E=<G >==



Empcyees' ength c servce

?> 7#; <=>< T

Less than 5 years 208 20.2
5 tc !5 years 478 46.5
Cver !5 years 342 33.3
J%'/4 7#.'+;@# -B&+# ZC >E=<G >==

Deutsche Brse Group corporate report 2013



*))

!33($,+4%,%#- 546 $%-C- )5.%4: *#+,-./# 01$-# ^2
ls the cppcrtuntes and rsks acng Deutsche Brse l0 and the measures and prccesses cr deang
wth them are essentay the same as cr Deutsche Brse 0rcup, pease reer tc the 'Rsk repcrt" and
'Repcrt cn cppcrtuntes" sectcns cr mcre ncrmatcn. Deutsche Brse l0's share c the cppcrtun
tes and rsks c ts equty nvestments and subsdares s undamentay prcpcrtcnate tc the sze c ts
sharehcdng. Rsks that threaten the exstence c the Eurex Cearng l0 subsdary have a drect mpact
cn Deutsche Brse l0 as t has ssued a guarantee ('Patrcnatserkrung"). Further ncrmatcn cn the
guarantee ssued tc Eurex Cearng l0 s avaabe n the 'Cther cbgatcns and transactcns nct
ncuded n the baance sheet" sectcn ccntaned n the nctes tc the annua nanca statements c
Deutsche Brse l0.

The descrptcn c the nterna ccntrc system (lCS) stpuated n sectcn 289 (5) H0B s gven n
the 'lnterna management" sectcn.


;#3($, (4 #"#4,- 5),#$ ,/# ?5<54.# -/##, 65,# 5, *#+,-./# 01$-# ^2
The key events that have cccurred ater the baance sheet date ccrrespcnd tc the events descrbed
n the repcrt cn pcstbaance sheet date events.


;#3($, (4 #P3#.,#6 6#"#<(38#4,- 5, *#+,-./# 01$-# ^2
The expected devecpment c Deutsche Brse l0's busness s argey sub|ect tc the same actcrs
as thcse c Deutsche Brse 0rcup. The ccrrespcndng dsccsures and quanttatve ncrmatcn cn
Deutsche Brse l0 are prcvded n the repcrt cn expected devecpments.

0onsolidated fnancial
!"#"$%$&"! ( &)"$!
Ccnsclicatec fnancial statements
Nctes tc the ccnsclicatec fnancial statements
!"#$# &' ()*(")"+$&,
-&,#&.$/"+*/ $,0&1* #+"+*1*,+ /$#0.&#2)*#
-&,#&.$/"+*/ 3".",0* #4**+ /$#0.&#2)*#
5+4*) /$#0.&#2)*#
6*#(&,#$3$.$+7 #+"+*1*,+ 37 +4* 89*02+$:* !&")/
;2/$+&)<# )*(&)+
=>?
=?>
=?>
@@A
@BC
@DD
BE?
B=E
Deutsche Brse Group corporate report 2013


"#$

cr the percd ! January tc 3! December 20!3



"#$% &'() &'(&
6m 6m
Saes revenue 4 2,!60.3 2,!45.3
Net nterest nccme rcm bankng busness 4 35.9 52.0
Cther cperatng nccme 4 20.6 !!.7
*#$+, -%.%/0% &1&(234 &1&'53'

\cumereated ccsts 4 304.5 276.7
"%$ -%.%/0% 6$#$+, -%.%/0% ,%77 .#,08%9-%,+$%: ;#7$7< (15(&3) (15)&3)

Sta ccsts 5 476.0 4!4.2
Deprecatcn, amcrtsatcn and mparment csses !!, !2 !!8.8 !05.0
Cther cperatng expenses 6 588.0 439.4
=>%-+$?/@ ;#7$7 A(1(4&34 A5B432

Resut rcm equty nvestments 8 9.3 4.3
C+-/?/@7 D%E#-% ?/$%-%7$ +/: $+F 6CGH*< I)434 5253J

Fnanca nccme 9 5.7 !2.3
Fnanca expense 9 76.4 !45.0
C+-/?/@7 D%E#-% $+F 6CG*< 2243( 4)23I

Cther taxes !.! !.!
lnccme tax expense !0 !7!.8 !65.8
"%$ >-#E?$ E#- $K% L%+- J5B3& 22534
therec sharehcders c parent ccmpany (net nccme) 478.4 645.0
therec ncnccntrcng nterests !6.8 24.8

C+-/?/@7 >%- 7K+-% 6D+7?;< 6M< 34 &32' )3JJ
C+-/?/@7 >%- 7K+-% 6:?,0$%:< 6M< 34 &32' )3J)



Ccnscdated nccme statement
Comprehensive income
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



"#"

cr the percd ! January tc 3! December 20!3



"#$% &'() &'(&
6m 6m

"%$ >-#E?$ E#- $K% L%+- -%>#-$%: ?/ ;#/7#,?:+$%: ?/;#8% 7$+$%8%/$ J5B3& 22534

H$%87 $K+$ N?,, /#$ D% -%;,+77?E?%: $# >-#E?$ #- ,#77
Changes rcm dened benet cbgatcns !4.3 53.7
Deerred taxes !0, 20 3.8 !4.8
('3B A)435
H$%87 $K+$ 8+L D% -%;,+77?E?%: 70D7%O0%/$,L $# >-#E?$ #- ,#77
Exchange rate derences
!)
20 42.9 23.2
Remeasurement c cash cw hedges !.9 !0.4
Remeasurement c cther nanca nstruments 4.4 23.3
Deerred taxes !0, 20 20.2 8.!
A(23J A&3&
=$K%- ;#8>-%K%/7?.% ?/;#8% +E$%- $+F AB35 AJ(3(

*#$+, ;#8>-%K%/7?.% ?/;#8% J453) 2&43I
therec sharehcders c parent ccmpany 472.4 603.9
therec ncnccntrcng nterests !6.9 24.8

!) Exchange rate derences ncude 6!.7 mcn (20!2 60.3 mcn) taken drecty tc accumuated prct as part c the resut rcm equty nvestments.



Ccnscdated statement c ccmprehensve nccme
Deutsche Brse Group corporate report 2013


"#%

as at 3! December 20!3


lssets
"#$% )( P%; &'() )( P%; &'(&
6m 6m
"="9QRSSC"* TUUC*U
H/$+/@?D,% +77%$7 !!
Sctware !78.8 !32.7
0ccdw 2,042.6 2,078.4
Payments cn acccunt and ccnstructcn n prcgress 85.2 85.4
Cther ntangbe assets 852.! 882.3
)1(B43I )1(I434
V-#>%-$L1 >,+/$ +/: %O0?>8%/$ !2
Fxtures and ttngs 37.3 43.6
Ccmputer hardware, cperatng and cce equpment 69.9 82.9
Payments cn acccunt and ccnstructcn n prcgress 0.! !.7
('I3) (&43&
W?/+/;?+, ?/.%7$8%/$7 !3
lnvestments n assccates and |cnt ventures !83.4 204.8
Cther equty nvestments 23.9 26.7
Recevabes and securtes rcm bankng busness !,!78.3 !,485.0
Cther nanca nstruments 25.6 2!.5
Cther cans
!)
0.4 0.!
(1J((32 (1I)43(

Fnanca nstruments c Eurex Cearng l0 !5 4,058.6 0

Cther ncncurrent assets !!.7 9.0
Deerred tax assets !0 49.0 59.8
*#$+, /#/9;0--%/$ +77%$7 41I5235 B1(()35

QRSSC"* TUUC*U
S%;%?.+D,%7 +/: #$K%- ;0--%/$ +77%$7
Fnanca nstruments c Eurex Cearng l0 !5 !53,546.8 !56,3!5.4
2)
Recevabes and securtes rcm bankng busness !6 9,544.0 !2,808.2
Trade recevabes !7 2!8.8 2!!.8
Recevabes rcm reated partes 4.! 3.0
lnccme tax recevabes
3)
40.4 !02.7
Cther current assets !8 273.7 !38.6
lvaabecrsae nanca assets 35.6 !.0
(2)122)3J (251B4'3I
Restrcted bank baances !9 !6,22!.7 !9,450.6
Cther cash and bank baances 627.9 64!.6
*#$+, ;0--%/$ +77%$7 (4'1B()3' (4512I&35

*#$+, +77%$7 (451)'535 (5J1I4234

!) Therec 60.3 mcn (3! December 20!2 60.! mcn) wth reated partes
2) See ncte 3.
3) Therec 68.8 mcn (3! December 20!2 6!0.6 mcn) wth a remanng maturty c mcre than cne year rcm ccrpcratcn tax credts n acccrdance wth
sectcn 37 (5) c the Krperschatsteuergesetz (KSt0, the 0erman Ccrpcratcn Tax lct)
Ccnscdated baance sheet
Consolidated balance sheet
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes





"#&




Equty and abtes
"#$% )( P%; &'() )( P%; &'(&
6m 6m

CXRH*Y 20
Subscrbed capta !93.0 !93.0
Share premum !,249.0 !,249.0
Treasury shares 446.6 448.6
Revauatcn surpus 29.4 !4.3
lccumuated prct 2,0!!.8 !,938.9
UK+-%K#,:%-7Z %O0?$L )1')232 &15J232
Ncnccntrcng nterests 23!.4 223.0
*#$+, %O0?$L )1&243' )1(2532

"="9QRSSC"* [HTGH[H*HCU
Prcvscns cr penscns and cther empcyee benets 22 80.2 95.4
Cther ncncurrent prcvscns 23, 24 !!3.2 80.3
Deerred tax abtes !0 243.4 274.7
lnterestbearng abtes 25 !,52!.9 !,!60.0
Fnanca nstruments c Eurex Cearng l0 !5 4,058.6 0
Cther ncncurrent abtes 2.6 6.0
*#$+, /#/9;0--%/$ ,?+D?,?$?%7 21'(535 (12(23J

QRSSC"* [HTGH[H*HCU
Tax prcvscns
!)
23, 26 266.8 252.2
Cther current prcvscns 23, 27 223.6 88.9
Fnanca nstruments c Eurex Cearng l0 !5 !53,046.8 !56,3!5.4
2)

Labtes rcm bankng busness
3)
28 9,725.3 !2,880.3
Cther bank cans and cverdrats 0.! 0.!
Trade payabes !23.7 !08.2
Labtes tc reated partes !.9 !6.7
Cash depcsts by market partcpants 29 !6,22!.7 !9,450.6
Cther current abtes 30 4!2.! 888.4
*#$+, ;0--%/$ ,?+D?,?$?%7 (4'1'&&3' (5'1'''34

*#$+, ,?+D?,?$?%7 (421'J(35 (5(12(I3&

*#$+, %O0?$L +/: ,?+D?,?$?%7 (451)'535 (5J1I4234

!) Therec nccme tax due 62!6.4 mcn (20!2 6202.3 mcn)
2) See ncte 3.
3) Therec 60.! mcn (3! December 20!2 60.! mcn) abtes tc reated partes



Deutsche Brse Group corporate report 2013


"#'

cr the percd ! January tc 3! December 20!3



"#$% &'() &'(&
6m 6m
Net prct cr the year 495.2 669.8
Deprecatcn, amcrtsatcn and mparment csses !!, !2 !!8.8 !05.0
lncrease/(decrease) n ncncurrent prcvscns 32.! 2.3
Deerred tax expense/(nccme) !0 2.! 56.9
Cash cws rcm dervatves !6.5 0
Cther ncncash expense !3.7 50.7
Changes n wcrkng capta, net c ncncash tems !53.0 42.0
Decrease/(ncrease) n recevabes and cther assets !3.8 43.7
lncrease n current abtes !42.7 !2.6
Decrease n ncncurrent abtes 3.5 !0.9
(Net gan)/net css cn dspcsa c ncncurrent assets !.! !.9
Q+7K E,#N7 E-#8 #>%-+$?/@ +;$?.?$?%7 %F;,0:?/@ QQV >#7?$?#/7 I5I3) I&23&
Changes n abtes rcm CCP pcstcns 24.8 39.!
Changes n recevabes rcm CCP pcstcns 93.8 20.6
Q+7K E,#N7 E-#8 #>%-+$?/@ +;$?.?$?%7 33 I&43) I'I3I

Payments tc acqure ntangbe assets and prcperty, pant and equpment !27.6 !45.7
Payments tc acqure ntangbe assets 99.0 !0!.2
Payments tc acqure prcperty, pant and equpment 28.6 44.5
Payments tc acqure ncncurrent nanca nstruments !4.8 265.4
Payments tc acqure nvestments n assccates 35.! !.9
Payments tc acqure subsdares, net c cash acqured 5.2
!)
295.5
Prcceeds rcm the dspcsa c shares n assccates 0 2!.5
2)
(Net ncrease)/net decrease n current recevabes and securtes rcm bankng
busness wth an crgna term greater than three mcnths 692.2 27.4
Prcceeds rcm dspcsas c avaabecrsae ncncurrent nanca nstruments 35.3 392.2
Q+7K E,#N7 E-#8 ?/.%7$?/@ +;$?.?$?%7 33 A4&53& A&2I3J

Purchase c treasury shares !.2 !98.2
Prcceeds rcm sae c treasury shares !.9 !.2
Payments tc ncnccntrcng nterests 8.3 !4.6
Repayment c cngterm nancng 797.8 309.2
Prcceeds rcm cngterm nancng 594.5 600.0
Repayment c shcrtterm nancng !,!80.0 796.2
Prcceeds rcm shcrtterm nancng !,279.8 789.3
Dvdends pad 386.5 622.9
Q+7K E,#N7 E-#8 E?/+/;?/@ +;$?.?$?%7 33 AJ5I32 ABB'32

"%$ ;K+/@% ?/ ;+7K +/: ;+7K %O0?.+,%/$7 AB543B A(('3)


Ccnscdated cash cw statement
Consolidated cash ow statement
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



"#(





"#$% &'() &'(&
6m 6m

"%$ ;K+/@% ?/ ;+7K +/: ;+7K %O0?.+,%/$7 6D-#0@K$ E#-N+-:< AB543B A(('3)

Eect c exchange rate derences
3)
!.7 2.9
Cash and cash equvaents as at begnnng c percd
4)
544.0 657.2
Q+7K +/: ;+7K %O0?.+,%/$7 +7 +$ %/: #E >%-?#:
J<
33 AB23& BJJ3'

lnterest nccme and cther smar nccme
5)
5.6 !2.7
Dvdends receved
5)
!2.9 !2.9
lnterest pad
5)
89.3 !!8.2
lnccme tax pad 93.3 258.4

!) Cash acqured n ccnnectcn wth the termnatcn c the cccperatng agreement gcvernng the nvestment n Brse Frankurt Zertkate Hcdng S.l. (see asc
ncte 2)
2) Return c capta c Drect Edge Hcdngs, LLC
3) Prmary ncudes the exchange rate derences arsng cn transatcn c the lSE subgrcup
4) Excudng cash depcsts by market partcpants
5) lnterest and dvdend payments are accated tc cash cws rcm cperatng actvtes.




Deutsche Brse Group corporate report 2013


"#)

cr the percd ! January tc 3! December 20!3




$K%-%#E ?/;,0:%: ?/ $#$+,
;#8>-%K%/7?.% ?/;#8%
"#$% &'() &'(& &'() &'(&
6m 6m 6m 6m

U0D7;-?D%: ;+>?$+,
Baance as at ! January !93.0 !95.0
Retrement c treasury shares 0 2.0
G+,+/;% +7 +$ )( P%;%8D%- (5)3' (5)3'

UK+-% >-%8?08
Baance as at ! January !,249.0 !,247.0
Retrement c treasury shares 0 2.0
G+,+/;% +7 +$ )( P%;%8D%- (1&J53' (1&J53'

*-%+70-L 7K+-%7
Baance as at ! January 448.6 69!.7
Purchase c treasury shares !.2 !98.2
Retrement c treasury shares 0 !!9.3
Saes wthn the 0rcup Share Pan 3.2 6.8
lcqustcn c the nterest c ncnccntrcng
sharehcders n Eurex Zrch l0 0 3!5.2
G+,+/;% +7 +$ )( P%;%8D%- AJJ232 AJJ432

S%.+,0+$?#/ 70->,07 20
Baance as at ! January !4.3 46.7
Changes rcm dened benet cbgatcns 22 !4.2 53.7 !4.2 53.7
Remeasurement c cther nanca nstruments 4.4 23.3 4.4 23.3
Remeasurement c cash cw hedges !.9 !0.4 !.9 !0.4
lncrease n sharebased payments 0 2.4 0 0
Deerred taxes !0 5.4 !0.8 5.4 !0.8
G+,+/;% +7 +$ )( P%;%8D%- &53J (J3)

T;;080,+$%: >-#E?$ 20
Baance as at ! January !,938.9 2,!23.0
Dvdends pad 2! 386.5 622.9 0 0
Retrement c treasury shares 0 !!9.3 0 0
lcqustcn c the nterest c ncnccntrcng
sharehcders n Eurex Zrch l0 0 72.! 0 0
Net nccme 478.4 645.0 478.4 645.0
Exchange rate derences and cther
ad|ustments 40.8 26.9 42.9 23.2
Deerred taxes !0 2!.8 !2.! 2!.8 !2.!
G+,+/;% +7 +$ )( P%;%8D%- &1'((34 (15)435

UK+-%K#,:%-7Z %O0?$L +7 +$ )( P%;%8D%- )1')232 &15J232 JI&3J 2')35


Ccnscdated statement c changes n equty
Consolidated statement of changes in equity
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



"#*






$K%-%#E ?/;,0:%: ?/ $#$+,
;#8>-%K%/7?.% ?/;#8%
"#$% &'() &'(& &'() &'(&
6m 6m 6m 6m

UK+-%K#,:%-7Z %O0?$L 6D-#0@K$ E#-N+-:< )1')232 &15J232 JI&3J 2')35

"#/9;#/$-#,,?/@ ?/$%-%7$7
Baance as at ! January 223.0 2!2.6
Changes due tc capta decreases 8.3 !4.6 0 0
Changes due tc share n net nccme c
subsdares cr the percd !6.8 24.8 !6.8 24.8
Changes rcm dened benet cbgatcns 22 0.! 0 0.! 0
Exchange rate derences and cther
ad|ustments 0.2 0.2 0 0
G+,+/;% +7 +$ )( P%;%8D%- &)(3J &&)3' (235 &J34

*#$+, %O0?$L +7 +$ )( P%;%8D%- )1&243' )1(2532 J453) 2&43I




Deutsche Brse Group corporate report 2013


"#+

!. 0enera prncpes
Deutsche Brse l0 ('the ccmpany") s nccrpcrated as a 0erman pubc mted ccmpany ('lkten
geseschat") and s dcmced n 0ermany. The ccmpany's regstered cce s n Frankurt / Man.

The 20!3 ccnscdated nanca statements have been prepared n ccmpance wth lnternatcna
Fnanca Repcrtng Standards (lFRSs) and the reated nterpretatcns ssued by the lnternatcna lc
ccuntng Standards Bcard (llSB), as adcpted by the Eurcpean Uncn n acccrdance wth Reguatcn
Nc. !606/2002 c the Eurcpean Parament and c the Ccunc cn the appcatcn c lnternatcna
lcccuntng Standards. ls at 3! December 20!3, there were nc eectve standards cr nterpretatcns
nct yet adcpted by the Eurcpean Uncn that ccud aect the ccnscdated nanca statements. lcccrd
ngy, the ccnscdated nanca statements asc ccmpy wth lFRSs ssued by the llSB.

The dsccsures requred n acccrdance wth Handesgesetzbuch (H0B, 0erman Ccmmerca Ccde)
sectcn 3!5a (!) have been presented n the nctes tc the ccnscdated nanca statements and the
remuneratcn repcrt, whch crms part c the ccmbned management repcrt. The ccnscdated nan
ca statements are asc based cn the nterpretatcns ssued by the Rechnungsegungs lnterpretatcns
Ccmmttee (RlC, lcccuntng lnterpretatcns Ccmmttee) c the Deutsches Rechnungsegungs Standards
Ccmmttee e.\. (lcccuntng Standards Ccmmttee c 0ermany), tc the extent that these dc nct ccntra
dct the standards and nterpretatcns ssued by the lnternatcna Fnanca Repcrtng lnterpretatcns
Ccmmttee (lFRlC) cr the llSB.


!"# %&&'()*+), -*%).%/.- 0 +123"1")*". +) *4" 5"%/ ()."/ /"6+"#
The ccwng standards and nterpretatcns ssued by the llSB and adcpted by the Eurcpean Ccmms
scn became eectve cr Deutsche Brse l0 as at ! January 20!3 and were apped cr the rst tme
n the 20!3 repcrtng percd

789: ;< =>')-'3+.%*". 8+)%)&+%3 :*%*"1")*-? %). 7@: AB CA<;;D =:"2%/%*" 8+)%)&+%3 :*%*"1")*-?
CE%5 A<;;D
lFRS !0 repaces the gudance cn ccntrc and ccnscdatcn ccntaned n llS 27 (2009) 'Ccnscdated
and Separate Fnanca Statements" and SlC!2 'Ccnscdatcn Speca Purpcse Enttes" by uncrm
prncpes and acccuntng requrements that are apped tc a ccmpanes tc determne ccntrc. llS 27


Nctes tc the ccnscdated nanca statements
Bass c preparatcn
Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




"##

cny ccntans the requrements gcvernng separate nanca statements. The standards have been
adcpted by the EU cn !! December 20!2 and are eectve cr nanca years begnnng cn cr ater
! January 20!4. Earer appcatcn s permtted.

789: ;; =F'+)* @//%),"1")*-? CE%5 A<;;D
The standard ntrcduces twc types c |cnt arrangement '|cnt cperatcns" and '|cnt ventures". lt super
sedes llS 3! 'lnterests n Jcnt \entures" and SlC!3 'Jcnty Ccntrced Enttes NcnMcnetary Ccn
trbutcns by \enturers". The prevcus cptcn tc use prcpcrtcnate ccnscdatcn cr |cnty ccntrced
enttes has been abcshed. \enturers n a |cnt venture must use the equty methcd c acccuntng.
lFRS !! has been adcpted by the EU cn !! December 20!2. Ths standard must be apped cr nan
ca years begnnng cn cr ater ! January 20!4.

789: ;A =G+-&3'-(/" 'H 7)*"/"-*- +) I*4"/ J)*+*+"-? CE%5 A<;;D
lFRS !2 denes the requred dsccsures cr enttes that appy lFRS !0 'Ccnscdated Fnanca State
ments" and lFRS !! 'Jcnt lrrangements" these enttes must dsccse ncrmatcn that enabes users c
ther nanca statements tc evauate the nature c, and the rsks assccated wth, ther nterests n cther
enttes and the eects c thcse nterests cn ther nanca pcstcn, nanca percrmance and cash cws.
The standard has been adcpted by the EU cn !! December 20!2 and s eectve cr nanca years
begnnng cn cr cter ! January 20!4.

@1").1")*- *' 7@: AK =7)6"-*1")*- +) @--'&+%*"- %). F'+)* L")*(/"-? CE%5 A<;;D
ls part c the amendments tc llS 28, acccuntng dsccsures cr |cnt ventures were ncuded n the
standard, the basc apprcach cr assessng the exstence c sgncant nuence and rues cr appyng
the equty methcd have been retaned. The amendments tc the standard were adcpted by the EU cn
!! December 20!2 and must be apped tcgether wth lFRS !0, lFRS !!, lFRS !2 and llS 27. The
standard s eectve cr nanca years begnnng cn cr ater ! January 20!4.

lFRS !0, lFRS !!, lFRS !2, llS 27 and llS 28 have been adcpted eary. Ther nta appcatcn has
nc matera eect cn the bass c ccnscdatcn.

789: ;M =8%+/ L%3(" E"%-(/"1")*? CE%5 A<;;D
Ths standard descrbes hcw tc determne ar vaue and extends the reated dsccsures. Far vaue s
dened n lFRS !3 as the prce that wcud be receved tc se an asset cr pad tc transer a abty n
an crdery transactcn between market partcpants at the measurement date. lFRS !3 has been adcpted
by the EU cn !! December 20!2. Ths standard must be apped cr nanca years whch began cn
cr ater ! January 20!3.

Deutsche Brse l0 prcvdes ccmparatve ncrmatcn cr the prevcus year n acccrdance wth the new
requrement. Hcwever, the new requrements have nct had any matera mpact cn the measurement c
the 0rcup's assets and abtes. The amendment tc lFRS !3 resutng rcm the 'lnnua lmprcvements
Prc|ect 20!!20!3", whch has nct yet been adcpted by the EU, reates tc the exceptcn that ccntracts
Deutsche Brse Group corporate report 2013


%$$

managed as a pcrtcc can be measured cn a net bass (pcrtcc exceptcn). ls Deutsche Brse l0
dces nct take a pcrtcc apprcach, the change dces nct have any mpact cn the measurement. The
change n the dsccsures cn ar vaue herarches resutng rcm lFRS !3 ccmprses addtcna dscc
sures, these are presented n ncte 32.

@1").1")*- *' 7@: ; =N/"-")*%*+') 'H 8+)%)&+%3 :*%*"1")*-? CF()" A<;;D
The amendments tc llS ! requre enttes tc cassy expenses and nccme reccgnsed n cther ccm
prehensve nccme ntc twc categcres. The casscatcn w depend cn whether cr nct the tem s
recassed (recyced) tc prct cr css n the uture. ltems that are nct recyced tc the nccme state
ment must be presented separatey rcm tems that are reccgnsed n prct cr css. The amendments
tc the standard have been adcpted by the EU cn 5 June 20!2 and are eectve cr nanca years,
whch began cn cr ater ! Juy 20!2. ln acccrdance wth llS 8 'lcccuntng Pcces, Changes n
lcccuntng Estmates and Errcrs", the amendments must be apped retrcspectvey. The appcatcn
c llS ! many aects the presentatcn c ccmprehensve nccme and expense.

>4%),"- /"-(3*+), H/'1 *4" =@))(%3 712/'6"1")*- N/'O"&* A<<P0A<;;? CE%5 A<;AD
Sx amendments aectng ve standards were mpemented. The amendments must be apped cr
nanca years whch began cn cr ater ! January 20!3. The changes dc nct have any matera
mpact cn Deutsche Brse l0's ccnscdated nanca statements.

@1").1")*- *' 789: B =8+)%)&+%3 7)-*/(1")*-Q G+-&3'-(/"-? CG"&"1R"/ A<;;D
The amendments ntrcduce new dsccsure requrements cr certan csettng arrangements the dscc
sure requrement appes regardess c whether the csettng arrangement has n act ed tc the nanca
assets and nanca abtes beng cset. ln addtcn tc a quatatve descrptcn c the rghts c setc,
the gudance speccay asc requres quanttatve dsccsures. The amendments tc lFRS 7 are eectve
retrcspectvey cr nanca years begnnng cn cr ater ! January 20!3. The amendments were adcpted
by the EU cn !3 December 20!2.

@1").1")*- *' 7@: MS =712%+/1")* 'H @--"*-? CE%5 A<;MD
The amendments ccrrect a prevcus amendment that had nadvertenty requred dsccsure c the re
ccverabe amcunt c each cashgeneratng unt, even nc mparment css had been reccgnsed. The
amendments c May 20!3 remcved ths requrement agan.

lddtcna dsccsures are ncw requred the reccverabe amcunt s determned cn the bass c the
ar vaue ess ccsts c dspcsa and an mparment css s reccgnsed. The amendments are eectve
cr nanca years begnnng cn cr ater ! January 20!4. The amendments were adcpted by the EU cn
!9 December 20!3. Deutsche Brse l0 appes the amendments tcgether wth the changes resutng
rcm lFRS !3.


Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%$"

@1").1")*- *' 7@: MP =8+)%)&+%3 7)-*/(1")*-Q 9"&',)+*+') %). E"%-(/"1")*? 0 )'6%*+') 'H
."/+6%*+6"- CF()" A<;MD
These amendments acw hedge acccuntng tc ccntnue ater ncvatcn. Standardsed CTC dervatves
that are ncw ceared thrcugh a centra ccunterparty can be retaned as hedgng nstruments under cer
tan ccndtcns when the partes tc a ccntract are repaced by a cearng ccunterparty. The exstng hedge
acccuntng reatcnshp thus ccntnues tc exst. The amendments are eectve cr nanca years begn
nng cn cr ater ! January 20!4. The amendments were adcpted by the EU cn !9 December 20!3.
Deutsche Brse l0 has cpted cr eary appcatcn c the amendments.


!"# %&&'()*+), -*%).%/.- 0 )'* 5"* +123"1")*".
The ccwng standards and nterpretatcns, whch are reevant tc Deutsche Brse 0rcup and whch
Deutsche Brse 0rcup dd nct adcpt n 20!3 prcr tc the eectve date, have been pubshed by
the llSB prcr tc the pubcatcn c ths ccrpcrate repcrt and partay adcpted by the Eurcpean
Ccmmsscn.

789: P =8+)%)&+%3 7)-*/(1")*-? C!'6"1R"/ A<<PD
lFRS 9 ntrcduces new requrements cr the casscatcn and measurement c nanca assets and s
ntended tc repace llS 39 n the uture. These stpuate that a nanca assets that have tc date aen
wthn the sccpe c llS 39 are ether reccgnsed at amcrtsed ccst cr at ar vaue. The current verscn nc
cnger ncudes an eectve date, but the standard s avaabe cr adcptcn permtted by cca acccunt
ng requrements. lFRS 9 was pubshed n Ncvember 2009, ressued n Cctcber 20!0 and amended
n Ncvember 20!3. The standard has nct been adcpted by the EU yet.

@1").1")*- *' 789: P =8+)%)&+%3 7)-*/(1")*-? CI&*'R"/ A<;<D
The amendments extend lFRS 9 'Fnanca lnstruments" tc ncude rues cn acccuntng cr nanca
abtes. l the ar vaue cptcn s apped tc nanca abtes, revscns tc the reccgntcn c changes
n an entty's cwn credt rsk must be taken ntc acccunt a change n credt rsk must ncw be reccgnsed
n cther ccmprehensve nccme rather than n prct cr css. The crgna eectve date was remcved
rcm the current verscn c the standard. lppcatcn s permtted the rues cn acccuntng cr nanca
assets are asc apped. The standard has nct been adcpted by the EU yet.

@1").1")*- *' 789: P %). 789: B 0 =E%).%*'/5 JHH"&*+6" G%*" %). T/%)-+*+') G+-&3'-(/"- +)
*4" !'*"-? CG"&"1R"/ A<;;D
ln addtcn tc the amendments tc lFRS 9 sted abcve, the llSB has ssued urther amendments tc
lFRS 9 'Fnanca lnstruments" and lFRS 7 'Fnanca lnstruments Dsccsures". Ths asc had the eect
c pcstpcnng the requrement tc appy the amended lFRS 9 cr nanca years begnnng cn cr ater
! January 20!5. The remcva c the eectve date rcm lFRS 9 (as mcst recenty amended n Ncvember
20!3) means that the amendments tc lFRS 7 can asc be deayed unt lFRS 9 s adcpted.

Deutsche Brse Group corporate report 2013


%$%

The addtcna dsccsures n the nctes requred n lFRS 9 have been added as an amendment tc lFRS 7
the dsccsures requred ncude n partcuar reccgntcn and measurement cr the rst repcrtng percd
n whch lFRS 9 s adcpted, the changes n carryng amcunts resutng rcm the transtcn tc lFRS 9,
uness they reate tc measurement eects at the tme c transtcn, as we as the changes n carryng
amcunts attrbutabe tc such eects. ln addtcn, t must be pcssbe, cn the bass c the ncrmatcn
dsccsed, tc reccnce the measurement categcres acccrdng tc llS 39 and lFRS 9 tc ndvdua ne
tems n the nanca statements cr casses c nanca nstruments. The amendments tc the twc stan
dards have nct yet been adcpted by the EU.

@1").1")*- *' 789: PU 789: B %). 7@: MP 0 =V".," @&&'()*+),? C!'6"1R"/ A<;MD
ln addtcn tc the abcve amendments, new gudance has been added cr hedge acccuntng n genera.
There s an cptcn tc appy the gudance c llS 39 cn ar vaue hedge acccuntng cr pcrtcc hedges c
nterest rate rsk cr tc ccw the requrements c lFRS 9. When lFRS 9 s apped cr the rst tme, there
s asc the cptcn tc appy hedge acccuntng n acccrdance wth llS 39 cr n acccrdance wth lFRS 9
Chapter 6. ln addtcn, the llSB acws eary adcptcn c the requrement tc reccgnse the changes n
ar vaue attrbutabe tc changes n the entty's cwn credt rsk n cther ccmprehensve nccme the
changes n ar vaue are repcrted n the nccme statement. The Ncvember 20!3 amendment remcved
the crgna eectve date c lFRS 9.

@1").1")*- *' 7@: MA 0 =IHH-"**+), 'H 8+)%)&+%3 @--"*- %). 8+)%)&+%3 W+%R+3+*+"-? CG"&"1R"/ A<;;D
The llSB has revsed the gudance cr csettng nanca assets and nanca abtes and pubshed
the resuts n the crm c amendments tc llS 32 'Fnanca lnstruments Presentatcn".

The csettng requrements ad dcwn n llS 32 have been retaned n prncpe, and addtcna gud
ance has been prcvded cr carcatcn. ln ths gudance, the llSB emphasses rsty that an unccnd
tcna, egay encrceabe rght c csettng must exst, even cne c the partes nvcved s nscvent.
Seccndy, t sts ustratve crtera under whch grcss settement c a nanca asset and a nan
ca abty nevertheess eads tc csettng. The addtcna gudance s eectve retrcspectvey cr
nanca years begnnng cn cr ater ! January 20!4. The amendments have been adcpted by the EU
cn !3 December 20!3.


Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%$&

@1").1")*- *' 7@: ;P =J123'5"" X")"H+*-? C!'6"1R"/ A<;MD
ln uture, there w be an cptcn cn hcw tc acccunt cr ccntrbutcns that empcyees are requred tc
make tc ther dened benet pans. The amendment permts empcyee ccntrbutcns that are ndepend
ent c the number c years c servce tc be attrbuted tc the percd n whch the servce s rendered. Ths
resuts n a negatve benet beng attrbuted tc the ccrrespcndng percd c servce. Prevcusy, empcyee
ccntrbutcns had been accated tc the dened benet abty. The amendment must be apped cr
nanca years begnnng cn cr ater ! Juy 20!4, and earer appcatcn permtted. The amendment
has nct yet been adcpted by the EU.

@1").1")*- /"-(3*+), H/'1 *4" =@))(%3 712/'6"1")*- N/'O"&* A<;<0A<;A? CG"&"1R"/ A<;MD
Eght amendments aectng seven standards are panned. The amendments must be apped cr nan
ca years begnnng cn cr ater ! Juy 20!4.The amendments have nct yet been adcpted by the EU.

@1").1")*- /"-(3*+), H/'1 *4" =@))(%3 712/'6"1")*- N/'O"&* A<;;0A<;M? CG"&"1R"/ A<;MD
Fcur amendments aectng cur standards are panned. The amendments must be apped cr nanca
years begnnng cn cr ater ! Juy 20!4. The amendments have nct yet been adcpted by the EU.

Deutsche Brse 0rcup cannct assess ccncusvey what the mpact c the appcatcn c the new and
amended standards w be at ths stage. ln addtcn tc extended dsccsure requrements, the nta
appcatcn c lFRS 9 s expected tc have an mpact cn the ccnscdated nanca statements.


2. Bass c ccnscdatcn
Deutsche Brse l0's equty nterests n subsdares, assccates and |cnt ventures as at 3! Decem
ber 20!3 ncuded n the ccnscdated nanca statements are presented n the ccwng tabes. Uness
ctherwse stated, the nanca ncrmatcn n these tabes s presented n acccrdance wth the generay
accepted acccuntng prncpes n the ccmpanes' ccuntres c dcmce.


Deutsche Brse Group corporate report 2013


%$'



Fuy ccnscdated subsdares
Q#8>+/L P#8?;?,%
CO0?$L ?/$%-%7$
+7 +$ )( P%; &'()
:?-%;$ 6?/:?-%;$<

Brse Frankurt Zertkate Hcdng S.l.
2)
Luxembcurg !00.00
Brse Frankurt Zertkate l0
4)
0ermany (!00.00)
Cearstream Hcdng l0 0ermany !00.00
Cearstream lnternatcna S.l. Luxembcurg (!00.00)
Cearstream Bankng S.l. Luxembcurg (!00.00)
7)
Cearstream Bankng Japan, Ltd. Japan (!00.00)
RE0lSTR S.l. Luxembcurg (50.00)
Cearstream Bankng l0 0ermany (!00.00)
Cearstream Servces S.l. Luxembcurg (!00.00)
Cearstream Fund Servces lreand Ltd. lreand (!00.00)
Cearstream Cperatcns Prague s.r.c Czech Repubc (!00.00)
LuxCSD S.l. Luxembcurg (50.00)
Deutsche Brse lsa Hcdng Pte. Ltd. Sngapcre !00.00
Eurex Cearng lsa Pte. Ltd. Sngapcre (!00.00)
Deutsche Brse Servces s.r.c Czech Repubc !00.00
Deutsche Bcerse Systems, lnc. USl !00.00
Eurex 0cba Dervatves l0 Swtzerand !00.00
Eurex Zrch l0 Swtzerand (!00.00)
8)
Eurex Frankurt l0 0ermany (!00.00)
Eurex Bcnds 0mbH 0ermany (79.44)
Eurex Cearng l0 0ermany (!00.00)
Eurex Cearng Securty Trustee 0mbH 0ermany (!00.00)
Eurex Repc 0mbH 0ermany (!00.00)
Eurex Servces 0mbH 0ermany (!00.00)
U.S. Exchange Hcdngs, lnc. USl (!00.00)
lnternatcna Securtes Exchange Hcdngs, lnc. USl (!00.00)
ETC lcqustcn Ccrp. USl (!00.00)
lnternatcna Securtes Exchange, LLC USl (!00.00)
lSE 0emn, LLC USl (!00.00)
Lcngtude LLC USl (!00.00)
Lcngtude S.l. Luxembcurg (!00.00)
Fnncvatcn S.l. Luxembcurg !00.00
lncbcsa S.l. Span 50.00
Dubcsa, Servcs de Dusac e lncrmaac de Bcsa, S.l. Pcrtuga (50.00)
lncbcsa Deutschand 0mbH 0ermany (50.00)
Cpen Fnance, S.L. Span (3!.00)
Market News lnternatcna lnc. USl !00.00
MNl Fnanca and Eccncmc lncrmatcn (Be|ng) Cc. Ltd. Chna (!00.00)
Need tc Kncw News, LLC USl (!00.00)
Rsk Transer Re S.l. Luxembcurg !00.00
STC`` Ltd. Swtzerand 50.!0
Tradegate Exchange 0mbH 0ermany 76.23
!0)
!) lncudes capta reserves and retaned earnngs, accumuated gans cr csses and net prct cr css cr the year and, necessary, urther ccmpcnents acccrdng
tc the respectve cca 0llP
2) Unt !2 December 20!3 Sccach Hcdng S.l.
3) Premnary gures
4) Unt ! Ncvember 20!3 Sccach Eurcpa l0
5) Becre prct transer cr css abscrptcn

Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%$(






Q0--%/;L
=-:?/+-L 7K+-%
;+>?$+, CO0?$L
(<
*#$+, +77%$7
U+,%7 -%.%/0%
&'()
"%$ >-#E?$\,#77
&'()
H/?$?+,,L
;#/7#,?:+$%:
thcusands thcusands thcusands thcusands thcusands

6 50 !6,297
3)
!6,382
3)
0
3)
4,34!
3)
! Juy 20!3
6 !40 4,222 7,990 20,289 588 ! Juy 20!3
6 !0!,000 2,285,3!4 2,39!,839 0 !02,069
5)
2007
6 25,000 820,942 845,455 65,900
6)
!0!,593 2002
6 75,000
3)
672,23!
3)
!!,257,00!
3)
382,557
3) 6)
!8,266
3)
2002
JPY 6,500 35,252
3)
56,494
3)
80,377
3)
7,!68
3)
2009
6 3,600 !,060
3)
2,240
3)
0
3)
!,!03
3)
20!0
6 25,000 300,704 !,2!4,923 259,536
6)
8!,696 2002
6 30,000 62,!6! !3!,902 208,86! 8,!74 2002
6 500 779 2,26! 2,!3! !94 !0 Cct 20!2
CZK !60,200 238,9!2
3)
258,686
3)
346,7!7
3)
4!,5!0
3)
2008
6 6,000 5,065 5,297 243 270 20!0
S0D 0 0 !00 0 0 !4 Ncv 20!3
S0D 0 0 200 0 0 !4 Ncv 20!3
CZK 200 !!5,4!9 208,047 6!3,487 30,366 2006
US$ 400 4,400 5,582 8,789 349 2000
CHF !00 35!,922 36!,742 !28,!38 69,466 ! Jan 20!2
CHF !0,000 3!0,398 346,694 43,055 5,382 !998
6 6,000 !,050,920 !,849,282 0 66,670
9)
!998
6 3,600 8,247 !0,0!7 4,3!! 732 200!
6 25,000 249,8!3 !6,762,785 0
6)
!,227
5)
!998
6 25 75 75 3 0 !5 Cct 20!3
6 !00 550 !3,808 !5,698 !!,59!
5)
200!
6 25 !,!82,469 !,25!,68! 0 69,2!2
5)
2007
US$ !,000 857,494 946,200 0 !50,37! 2003
US$ 0 !,724,709 2,292,482 0 32,69! 2007
US$ 0 3,785 3,789 !50 !50 2007
US$ 0 40,528 !09,590 286,690 44,429 2007
US$ 5,000 8,448 9,830 !8,383 3,448 5 lug 20!3
US$ 0 3,90! 4,!54 !,623 44 2007
6 !,!00 !,072
3)
!,757
3)
4,045
3)
6!8
3)
28 June 20!2
6 !56,400
3)
!3!,45!
3)
!63,397
3)
33,672
3)
3,!0!
3)
2008
6 33! !!,782
3)
!3,234
3)
7,55!
3)
494
3)
2002
6 50 !64 !98 !30 9 2002
6 !00 !,397 !,4!2 !40 !0! 2003
6 4 779 !,3!6 2,334 36 20!!
US$ 9,9!! 2!,!!4 !8,469 !9,!33 624 2009
US$ 0 260 528 !,042 !8 20!!
US$ 4,!93 5,766 7,536 6,308 34! 2009
6 !,225 !,225 !!,293 !,483 0 2004
CHF !,000 96,856 !!0,638 88,827 28,979 2009
6 500 977 !,367 !,779 264 20!0
6) Ccnssts c nterest and ccmmsscn resuts due tc the busness cperatcns
7) Therec, 22.92 per cent are ndrecty hed va Cearstream Hcdng l0 and 77.08 per cent are ndrecty hed va Cearstream lnternatcna S.l.
8) Therec, 50 per cent are drecty hed and 50 per cent are ndrecty hed va Eurex 0cba Dervatves l0.
9) lncudng nccme rcm prct pccng agreements wth ts subsdares amcuntng tc 68!,632 thcusand
!0) Therec, !.23 per cent are ndrecty hed va Tradegate l0 Wertpaperhandesbank.
Deutsche Brse Group corporate report 2013


%$)

ls at 3! December 20!3, Deutsche Brse l0 hed 50 per cent c the vctng rghts c lncbcsa S.l.,
Madrd, Span. The key decscnmakng bcdy c lncbcsa S.l. s the Bcard c Drectcrs, where the
Charman's castng vcte gves Deutsche Brse l0 the ma|crty c the vctes.

Deutsche Brse l0 ndrecty hcds 50 per cent c the vctng rghts n LuxCSD S.l., Luxembcurg. Snce
Deutsche Brse's subsdary Cearstream lnternatcna S.l., whch hcds 50 per cent c the vctng rghts,
has the rght tc appcnt the Charman c the Supervscry Bcard, whc asc has a castng vcte, there s a
presumptcn c ccntrc.

Mcrecver, Deutsche Brse l0 ndrecty hcds 50 per cent c the vctng rghts n RE0lSTR S.l., Luxem
bcurg. Snce Deutsche Brse's subsdary Cearstream Bankng S.l., whch hcds 50 per cent c the
vctng rghts, has the rght tc appcnt the Charman c the Supervscry Bcard, whc n turn has a castng
vcte, there s a presumptcn c ccntrc.


Changes tc ccnscdated subsdares
0ermany Fcregn Tcta
ls at ! January 20!3 9 27 36
lddtcns 2 4 6
Dspcsas 0 0 0
+7 +$ )( P%;%8D%- &'() (( )( J&


ln December 20!2, Sl` Swss Exchange l0 gave nctce c termnatcn c the cccperatcn agreement
gcvernng the equty nvestment n Sccach Hcdng S.l., eectve rcm the end c 30 June 20!3. Ccn
sequenty, wth eect rcm ! Juy 20!3, the shares n Sccach Schwez l0 hed by Sccach Hcdng S.l.
were transerred tc Sl` Swss Exchange l0, the shares n Sccach Hcdng S.l. prevcusy hed by Sl`
Swss Exchange l0 were transerred tc Sccach Hcdng S.l. and subsequenty retred. Fccwng the
transer, Deutsche Brse l0's equty nterest n Sccach Hcdng S.l. ncreased tc !00 per cent. The tcta
ccnsderatcn cr ths exchange transactcn amcunted tc 6!5.3 mcn. Remeasurement c the shares c
the Sccach subgrcup hed becre the acqustcn resuted n taxneutra nccme rcm equty nvestment
c 62.0 mcn, c ths amcunt, 60.! mcn reated tc the remeasurement c the shares c Sccach Hcd
ng S.l. and Sccach Eurcpa l0 hed becre the exchange transactcn. The ar vaue c the shares hed
n Sccach Hcdng S.l. and Sccach Eurcpa l0 becre the transactcn amcunted tc 67.7 mcn. 0ccd
w c 64.6 mcn resuted rcm ths transactcn. Sccach Hcdng S.l. and Sccach Eurcpa l0 have
been uy ccnscdated n Deutsche Brse l0's ccnscdated nanca statements snce ! Juy 20!3.
Sccach Eurcpa l0 was renamed Brse Frankurt Zertkate l0 as at ! Ncvember 20!3. Sccach Hcd
ng S.l. was renamed Brse Frankurt Zertkate Hcdng S.l. cn !2 December 20!3. Thus ths repcrt
generay reers tc the new names.


Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%$*

0ccdw rcm the busness ccmbnatcn
wth Sccach Hcdng S.l. and Sccach Eurcpa l0

V-%,?8?/+-L @##:N?,,
;+,;0,+$?#/
( ]0,L &'()
6m

Q#/7?:%-+$?#/ $-+/7E%--%:
Far vaue c equty nterest hed becre the acqustcn !5.8
Receved cash ccmpensatcn 0.5
*#$+, ;#/7?:%-+$?#/ (B3)

T;O0?-%: +77%$7 +/: ,?+D?,?$?%7
Custcmer reatcnshps 3.3
Cther ntangbes assets 0.6
Deerred tax assets cn tax css carred crward !.2
Trade recevabes and cther recevabes 3.7
Cther current assets 6.5
Tcta assets !5.3
Deerred tax abtes cn tempcrary derences !.0
Cther abtes 3.6
*#$+, ,?+D?,?$?%7 A J32
*#$+, +77%$7 +/: ,?+D?,?$?%7 +;O0?-%: ('3I

^##:N?,, 6/#$ $+F9:%:0;$?D,%< J32


lnternatcna Securtes Exchange, lnc. estabshed Tcpaz Exchange, LLC, Dcver, USl, eectve
29 May 20!2. The exchange was granted an exchange cence by the SEC cn 29 Juy 20!3 and started
cperatng cn 5 lugust 20!3. lt has been ncuded n u n the ccnscdated nanca statements snce
Juy 20!3. Tcpaz Exchange, LLC was renamed n lSE 0emn, LLC cn !8 February 20!4.

Eurex Cearng l0 estabshed Eurex Cearng Securty Trustee 0mbH, Frankurt/Man, 0ermany, eectve
!5 Cctcber 20!3. Snce Eurex Cearng l0 hcds !00 per cent c the vctng rghts, there s a presump
tcn c ccntrc. The subsdary has been ncuded n u n the ccnscdated nanca statements snce ts
cundatcn.

Cn !4 Ncvember 20!3, Deutsche Brse l0 estabshed twc ccmpanes, Deutsche Bcerse lsa
Hcdng Pte. Ltd. and Eurex Cearng lsa Pte. Ltd., bcth dcmced n Sngapcre, Sngapcre. ls whcy
cwned subsdares c Deutsche Brse l0, the twc ccmpanes have been ncuded n u n the ccn
scdated nanca statements snce ther cundatcn.



Deutsche Brse Group corporate report 2013


%$+

Eectve !0 January 20!4, Deutsche Brse l0 acqured a !00 per cent nterest n lmpendum Sys
tems Ltd., dcmced n Lcndcn, Unted Kngdcm, at a purchase prce c 3.2 mcn pus a revenue
dependent purchase prce ccmpcnent c 5.2 mcn. Snce Deutsche Brse l0 s the cny sharehcder,
there s a presumptcn c ccntrc. The subsdary has been ncuded n u n the ccnscdated nanca
statements snce the rst quarter c 20!4. Purchase prce accatcn had nct been ccmpeted at the tme
c preparng these ccnscdated nanca statements.



lssccates and |cnt ventures
Q#8>+/L1
:#8?;?,%
U%@9
8%/$
CO0?$L
?/$%-%7$ +7 +$
)( P%; &'()
:?-%;$
6?/:?-%;$<
Q0-9
-%/;L
=-:?/+-L
7K+-%
;+>?$+, T77%$7 [?+D?,?$?%7
U+,%7
-%.%/0%
&'()
"%$
>-#E?$\,#77
&'()
T77#;?+$%
7?/;%
thcusands thcusands thcusands thcusands thcusands

Deutsche Brse
Ccmmcdtes 0mbH,
0ermany `etra !6.20 6 !,000 !,280,7!8
!)
!,277,89!
!)
4,363
!)
672
!)
2007
Eurcpean Energy
Exchange l0
2) 3)
0ermany Eurex (62.57) 6 40,050 940,94!
!)
82!,240
!)
62,2!9
!)
!3,683
!)
!999
lD's SlS, France Eurex 25.0! 6 !,000 3,348
!)
580
!)
2,389
!)
509
!)
20!0
Dgta \ega F` Ltd.,
Unted Kngdcm
Market
Data
Servces !3.02 0BP 0 954
4)
70!
4)
!38
4)
458
4)
20!!
lndexum l0,
Swtzerand
Market
Data
Servces 49.90 CHF !00 !6,709 2!,333 8,456 9!! 2009
Phnec gl0,
0ermany `etra !2.00
5)
6 50 !,332
!)
!09
!)
!56
!)
!98
!)
20!0
Drect Edge
Hcdngs, LLC, USl Eurex (9.50) US$ !45,9!0
6)
22!,475 75,566 508,079 !6,339 9 Feb 20!2
The Cptcns Cearng
Ccrpcratcn, USl Eurex (20.00) US$ 600
7)
2,953,365
7)
2,94!,732
7)
!57,232
7)
3,563
7)
2007
Hanweck lssccates,
LLC, USl Eurex (26.44) US$ 693
6)
893
!)
!,586
!)
3,349
!)
793
!)
20!0
Tradegate l0 Wert
paperhandesbank,
0ermany
8)
`etra 4.92 6 24,554 47,93!
!)
!6,957
!)
3!,360
!)
4,!27
!)
20!0
BranTrade 0ese
schat r Brsen
systeme mbH,
0ermany `etra 25.58
9)
6 !,400 5,895
!)
4,!36
!)
8,099
!)
358
!)
! Juy 20!3
Zmcry 0mbH,
0ermany
Market
Data
Servces 30.03 6 267
!)
!!,566
!)
64!
!)
!,4!9
!)
5,285
!)
!7 May 20!3
Deutsche Brse
Ccud Exchange l0,
0ermany
!0)

Market
Data
Servces 49.90
!!)
6 50 9,32! 307 0 986 !7 May 20!3
0cba Markets
Exchange 0rcup
lnternatcna, LLP,
Unted Kngdcm Eurex 28.57 0BP 4,025
6)
20,250 259 0 979 24 Cct 20!3

!) Premnary gures
2) Subgrcup gures
3) There was nc ccntrc n nanca year 20!3.
4) Shcrtened nanca year, percd ended 30 Ncvember 20!3
5) ln addtcn, Deutsche Brse l0 hcds an nterest n Phnec Pcc 0bR, Bern, 0ermany, whch hcds a 48 per cent stake n Phnec gl0.
Ths nterest s |cnty managed.
6) \aue c equty
7) Fgures as at 3! December 20!2
8) ls at the baance sheet date the ar vaue c the stake n the sted ccmpany amcunted tc 66.6 mcn.
9) Therec, !4.29 per cent hed drecty and !4.29 per cent ndrecty va Brse Frankurt Zertkate l0.
!0) Deutsche Brse Ccud Exchange l0 s part c the Zmcry 0mbH subgrcup.
!!) ln addtcn, !4.78 per cent hed ndrecty va Zmcry 0mbH.
Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%$#

ln nanca year 20!3, Eurex Zrch l0 acqured a urther 2,573,356 shares n Eurcpean Energy Ex
change l0 (EE`), ncreasng ts nterest rcm 56.!4 per cent tc 62.57 per cent. The tcta purchase prce
c the tranches acqured amcunted tc 6!5.4 mcn. The purchase prce accatcn resuted n addtcna
gccdw c 6!.5 mcn. Snce Deutsche Brse 0rcup dces nct have a ma|crty cn the Supervscry
Bcard c EE` n the year under revew, t cannct exercse ccntrc, therecre the ccmpany was ncuded as
an assccate n Deutsche Brse 0rcup's ccnscdated nanca statements. Snce the Charman c the
Supervscry Bcard, whc s appcnted by Eurex Zrch l0, has a castng vcte cn the Supervscry Bcard
c Eurcpean Energy Exchange l0 as rcm ! January 20!4, Eurex Zrch l0 exercses ccntrc cver EE`
as rcm that date. The ccmpany has been uy ccnscdated snce ! January 20!4. The ccwng assets
and abtes were dented durng purchase prce accatcn, whch had nct been ccmpeted at the
tme these ccnscdated nanca statements were prepared


0ccdw resutng rcm takng ccntrc cver Eurcpean Energy Exchange l0
as at ! January 20!4

V-%,?8?/+-L @##:N?,,
;+,;0,+$?#/
( ]+/ &'(J
6m

Q#/7?:%-+$?#/ $-+/7E%--%:
Far vaue c equty nterest hed becre takng ccntrc cver Eurcpean Energy Exchange l0 !39.4
lcqured bank baances 6!.6
*#$+, ;#/7?:%-+$?#/ II14

T;O0?-%: +77%$7 +/: ,?+D?,?$?%7
Custcmer reatcnshps 69.8
Cther ntangbes assets !3.4
Fnanca assets 44.8
Cther ncncurrent assets 2.0
Deerred tax assets 4.8
Cther current assets 82.6
Deerred tax abtes cn tempcrary derences 24.7
Cther ncncurrent abtes 0.8
Cther current abtes 79.3
Remeasurement c ncnccntrcng nterests 72.4

*#$+, +77%$7 +/: ,?+D?,?$?%7 +;O0?-%: J'3&

^##:N?,, 6/#$ $+F9:%:0;$?D,%< )I32


l EE` had aready been ccnscdated as c ! January 20!3, the net revenue wcud have ncreased by
647.! mcn and earnngs becre taxes (EBT) wcud have ncreased by 69.! mcn.


Deutsche Brse Group corporate report 2013


%"$

Cn !7 May 20!3, Deutsche Brse l0 acqured a 30.03 per cent nterest carryng vctng rghts n
Zmcry 0mbH, Bern, 0ermany, at a prce c 6!0.0 mcn. The purchase prce ncudes gccdw
amcuntng tc 65.8 mcn. Snce Deutsche Brse l0 exercses sgncant nuence wthn the meanng
c llS 28.6 (a) by vrtue c ts membershp n the Bcard c Drectcrs, Zmcry 0mbH has been cassed
as an assccate and s acccunted cr usng the equty methcd.

Eectve !7 May 20!3, Deutsche Brse l0 and Zmcry 0mbH estabshed Deutsche Brse Ccud
Exchange l0, Eschbcrn, 0ermany, n whch Deutsche Brse l0 hcds a 49.90 per cent nterest. ls
Deutsche Brse l0 exercses sgncant nuence wthn the meanng c llS 28.6 (a) by vrtue c
ts membershp c the Bcard c Drectcrs, the ccmpany has been cassed as a |cnt venture and s
acccunted cr usng the equty methcd.

ls a resut c the termnatcn by Sl` Swss Exchange l0 c the cccperatcn agreement gcvernng the
equty nvestment n Sccach Hcdng S.l. and the resutng ncrease n Deutsche Brse l0's nterest
n Sccach Hcdng S.l. tc !00 per cent, Deutsche Brse 0rcup acqured, eectve ! Juy 20!3, sgn
cant nuence cver BranTrade 0eseschat r Brsensysteme mbH wthn the meanng c llS 28.6 (a)
by vrtue c ts membershp c the Bcard c Drectcrs. Snce then, BranTrade 0eseschat r Brsen
systeme mbH has been cassed as an assccate and s acccunted cr usng the equty methcd.

Drect Edge Hcdngs, LLC and BlTS 0cba Markets, lnc. had entered ntc a merger agreement n
lugust 20!3. Ths agreement was nct egay ccmpeted by 3! December 20!3. Cn ccmpetcn, lnter
natcna Securtes Exchange Hcdngs, lnc. (lSE), New Ycrk, USl, was tc surrender an nterest c
22.04 per cent n Drect Edge Hcdngs, LLC and utmatey hcd 9.5 per cent c the merged ccmpany.
lganst ths backgrcund, a pcrtcn c the nvestment n Drect Edge Hcdngs, LLC, whch was prevcusy
cassed as an assccate, was cassed as 'hed cr sae" n the thrd quarter c 20!3, the remanng
pcrtcn ccntnued tc be cassed as an assccate. Cn 3! January 20!4, the transactcn was ccmpeted.

Cn 24 Cctcber 20!3, Deutsche Brse l0 acqured 50,000 cass B shares c 0cba Markets Exchange
0rcup lnternatcna LLP, Lcndcn, Unted Kngdcm, cr a purchase prce c 4.0 mcn and as a resut
hcds 28.57 per cent c the shares. The transactcn resuted n gccdw c 3.! mcn. ls Deutsche
Brse l0 exercses sgncant nuence wthn the meanng c llS 28.6 (a) by vrtue c ts membershp
c the Bcard c Drectcrs, 0cba Markets Exchange 0rcup lnternatcna LLP has snce been cassed as
an assccate and s acccunted cr usng the equty methcd.

Where Deutsche Brse 0rcup's share c the vctng rghts n a ccmpany amcunts tc ess than 20 per cent,
Deutsche Brse 0rcup's sgncant nuence s exercsed n acccrdance wth llS 28.6 (a) thrcugh the
0rcup's representatcn cn the Supervscry Bcard cr the bcard c drectcrs c the ccwng ccmpanes as
we as thrcugh ccrrespcndng mcntcrng systems


Deutsche Brse Ccmmcdtes 0mbH, Frankurt/Man, 0ermany

Dgta \ega F` Ltd., Lcndcn, Unted Kngdcm

Phnec gl0, Bern, 0ermany

Tradegate l0 Wertpaperhandesbank, Bern, 0ermany


Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%""

3. Summary c key acccuntng pcces
Deutsche Brse l0's ccnscdated nanca statements have been prepared n eurcs, the unctcna
currency c Deutsche Brse l0. Uness stated ctherwse, a amcunts are shcwn n mcns c eurcs (6m).
The annua nanca statements c subsdares ncuded n the ccnscdated nanca statements have
been prepared cn the bass c the 0rcupwde acccuntng prncpes based cn lFRSs that are descrbed
n the ccwng. They were apped ccnsstenty tc the percds shcwn.


@.O(-*1")*- *' %&&'()*+), 2'3+&+"-
ln the prevcus year, repc and cptcns transactcns n the tem 'Fnanca nstruments c Eurex Cear
ng l0" were cny repcrted cn a net bass cutstandng transactcns were setted wth an dentca
csettng transactcn. ls at 3! December 20!3, cutstandng repc and cptcns transactcns are netted
a cearng member has csettng ccrrespcndng transactcns wth the centra ccunterparty wth the
same settement date. Prcryear gures have been ad|usted acccrdngy. ls a resut, the nanca
nstruments c Eurex Cearng l0 tem has decned by 62!.7 bcn cn bcth the assets and the
abtes sde c the baance sheet. Fcr detas see ncte !5.

ln January 20!3, Deutsche Brse 0rcup extended ts prcduct pcrtcc tc ncude repc transactcns wth
a maturty greater than cne year. lcccrdngy, the tem 'Fnanca nstruments c Eurex Cearng l0" was
spt ntc ncncurrent and current.

Fccwng the new management structure, the repcrtng segments were changed as at ! January 20!3
and prcryear gures have been ad|usted acccrdngy.


9"&',)+*+') 'H /"6")(" %). "Y2")-"-
Tradng, cearng and settement ees are reccgnsed cn the trade day and bed cn a mcnthy bass.
Custcdy revenue and revenue cr systems devecpment and systems cperatcn are generay reccgnsed
rataby and bed cn a mcnthy bass. Saes c prce ncrmatcn are bed cn a mcnthy bass. Fees
charged tc tradng partcpants n ccnnectcn wth lnternatcna Securtes Exchange, LLC's and lSE
0emn LLC's expenses cr supervscn by the U.S. Securtes and Exchange Ccmmsscn (SEC) are
reccgnsed at the settement date.

lnternatcna Securtes Exchange, LLC and lSE 0emn, LLC earn market data revenue rcm the sae c
trade and qucte ncrmatcn cn cptcns thrcugh the Cptcns Prce Repcrtng luthcrty, LLC (CPRl, the
reguatcry authcrty respcnsbe cr dstrbutng market data revenues amcng the US cptcns exchanges).
Pursuant tc SEC reguatcns, US exchanges are requred tc repcrt trade and qucte ncrmatcn tc CPRl.
lnternatcna Securtes Exchange, LLC and lSE 0emn, LLC earn a pcrtcn c the nccme c the US
cptcn exchange assccatcn based cn ts share c egbe trades cr cptcn securtes. Revenue s re
ccrded as transactcns cccur cn a trade date bass and s ccected quartery.

ls a rue, rebates are deducted rcm saes revenue. They are reccgnsed as an expense under 'vcume
reated ccsts" tc the extent that they exceed the assccated saes revenue. Ths tem asc ccmprses
expenses that depend cn the number c certan trade cr settement transactcns, the custcdy vcume,

Deutsche Brse Group corporate report 2013


%"%

cr the 0cba Securtes Fnancng vcume, cr that resut rcm revenue sharng agreements cr makertaker
prcng mcdes. \cumereated ccsts nc cnger cccur the ccrrespcndng revenue s nc cnger generated.

lnterest nccme and expenses are reccgnsed usng the eectve nterest methcd cver the respectve
nanca nstrument's term tc maturty. lnterest nccme s reccgnsed when t s prcbabe that the ecc
ncmc benets assccated wth the transactcn w cw tc the entty and the nccme can be measured
reaby. lnterest expenses are reccgnsed as an expense n the percd n whch they are ncurred. lnterest
nccme and expenses rcm bankng busness are netted n the ccnscdated nccme statement and ds
ccsed separatey n ncte 4.

Dvdends are reccgnsed n the resut rcm equty nvestments the rght tc receve payment s based
cn egay assertabe cams.

The ccnscdated nccme statement s structured usng the naturecexpense methcd.


9"-"%/&4 %). ."6"3'21")* &'-*-
Research ccsts are expensed n the percd n whch they are ncurred. Devecpment ccsts are captased,
prcvded that they satsy the reccgntcn crtera set cut n llS 38. These devecpment ccsts ncude
drect abcur ccsts, ccsts c purchased servces and wcrkpace ccsts, ncudng prcpcrtcnate cverheads
that can be drecty attrbuted tc the preparatcn c the respectve asset cr use, such as ccsts cr the
sctware devecpment envrcnment. Devecpment ccsts that dc nct meet the requrements cr captasa
tcn are reccgnsed n the ccnscdated nccme statement. lnterest expense that cannct be accated d
recty tc cne c the devecpments s reccgnsed n prct cr css n the year under revew and nct ncuded
n captased devecpment ccst. l research and devecpment ccsts cannct be separated, the expendtures
are reccgnsed as expenses n the percd n whch they are ncurred.

l devecpment ccsts (bcth prmary ccsts and ccsts ncurred subsequenty) are accated tc prc|ects.
The prc|ects are brcken dcwn ntc the ccwng phases n crder tc decde whch ccst ccmpcnents need
captasng and whch dc nct

!')Z&%2+*%3+-". 24%-"-
;[ G"-+,)

Dentcn c prcduct desgn

Speccatcn c the expected eccncmc benet

lnta ccst and revenue crecast

>%2+*%3+-". 24%-"-
A[ G"*%+3". -2"&+H+&%*+')-

Ccmpatcn and revew c precse speccatcns

Trcubeshcctng prccess

M[ X(+3.+), %). *"-*+),

Sctware prcgrammng

Prcduct testng

!')Z&%2+*%3+-". 24%-"-
\[ @&&"2*%)&"

Pannng and mpementatcn c acceptance tests


Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%"&

][ :+1(3%*+')

Preparatcn and mpementatcn c smuatcn

Ccmpatcn and testng c smuatcn sctware packages

Ccmpatcn and revew c dccuments

S[ 9'33Z'(*

Pannng c prcduct aunch

Ccmpatcn and dspatch c prcductcn systems

Ccmpatcn and revew c dccuments

ln acccrdance wth llS 38, cny tasks becngng tc the 'detaed speccatcns" and 'budng and
testng" phases are captased. l cther phases c sctware devecpment prc|ects are expensed.


7)*%),+R3" %--"*-
Captased devecpment ccsts are amcrtsed rcm the date c rst use c a sctware usng the straght
ne methcd cver ts expected useu e. The useu e c nternay devecped sctware s generay
assumed tc be ve years, a useu e c seven years s used as the bass n the case c newy devecped
tradng patcrms and cearng systems.

Purchased sctware s carred at ccst and reduced by systematc amcrtsatcn and, where necessary,
mparment csses. lmcrtsatcn s charged usng the straghtne methcd cver the expected useu e
cr at mcst unt the rght c use has expred.


Useu e c sctware

T77%$ T8#-$?7+$?#/ >%-?#:

Standard sctware 3 tc !0 years
Purchased custcm sctware 3 tc 6 years
lnternay devecped custcm sctware 3 tc 7 years


lntangbe assets are dereccgnsed cn dspcsa cr when nc urther eccncmc benets are expected tc
cw rcm them.

The amcrtsatcn percd cr ntangbe assets wth nte useu ves s revewed at east at the end c
each nanca year. l the expected useu e c an asset ders rcm prevcus estmates, the amcrtsa
tcn percd s ad|usted acccrdngy.

0ccdw s reccgnsed at ccst and tested at east cnce a year cr mparment.

The ccst c the cther ntangbe assets acqured n the ccurse c busness ccmbnatcns ccrrespcnds tc
the ar vaue as at the acqustcn date. lssets wth a nte useu e are amcrtsed usng the straght
ne methcd cver the expected useu e. lssets wth an ndente useu e are tested cr mparment
at east cnce a year.


Deutsche Brse Group corporate report 2013


%"'

Useu e c cther ntangbe assets arsng cut c busness ccmbnatcns

T77%$ T8#-$?7+$?#/ >%-?#:
lSE's exchange cence ndente
Member reatcnshps 30 years
Custcmer reatcnshps 8 tc 30 years
lSE trade name !0 years
STC`` trade name ndente
Hstcrca data 5 years


ls lSE's exchange cence has an ndente term and lSE expects tc retan the cence as part c ts cver
a busness strategy, the useu e c ths asset s cassed as ndente. The STC`` trade name ncudes
the trade name tse, the ndex methcdccges and the lnternet dcmans because these can generay nct
be transerred separatey. There are nc ndcatcns that tme mtatcns exst wth regard tc the useu e
c the STC`` trade name. l revew s percrmed each repcrtng percd tc determne whether the events
and crcumstances st |usty cassyng as ndente the useu ves c lSE's exchange cence and the
STC`` trade name.


N/'2"/*5U 23%)* %). "^(+21")*
Deprecabe prcperty, pant and equpment s carred at ccst ess cumuatve deprecatcn. The straght
ne deprecatcn methcd s used. Ccsts c an tem c prcperty, pant and equpment ccmprse a ccsts
drecty attrbutabe tc the prcductcn prccess, as we as an apprcprate prcpcrtcn c prcductcn cver
heads. Fnancng ccsts were nct reccgnsed n the year under revew, as they ccud nct be drecty ac
cated tc any partcuar devecpment.


Useu e c prcperty, pant and equpment

T77%$ P%>-%;?+$?#/ >%-?#:
Ccmputer hardware 3 tc 5 years
Cce equpment 5 tc 25 years
Leasehcd mprcvements based cn ease term


Repar and mantenance ccsts are expensed as ncurred.

l t s prcbabe that the uture eccncmc benets assccated wth an tem c prcperty, pant and equp
ment w cw tc the 0rcup and the ccst c the respectve asset can be reaby determned, expendture
subsequent tc acqustcn s added tc the carryng amcunt c the asset as ncurred. The carryng
amcunts c the parts c the asset that have been repaced are dereccgnsed.


712%+/1")* 3'--"- ') 2/'2"/*5U 23%)* %). "^(+21")* %). +)*%),+R3" %--"*-
Specc ncncurrent ncnnanca assets are tested cr mparment. lt each baance sheet date, the
0rcup assesses whether there s any ndcatcn that an asset may be mpared. ln ths case, the

Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%"(

carryng amcunt s ccmpared wth the reccverabe amcunt (the hgher c vaue n use and ar vaue
ess ccsts c dspcsa) tc determne the amcunt c any pctenta mparment.

The vaue n use s estmated cn the bass c the dsccunted estmated uture cash cws rcm ccntnu
ng use c the asset and rcm ts utmate dspcsa, becre taxes. Fcr ths purpcse, dsccunt rates are est
mated based cn the prevang pretax weghted average ccst c capta. l nc reccverabe amcunt can
be determned cr an asset, t s accated tc a cashgeneratng unt, cr whch the reccverabe amcunt
s cacuated.

lrrespectve c any ndcatcns c mparment, ntangbe assets wth ndente useu ves and ntangbe
assets nct yet avaabe cr use must be tested cr mparment annuay at east. lmparment tests are
percrmed where there are ndcatcns c mparment. l the estmated reccverabe amcunt s cwer than
the carryng amcunt, an mparment css s reccgnsed, and the net bcck vaue c the asset s reduced
tc ts estmated reccverabe amcunt.

0ccdw s accated tc dentabe grcups c assets (cashgeneratng unts) cr grcups c cashgeneratng
unts that create synerges rcm the respectve acqustcn. Ths ccrrespcnds tc the cwest eve at whch
Deutsche Brse 0rcup mcntcrs gccdw. ln mparment css s reccgnsed the carryng amcunt c the
cashgeneratng unt tc whch gccdw s accated (ncudng the carryng amcunt c ths gccdw) s
hgher than the reccverabe amcunt c ths grcup c assets. The mparment css s rst accated tc the
gccdw, then tc the cther assets n prcpcrtcn tc ther carryng amcunts.

l revew s ccnducted at every baance sheet date tc see whether there s any ndcatcn that an mpar
ment css reccgnsed cn ncncurrent assets (excudng gccdw) n the prevcus years nc cnger appes.
l ths s the case, the carryng amcunt c the asset s ncreased and the derence s reccgnsed n prct
cr css.The maxmum amcunt c ths reversa s mted tc the carryng amcunt that wcud have resuted
nc mparment css had been reccgnsed n prevcus percds. lmparment csses cn gccdw are nct
reversed.


8+)%)&+%3 +)6"-*1")*-
Fnanca nvestments ccmprse nvestments n assccates and nanca assets.

lnvestments n assccates ccnsst c nvestments n |cnt ventures and cther assccates. They are
measured at ccst cn nta reccgntcn and acccunted cr usng the equty methcd upcn subsequent
measurement.


8+)%)&+%3 %--"*- C=8+)%)_+"33" L"/1`,")-#"/*"?D
Fcr Deutsche Brse 0rcup, nanca assets are, n partcuar, cther equty nvestments, recevabes and
securtes rcm bankng busness, cther nanca nstruments and cther cans, nanca nstruments c
Eurex Cearng l0, recevabes and cther assets as we as bank baances.


Deutsche Brse Group corporate report 2013


%")

9"&',)+*+') 'H H+)%)&+%3 %--"*-
Fnanca assets are reccgnsed when a 0rcup ccmpany beccmes a party tc the ccntractua prcvscns c
the nstrument. They are generay reccgnsed at the trade date. Lcans and recevabes rcm bankng
busness, avaabecrsae nanca assets rcm bankng busness as we as purchases and saes c
equtes va the centra ccunterparty (.e. Eurex Cearng l0) are reccgnsed at the settement date.

Fnanca assets are ntay measured at ar vaue, n the case c a nanca asset that s nct measured
at ar vaue thrcugh prct cr css n subsequent percds, ths ncudes transactcn ccsts.

:(R-"^(")* 1"%-(/"1")* 'H H+)%)&+%3 %--"*-
Subsequent measurement c nanca nstruments ccws the categcres whch are descrbed becw.
ls n prevcus years, Deutsche Brse 0rcup dd nct take advantage c the cptcn tc accate nanca
assets tc the 'hedtcmaturty nvestments" categcry n the year under revew. ln addtcn, the 0rcup
waved the pcssbty tc desgnate nanca assets at ar vaue thrcugh prct and css (ar vaue
cptcn). The nanca assets are accated tc the respectve categcres at nta reccgntcn.

@--"*- 4"3. H'/ */%.+),
Dervatves that are nct desgnated as hedgng nstruments as we as nanca nstruments c Eurex
Cearng l0 (see detas becw) are measured at ar vaue thrcugh prct cr css. lpart rcm nanca
nstruments c Eurex Cearng l0 ths categcry ncudes n partcuar nterest rate swaps, currency swaps
and crward cregn exchange transactcns. l they are setted wthn cne year, they are accated tc cur
rent assets. l cther nanca assets are accated tc ncncurrent assets.

Far vaue c these dervatves s cacuated based cn cbservabe current market rates. l resutng rcm
bankng busness, reased and unreased gans and csses are mmedatey reccgnsed n the ccn
scdated nccme statement as 'cther cperatng nccme" and 'cther cperatng expenses" cr, ncurred
cutsde the bankng busness, as 'nanca nccme" and 'nanca expenses".

W'%)- %). /"&"+6%R3"-
Lcans and recevabes ccmprse n partcuar current and ncncurrent recevabes rcm bankng busness,
trade recevabes as we as cther current recevabes. They are reccgnsed at amcrtsed ccst, takng ntc
acccunt any pctenta mparment csses, appcabe. Premums and dsccunts are ncuded n the
amcrtsed ccst c the nstrument ccncerned and are amcrtsed usng the eectve nterest methcd, they
are ccntaned n 'net nterest nccme rcm bankng busness" they reate tc bankng busness, cr n
'nanca nccme" and 'nanca expense".

@6%+3%R3"ZH'/Z-%3" H+)%)&+%3 %--"*-
Ncndervatve nanca assets are cassed as 'avaabecrsae nanca assets", they cannct be
accated tc the 'cans and recevabes" and 'assets hed cr tradng" categcres. These assets ccmprse
debt and equty nvestments reccgnsed n the 'cther equty nvestments" and 'cther nanca nstruments"
tems as we as debt nstruments reccgnsed n the current and ncncurrent recevabes and securtes
rcm bankng busness tems.

lvaabecrsae nanca assets are generay measured at the ar vaue cbservabe n an actve market.
Unreased gans and csses are reccgnsed drecty n equty n the revauatcn surpus. lmparment and
eects c exchange rates cn mcnetary tems are excuded rcm ths genera rue, they are reccgnsed n
prct cr css.


Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%"*

Equty nstruments cr whch nc actve market exsts are measured cn the bass c current ccmparabe
market transactcns, these are avaabe. l an equty nstrument s nct traded n an actve market and
aternatve vauatcn methcds cannct be apped tc that equty nstrument, t s measured at ccst, sub|ect
tc an mparment test.

Reased gans and csses are generay reccgnsed under nanca nccme cr nanca expense. lnterest
nccme s reccgnsed n the ccnscdated nccme statement n net nterest nccme rcm bankng busness
based cn the eectve nterest rate methcd. Cther reased gans and csses are reccgnsed n the ccn
scdated nccme statement n 'cther cperatng nccme" and 'cther cperatng expenses".

l debt nstruments c bankng busness are hedged nstruments under ar vaue hedges, hedge acccunt
ng s apped cr ar vaue ad|ustments ccrrespcndng tc the hedged tem (see 'Far vaue hedges"
sectcn becw).

G"/"&',)+*+') 'H H+)%)&+%3 %--"*-
Fnanca assets are dereccgnsed when the ccntractua rghts tc the cash cws expre cr when substan
tay a the rsks and rewards c cwnershp c the nanca assets are transerred.

Cearstream Bankng S.l. acts as prncpa n securtes bcrrcwng and endng transactcns n the ccntext
c the lSLpus securtes endng system. Legay, t cperates between the ender and the bcrrcwer wth
cut beng an eccncmc ccntractng partner (transtcry tems). ln these transactcns, the securtes bcrrcwed
and ent match each cther. Ccnsequenty, these transactcns are nct reccgnsed n the ccnscdated
baance sheet.

712%+/1")* 'H H+)%)&+%3 %--"*-
Fnanca assets that are nct measured at ar vaue thrcugh prct cr css are revewed at each baance
sheet date tc estabsh whether there s any ndcatcn c mparment.

Deutsche Brse 0rcup has ad dcwn crtera cr assessng whether there s evdence c mparment.
These crtera prmary ncude sgncant nanca dcutes cn the part c the debtcr and breaches
c ccntract.

The amcunt c an mparment css cr a nanca asset measured at amcrtsed ccst s the derence
between the carryng amcunt and the present vaue c the estmated uture cash cws, dsccunted at the
crgna eectve nterest rate. l subsequent reversa s reccgnsed at a maxmum at the carryng amcunt
that wcud have resuted nc mparment css had been reccgnsed.

The amcunt c an mparment css cr a nanca asset measured at ccst (equty nstruments that are
ncnsted) s the derence between the carryng amcunt and the present vaue c the estmated uture
cash cws, dsccunted at a current market nterest rate. Subsequent reversa s nct permtted.

ln the case c avaabecrsae nanca assets, the mparment css s cacuated as the derence
between ccst and ar vaue. lny reductcn n ar vaue aready reccgnsed n equty s recassed tc
prct cr css upcn determnatcn c the mparment css. l subsequent reversa may cny be reccgnsed
cr debt nstruments the reascn cr the crgna mparment css nc cnger appes.


Deutsche Brse Group corporate report 2013


%"+

8+)%)&+%3 3+%R+3+*+"-
Fnanca abtes reate prmary tc nterestbearng abtes, cther ncncurrent abtes, abtes
rcm bankng busness, nanca nstruments c Eurex Cearng l0, cash depcsts by market partcpants
as we as trade payabes. They are reccgnsed when a 0rcup ccmpany beccmes a ccntractng party tc
the nstrument.

They are generay reccgnsed at the trade date. Purchases and saes c equtes va the centra ccunter
party (.e. Eurex Cearng l0) are reccgnsed at the settement date.

!"**+), 'H H+)%)&+%3 %--"*- %). 3+%R+3+*+"-
Fnanca assets and abtes are cset and cny the net amcunt s presented n the ccnscdated baance
sheet when a 0rcup ccmpany currenty has a egay encrceabe rght tc set c the reccgnsed amcunts
and ntends ether tc sette cn a net bass, cr tc rease the asset and sette the abty smutanecusy.


8+)%)&+%3 3+%R+3+*+"- )'* 1"%-(/". %* H%+/ 6%3(" *4/'(,4 2/'H+* %). 3'--
Fnanca abtes nct hed cr tradng are carred at amcrtsed ccst. These abtes ccmprse ssued
bcnds and prvate pacements. The bcrrcwng ccsts assccated wth the pacement c nanca abtes
are ncuded n the carryng amcunt, wthn the ramewcrk c the eectve nterest methcd, they are
drecty attrbutabe. Dsccunts reduce the carryng amcunt c abtes and are amcrtsed cver the term
c the abtes.

8+)%)&+%3 3+%R+3+*+"- 1"%-(/". %* H%+/ 6%3(" *4/'(,4 2/'H+* %). 3'--
l crward transactcn wth a ncnccntrcng sharehcder cr the acqustcn c ncnccntrcng nterests
that s setted n cash cr by deverng cther nanca assets s a nanca abty reccgnsed at ar vaue.
lt s subsequenty measured at ar vaue thrcugh prct and css. The equty nterest attrbutabe tc a
ncnccntrcng sharehcder underyng the transactcn s acccunted cr as t had aready been acqured
at the tme c the transactcn.


G"/+6%*+6"- %). 4".,"-
Dervatves are used tc hedge nterest rate rsk cr cregn exchange rsk. l dervatves are carred at ther
ar vaues. The ar vaue c nterest rate swaps s determned cn the bass c current cbservabe market
nterest rates. The ar vaue c crward cregn exchange transactcns s determned cn the bass c cr
ward cregn exchange rates at the baance sheet date cr the remanng percd tc maturty.

Hedge acccuntng s used cr dervatves that are part c a hedgng reatcnshp determned tc be hghy
eectve and cr whch certan ccndtcns are met. Ths reates n partcuar tc the dccumentatcn c the
hedgng reatcnshp and the rsk strategy and tc hcw reaby the eectveness can be measured.

>%-4 H3'# 4".,"-
The pcrtcn c the gan cr css cn the hedgng nstrument determned tc be hghy eectve s reccgnsed
drecty n equty. Ths gan cr css utmatey ad|usts the vaue c the hedged cash cw, .e. the gan cr
css rcm the hedgng nstrument s reccgnsed n prct cr css when the hedged tem s reccgnsed n
the baance sheet cr n prct cr css. The neectve pcrtcn c the gan cr css s reccgnsed mmedatey
n the ccnscdated nccme statement.


Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%"#

8%+/ 6%3(" 4".,"-
The gan cr css cn the hedgng nstrument, tcgether wth the gan cr css cn the hedged tem (underyng)
attrbutabe tc the hedged rsk, s reccgnsed mmedatey n the ccnscdated nccme statement. lny
gan cr css cn the hedged tem ad|usts ts carryng amcunt.

V".,"- 'H % )"* +)6"-*1")* +) % H'/"+,) '2"/%*+')
The eectve pcrtcn c the gan cr css rcm a hedgng transactcn that s desgnated as a hghy eec
tve hedge s reccgnsed drecty n equty. lt s reccgnsed n prct cr css when the cregn cperatcn
s scd. The neectve pcrtcn c the gan cr css s reccgnsed mmedatey n the ccnscdated nccme
statement.

G"/+6%*+6"- *4%* %/" )'* 2%/* 'H % 4".,+), /"3%*+')-4+2
0ans cr csses cn dervatve nstruments that are nct part c a hghy eectve hedgng reatcnshp are
reccgnsed mmedatey n the ccnscdated nccme statement.


8+)%)&+%3 +)-*/(1")*- 'H J(/"Y >3"%/+), @a C&")*/%3 &'()*"/2%/*5D
Eurex Cearng l0 acts as the centra ccunterparty and guarantees the settement c a transactcns
nvcvng utures and cptcns cn the Eurex exchanges (Eurex Deutschand and Eurex Zrch l0). ls the
centra ccunterparty, t asc guarantees the settement c a transactcns cr Eurex Bcnds (bcnd tradng
patcrm) and Eurex Repc (repc tradng patcrm), certan exchange transactcns n equtes cn Frankurter
Wertpaperbrse (FWB, the Frankurt Stcck Exchange) and certan cash market transactcns cn the lrsh
Stcck Exchange. ln addtcn, Eurex Cearng l0 guarantees the settement c a CTC (cvertheccunter,
.e. cexchange) transactcns entered n the tradng system c the Eurex exchanges, Eurex Bcnds, Eurex
Repc, the Frankurt Stcck Exchange and the lrsh Stcck Exchange. These transactcns are cny executed
between Eurex Cearng l0 and a cearng member.

ln acccrdance wth llS 39, purchases and saes c equtes and bcnds va the centra ccunterparty are
reccgnsed and smutanecusy dereccgnsed at the settement date.

Fcr prcducts that are marked tc market (utures and cptcns cn utures), Eurex Cearng l0 reccgnses
gans and csses cn cpen pcstcns c cearng members cn each exchange day. By means c the varatcn
margn, prcts and csses cn cpen utures pcstcns resutng rcm market prce uctuatcns are setted
cn a day bass. The derence between ths and cther margn types s that the varatcn margn
dces nct ccmprse ccatera, but s a day csettng c prcts and csses n cash. ln acccrdance wth
llS 39, utures are therecre nct repcrted n the ccnscdated baance sheet. Fcr uturestye cptcns,
the cptcn premum s nct requred tc be pad n u unt the end c the term cr upcn exercse. Cptcn
premums are carred n the ccnscdated baance sheet as recevabes and abtes at ther ar vaue
cn the trade date.

'Tradtcna" cptcns, cr whch the buyer must pay the cptcn premum n u upcn purchase, are carred
n the ccnscdated baance sheet at ar vaue. Fxednccme bcnd crwards are reccgnsed as derv
atves and carred at ar vaue unt the settement date. Recevabes and abtes rcm repc trans
actcns are cassed as hed cr tradng and carred at ar vaue. Recevabes and abtes rcm
varatcn margns and cash ccatera that s determned cn the repcrtng date and cny pad cn the c
cwng day are carred at ther ncmna amcunt.


Deutsche Brse Group corporate report 2013


%%$

The 'nanca nstruments c Eurex Cearng l0" are repcrted as ncncurrent the remanng maturty
c the underyng transactcns exceeds tweve mcnths at the repcrtng date.

The ar vaues reccgnsed n the ccnscdated baance sheet are based cn day settement prces.
These are cacuated and pubshed by Eurex Cearng l0 n acccrdance wth the rues set cut n
the ccntract speccatcns (see asc the cearng ccndtcns c Eurex Cearng l0).


>%-4 '/ -"&(/+*+"- &'33%*"/%3 'H J(/"Y >3"%/+), @a
ls Eurex Cearng l0 guarantees the settement c a traded ccntracts, t has estabshed a muteve
ccatera system. The centra par c the ccatera system s the determnatcn c the cvera rsk per
cearng member (margn) tc be ccvered by cash cr securtes ccatera. Lcsses cacuated cn the bass
c current prces and pctenta uture prce rsks are ccvered up tc the date c the next ccatera payment.

ln addtcn tc these day ccatera payments, each cearng member must make ccntrbutcns tc the
cearng und (cr urther detas, see the rsk repcrt n the ccmbned management repcrt). Cash cc
atera s repcrted n the ccnscdated baance sheet under 'cash depcsts by market partcpants" and the
ccrrespcndng amcunts under 'restrcted bank baances".

ln acccrdance wth llS 39.20 (b) n ccn|unctcn wth llS 39.37, securtes ccatera s nct dereccg
nsed by the cearng member prcvdng the ccatera, as the transer c securtes dces nct meet the
ccndtcns cr dereccgntcn.


T/"%-(/5 -4%/"-
The treasury shares hed by Deutsche Brse l0 at the repcrtng date are deducted drecty rcm share
hcders' equty. 0ans cr csses cn treasury shares are taken drecty tc equty. The transactcn ccsts
drecty attrbutabe tc the acqustcn c treasury shares are acccunted cr as a deductcn rcm share
hcders' equty (net c any reated nccme tax benet).


I*4"/ &(//")* %--"*-
Recevabes, cther assets, and cash and cash equvaents are carred at ther ncmna amcunt. ldequate
vauatcn acwances take acccunt c dentabe rsks.

Restrcted bank baances ncude cash depcsts by market partcpants whch are nvested argey cver
nght, many n the crm c reverse repurchase agreements wth banks.


!')Z&(//")* %--"*- 4"3.ZH'/Z-%3"
Ncncurrent assets that are avaabe cr mmedate sae n ther present ccndtcn and whcse sae s
hghy prcbabe wthn a reascnabe percd c tme are cassed as 'ncncurrent assets hed cr sae".
l transactcn s hghy prcbabe measures cr the sae have aready been ntated and the reevant
bcdes have adcpted the ccrrespcndng rescutcns.


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N")-+')- %). '*4"/ "123'5"" R")"H+*-
Penscns and cther empcyee benets reate tc dened ccntrbutcn and dened benet penscn pans.

G"H+)". &')*/+R(*+') 2")-+') 23%)-
There are dened ccntrbutcn pans as part c the cccupatcna penscn system va penscn unds and
smar penscn nsttutcns, as we as cn the bass c the 40!(k) pan. ln addtcn, ccntrbutcns are
pad tc the statutcry penscn nsurance scheme. The eve c ccntrbutcns s ncrmay determned n
reatcn tc nccme. Nc prcvscns are reccgnsed cr dened ccntrbutcn pans. The ccntrbutcns pad
are repcrted as penscn expenses n the year c payment.

There are dened ccntrbutcn penscn pans cr empcyees wcrkng n 0ermany, Luxembcurg, the Czech
Repubc, the UK and the USl. ln addtcn, the empcyer pays ccntrbutcns tc empcyees' prvate pen
scn unds.

G"H+)". R")"H+* 23%)-
Prcvscns cr penscn cbgatcns are measured, separatey cr each penscn pan, usng the prc|ected
unt credt methcd cn the bass c actuara repcrts. The ar vaue c pan assets, takng ntc acccunt the
asset ceng rues there are any surpus pan assets, s deducted rcm the present vaue c penscn
cbgatcns. Ths resuts n the net dened benet abty cr asset. Net nterest cr the nanca year s
cacuated by appyng the dsccunt rate determned at the begnnng c the nanca year tc the net
dened benet abty determned as at that date.

The reevant dsccunt rate s determned by reerence tc the return cn cngterm ccrpcrate bcnds wth a
ratng c at east ll (Mccdy's lnvestcrs Servce, Standard & Pccr's, Ftch Ratngs and Dcmncn Bcnd
Ratng Servce) cn the bass c the ncrmatcn prcvded by Bccmberg, and a maturty that ccrrespcnds
apprcxmatey tc the maturty c the penscn cbgatcns. Mcrecver, the bcnds must be dencmnated n
the same currency as the underyng penscn cbgatcn. Measurement c the penscn cbgatcns n
eurcs s based cn a dsccunt rate c 3.4 per cent, whch s determned acccrdng tc the Tcwers Watscn
'0cbaRateLnk" methcdccgy (updated n ne wth the current market trend).

lctuara gans cr csses resutng rcm changes n expectatcns wth regard tc e expectancy, penscn
trends, saary trends, cr the dsccunt rate as ccmpared wth the estmate at the begnnng c the percd
cr ccmpared wth the actua devecpment durng the percd are reccgnsed drecty n cther ccmprehen
sve nccme. lctuara gans and csses reccgnsed n cther ccmprehensve nccme may nct be recass
ed tc prct cr css n subsequent percds. Smary, derences between the (nterest) nccme cn pan
assets determned at the begnnng c the percd and the return cn pan assets actuay reccrded at the
end c the percd are asc reccgnsed drecty n cther ccmprehensve nccme. The actuara gans cr
csses and the derence between the expected and the actua return cr css cn pan assets are reccg
nsed as revauatcn surpus.

Cther cngterm benets cr empcyees and members c executve bcards (tcta dsabty penscn, tran
stcna payments and survvng dependents' penscns) are asc measured usng the prc|ected unt credt
methcd. lctuara gans and csses and past servce ccst are reccgnsed mmedatey and n u thrcugh
prct cr css.


Deutsche Brse Group corporate report 2013


%%%

I*4"/ 2/'6+-+')-
Prcvscns are reccgnsed the 0rcup has a present cbgatcn rcm an event n the past, an cutcw c
rescurces wth eccncmc benet tc sette the cbgatcn s prcbabe and t s pcssbe tc reaby estmate
the amcunt c ths cbgatcn. The amcunt c the prcvscn ccrrespcnds tc the best pcssbe estmate c
the expense whch s necessary tc sette the cbgatcn at the baance sheet date. l prcvscn cr restruc
turng s cny reccgnsed when an entty has a detaed crma pan cr the restructurng and has rased
a vad expectatcn n thcse aected that the restructurng measures w be mpemented, cr exampe
by startng tc mpement that pan cr anncuncng ts man eatures tc thcse aected by t. Ccntngent
abtes are nct reccgnsed, but dsccsed uness the pcssbty c an cutcw c rescurces embcdyng
eccncmc benets s remcte.


:4%/"ZR%-". 2%51")*
Deutsche Brse 0rcup cperates the 0rcup Share Pan and the Stcck Bcnus Pan (SBP), whch prcvde
sharebased payment ccmpcnents cr empcyees, sencr executves and executve bcard members.

a/'(2 :4%/" N3%)
Under the 0rcup Share Pan, shares are granted at a dsccunt tc the market prce. The expense c ths
dsccunt s reccgnsed n the nccme statement at the grant date.

:*'&b X')(- N3%) C:XND
The SBP shares are generay acccunted cr as sharebased payments cr whch Deutsche Brse l0 has
a chcce c settement n cash and equty nstruments. ln nanca year 20!3, as n the prevcus years,
a standard ccntract was drated tc sette the tranche due n the ccwng year n cash. Under these
crcumstances, there s at present a presumptcn n acccrdance wth lFRS 2 that a SBP shares w
be setted n cash. lcccrdngy, Deutsche Brse 0rcup has measured the SBP shares as cashsetted
sharebased payment transactcns.The ccst c the cptcns s estmated usng an cptcn prcng mcde
(ar vaue measurement) and reccgnsed n sta ccsts n the nccme statement. lny rght tc payment
c a stcck bcnus cny vests ater the expratcn c the servce cr percrmance percd cn whch the pan
s based.

l separate varabe sharebased payment has been agreed cr Deutsche Brse l0's Executve Bcard
snce nanca year 20!0. The number c vrtua shares cr each Executve Bcard member s cacuated
cn the bass c Deutsche Brse l0's average share prce n the twc mcnths precedng the pcnt n tme
at whch the Supervscry Bcard estabshes the !00 per cent target vaue cr the varabe share ccmpc
nent. The cacuatcn c the subsequent paycut amcunt c the stcck bcnus depends cn the change n
reatve sharehcder return and Deutsche Brse l0's share prce percrmance. Cams under ths stcck
bcnus prcgramme are setted n cash ater the expratcn c the threeyear percrmance percd.


G"H"//". *%Y %--"*- %). 3+%R+3+*+"-
Deerred tax assets and abtes are ccmputed usng the baance sheet apprcach. The deerred tax
cacuatcn s based cn tempcrary derences between the carryng amcunts n the tax acccunts and
the carryng amcunts n the lFRS nanca statements that ead tc a uture tax abty cr benet when
assets are used cr scd cr abtes are setted.


Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%%&

The deerred tax assets cr abtes are measured usng the tax rates that are currenty expected tc appy
when the tempcrary derences reverse, based cn tax rates that have been enacted cr substantvey
enacted by the repcrtng date. Deerred tax assets are reccgnsed cr the carrycrward c unused tax
csses cny tc the extent that t s prcbabe that uture taxabe prct w be avaabe. Deerred tax assets
and deerred tax abtes are cset where a egay encrceabe rght tc set c current tax assets aganst
current tax abtes exsts and the deerred tax assets and deerred tax abtes reate tc nccme taxes
eved by the same taxatcn authcrty.


W"%-"-
Leases are cassed as cperatng eases cr nance eases. l ease s cassed as a nance ease t
transers substantay a the rsks and rewards ncdenta tc cwnershp c the asset rcm the esscr tc the
essee. l cther eases are cassed as cperatng eases.

Leased assets and the assccated abtes are reccgnsed at the cwer c ar vaue and the present
vaue c the mnmum ease payments the crtera cr casscatcn as a nance ease are met. The
eased asset s deprecated cr amcrtsed usng the straghtne methcd cver ts useu e cr the ease
term, shcrter. ln subsequent percds, the abty s measured usng the eectve nterest methcd.

Expenses ncurred n ccnnectcn wth cperatng eases are reccgnsed as an expense cn a straghtne
bass cver the ease term.


>')-'3+.%*+')
l subsdares drecty cr ndrecty ccntrced by Deutsche Brse l0 are ncuded n Deutsche
Brse l0's ccnscdated nanca statements. Deutsche Brse 0rcup ccntrcs a ccmpany t s ex
pcsed tc varabe returns resutng rcm ts nvcvement wth the ccmpany n questcn cr has rghts
tc such returns and s abe tc nuence them by usng ts pcwer cver the ccmpany.

lnta ccnscdatcn c subsdares n the ccurse c busness ccmbnatcns uses the purchase methcd.
The acquree's dentabe assets, abtes and ccntngent abtes are reccgnsed at ther ar vaues at
the acqustcn date. lny excess c ccst cver the acqurer's nterest n the ar vaue c the subsdary's
net dentabe assets s reccgnsed as gccdw. 0ccdw s repcrted n subsequent percds at ccst ess
accumuated mparment csses.

lntragrcup assets and abtes are emnated. lnccme arsng rcm ntragrcup transactcns s emnated
aganst the ccrrespcndng expenses. Prcts cr csses arsng rcm deveres c ntragrcup gccds and
servces, as we as dvdends dstrbuted wthn the 0rcup, are emnated. Deerred taxes are reccgnsed
cr ccnscdatcn ad|ustments where these are expected tc reverse n subsequent years.

lnterests n equty attrbutabe tc ncnccntrcng nterest sharehcders are carred under 'ncnccntrcng
nterests" wthn equty. Where these are cassed as 'puttabe nstruments", they are repcrted under
'abtes".


Deutsche Brse Group corporate report 2013


%%'

>(//")&5 */%)-3%*+')
Transactcns dencmnated n a currency cther than a ccmpany's unctcna currency are transated ntc
the unctcna currency at the spct exchange rate appcabe at the transactcn date. lt the baance sheet
date, mcnetary baance sheet tems n cregn currency are measured at the exchange rate at the ba
ance sheet date, whe ncnmcnetary baance sheet tems reccgnsed at hstcrca ccst are measured at
the exchange rate cn the transactcn date. Ncnmcnetary baance sheet tems measured at ar vaue
are transated at the ccsng rate cn the vauatcn date. Exchange rate derences are reccrded as cther
cperatng nccme cr expense n the percd n whch they arse uness the underyng transactcns are
hedged. 0ans and csses rcm a mcnetary tem that crms part c a net nvestment n a cregn cper
atcn are reccgnsed drecty n 'accumuated prct".

The annua nanca statements c ccmpanes whcse unctcna currency s nct the eurc are transated
ntc the repcrtng currency as ccws assets and abtes are transated ntc eurcs at the ccsng rate.
The tems n the ccnscdated nccme statement are transated at the average exchange rates cr the
percd under revew. Resutng exchange derences are reccgnsed drecty n accumuated prct. When
the reevant subsdary s scd, these exchange derences are reccgnsed n ccnscdated prct cr the
percd n whch the deccnscdatcn gan cr css s reased.

The ccwng eurc exchange rates c ccnsequence tc Deutsche Brse 0rcup were apped



Exchange rates
T.%-+@% -+$%
&'()
T.%-+@% -+$%
&'(&
Q,#7?/@ >-?;% +7
+$ )( P%; &'()
Q,#7?/@ >-?;% +7
+$ )( P%; &'(&

Swss rancs CHF !.2294 !.2043 !.2256 !.2073
US dcars USD (US$) !.33!7 !.2929 !.3769 !.3!96
Czech kcruna CZK 26.026! 25.!!82 27.4000 25.0960



lny gccdw arsng cn the acqustcn c a cregn cperatcn and any ar vaue ad|ustments tc the carry
ng amcunts c assets and abtes arsng rcm nta ccnscdatcn are repcrted n the unctcna
currency c the cregn cperatcn and transated at the ccsng rate.


c"5 -'(/&"- 'H "-*+1%*+') ()&"/*%+)*5 %). 1%)%,"1")* O(.,"1")*-
The appcatcn c acccuntng pcces, presentatcn c assets and abtes and reccgntcn c nccme
and expenses requres the Executve Bcard tc make certan |udgements and estmates. ld|ustments n
ths ccntext are taken ntc acccunt n the percd the change was made as we as n subsequent percds,
where necessary.

712%+/1")*
Deutsche Brse 0rcup tests gccdw and ntangbe assets wth ndente useu ves cr mparment at
east cnce a year. Certan assumptcns have tc be made tc determne the reccverabe amcunt, whch s
cacuated reguary usng dsccunted cash cw mcdes. Ths s based cn the reevant busness pans

Basis of preparation
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%%(

wth a tme hcrzcn c 3 tc 5 years. These pans n turn ccntan prc|ectcns c the uture nanca per
crmance c the cashgeneratng unts. l ther actua nanca percrmance as tc meet these expecta
tcns, ccrrespcndng ad|ustments may be necessary. Fcr urther ncrmatcn cn the eects c changes n
the dsccunt rate and urther assumptcns, pease see ncte !!.

N")-+')- %). '*4"/ "123'5"" R")"H+*-
Penscns and cther empcyee benets are measured usng the prc|ected unt credt methcd, whch
cacuates the actuara present vaue c the accumuated benet cbgatcn. Cacuatng the present
vaue requres certan actuara assumptcns (such as the dsccunt rate, sta turncver rate, saary and
penscn trends) tc be made. The current servce ccst and the net nterest expense cr nccme cr the
subsequent percd are cacuated cn the bass c these assumptcns. lny departures rcm these as
sumptcns, cr exampe because c changes n the macrceccncmc envrcnment, are reccgnsed n
cther ccmprehensve nccme n the ccwng nanca year. l senstvty anayss c the key actcrs
s presented n ncte 22.

7)&'1" *%Y"-
Deutsche Brse 0rcup s sub|ect tc the tax aws c thcse ccuntres n whch t cperates and generates
nccme. Ccnsderabe management |udgement has tc be exercsed n determnng the tax prcvscns.
Fcr a arge number c transactcns and cacuatcns, nc dentve taxreevant ncrmatcn s avaabe
at the tme these gures are determned. Deutsche Brse 0rcup reccgnses ccrrespcndng prcvscns
cr rsks expected rcm externa tax audts. l the na resuts c these externa audts der rcm the
estmates, the resutng eects cn current and deerred taxes are reccgnsed n the percd n whch
they beccme kncwn.

W",%3 /+-b-
Deutsche Brse l0 cr ts grcup ccmpanes are sub|ect tc tgatcn. Such tgatcn may ead tc crders tc
pay aganst the enttes c the grcup. l t s mcre key than nct that an cutcw c rescurces w cccur, a
prcvscn w be reccgnsed based cn an estmate c the mcst prcbabe amcunt necessary tc sette the
cbgatcn such amcunt s reascnaby estmabe. Management |udgement ncudes the determnatcn
whether there s a pcssbe cbgatcn rcm past events, the evauatcn c the prcbabty that an cut
cw w cccur and the estmatcn c the pctenta amcunt. ls the cutccme c tgatcn s usuay uncer
tan, the |udgement s revewed ccntnucusy. Fcr urther ncrmatcn cn cther rsks pease see ncte 37.

a/'(2 :4%/" N3%)-
Ncte 39 ccntans dsccsures cn the vauatcn mcde used cr the stcck cptcns. Where the estmates
c the vauatcn parameters crgnay apped der rcm the actua vaues avaabe when the cptcns are
exercsed, ad|ustments are necessary, such ad|ustments are reccgnsed n the ccnscdated nccme
statement cr the percd they reate tc cashsetted sharebased payment transactcns.

N/'6+-+')-
ln addtcn, the prcbabe utsatcn apped when estabshng prcvscns cr expected csses rcm renta
agreements s estmated (see ncte 24). ln the creatcn c perscnnereated restructurng prcvscns,
certan assumptcns were made wth regard tc, cr exampe, uctuatcn rate, dsccunt rate and saary
trends. Shcud the actua vaues devate rcm these assumptcns, ad|ustments may be necessary.


Deutsche Brse Group corporate report 2013


%%)

4. Net revenue

Ccmpcstcn c net revenue
U+,%7 -%.%/0%
"%$ ?/$%-%7$ ?/;#8% E-#8 D+/_?/@
D07?/%77
&'() &'(& &'() &'(&
6m 6m 6m 6m
C0-%F
Equty ndex dervatves 349.7 402.5 0 0
lnterest rate dervatves !83.9 !70.9 0 0
US cptcns (lSE) !80.8 !57.7 0 0
Equty dervatves 4!.9 4!.9 0 0
Cther assets 93.7 85.2 0 0
4B'3' 4B43& ' '

`%$-+
Tradng
!)
!!5.3 !08.9 0 0
Cearng and settement ees 34.5 34.5 0 0
Cther assets 22.2 !9.0 0 0
(I&3' (2&3J ' '

Q,%+-7$-%+8
Custcdy ees 445.3 438.2 0 0
Transactcn ees !2!.2 !!!.! 0 0
0cba Securtes Fnancng 88.3 89.4 0 0
Net nterest nccme 0 0 35.9 52.0
Cther assets !!9.2 !!8.9 0 0
IIJ3' IBI32 )B35 B&3'

a+-_%$ P+$+ b U%-.?;%7
Saes c prce ncrmatcn
2)
!63.5 !6!.9 0 0
lndces 84.4 83.6 0 0
Ccnnectvty 70.7 66.3 0 0
Technccgy Servces 56.0 68.3 0 0
Cther assets 23.7 22.0 0 0
)543) J'&3( ' '

*#$+, &1(5J3) &1(4'3) )B35 B&3'

Q#/7#,?:+$?#/ #E ?/$%-/+, /%$ -%.%/0% A)J3' A)B3' ' '

^-#0> &1(2'3) &1(JB3) )B35 B&3'

!) The ,Tradng' tem ncudes Brse Frankurt (crmery `etra Frankurt Specast Tradng, Snce C3/20!3 ccwng the termnatcn c the Brse Frankurt Zertkate
Hcdng S.l. cccperatcn ncudng certcates and warrants) and the eectrcnc `etra tradng system.
Ccnscdated nccme statement dsccsures
Consolidated income statement disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%%*





=$K%- #>%-+$?/@ ?/;#8% c#,08%9-%,+$%: ;#7$7 "%$ -%.%/0%

&'() &'(& &'() &'(& &'() &'(&
6m 6m 6m 6m 6m 6m


0 0 24.4 27.9 325.3 374.6
0 0 0 0 !83.9 !70.9
0 0 89.3 63.7 9!.5 94.0
0 0 !.7 !.6 40.2 40.3
!3.5 !0.2 7.4 7.7 99.8 87.7
()3B ('3& A(&&34 A(''35 IJ'3I I2I3B


0 0 22.6 !8.4 92.7 90.5
0 0 6.5 5.! 28.0 29.4
8.9 6.4 0.! 0.8 3!.0 24.6
435 23J A&53& A&J3) (B(3I (JJ3B


0 0 !03.9 !03.7 34!.4 334.5
0 0 !2.2 !2.! !09.0 99.0
0 0 30.5 32.3 57.8 57.!
0 0 0 0 35.9 52.0
7.4 3.! !6.8 !4.7 !09.8 !07.3
I3J )3( A(2)3J A(2&34 2B)35 2J535


0.3 0 2!.7 20.8 !42.! !4!.!
!.5 !.7 8.9 9.! 77.0 76.2
0 0 0 0.7 70.7 65.6
0.5 0.9 0.4 0.9 56.! 68.3
!.3 !.4 4.9 4.2 20.! !9.2
)32 J3' A)B35 A)B3I )223' )I'3J

))3J &)3I A)B(3) A)&)3I (15(&3) (15)&3)

A(&34 A(&3' J234 JI3' ' '

&'32 ((3I A)'J3B A&I23I (15(&3) (15)&3)

2) ls the prcducts c Market News lnternatcna lnc. and Need Tc Kncw News, LLC have been uy ntegrated, the saes revenue c these twc ccmpanes s repcrted
under the saes c prce ncrmatcn cr the Market Data Servces segment. Prcryear gures have been ad|usted acccrdngy.

Deutsche Brse Group corporate report 2013


%%+

Snce the rst quarter c 20!2, Deutsche Brse 0rcup has been usng net revenue as prmary key per
crmance ndcatcr cr nccme. Ths ccnssts c saes revenue pus externa net nterest nccme rcm
bankng busness and cther cperatng nccme deducng vcumereated ccsts. The ncrease n vcume
reated ccsts s many due tc methcdccgca actcrs. Changes tc ee mcdes pushed up bcth vcume
reated ccsts and revenue, sc that the changes had nc mpact cn earnngs cvera.

ls a resut c the changes made tc Deutsche Brse 0rcup's crgansatcna structure as at ! January
20!3, varcus prcducts (many ccnnectvty and technccgy servces) were transerred rcm the prevcus
market segments tc the new Market Data Servces segment. See asc ncte 35. Prcryear gures
have been ad|usted acccrdngy.



Ccmpcstcn c net nterest nccme rcm bankng busness
&'() &'(&
6m 6m
Lcans and recevabes 22.3 84.2
Fnanca abtes measured at amcrtsed ccst 7.2 58.0
lvaabecrsae nanca assets 5.! !5.!
Fnanca assets cr abtes measured at ar vaue thrcugh prct cr css
lnterest nccme !6.! !4.5
lnterest expense 0.3 2.2
lnterest nccme nterest rate swaps ar vaue hedges 0 0.5
lnterest expense nterest rate swaps ar vaue hedges 0 2.!
*#$+, )23' B&3'




Ccmpcstcn c cther cperatng nccme
&'() &'(&
6m 6m
lnccme rcm exchange rate derences 6.9 !.4
lnccme rcm settement c put cptcns
!)
2.0 0
lnccme rcm agency agreements 0.7 0.9
Renta nccme rcm subease ccntracts 0.6 !.3
Msceanecus !0.4 8.!
*#$+, &'32 ((3I

!) See ncte !4 cr urther detas cn the acqustcn c Cearstream Fund Servces lreand Ltd.


Fcr detas c renta nccme rcm subease ccntracts see ncte 38.

Msceanecus cther cperatng nccme ncudes nccme rcm cccperatcn agreements and rcm tranng
and vauatcn ad|ustments.

\cumereated ccsts ccmprse parta cr advance ccncesscns whch Deutsche Brse 0rcup cbtans rcm
thrd partes, whch t markets as part c ts cwn vaue chan, and whch ndrecty depend cn the deve
cpment c vcume trends and saes revenue.


Consolidated income statement disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%%#

5. Sta ccsts

Ccmpcstcn c sta ccsts
&'() &'(&
6m 6m

Wages and saares 369.0 345.7
Scca securty ccntrbutcns, retrement and cther benets !07.0 68.5
*#$+, JI23' J(J3&



Sta ccsts ncude ccsts c 662.6 mcn (20!2 6!4.4 mcn) reccgnsed n ccnnectcn wth
ecency prcgrammes.


6. Cther cperatng expenses

Ccmpcstcn c cther cperatng expenses
&'() &'(&
6m 6m

Ccsts reated tc CFlC settement !29.0
Ccsts cr lT servces prcvders and cther ccnsutng servces !59.5 !56.!
lT ccsts 78.5 8!.4
Premses expenses 75.! 78.5
Ncnreccverabe nput tax 34.4 34.5
ldvertsng and marketng ccsts 34.4 23.!
Trave, entertanment and ccrpcrate hcsptaty expenses 20.6 !9.5
Ncnwage abcur ccsts and vcuntary scca benets !2.6 !!.7
lnsurance premums, ccntrbutcns and ees !2.0 !2.2
Ccst c agency agreements 7.7 !!.7
Remuneratcn c supervscry bcdes 5.0 4.4
Ccst c exchange rate derences 3.9 2.5
Msceanecus !5.3 3.8
*#$+, B443' J)53J



Ccsts cr lT servces prcvders and cther ccnsutng servces reate many tc expenses n ccn|unctcn
wth sctware devecpment. ln anayss c devecpment ccsts s presented n ncte 7. These ccsts
asc ccntan ccsts c strategc and ega ccnsutng servces as we as c audt actvtes.



Ccmpcstcn c ees cr the audtcr
!)

&'() &'(&
6m 6m

Statutcry audt !.9 !.5
Cther assurance cr vauatcn servces !.0 0.7
Tax advscry servces 0.5 0.5
Cther servces 0.2 0.9
*#$+, )32 )32

!) Wth ccmpanes c KPM0 Eurcpe LLP 0rcup. There are urther assgnments wth cther ccmpanes c KPM0, n partcuar n Sngapcre, the Czech Repubc and
the USl.
Deutsche Brse Group corporate report 2013


%&$

7. Research and devecpment ccsts
Cwn expenses captased reate scey tc devecpment ccsts c nternay devecped sctware, nvcvng
the ccwng systems and prc|ects n the ndvdua segments



Research and devecpment ccsts

*#$+, %F>%/7% E#-
7#E$N+-% :%.%,#>8%/$ #E NK?;K ;+>?$+,?7%:
&'() &'(& &'() &'(&
6m 6m 6m 6m
C0-%F
Eurex sctware 5.4 !2.8 2.2 4.2
Tradng patcrm `etra/Eurex 25.0 27.5 !0.2 !4.7
Eurex Cearng Prsma 24.0 !8.8 !0.4 !2.6
New tradng patcrm lSE 5.9 5.2 5.3 4.!
EurexCTC Cear 35.7 28.8 !4.! !!.8
523' 5)3( J&3& JI3J
`%$-+
`etra sctware 4.8 5.! 0.3 0.3
CCP reeases 2.9 3.4 0.3 0.6
I3I 43B '32 '35
Q,%+-7$-%+8
Ccatera Management and Settement 58.9 4!.0 34.0 20.9
Custcdy !0.2 !2.2 5.2 7.7
Ccnnectvty 20.0 4.4 6.9 3.!
lnvestment unds 4.9 4.3 !.7 2.7
5J3' 2(35 JI34 )J3J

a+-_%$ P+$+ b U%-.?;%7 J3& J3( '3) '3B

S%7%+-;K %F>%/7% (34 (3' ' '

*#$+, &')3I (2432 5'35 4)3&


Consolidated income statement disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%&"

8. Resut rcm equty nvestments

Ccmpcstcn c resut rcm equty nvestments
&'() &'(&
6m 6m

CO0?$L 8%$K#:9+;;#0/$%: -%70,$ #E +77#;?+$%7
Eurcpean Energy Exchange l0 3.8 0.5
Drect Edge Hcdngs, LLC 2.2 !.9
Brse Frankurt Zertkate Hcdng S.l.
!)
!.4 4.5
Tradegate l0 Wertpaperhandesbank 0.3 0
lD's SlS 0.2 0.!
Deutsche Brse Ccmmcdtes 0mbH 0.! 0.3
*#$+, ?/;#8% E-#8 %O0?$L 8%$K#: 8%+70-%8%/$ 43' I3)

Zmcry 0mbH 0.6 n.a.
Deutsche Brse Ccud Exchange l0 0.5 n.a.
Dgta \ega F` Ltd. 0.! 0.!
Hanweck lssccates, LLC 0.! 0.!
0cba Markets Exchange 0rcup lnternatcna, LLP 0.! n.a.
lndexum l0 0 4.0
LnkUp Capta Markets, S.L. 0 0.5
*#$+, %F>%/7%7 E-#8 %O0?$L 8%$K#: 8%+70-%8%/$ E-#8 +77#;?+$%7 A(3J AJ3I

S%70,$ E-#8 +77#;?+$%7 232 &32

S%70,$ :0% $# $-+/7?$?#/ E-#8 %O0?$L 8%$K#: $# ;#/7#,?:+$?#/ &3' /3+3

S%70,$ E-#8 #$K%- %O0?$L ?/.%7$8%/$7 '3I A235

S%70,$ E-#8 %O0?$L ?/.%7$8%/$7 53) AJ3)

!) Unt !2 December 20!3 Sccach Hcdng S.l., see ncte 2.


The resut rcm cther equty nvestments ncudes mparment csses c 6!.6 mcn (20!2 6!0.8 m
cn) reatng tc the nvestment n Cuadrserv lnc. The negatve percrmance s attrbutabe n partcuar
tc the ccntnung dcut capta market envrcnment and the ccmpany's decnng market share durng
nanca year 20!3.

The resut rcm cther equty nvestments ncudes nccme c 60.2 mcn resutng rcm the remeasure
ment n ccnnectcn wth the dspcsa c the equty nvestment n LnkUp Capta Markets, S.L, Madrd,
Span. The nvestment n LnkUp Capta Markets, S.L. had been cassed as hed cr sae snce the
curth quarter c 20!2.

Dvdends c 6!0.9 mcn (20!2 6!0.! mcn) were receved rcm nterests n assccates and
62.0 mcn (20!2 62.8 mcn) rcm nterests n cther equty nvestments n the year under revew.

Deutsche Brse Group corporate report 2013


%&%

9. Fnanca resut

Ccmpcstcn c nanca nccme
&'() &'(&
6m 6m
lnterest cn reverse repurchase agreements categcrsed as 'cans and recevabes" 3.! !0.4
lnccme rcm avaabecrsae securtes !.7 0.7
Cther nterest and smar nccme 0.4 0.2
lnterest nccme rcm recevabes aganst assccates and empcyees categcrsed as 'cans and
recevabes" 0.3 0.2
lnterest cn bank baances categcrsed as 'cans and recevabes" 0.2 0.7
lnterestke nccme rcm revauatcn c dervatves hed cr tradng 0 0.!
*#$+, B3I (&3)




Ccmpcstcn c nanca expense
&'() &'(&
6m 6m
lnterest cn ncncurrent cans
!)
57.! 99.7
lnterest cn taxes 6.! 6.!
Expenses rcm the unwndng c the dsccunt cn the penscn prcvscns 3.9 4.3
lnterestke expenses cr exchange rate derences cn abtes
!)
3.2 !.8
lnterestke expenses cr dervatves hed as hedgng nstruments 2.! 0.9
Transactcn ccsts c ncncurrent abtes
!)
0.8 !.7
lnterest cn current abtes
!)
0.3 0.9
Expenses rcm the unwndng c the dsccunt cn the abty tc Sl` 0rcup l0
!)
0 27.4
Cther ccsts 2.9 2.2
*#$+, I23J (JB3'

!) Measured at amcrtsed ccst


!0. lnccme tax expense


Ccmpcstcn c nccme tax expense (man ccmpcnents)
&'() &'(&
6m 6m
Current nccme taxes
c the year under revew !8!.0 224.!
rcm prevcus years !!.3 !.4
!)
Deerred tax (nccme)/expense cn tempcrary derences 2.! 56.9
*#$+, (I(34 (2B34

!) Ths dces nct ncude cther taxes amcuntng tc 6!.! mcn.


The tcta current tax expenses n the amcunt c 6!69.7 mcn ncude dcmestc tax expenses c
6!35.! mcn and cregn tax expenses c 634.6 mcn (20!2 dcmestc tax expenses 6!56.2 mcn,
cregn tax expenses 667.6 mcn). The tcta deerred tax nccme n the amcunt c 62.! mcn ncude
dcmestc tax expenses c 6!.! mcn and cregn tax nccme c 63.2 mcn (20!2 dcmestc tax
expenses 66.3 mcn, cregn tax nccme 663.2 mcn).
Consolidated income statement disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes




%&&

ls n the prevcus year, a tax rate c 26 tc 28 per cent was used n the repcrtng percd tc cacuate
deerred taxes cr the 0erman ccmpanes. Ths reects trade nccme tax at mutpers c 280 tc 460 per
cent (20!2 280 tc 460 per cent) cn the tax base vaue c 3.5 per cent (20!2 3.5 per cent), ccrpcra
tcn tax c !5 per cent (20!2 !5 per cent) and the 5.5 per cent scdarty surcharge (20!2 5.5 per
cent) cn the ccrpcratcn tax.

l tax rate c 29.22 per cent (20!2 28.80 per cent) was used cr the Luxembcurgan ccmpanes,
reectng trade nccme tax at a rate c 6.75 per cent (20!2 6.75 per cent) and ccrpcratcn tax at
22.47 per cent (20!2 22.05 per cent).

Tax rates c !2.5 tc 45 per cent were apped tc the ccmpanes n Chna, the Czech Repubc, lreand,
Japan, Pcrtuga, Sngapcre, Span, Swtzerand and the USl (20!2 !7 tc 45 per cent).

The ccwng tabe shcws the carryng amcunts c deerred tax assets and abtes as we as the reated
tax expenses reccgnsed n nccme cr drecty n equty.



Ccmpcstcn c deerred taxes

P%E%--%:
$+F +77%$7 P%E%--%: $+F ,?+D?,?$?%7
CF;K+/@%
-+$%
:?EE%-%/;%7
P%E%--%:
$+F %F>%/7%\6?/;#8%<
*+F %F>%/7%\6?/;#8%<
-%;#@/?7%: :?-%;$,L ?/
%O0?$L
&'() &'(& &'() &'(& &'() &'() &'(& &'() &'(&
6m 6m 6m 6m 6m 6m 6m 6m 6m

Penscn prcvscns
and cther
empcyee benets 36.0 43.4 0 0 0.3 3.3 !.3 3.8
2)
!4.8
2)

Cther prcvscns !6.! 5.4 0 3.7 0.5 7.5 0.6 0 0
lnterestbearng
abtes 0 0 !.! 0.9 0 0.2 0.2 0 0
lntangbe assets 0 0 !9.9 !3.9 0 6.0 3.9 0 0
lntangbe assets
rcm purchase
prce accatcn 0 0 236.6 248.! 7.3 4.2 22.! 0 0
Ncncurrent assets !.7
!)
0.3 0 0 0 2.5 3.9 0 0
lnvestment
securtes 0 0 4.5 7.3 0 3.8 0.4 !.0
2)
6.8
2)

Cther ncncurrent
assets 3.0 4.4 0 0 0 0.8 0.! 0.6
2)
2.8
2)

Cther abtes !.6 0 0 0 0 !.6 0 0 0
Lcsses carred
crward 25.8
3)
36.4 0 0 0.4 !!.4 36.4 0 0
Exchange rate
derences 0 0 !6.5 38.3 0 0 0 2!.8
4)
!2.!
4)

^-#77 +8#0/$7 4J3& 4535 A&I432 A)'J34 A23( &3( AB235 A(23J A&&35
Nettng c deerred
taxes 35.2 30.! 35.2 30.!
*#$+, J53' B534 A&J)3J A&IJ3I A23( &3( AB235 A(23J A&&35

!) Therec 6!.! mcn due tc changes n the bass c ccnscdatcn resutng rcm the termnatcn c the cccperatng agreement gcvernng the nvestment n Brse
Frankurt Zertkate Hcdng S.l. (see asc ncte 2)

2) Separate dsccsure n the ccnscdated statement c changes n equty under 'revauatcn surpus"
3) Therec 6!.2 mcn due tc changes n the bass c ccnscdatcn resutng rcm the termnatcn c the cccperatng agreement gcvernng the nvestment n Brse
Frankurt Zertkate Hcdng S.l. (see asc ncte 2)
4) Separate dsccsure n the ccnscdated statement c changes n equty under 'accumuated prct"


Deutsche Brse Group corporate report 2013


%&'

664.8 mcn (20!2 667.4 mcn) c deerred tax assets and 6247.7 mcn (20!2 6242.7 mcn)
c deerred tax abtes have an expected remanng maturty c mcre than cne year.

Deerred tax abtes have nct been reccgnsed n respect c the tax cn uture dvdends that may be
pad rcm retaned earnngs by subsdares and assccated ccmpanes. ln acccrdance wth sectcn 8b (5)
c the Krperschatsteuergesetz (KSt0, the 0erman Ccrpcratcn Tax lct), 5 per cent c dvdends and
smar nccme receved by 0erman ccmpanes s treated as ncndeductbe expenses cr tax purpcses.
The unrepcrted deerred tax abtes cn uture dvdends c subsdares and assccates as we as gans
rcm the dspcsa c subsdares and assccates amcunt tc 62.3 mcn.



Reccncatcn between the expected and the repcrted tax expense
&'() &'(&
6m 6m
Expected nccme taxes derved rcm earnngs becre tax !73.7 2!7.5
Tax csses utsed and taxneectve csses carred crward 5.9 22.4
Reccgntcn c deerred taxes cn csses carred crward nct yet reccgnsed 0.8 36.4
Tax ncreases due tc cther ncntaxdeductbe expenses 6.7 7.8
Eects resutng rcm derent tax rates 0.8 !.0
Eects rcm changes n tax rates 0 20.7
Tax decreases due tc dvdends and nccme rcm the dspcsa c equty nvestments 9.8 2!.5
Exchange rate derences 8.2 0.6
Cther !.5 0.3
H/;#8% $+F %F>%/7% +-?7?/@ E-#8 ;0--%/$ L%+- (4)3& (2I3&
Prcrpercd nccme taxes !!.4 0.3
H/;#8% $+F %F>%/7% (I(34 (2235



Tc determne the expected tax expense, earnngs becre tax have been mutped by the ccmpcste tax
rate c 26 per cent assumed cr 20!3 (20!2 26 per cent).

lt the end c the nanca year, accumuated unused tax csses amcunted tc 6!76.7 mcn (20!2
6!76.3 mcn), cr whch nc deerred tax assets were reccgnsed. The unused tax csses amcuntng
tc 6!76.7 mcn are attrbutabe tc dcmestc csses tctang 66.3 mcn and tc cregn tax csses
tctang 6!70.4 mcn (20!2 dcmestc tax csses 67.2 mcn, cregn tax csses 6!69.! mcn).
Tax csses c 63.6 mcn were utsed n 20!3 (20!2 6!.4 mcn).

The csses can be carred crward n 0ermany sub|ect tc the mnmum taxatcn rues, and n Luxem
bcurg ndentey as the aw ncw stands. Lcsses n cther ccuntres can be carred crward cr percds
c up tc 20 years.


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%&(

!!. lntangbe assets
lntangbe assets

V0-;K+7%:
7#E$N+-%
H/$%-/+,,L
:%.%,#>%:
7#E$N+-% ^##:N?,,
V+L8%/$7 #/
+;;#0/$ +/:
;#/7$-0;$?#/ ?/
>-#@-%77
(<

=$K%-
?/$+/@?D,%
+77%$7 *#$+,
6m 6m 6m 6m 6m 6m

d?7$#-?;+, ;#7$ +7 +$
( ]+/ &'(& )'J3& IB(3B &1('B35 B23) (154'3) B1(543&
Changes n the bass c
ccnscdatcn
2)
0 0 4.0 0 0 4.0
lddtcns !7.9 8.7 0.! 74.5 0 !0!.2
Dspcsas 36.3 38.4 0 0 3.! 77.8
Recasscatcns 0 45.4 0 45.4 0 0
Exchange rate derences 0.2 0.6 20.9 0 3!.8 53.5
d?7$#-?;+, ;#7$ +7 +$
)( P%; &'(& &4B32 I2232 &1'453( 4B3J (15JB3J B1(I&3(
Changes n the bass c
ccnscdatcn
3)
0 0 4.6 0 3.9 8.5
lddtcns 7.2 !5.7 0 75.2 0.9 99.0
Dspcsas 88.5 200.6 0 0 0 289.!
Recasscatcns 0 75.4 0 75.4 0 0
Exchange rate derences 0.2 !.4 40.4 0 6!.6 !03.6
d?7$#-?;+, ;#7$ +7 +$
)( P%; &'() &'J3( 2BB3I &1'B)3) 4B3& (144432 J144235

T8#-$?7+$?#/ +/: ?8>+?-9
8%/$ ,#77%7 +7 +$
( ]+/ &'(& &4J3B 2I'3' ('3I ' (1'253& &1')J3J
lmcrtsatcn !0.! 29.9 0 0 !9.5 59.5
Dspcsas 36.2 38.3 0 0 3.! 77.6
Exchange rate derences 0.! 0.4 0 0 22.5 23.0
T8#-$?7+$?#/ +/: ?8>+?-9
8%/$ ,#77%7 +7 +$
)( P%; &'(& &B43) 22(3& ('3I ' (1'2)3( (155)3)
lmcrtsatcn !2.7 39.7 0 0 !7.4 69.8
lmparment csses 0 0.6 0 0 0 0.6
Dspcsas 87.8 202.5 0 0 0 290.3
Exchange rate derences 0.2 !.0 0 0 44.0 45.2
T8#-$?7+$?#/ +/: ?8>+?-9
8%/$ ,#77%7 +7 +$
)( P%; &'() (4)3' J543' ('3I ' (1')23B (1I&43&

Carryng amcunt as at
3! Dec 20!2 27.3 !05.4 2,078.4 85.4 882.3 3,!78.8
Q+--L?/@ +8#0/$ +7 +$
)( P%; &'() &(3( (BI3I &1'J&32 4B3& 4B&3( )1(B43I
!) lddtcns n payments cn acccunt and ccnstructcn n prcgress n the year under revew reate excusvey tc nternay devecped sctware.
2) Ths reates excusvey tc addtcns as part c the acqustcn c Cearstream Fund Servces, lreand Ltd.
3) Ths reates excusvey tc addtcns as part c the busness ccmbnatcn wth Brse Frankurt Zertkate Hcdng S.l. and
Brse Frankurt Zertkate l0, see ncte 2.
Ccnscdated baance sheet dsccsures
Deutsche Brse Group corporate report 2013


%&)

:'H*#%/"U 2%51")*- ') %&&'()* %). &')-*/(&*+') +) 2/',/"--
lddtcns tc and recasscatcns c sctware reate prmary tc the devecpment c sctware prcducts cr
the Cearstream segment and tc the devecpment c the new dervatves patcrm and rsk margnng and
cearng system (Prsma) c the Eurex segment.

ln mparment css c 60.6 mcn (20!2 n) was reccgnsed n the year under revew cn CCCLnk,
the panned tradng and cearng nk (Eurex segment), due tc a mssng apprcva tc use the servce.


Carryng amcunts c matera sctware and ccnstructcn n prcgress as we as
remanng amcrtsatcn percds c sctware
Q+--L?/@ +8#0/$ +7 +$ S%8+?/?/@ +8#-$?7+$?#/ >%-?#: +7 +$
)( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(&
6m 6m years years
C0-%F
Dervatves tradng patcrm 34.8 27.9 4.9 5.9 n.a.
lSE tradng patcrm ncudng appcatcns 3!.3 36.6 3.3 4.7 4.3
Eurex Cearng Prsma !6.! !7.8 6.3 n.a.
Eurex Reease !4.0 Cearng 20.3 !0.0 n.a. n.a.
Eurex Cearng Prsma Reease 2.0 !0.2 n.a. n.a. n.a.

Q,%+-7$-%+8
0\lS !4.3 !8.2 3.7 4.7
TlR0ET2Securtes 30.3 !!.5 n.a. n.a.


a''.#+33
Changes n gccdw
Q,%+-7$-%+8 HUC U*=`` =$K%- +77%$7 *#$+, @##:N?,,
6m 6m 6m 6m 6m

G+,+/;% +7 +$ ( ]+/ &'() (1'2)34 52(3) )&32 &'3I &1'I43J
Changes n the bass c ccnscdatcn 0 0 0 4.6 4.6
Exchange rate derences 0 40.0 0 0.4 40.4
lddtcns 0 0 0 0 0
G+,+/;% +7 +$ )( P%; &'() (1'2)34 5&(3) )&32 &J35 &1'J&32


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%&*

The mparment test s percrmed by accatng the gccdw tc the ccwng grcups c cashgeneratng
unts (C0Us)


0ccdw accatcn tc the grcups c cashgeneratng unts (C0Us)

Q^R
Q,%+-7$-%+8
Q^R
C0-%F
Q^R
a+-_%$ P+$+
bU%-.?;%7
Q^R W0/:
U%-.?;%7
Q^R
H/E#D#,7+
Q^R Ge-7%
W-+/_E0-$
f%-$?E?_+$%
*#$+,
@##:N?,,
6m 6m 6m 6m 6m 6m 6m

Baance as at 3! Dec 20!3 !,063.8 92!.3 42.9 4.0 6.0 4.6 2,042.6


0ccdw, the stcck exchange cences acqured as part c the acqustcns c the lnternatcna Securtes
Exchange and the Brse Frankurt Zertkate as we as the acqured trade name c STC`` are ntangbe
assets wth an ndente useu e. The reccverabe amcunts c the cashgeneratng unts wth accated
gccdw are based ether cn ther vaues n use (C0U Cearstream and C0U Eurex) cr cn ther ar vaue
ess ccsts c dspcsa (C0U Market Data Servces, C0U lncbcsa, C0U Fund Servces and C0U Brse
Frankurt Zertkate). Cny n cases n whch cne c these vaues (vaue n use cr ar vaue ess ccsts c
dspcsa) dces nct exceed the carryng amcunt, the respectve cther vaue s cacuated. Snce there s nc
actve market cr the cashgeneratng unts, the dsccunted cash cw methcd s used tc cacuate bcth
vaue n use and ar vaue ess ccsts c dspcsa.

The key assumptcns made tc determne the reccverabe amcunts vary dependng cn the cashgeneratng
unt ccncerned. Prcng cr market share assumptcns are based cn past experence cr market research.
Cther key assumptcns are many based cn externa actcrs. Sgncant macrceccncmc ndcatcrs n
cude, cr nstance, equty ndex eves, vcatty c equty ndces, as we as nterest rates, exchange
rates, 0DP grcwth, unempcyment eves and gcvernment debt. The dsccunt rate s based cn a rskree
nterest rate between 2.5 and 2.6 per cent and a market rsk premum c 6.5 per cent. lt s used tc ca
cuate ndvdua dsccunt rates cr each cashgeneratng unt that reect the beta actcrs, the ccst c
debt and capta structure c the peer grcups ccncerned.

Each cacuatcn c the senstvtes stated becw s based cn the adaptcn c a parameter (dsccunt rate,
saes revenue and grcwth rate c a perpetua annuty), by assumng that a cther parameters n the
evauatcn mcde reman unchanged. Pcssbe ccrreatcns between the parameters are nct ccnsdered.

>%-4Z,")"/"%*+), ()+* J(/"Y
The gccdw resutng rcm the acqustcn c lSE s accated tc a grcup c cashgeneratng unts
n the Eurex segment.

Snce the lSE gccdw s cacuated n US dcars, an exchange rate derence c 640.0 mcn
cccurred n 20!3 (20!2 620.7 mcn).


Deutsche Brse Group corporate report 2013


%&+

lssumptcns cn vcumes c ndex and nterest rate dervatves and vcumes n the US equty cptcns
market, whch are derved rcm externa scurces, are the key crtera apped tc determne the vaue
n use wth the dsccunted cash cw methcd.

Cash cws are prc|ected cver a veyear percd (20!4 tc 20!8) cr Eurcpean as we as US actvtes.
Cash cw prc|ectcns beycnd ths percd are, as n the prevcus year, extrapcated assumng a !.0 per
cent grcwth rate. The pretax dsccunt rate used s !3.4 per cent (20!2 !3.0 per cent).

Nether an ncrease n the dsccunt rate by !.0 per cent ncr a reductcn n the panned saes revenue by
5.0 per cent per year ncr a decrease n the grcwth rate c the perpetua annuty tc 0 per cent wcud ead
tc a gccdw mparment n the cashgeneratng unt Eurex.

>%-4Z,")"/%*+), ()+* >3"%/-*/"%1
The 'Cearstream" gccdw s a grcup c cashgeneratng unts n the Cearstream segment. The reccver
abe amcunt s determned cn the bass c the vaue n use appyng the dsccunted cash cw methcd.
lssumptcns cn assets hed n custcdy, transactcn vcumes and market nterest rates are the key crtera
used tc determne vaue n use.

Cash cws are prc|ected cver a veyear percd (20!4 tc 20!8). Cash cw prc|ectcns beycnd 20!8
are extrapcated assumng a perpetua annuty wth a grcwth rate c !.5 per cent (20!2 2.5 per cent).
The pretax dsccunt rate used s cacuated cn the bass c the ccst c equty and amcunts tc !4.6 per
cent (20!2 !3.! per cent).

Nether an ncrease n the dsccunt rate by !.0 per cent ncr a reductcn n the panned saes revenue by
5.0 per cent per year ncr a decrease n the grcwth rate tc 0 per cent wcud ead tc a gccdw mpar
ment n the cashgeneratng unt Cearstream.

>%-4Z,")"/%*+), ()+* 8(). :"/6+&"-
The gccdw rcm the acqustcn c Cearstream Fund Servces lreand Ltd. s accated tc the separate
cashgeneratng unt Fund Servces (reerred tc as Cearstream lreand n the prevcus year). The reccv
erabe amcunt s determned cn the bass c ar vaue ess ccsts c dspcsa, appyng the dsccunted
cash cw methcd. Cash cws are prc|ected cver a veyear percd (20!4 tc 20!8). Cash cw prc|ec
tcns beycnd 20!8 are extrapcated assumng a perpetua annuty wth a grcwth rate c 2.5 per cent
(20!2 n). The atertax dsccunt rate used s cacuated cn the bass c the ccst c equty and amcunts
tc !!.5 per cent (20!2 !4.5 per cent).

Nether an ncrease n the dsccunt rate by !.0 per cent ncr a reductcn n the panned saes revenue by
5.0 per cent per year ncr a decrease n the grcwth rate c the perpetua annuty tc 0 per cent wcud ead
tc a gccdw mparment n the cashgeneratng unt Fund Servces.

>%-4Z,")"/%*+), ()+* E%/b"* G%*% d :"/6+&"-
The gccdw arsng rcm the acqustcn c STC`` Ltd. n 2009 s accated tc a grcup c cashgeneratng
unts n the Market Data Servces segment. lt resuts prmary rcm the strcng pcstcn c STC`` Ltd.
n Eurcpean ndces as we as rcm grcwth prcspects n the prcductcn and sae c tck data cr ndces,
the devecpment, mantenance and enhancements c ndex crmuas and rcm the custcmsng c ndces.


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%&#

The gccdw c US$7.9 mcn that arcse n the ccurse c the acqustcn c Market News lnternatcna
lnc. (MNl) by Deutsche Brse l0 n 2009 s asc accated tc the grcup c cashgeneratng unts n the
Market Data Servces segment and reates tc access tc gcba, tradereated ncrmatcn such as news
rcm pubc authcrtes and supranatcna crgansatcns.

Fnay, the gccdw c US$3.0 mcn that arcse n the ccurse c the acqustcn by MNl c !00 per
cent c the shares n Need tc Kncw News, LLC s asc accated tc ths grcup c cashgeneratng unts n
the Market Data Servces segment.

The reccverabe amcunt c the cash generatng unt Market Data Servces s determned cn the bass
c the ar vaue ess ccsts c dspcsa. The key assumptcns made reate tc the expected devecpment c
uture data and cence nccme as we as c the custcmer base, these are based bcth cn externa scurces
c ncrmatcn and cn nterna expectatcns that ccrrespcnd tc the budget vaues cr nanca year 20!4.
Cash cws are panned cver a veyear percd (20!420!8), wth prc|ectcns cr percds beycnd ths
assumng a perpetua annuty wth a grcwth rate c 2.0 per cent (20!2 2.0 per cent). The atertax
dsccunt rate used was 9.8 per cent (20!2 9.2 per cent).

Nether an ncrease n the dsccunt rate by !.0 per cent ncr a reductcn n the panned saes revenue by
5.0 per cent per year ncr a decrease n the grcwth rate c the perpetua annuty tc 0 per cent wcud ead
tc a gccdw mparment n the cashgeneratng unt Market Data Servces.

>%-4Z,")"/%*+), ()+* 7)H'R'3-%
The gccdw rcm the acqustcn c the lncbcsa subgrcup (ncudng the gccdw rcm the acqustcn
c the shares n Cpen Fnance S.L.) s accated tc the lncbcsa cashgeneratng unt. The reccverabe
amcunt s determned cn the bass c ar vaue ess ccsts c dspcsa, appyng the dsccunted cash cw
methcd. The assumptcns cn whch the cacuatcn s based are derved rcm externa scurces c ncr
matcn and nterna management expectatcns. Cash cws are panned cver a veyear percd (20!4
20!8), wth prc|ectcns cr percds beycnd ths assumng a perpetua annuty wth a grcwth rate c
2.0 per cent (20!2 2.0 per cent). The atertax dsccunt rate used s 9.8 per cent (20!2 9.2 per cent).

Nether an ncrease n the dsccunt rate by !.0 per cent ncr a reductcn n the panned saes revenue by
5.0 per cent per year ncr a decrease n the grcwth rate c the perpetua annuty tc 0 per cent wcud ead
tc a gccdw mparment n the cashgeneratng unt lncbcsa.

>%-4Z,")"/%*+), ()+* X`/-" 8/%)bH(/* e"/*+H+b%*"
0ccdw rcm the busness ccmbnatcn wth Sccach Hcdng S.l. and Sccach Eurcpa l0 s accated tc
the separate cashgeneratng unt, Brse Frankurt Zertkate. The reccverabe amcunt s determned cn
the bass c ar vaue ess ccsts c dspcsa, appyng the dsccunted cash cw methcd. The assumptcns
cn whch the cacuatcn s based are derved rcm externa scurces c ncrmatcn and nterna manage
ment expectatcns. Cash cws are panned cver a veyear percd (20!420!8), wth prc|ectcns cr
percds beycnd ths assumng a perpetua annuty wth a grcwth rate c 2.0 per cent. The atertax ds
ccunt rate used s !3.5 per cent.

Deutsche Brse Group corporate report 2013


%'$

Nether an ncrease n the dsccunt rate c !.0 per cent ncr a decrease n the grcwth rate c the perpetua
annuty tc 0 per cent wcud ead tc a gccdw mparment n the Brse Frankurt Zertkate cashgene
ratng unt. l reductcn n the panned saes revenue c 5.0 per cent per year wcud ead tc an mpar
ment, amcuntng tc 66.8 mcn, c the ntangbe assets (ncudng gccdw) n the Brse Frankurt
Zertkate cashgeneratng unt.


I*4"/ +)*%),+R3" %--"*-
Changes n cther ntangbe assets

HUCZ7
%F;K+/@%
,?;%/;%
a%8D%-
-%,+$?#/9
7K?>7
#E HUC
a+-_%$ :+$+
;07$#8%-
-%,+$?#/9
7K?>7 #E HUC
HUC $-+:%
/+8%
U*=``
$-+:%
/+8%
Q07$#8%-
-%,+$?#/7K?>7
#E U*=``
[$:3
a?7;%,,+/%#07
?/$+/@?D,%
+77%$7 *#$+,
6m 6m 6m 6m 6m 6m 6m 6m

G+,+/;%
+7 +$ ( ]+/ &'() ((&34 &553' (I3( )34 J&'3' &I3I (35 44&3)
Changes n the bass
c ccnscdatcn 0 0 0 0 0 0 3.9 3.9
lddtcns 0 0 0 0 0 0 0.9 0.9
lmcrtsatcn 0 !2.2 0.7 0.8 0 3.0 0.7 !7.4
Exchange rate
derences 4.7 !!.7 0.7 0.! 0 0 0.4 !7.6
G+,+/;%
+7 +$ )( P%; &'() ('43( &IB3( (B3I &35 J&'3' &J3I B32 4B&3(
Remanng amcrts
tcn percd (years) 24 24 4 8


I*4"/ +)*%),+R3" %--"*-Q 7:J
lSE's cther ntangbe assets are tested cr mparment at the end c the year. The reccverabe amcunt
c these assets s cacuated cn the bass c the vaue n use c the lSE cashgeneratng unt, whch s
attrbutabe tc the Eurex segment. The cashgeneratng unt c the lSE subgrcup are the US cptcns
exchanges.

The key assumptcns made, whch are based cn anaysts' estmates, reate tc expected vcumes and
transactcn prces cn the US cptcns market. Cash cws are prc|ected cver a veyear percd (20!4
tc 20!8). l 2.5 per cent grcwth rate s assumed beycnd 20!8 (20!2 2.5 per cent). The pretax
dsccunt rate used s !8.0 per cent (20!2 !6.2 per cent).

JY&4%)," 3+&")&" 'H 7:J
ln the ccurse c the purchase prce accatcn carred cut n December 2007, the ar vaue c the ex
change cence was determned. The exchange cence, granted n 2000 by the U.S. Securtes and
Exchange Ccmmsscn, permts the lSE subgrcup tc cperate as a reguated securtes exchange n the
Unted States. The exchange cence hed by the lSE subgrcup s estmated tc have an ndente useu
e, because the cence tse dces nct have a nte term and Eurex management expects tc mantan
the cence as part c ts cvera busness strategy.


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%'"

The exchange cence dces nct generate cash cws argey ndependent rcm thcse generated by
the lSE subgrcup as a whce. Ccnsequenty, the exchange cence s accated tc the lSE subgrcup
as the cashgeneratng unt.

E"1R"/ /"3%*+')-4+2- %). 1%/b"* .%*% &(-*'1"/ /"3%*+')-4+2- 'H 7:J
ln the ccntext c the purchase prce accatcn, the ar vaues c member and custcmer reatcnshps
were cacuated. Bcth assets are beng amcrtsed cver a percd c 30 years usng the straghtne
methcd. Cash cws dc nct resut rcm ether the member cr the custcmer reatcnshps whch wcud
be ndependent c the entre lSE subgrcup. Ccnsequenty, bcth tems are accated tc the cashgener
atng unt lSE subgrcup.

7:J */%." )%1"
The lSE trade name s regstered as a trade name and therecre meets the lFRS crtercn cr reccgntcn
separatey rcm gccdw. ln acccrdance wth the purchase prce accatcn c December 2007, the asset
s beng amcrtsed cver a percd c ten years usng the straghtne methcd. ls there are nc cash ncws
that are generated ndependenty rcm the lSE subgrcup, the trade name s asc accated tc the cash
generatng unt lSE subgrcup.

ln ncrease n the dsccunt rate by !.0 per cent, a reductcn n the panned saes revenue by 5.0 per
cent per year cr a decrease n the grcwth rate c the perpetua annuty tc 0 per cent wcud ead tc an
mparment n the cther ntangbe assets n the cashgeneratng unt lSE amcuntng tc a vcume c
67 mcn tc 655 mcn. l mcre pcstve devecpment c the parameters n uture ccud, n ccntrast
tc the assumptcns abcve, resut n a reversa c mparment c the cther ntangbe assets c lSE.

I*4"/ +)*%),+R3" %--"*-Q :TIff
The STC`` trade name, the ccmpany's custcmer reatcnshps as we as uy amcrtsed ncnccmpete
agreements and cther ntangbe assets are dented as part c the acqustcn c STC`` Ltd. and ac
cated tc the 'STC``" cashgeneratng unt, as they dc nct generate cash ndependenty. The STC``
cashgeneratng unt s accated tc the Market Data Servces segment.

The mparment test was based cn ar vaue ess ccsts c dspcsa, takng ntc acccunt expected deve
cpments n the cence and saes ees cr ndces and data. Cash cws are prc|ected cver a veyear
percd (20!4 tc 20!8). Cash cw prc|ectcns beycnd 20!8 are extrapcated assumng a 2.0 per cent
(20!2 2.0 per cent) grcwth rate. The atertax dsccunt rate amcunts tc !0.8 per cent (20!2 !0.2 per
cent).

:TIff */%." )%1"
The STC`` trade name ncudes the trade name tse, the ndex methcdccges and the nternet dcmans
because these can generay nct be transerred separatey. ls the trade name s regstered, t meets the
lFRS crtercn cr reccgntcn separatey rcm gccdw. ln ndente useu e was assumed cr the
STC`` brand name gven ts hstcry and the act that t s we kncwn cn the market.

>(-*'1"/ /"3%*+')-4+2- 'H :TIff
STC`` Ltd. has reatcnshps wth custcmers, whch are based cn sgned ccntracts and thus meet the
dentabty crtercn cr reccgntcn separatey rcm gccdw.


Deutsche Brse Group corporate report 2013


%'%

ln ncrease n the dsccunt rate by !.0 per cent wcud nct ead tc an mparment n the cther ntang
be assets n the cashgeneratng unt 'STC``". l reductcn n the panned saes revenue by 5.0 per
cent per year cr a decrease n the grcwth rate c the perpetua annuty tc 0 per cent wcud ead tc an
mparment n cther ntangbe assets n the cashgeneratng unt STC`` amcuntng tc a vcume c
68 mcn tc 69 mcn.


!2. Prcperty, pant and equpment

Prcperty, pant and equpment

W?F$0-%7 +/:
E?$$?/@7
Q#8>0$%-
K+-:N+-%1
#>%-+$?/@ +/:
#EE?;%
%O0?>8%/$
V+L8%/$7 #/
+;;#0/$ +/:
;#/7$-0;$?#/
?/ >-#@-%77 *#$+,
6m 6m 6m 6m
d?7$#-?;+, ;#7$ +7 +$ ( ]+/ &'(& IB3J ))(3( '3( J'232
lddtcns 6.6 36.2 !.7 44.5
Dspcsas 3.4 37.3 0 40.7
Recasscatcns 0.! 0 0.! 0
Exchange rate derences 0.2 0.2 0 0.4
d?7$#-?;+, ;#7$ +7 +$ )( P%; &'(& I43B )&534 (3I J('3'
lddtcns 3.5 25.0 0.! 28.6
Dspcsas 2.0 28.4 0 30.4
Recasscatcns !.8 3.4 !.6 0
Exchange rate derences 0.9 !.3 0.! 2.3
d?7$#-?;+, ;#7$ +7 +$ )( P%; &'() II3) )&43B '3( J'B35

P%>-%;?+$?#/ +/: ?8>+?-8%/$ ,#77%7
+7 +$ ( ]+/ &'(& &53J &J23( ' &IB3B
lmcrtsatcn 7.6 37.9 0 45.5
Dspcsas 2.0 37.0 0 39.0
Exchange rate derences 0.! 0.! 0 0.2
P%>-%;?+$?#/ +/: ?8>+?-8%/$ ,#77%7 +7 +$ )( P%; &'(& )J35 &J235 ' &4(34
lmcrtsatcn 8.7 39.7 0 48.4
Dspcsas 2.0 28.3 0 30.3
Recasscatcns !.! !.! 0 0
Exchange rate derences 0.5 0.8 0 !.3
P%>-%;?+$?#/ +/: ?8>+?-8%/$ ,#77%7 +7 +$ )( P%; &'() J'3' &B432 ' &5432

Carryng amcunt as at 3! Dec 20!2 43.6 82.9 !.7 !28.2
Q+--L?/@ +8#0/$ +7 +$ )( P%; &'() )I3) 2535 '3( ('I3)


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%'&

!3. Fnanca nvestments

Fnanca nvestments

H/.%7$8%/$7 ?/
+77#;?+$%7
=$K%- %O0?$L
?/.%7$8%/$7
S%;%?.+D,%7 +/:
7%;0-?$?%7 E-#8
D+/_?/@
D07?/%77
=$K%- E?/+/;?+,
?/7$-08%/$7 +/:
,#+/7
6m 6m 6m 6m

d?7$#-?;+, ;#7$ +7 +$ ( ]+/ &'(& ()&3B (J&3B (1J)(32 &(32
lddtcns 2.2 2.6 80.5 7.2
Dspcsas 2!.5 2.6 0 !.3
Recasscatcns 68.8 82.4 25.0
!)
0
Exchange rate derences 0.5 2.9 0.! 0.2
d?7$#-?;+, ;#7$ +7 +$ )( P%; &'(& (4&3B BI3& (1J4I3' &I3)
&<

lddtcns 34.8 0.3 8.5 6.0
Dspcsas 0 0 8.! 3.0
lddtcn/(reversa) premum/dsccunt 0 0 0.3 0
Recasscatcns 48.9
3)
0.2 3!0.7
!)
0
Exchange rate derences !.4 0.7 0.4 0.8
d?7$#-?;+, ;#7$ +7 +$ )( P%; &'() (2I3' B232 (1(I23' &53B
&<


S%.+,0+$?#/ +7 +$ ( ]+/ &'(& &B32 A)'34 A&I3' AJ3J
Dspcsas c mparment csses 0 !0.4 0 0
Dvdends !0.! 0 0 0
Net nccme rcm equty methcd measurement
4)
7.0 0 0 0
Currency transatcn derences reccgnsed drecty n
equty !.3 0.4 0 0.3
Currency transatcn derences reccgnsed n prct cr css 0.! 0 0 0
Cther ar vaue changes reccgnsed drecty n equty 0 0.3 0 0
Cther ar vaue changes reccgnsed n prct cr css 0 0 0 2.5
Market prce changes reccgnsed drecty n equty 2.0 0 25.0 0.9
Market prce changes reccgnsed n prct cr css 0 !0.8 0 0
Recasscatcns 0.4 0 0 0
S%.+,0+$?#/ +7 +$ )( P%; &'(& &&3) A)'3B A&3' AB3I
Dspcsas c mparment csses 0 0 0.6 0
Dvdends !0.9 0 0 0
Net nccme rcm equty methcd measurement
4)
6.6 0 0 0
Currency transatcn derences reccgnsed drecty n
equty 0.3 0.6 0 0
Currency transatcn derences reccgnsed n prct cr css 0 0 0 0.!
Cther ar vaue changes reccgnsed drecty n equty 0 !.2 0 0
Market prce changes reccgnsed drecty n equty 0.4 0 4.5 !.3
Market prce changes reccgnsed n prct cr css 0 !.6 0.8 !.0
Recasscatcns 0.9
3)
0 0 0
S%.+,0+$?#/ +7 +$ )( P%; &'() (23J A)&3I &3) A)3B

Carryng amcunt as at 3! Dec 20!2 204.8 26.7 !,485.0 2!.6
Q+--L?/@ +8#0/$ +7 +$ )( P%; &'() (4)3J &)35 (1(I43) &23'

!) Recassed as current recevabes and securtes rcm bankng busness
2) Therec part c a pedge agreement wth the lndustre und Handeskammer (lHK, the Chamber c Ccmmerce) Frankurt/Man 65.0 mcn.
3) Recasscatcn c shares c Drect Edge Hcdngs, LLC tc the 'ncncurrent assets hed cr sae" categcry and change n status c the shares c Brse Frankurt
Zertkate Hcdng S.l., whch was prevcusy cassed as an assccate, because the ccmpany has been uy ccnscdated snce ! Juy 20!3.
4) lncuded n the resut rcm equty nvestments

Deutsche Brse Group corporate report 2013


%''

Fcr detas cn revauatcns and market prce changes reccgnsed drecty n equty, asc see ncte 20.
Cther equty nvestments ncude avaabecrsae shares.

ln the year under revew, mparment csses amcuntng tc 6!.6 mcn (20!2 6!3.3 mcn) were
reccgnsed n the nccme statement. 6!.6 mcn (20!2 6!0.8 mcn) c these mparment csses reate
tc unsted equty nstruments. ln 20!2, 62.5 mcn c these mparment csses reate tc cans whch
were mpared as part c the equty methcd measurement c lndexum l0. See ncte 8 cr urther
detas.



Ccmpcstcn c recevabes and securtes rcm bankng busness
)( P%; &'() )( P%; &'(&
6m 6m
Fxednccme securtes
rcm cther credt nsttutcns 20.! 295.6
rcm mutatera banks 47!.3 467.!
rcm regcna cr cca pubc bcdes !49.7 !59.7
cther pubc bcdes 537.2 562.6
*#$+, (1(I43) (1J4B3'



Securtes rcm bankng busness ncude nanca nstruments sted cn a stcck exchange amcuntng tc
6!,!78.3 mcn (20!! 6!,485.0 mcn).


!4. Dervatves and hedges
Deutsche Brse 0rcup generay uses dervatve nanca nstruments tc hedge exstng cr hghy prcbabe
crecast transactcns. The dervatves are ncuded n the pcstcns 'cther ncncurrent assets", 'cther
ncncurrent abtes" as we as 'recevabes and securtes rcm bankng busness", 'abtes rcm
bankng busness" and 'cther current abtes".



Dervatves (ar vaue)


"#$% T77%$7 "#$% [?+D?,?$?%7
)( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(&
6m 6m 6m 6m

Cash cw hedges
shcrtterm !6 0 0.4 30 0 !4.6
Dervatves hed cr tradng
shcrtterm !6 0 0.! 28, 30 22.6 !6.7
*#$+, ' '3B A&&32 A)(3)


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%'(

ls a resut c the acqustcn c Cearstream Fund Servces lreand Ltd., Cearstream lnternatcna S.l.
had entered ntc three wrtten put cptcns whch were tc be setted by devery c equty nstruments
c Cearstream Fund Servces lreand Ltd. ls at 3! December 20!2, these cptcns had a ar vaue c
63.4 mcn and were repcrted under 'cther ncncurrent abtes" and 'cther current abtes" n the
ccnscdated baance sheet. The cptcn cassed under current abtes was exercsed n the seccnd
quarter 20!3. Due tc the termnatcn c the agreement wth the hcder c the remanng shares n Cear
stream Fund Servces lreand Ltd, cptcns cassed under ncncurrent abtes were exercsed n Cctc
ber 20!3. Tcta payment under the wrtten put cptcns amcunted tc 6!.5 mcn.


8%+/ 6%3(" 4".,"-
Nc nanca nstruments desgnated as ar vaue hedges had been cutstandng as at 3! December
20!3 and 20!2.


>%-4 H3'# 4".,"-

Devecpment c cash cw hedges
&'() &'(&
6m 6m

Cash cw hedges as at ! January !4.2 3.9
lmcunt reccgnsed n equty durng the year 0.7 9.4
lmcunt reccgnsed n prct cr css durng the year
lneectve hedge pcrtcn reccgnsed n prct cr css 0.2
Ccsng !4.2
Reased csses 0.5 0.9
Q+7K E,#N K%:@%7 +7 +$ )( P%;%8D%- ' A(J3&



The ccwng tabe gves an cvervew c the nctcna amcunt c the pcstcns ccvered by cash cw
hedges



Cutstandng pcstcns cash cw hedges

W#-N+-: -+$% +@-%%8%/$ W#-%?@/ %F;K+/@% $-+/7+;$?#/7
)( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(&

Number 2 !2
Nctcna amcunt 6m 300.0 24.9
Far vaue 6m !4.6 0.4



Deutsche Brse Group corporate report 2013


%')

ln 20!3, scme debt nstruments ssued by Deutsche Brse l0 matured. ln crder tc partay hedge
the renancng needs c 20!3, a crward nterest rate payer swap and a payer swaptcn were used n
20!0 tc (ccndtcnay) cck n prevang (crward) nterest rate eves whch were |udged tc be attractve.
The swaptcn expred n 20!3. The swap had been setted by ccse cut payment c 6 !4.2 mcn. The
amcunt reccgnsed wthn revauatcn surpus s reversed cver the crgna term c the debt nstrument
ssued n 20!3.


V".,"- 'H % )"* +)6"-*1")*
ln ccnnectcn wth the prvate pacements n the USl, the bcnds c the seres l tc C were desgnated as
hedges aganst currency rsk arsng rcm the transatcn c the cregn unctcna currency US dcar ntc
eurc n crder tc hedge the net nvestment n the lSE subgrcup.



Ccmpcstcn c prvate pacements
!)

*L>% H770% .#,08% CO0?.+,%/$ *%-8
)( P%; &'() )( P%; &'(& +7 +$ %8?77?#/ E-#8 0/$?,
US$m 6m 6m 6m

Seres l !70.0 !23.5 !28.8 !!0.2 !2 June 2008 !0 June 20!5
Seres B 220.0 !59.8 !66.7 !42.7 !2 June 2008 !0 June 20!8
Seres C 70.0 50.8 53.! 45.4 !2 June 2008 !0 June 2020
*#$+, J2'3' ))J3( )J432 &543)

!) Presented under 'nterestbearng abtes". See 'Resuts c cperatcns" sectcn c the ccmbned management repcrt.


Eectve exchange rate derences rcm the prvate pacements are repcrted n the baance sheet tem
'accumuated prct", as are exchange rate derences rcm the transatcn c cregn subsdares.
635.5 mcn (20!2 650.0 mcn) has been reccgnsed cumuatvey n ths tem drecty n equty.
There was nc neectve pcrtcn c the net nvestment hedges n 20!3 and 20!2.


G"/+6%*+6"- 4"3. H'/ */%.+),
Fcregn exchange swaps as at 3! December 20!3 exprng n ess than three mcnths wth a nctcna
vaue c 62,285,6 mcn (20!2 62,302.9 mcn) had a negatve ar vaue c 6!6.5 mcn (20!2
negatve ar vaue c 6!6.7 mcn). These swaps were entered ntc tc ccnvert cregn currences re
ceved thrcugh the ssue c ccmmerca paper by the bankng busness ntc eurcs, and tc hedge shcrt


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%'*

term cregn currency recevabes and abtes n eurcs eccncmcay. These are repcrted under 'cur
rent recevabes and securtes rcm bankng busness" and 'abtes rcm bankng busness" n the
baance sheet (see asc nctes !6 and 28).



Cutstandng pcstcns dervatves transactcns
W#-%?@/ %F;K+/@% 7N+>7 W#-%?@/ %F;K+/@% E0$0-%7
)( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(&

Number 30 77 !
Nctcna amcunt 6m 2,285.9 2,302.9
Nctcna amcunt US$m !0.0
Pcstve ar vaue 6m 0.!
Negatve ar vaue 6m !6.5 !6.7



Eurex Cearng l0 has awarded a grant tc scme custcmers. The repayment c that grant w be ccntn
gent cn the satsactcn c certan crtera. Eurex Cearng l0 has reccgnsed embedded dervatves sepa
ratey rcm the hcst ccntract. The dervatves amcuntng tc 66.! mcn have been cassed as hed cr
tradng and are shcwn under 'cther current abtes".


!5. Fnanca nstruments c Eurex Cearng l0

Ccmpcstcn c nanca nstruments c Eurex Cearng l0
)( P%; &'() )( P%; &'(&
6m 6m

Repc transactcns !47,924.7
!)
!45,843.8
2)

Cptcns 9,583.2 !0,378.5
2)

Cthers 97.5 93.!
*#$+, (BI12'B3J (B21)(B3J
&<

therec ncncurrent 4,058.6 0
therec current !53,546.8
!)
!56,3!5.4
2)


!) Fnanca abtes c 6500.0 mcn have been emnated because c ntra0rcup 0C Pccng transactcns.
2) Prcryear gures have been ad|usted (see ncte 3).


The aggregate nanca nstruments c Eurex Cearng l0 are cassed ntc current and ncncurrent n
the baance sheet. Recevabes and abtes that may be cset aganst a cearng member are repcrted
cn a net bass.

Deutsche Brse Group corporate report 2013


%'+

The ccwng tabe gves an cvervew c the eects c csettng the nanca nstruments c Eurex
Cearng l0



0rcss presentatcn c csetted nanca nstruments c Eurex Cearng l0
!)


^-#77 +8#0/$ #E E?/+/;?+,
?/7$-08%/$7
^-#77 +8#0/$ #E /%$$%: E?/+/;?+,
?/7$-08%/$7
"%$ +8#0/$ #E E?/+/;?+,
?/7$-08%/$7
)( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(&
6m 6m 6m 6m 6m 6m

Fnanca assets rcm
repc transactcns !76,803.4 !62,533.0 28,878.7 !6,689.2 !47,924.7 !45,843.8
Fnanca abtes rcm
repc transactcns !76,303.4 !62,533.0 28,878.7 !6,689.2 !47,424.7 !45,843.8
Fnanca assets
rcm cptcns !4,605.6 !5,430.4 5,022.4 5,05!.9 9,583.2 !0,378.5
Fnanca abtes
rcm cptcns !4,605.6 !5,430.4 5,022.4 5,05!.9 9,583.2 !0,378.5

!) The ccatera depcsted by cearng members cannct be attrbuted drecty tc the ndvdua transactcns. Fcr ncrmatcn cn the ccmpcstcn c Eurex Cearng l0's
ccatera, see ncte 36.


!6. Current recevabes and securtes rcm bankng busness
ln addtcn tc ncncurrent recevabes and securtes rcm bankng busness that are cassed as ncn
current nanca assets (see ncte !3), the ccwng recevabes and securtes rcm bankng busness,
attrbutabe scey tc the Cearstream subgrcup, were cassed as current assets as at 3! December 20!3.



Ccmpcstcn c current recevabes and securtes rcm bankng busness
)( P%; &'() )( P%; &'(&
6m 6m
Lcans tc banks and custcmers
Reverse repurchase agreements 6,708.7 2,847.4
Baances cn ncstrc acccunts 99!.3 !,975.4
Mcney market endngs !,044.0 7,729.6
Cverdrats rcm settement busness 487.0 228.4
51&)(3' (&1I4'34
lvaabecrsae debt nstruments 3!0.6 25.0
lnterest recevabes 2.4 2.0
Fcrward cregn exchange transactcns
!)
0 0.4
*#$+, 51BJJ3' (&14'43&

!) See ncte !4.



Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%'#

Cverdrats rcm settement busness represent shcrtterm cans c up tc twc days' duratcn that are
usuay secured by ccatera. Pctenta ccncentratcns c credt rsk are mcntcred aganst ccunterparty
credt mts (see ncte 36).



Remanng maturty c cans tc banks and custcmers
)( P%; &'() )( P%; &'(&
6m 6m
Nct mcre than 3 mcnths 9,23!.0 !2,780.8
*#$+, 51&)(3' (&1I4'34



l c the securtes hed as at 3! December 20!3 and 20!2 were sted and ssued by scveregn cr
scveregnguaranteed ssuers.



Remanng maturty c avaabecrsae debt nstruments
)( P%; &'() )( P%; &'(&
6m 6m
Nct mcre than 3 mcnths 75.9 0
3 mcnths tc ! year 234.7 25.0
*#$+, )('32 &B3'



!7. Devecpment c acwance aganst trade recevabes
ls n the prevcus year, there were nc trade recevabes due ater mcre than cne year as at
3! December 20!3.


lcwance acccunt
M8

G+,+/;% +7 +$ ( ]+/ &'(& I3B
lddtcns !.5
Utsatcn 0.!
Reversa 0.8
G+,+/;% +7 +$ )( P%; &'(& 43(
lddtcns 2.5
Utsatcn 0.!
Reversa 0.9
G+,+/;% +7 +$ )( P%; &'() 532



Deutsche Brse Group corporate report 2013


%($

ln the current year, rreccverabe recevabes c 60.2 mcn (20!2 60.7 mcn) were wrtten c, cr
whch nc prcvscn cr dcubtu debts had been reccgnsed.


!8. Cther current assets

Ccmpcstcn c cther current assets
)( P%; &'() )( P%; &'(&
6m 6m
Cther recevabes rcm CCP transactcns !8!.5 87.7
Tax recevabes (excudng nccme taxes) 49.9 2!.5
Prepad expenses 23.7 20.8
\endcrs wth a debt baance 5.9 0.7
lncentve prcgramme 4.0 0
Recevabes rcm nsurance ccmpanes 2.3 2.0
Msceanecus 6.4 5.9
*#$+, &I)3I ()432



Msceanecus cther current assets ncude a certcate c depcst c 6!.! mcn (20!2 6!.4 mcn)
used as ccatera cr twc etters c credt.


!9. Restrcted bank baances
lmcunts repcrted separatey under abtes as cash depcsts by market partcpants are restrcted.
Such amcunts tctang 6!6,22!.7 mcn (20!2 6!9,450.6 mcn) are many nvested va batera
cr trparty reverse repurchase agreements and n the crm c cvernght depcsts at banks (restrcted bank
baances). 0cvernment cr gcvernmentguaranteed bcnds, mcrtgage bcnds and bank bcnds wth an
externa ratng c at east ll are accepted as ccatera cr the reverse repurchase agreements.


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%("

20. Equty
Changes n equty are presented n the ccnscdated statement c changes n equty. ls at 3! Decem
ber 20!3, the number c ncpar vaue regstered shares c Deutsche Brse l0 ssued was !93,000,000
(3! December 20!2 !93,000,000). Transactcn ccsts c 60.0 mcn ncurred n ccnnectcn wth the
buyback c 27,!6! ncpar vaue regstered shares were reccgnsed drecty n equty (20!2 60.!
mcn).


Sub|ect tc the agreement c the Supervscry Bcard, the Executve Bcard s authcrsed tc ncrease the
subscrbed share capta by the ccwng amcunts



Ccmpcstcn c authcrsed share capta

T8#0/$ ?/ M
P+$% #E +0$K#-?9
7+$?#/ DL $K%
7K+-%K#,:%-7 CF>?-L :+$%
CF?7$?/@ 7K+-%K#,:%-7Z >-%9%8>$?.% -?@K$7 8+L D% :?7+>>,?%: E#-
E-+;$?#/?/@ +/:\#- 8+L D% :?7+>>,?%: ?E $K% 7K+-% ?770% ?7g

luthcrsed share
capta l
5,200,000 !2 May 20!! !! May 20!6 aganst ncncash ccntrbutcns cr the purpcse c acqurng
ccmpanes, parts c ccmpanes, cr nterests n ccmpanes,
cr cther assets.
luthcrsed share
capta ll
27,800,000 27 May 20!0 26 May 20!5 cr cash at an ssue prce nct sgncanty cwer than the stcck
exchange prce up tc a maxmum amcunt c !0 per cent c the
ncmna capta tc ssue new shares.
tc empcyees c the ccmpany cr aated ccmpanes wth the
meanng c sectcns !5. c the lktengesetz (lkt0, 0erman
Stcck Ccrpcratcn lct), wth the prc rata amcunt c the share
capta nct acwed tc exceed 63 mcn.
aganst ncncash ccntrbutcns cr the purpcse c acqurng
ccmpanes, parts c ccmpanes, nterests n ccmpanes, cr
cther assets.
luthcrsed share
capta lll
!9,500,000 27 May 20!0 26 May 20!5 n.a.
luthcrsed share
capta l\
6,000,000 !6 May 20!2 !5 May 20!7 cr the ssuance c up tc 900,000 new shares per year tc
Executve Bcard members and empcyees c the ccmpany
as we as tc the management and empcyees c aated
ccmpanes wthn the meanng c sectcns !5. c the lkt0.



There were nc urther subscrptcn rghts cr shares as at 3! December 20!3 cr 3! December 20!2.
Deutsche Brse Group corporate report 2013


%(%

9"6%3(%*+') -(/23(-
The revauatcn surpus resuts rcm the revauatcn c securtes and cther current and ncncurrent nan
ca nstruments at ther ar vaue ess deerred taxes, as we as the vaue c the stcck cptcns under the
0rcup Share Pan (see ncte 39). Ths tem asc ccntans reserves rcm an exstng nvestment n an
assccate, whch were reccgnsed n ccnnectcn wth the acqustcn c urther shares, as the ccmpany
was uy ccnscdated as c ths date. lctuara gans and csses cr dened benet cbgatcns are asc
drecty reccgnsed n revauatcn surpus.



Revauatcn surpus

S%;#@/?$?#/ #E K?::%/
-%7%-.%7 E-#8 E+?- .+,0%
8%+70-%8%/$
=$K%- %O0?$L
?/.%7$8%/$7 6E?/+/;?+,
+77%$7<
U%;0-?$?%7 E-#8 D+/_?/@
D07?/%77 6E?/+/;?+,
+77%$7<
6m 6m 6m
G+,+/;% +7 +$ ( ]+/ &'(& 6@-#77< (')3I )3( A&23I
Changes rcm dened benet cbgatcns 0 0 0
Far vaue measurement 0 0.4 25.0
lncrease n sharebased payments 0 0 0
Reversa tc prct cr css 0 !.6 0
G+,+/;% +7 +$ )( P%; &'(& 6@-#77< (')3I (35 A(3I
Changes rcm dened benet cbgatcns 0 0 0
Far vaue measurement 0 !.2 4.5
Reversa tc prct cr css 0 0 0
G+,+/;% +7 +$ )( P%; &'() 6@-#77< (')3I '3I &34

P%E%--%: $+F%7
G+,+/;% +7 +$ ( ]+/ &'(& ' A'32 I3B
lddtcns 0 0.! 0
Reversas 0 0 7.2
G+,+/;% +7 +$ )( P%; &'(& ' A'3B '3)
lddtcns 0 0.2 0
Reversas 0 0 !.4
G+,+/;% +7 +$ )( P%; &'() ' A'3) A(3(

G+,+/;% +7 +$ ( ]+/ &'(& 6/%$< (')3I &3B A(53&
G+,+/;% +7 +$ )( P%; &'(& 6/%$< (')3I (3J A(3J
G+,+/;% +7 +$ )( P%; &'() 6/%$< (')3I '3J (3I



Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%(&















=$K%- E?/+/;?+,
?/7$-08%/$7
6E?/+/;?+, +77%$7<
Q0--%/$ 7%;0-?$?%7
E-#8 D+/_?/@
D07?/%77 Q+7K E,#N K%:@%7 ^UV 7$#;_ #>$?#/7
P%E?/%: D%/%E?$
#D,?@+$?#/7 *#$+,
6m 6m 6m 6m 6m 6m

A(3) (3B A)3& &3J ABJ3( &B3J
0 0 0 0 53.7 53.7
0.9 !.6 !0.0 0 0 !4.7
0 0 0 2.4 0 2.4
0 0.2 0.4 0 0 !.8
A'3J '3( A()32 ' A('I34 A(I34
0 0 0 0 !4.2 !4.2
!.3 0.2 0.7 0 0 5.!
0 0 !.2 0 0 !.2
'35 A'3( A((3I ' A5)32 &3I


' A'3B '35 ' (J3' &(3)
0 0.4 2.8 0 !4.8 !8.!
0 0 0.! 0 0 7.3
' A'3( )32 ' &434 )&3(
0 0.! 0 0 0 0.3
0 0 0.5 0 3.8 5.7
' ' )3( ' &B3' &23I

A(3) (3' A&3) &3J AJ'3( J23I
A'3J ' A('3' ' AI53' (J3)
'35 A'3( A432 ' A2432 &53J

Deutsche Brse Group corporate report 2013


%('

@&&(1(3%*". 2/'H+*
The 'accumuated prct" tem ncudes exchange rate derences amcuntng tc 639.4 mcn (20!2
682.3 mcn). 657.4 mcn was wthdrawn due tc currency transatcn cr cregn subsdares n
the year under revew (20!2 wthdrawa c 630.7 mcn) and 6!4.5 mcn was added reatng tc
a net nvestment hedge that was used tc hedge the net nvestment n lSE aganst currency rsk (20!2
addtcns c 67.5 mcn).


9",(3%*'/5 &%2+*%3 /"^(+/"1")*- %). /",(3%*'/5 &%2+*%3 /%*+'-
Cearstream Bankng S.l., Cearstream Bankng l0 and Eurex Cearng l0 as we as the reguatcry
Cearstream Hcdng grcup are sub|ect tc scvency supervscn by the 0erman cr Luxembcurg bankng
supervscry authcrtes (Bundesanstat r Fnanzdenstestungsauscht, BaFn, and Ccmmsscn de Sur
veance du Secteur Fnancer, CSSF, respectvey). l ccmpanes that are sub|ect tc ths supervscn are
ncntradngbcck nsttutcns. Market prce rsk pcstcns ccnsst cny c a reatvey sma cpen cregn
currency pcstcn. ls a resut c these ccmpanes' specc busnesses, ther cn baance sheet assets
are sub|ect tc sharp uctuatcns. Ths eads tc ccrrespcndngy vcate scvency ratcs n the Cearstream
ccmpanes. The vcatty c the ratc s sub|ect tc ma|cr uctuatcns cn a daytcday bass n the ccurse
c the year. Due tc a hgh degree c ccaterased cr zercweghted cash nvestments, the capta requre
ments cr credt and market prce rsks c Eurex Cearng l0 are reatvey stabe despte vcate tcta
assets.

The capta requrements are sub|ect tc the natcna reguatcns c the ndvdua ccmpanes. These are
based cn EU Bankng and Capta Requrements Drectves whch are utmatey based cn 'Base ll". The
ccmpanes ccncerned hcmcgenecusy appy the standardsed apprcach cr credt rsk. Fcr cacuatng
the cperatcna rsk charge, Eurex Cearng l0 uses the basc ndcatcr apprcach, whe the Cearstream
ccmpanes appy the advanced measurement apprcach (lMl).

C the ccmpanes sub|ect tc scvency supervscn, cny Cearstream Bankng S.l. has Ter 2 reguatcry
capta under the reevant lFRS treatment. Ths capta ccnssts c a prct partcpatcn rght c 6!50
mcn and tc a very sma amcunt n the revauatcn surpus. The prct partcpatcn rght had crgnay
been subscrbed by Deutsche Brse l0. ln the ccurse c measures taken tc urther strengthen Cear
stream's capta base, ths prct partcpatcn rght was ccntrbuted tc Cearstream Hcdng l0's capta
reserves and upgraded tc Ter 2 capta at the eve c Cearstream Bankng S.l. by makng certan ad
|ustments tc the prct partcpatcn terms.

l mnmum scvency ratc c 8 per cent appes thrcughcut tc the reguated ccmpanes. l reguated
ccmpanes (Cearstream Bankng S.l., Cearstream Bankng l0, Eurex Cearng l0 and the Cearstream
Hcdng grcup) have been desgnated as systemcay mpcrtant. ls a resut, CSSF ncreased the mn
mum capta requrements cr Cearstream Bankng S.l. tc a ccre Ter ! ratc c 9 per cent n 20!3. The
ndvdua ccmpanes' capta rescurces sucenty reect the uctuatcn n rskweghted assets. Stress
ccnsderatcns are used tc determne the capta requred cr expected peaks and addtcna reserves cr
unexpected events are added. The capta requrements determned n ths way are met thrcugh the cap
ta rescurces. ls the actua capta requrements are becw the expected peaks sgncanty sc under
ncrma crcumstances ths may ead tc a very hgh technca ccsng date scvency ratc.


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%((

The capta requrements c the Cearstream ccmpanes rcse n the year under revew. Ths was many
drven by ccnsderaby ncreased capta requrements cr cperatcna rsk ccmbned wth smutanecusy
cwered capta requrements cr credt and market prce rsk. The ncreased capta requrements cr
cperatcna rsk are n turn argey the resut c expanded rsk scenarcs cr ega and ccmpance rsks.
The nternatcna reach c the busness wthn an ncreasngy mcre ccmpex reguatcry and ega rame
wcrk makes t necessary tc take greater acccunt c these rsks. lddtcnay, the settement payment c
arcund US$!50 mcn made tc the Cce c Fcregn lssets Ccntrc (CFlC) and payments made by
cther banks n the ccurse c varcus prcceedngs have gven an ndcatcn c the extent c pctenta css
events. The ncreased capta requrements amcst excusvey aect Cearstream Bankng S.l., snce the
nature c Cearstream Bankng l0's natcna busness means that ts expcsure tc these rsks s sgn
canty mted. Due tc ccsng date eects, custcmer baances, especay thcse dencmnated n US dc
ars and eurcs, decned sgncanty ccmpared wth the end c 20!2, resutng n cwer baances cn the
ncstrc acccunts and ccnsequenty cwer capta requrements cr credt rsk.

The Cearstream Hcdng grcup respcnded tc the ncreased capta requrements by aunchng a prcgramme
tc strengthen ts capta base. The prcgramme entas an n|ectcn at the eve c Cearstream Hcdng l0
(ncudng the ccntrbutcn c the prct partcpatcn rght c 6!50 mcn ssued by Cearstream
Bankng S.l.), the retentcn c prcts at Cearstream Bankng S.l. and Cearstream lnternatcna S.l.,
capta n|ectcns tc the bank subsdares percrmed by Cearstream lnternatcna S.l. and the upgrade
c Cearstream Bankng S.l.'s prct partcpatcn rghts tc Ter 2 capta. ln spte c the ncreased capta
requrements, these captasatcn measures currenty secure scvency ratcs c mcre than 20 per cent.

The Cearstream Hcdng grcup therecre dces nct expect tc requre any capta n the shcrt tc medum
term. ln the medum tc cng term, cny a mcderate any ncrease n capta requrements at 0rcup
eve s expected tc arse rcm the capta buers that are tc be mpcsed n stages rcm 20!4 cnwards,
the requrements resutng rcm mandatcry reccvery pans, the desgnatcn as systemcay mpcrtant
nsttutcns and the uture CSD reguatcn. The transer c the supervscry unctcn cr Cearstream
Bankng S.l. tc the ECB s, hcwever, nct expected tc have a matera mpact cn capta requrements.

The cash ccatera depcsted at Eurex Cearng l0 uctuated n the ccurse c the year, but remaned
at a hgh eve cvera. Eurex Cearng l0's capta requrements rcse cny sghty ccmpared wth the
prevcus year, many as a resut c ccsng date eects reatng tc credt and market rsk and c dcwn
stream eects resutng rcm the cacuatcn c averages used n the assessment c capta requrements
n reatcn tc cperatcna rsk.

Eurex Cearng l0's nterna rsk mcde assumes hgher capta requrements cr cperatcna rsk than
dces the acccuntngbased basc ndcatcr apprcach n acccrdance wth reguatcry requrements. Fcr ths
reascn, Eurex Cearng l0 has aways mantaned a capta buer cr these types c rsk cver and abcve
the mnmum reguatcry requrements. lganst ths backgrcund, the bankng supervscry authcrtes
enccuraged Eurex Cearng l0 n 20!! tc expand the bass cr cacuatng the reguatcry capta requre
ments tc ncude an adequate cearng pcrtcn c the ees ccected cr the acccunt c the cperatng ccm
panes. The capta requrements cr cperatcna rsk are cacuated cnce a year cn the bass c a three
year average c hstcrca nccme, ncudng the assumed cearng ees, and are therecre nct sub|ect tc
day uctuatcns. Ccmpance wth the mnmum supervscry ratc s mantaned at a tmes due tc the
sucent capta buer cr unccaterased cash nvestments.


Deutsche Brse Group corporate report 2013


%()

Cn ! lugust 20!3, Eurex Cearng l0 submtted ts appcatcn cr authcrsatcn as a centra ccunter
party under the Eurcpean Market lnrastructure Reguatcn (EMlR). lrtce !6 c EMlR n ccn|unctcn
wth the EU's Leve 2 lmpementng Drectve sets ts cwn capta adequacy requrements. lthcugh
these requrements are essentay based cn the rues cr credt nsttutcns, the resutng capta requre
ments der rcm the requrements cr banks because they ncude addtcna requrement cr crdery
wndng dcwn cr restructurng and cr busness rsk as we as a number c cther mncr matters and a
derent dentcn c capta. lmcng cther thngs, Eurex Cearng l0's share c the deaut und s
deducted rcm ts (0erman 0llP) capta. Wthcut the capta buers, whch w n uture cny be stpu
ated n the reguatcry ramewcrk cr banks, the requrement under EMlR s sgncanty mcre strngent
than under the bank ramewcrk. ln preparatcn cr ts appcatcn cr EMlR authcrsatcn, Eurex Cearng
l0 ncreased ts equty at the begnnng c 20!3 by addng 6!!0 mcn tc ts capta reserves. The
authcrsatcn s expected tc be granted n the seccnd quarter c 20!4. The EMlR requrements dd nct
yet appy as at the baance sheet date. The ncrease n equty resuted n a sgncanty mprcved sc
vency ratc, whe capta requrements were cny sghty hgher.

0ven the hgh capta requrements under EMlR, Eurex Cearng l0 dces nct currenty expect the ntrc
ductcn c Capta Requrements Drectve (CRD) l\ capta buers rcm 20!4 cnwards tc have a sgn
cant mpact cn capta requrements. lndependent c ths, the capta rescurces c Eurex Cearng l0 are
revewed cn an cngcng bass and mcntcred as part c medumterm capta pannng. Hcwever, gven
the ccntnung devecpment c the bass cr EMlR capta requrements (nccme and ccsts) and busness
percrmance wthn a changed reguatcry ramewcrk (EMlR, CRD l\) cr Eurex Cearng l0 and ts cus
tcmers, sma capta ncreases cannct be rued cut.



Ccmpcstcn c cwn unds requrements

=N/ E0/:7 -%O0?-%8%/$7 E#-
#>%-+$?#/+, -?7_
=N/ E0/:7 -%O0?-%8%/$7 E#- ;-%:?$
+/: 8+-_%$ >-?;% -?7_ *#$+, ;+>?$+, -%O0?-%8%/$7
)( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(&
6m 6m 6m 6m 6m 6m

Cearstream Hcdng grcup 289.6 !95.! 49.0 73.9 338.6 269.0

Cearstream Bankng S.l. 223.0 !!6.7 46.2 67.9 269.2 !84.6
Cearstream Bankng l0 74.7 74.4 23.! 25.8 97.8 !00.2

Eurex Cearng l0 7!.2 69.3 7.3 3.8 78.5 73.!




Reguatcry capta ratcs
=N/ E0/:7 -%O0?-%8%/$7 S%@0,+$#-L %O0?$L U#,.%/;L -+$?#
)( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(& )( P%; &'() )( P%; &'(&
6m 6m 6m 6m

Cearstream Hcdng grcup 338.6 269.0 !,!!6.6 783.0 26.4 23.3

Cearstream Bankng S.l. 269.2 !84.6 80!.3 459.9 23.8 !9.9
Cearstream Bankng l0 97.8 !00.2 2!7.9 !88.! !7.8 !5.0

Eurex Cearng l0 78.5 73.! 249.4 !38.6 25.4 !5.2




Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%(*

Eurex Cearng l0 has been accredted by the Fnanca Servces luthcrty (FSl) n the UK as a Reccg
nsed Cverseas Cearng Hcuse (RCCH). The recrgansatcn c nanca servces supervscn n the
UK resuted n the breakup c the FSl as at ! lpr 20!3 and n the transer c ts cversght rce cver
RCCHs tc the Bank c Engand. ls a RCCH, Eurex Cearng l0 has tc mantan reguatcry capta
equvaent tc at east ha the cperatng expenses c the prevcus year, the resutng reguatcry mn
mum capta under the RCCH requrements amcunted tc 643.! mcn as at 3! December 20!3
(20!2 648.0 mcn). Cnce authcrsatcn as a centra ccunterparty under EMlR has been granted,
Eurex Cearng l0's RCCH status n the UK w apse.

The reguatcry mnmum requrements were ccmped wth at a tmes by a ccmpanes durng the year
under revew and n the percd up tc the preparatcn c the ccnscdated nanca statements.


2!. Sharehcders' equty and apprcpratcn c net prct c Deutsche Brse l0
The annua nanca statements c the parent ccmpany Deutsche Brse l0, prepared as at 3! Decem
ber 20!3 n acccrdance wth the prcvscns c the Handesgesetzbuch (H0B, the 0erman Ccmmerca
Ccde), repcrt net prct cr the year c 64!2.8 mcn (20!2 6605.7 mcn) and sharehcders' equty
c 62,329.8 mcn (20!2 62,30!.5 mcn).

Net nccme cr the year s sgncanty cwer yearcnyear, prmary due tc a decrease n the resut rcm
equty nvestments and a rse n expenses.



Prcpcsa cn the apprcpratcn c the unapprcprated surpus
)( P%; &'() )( P%; &'(&
6m 6m

Net prct cr the year 4!2.8 605.7
lpprcpratcn tc cther retaned earnngs n the annua nanca statements !2.8 205.7
R/+>>-#>-?+$%: 70->,07 J''3' J''3'
Prcpcsa by the Executve Bcard
Dstrbutcn c a reguar dvdend tc the sharehcders c 62.!0 per share cr !84,!!5,657 ncpar
vaue shares carryng dvdend rghts (n 20!3 rcm net prct cr 20!2 62.!0) 386.6 386.5
lpprcpratcn tc retaned earnngs !3.4 !3.5



Ncpar vaue shares carryng dvdend rghts

Number

"08D%- #E 7K+-%7 ?770%: +7 +$ )( P%;%8D%- &'() (5)1'''1'''
Number c shares acqured under the share buyback prcgramme up tc the baance sheet date
that are panned tc be retred 8,884,343
"08D%- #E 7K+-%7 #0$7$+/:?/@ +7 +$ )( P%;%8D%- &'() (4J1((B12BI


The prcpcsa cn the apprcpratcn c the unapprcprated surpus reects treasury shares hed drecty
cr ndrecty by the ccmpany that are nct egbe tc receve dvdends under sectcn 7!b c the lkten
gesetz (lkt0, the 0erman Stcck Ccrpcratcn lct). The number c shares egbe tc receve dvdends
can change unt the lnnua 0enera Meetng thrcugh the repurchase cr sae c urther treasury shares.
ln ths case, wthcut changng the dvdend c 62.!0 per egbe share, an amended rescutcn cr the
apprcpratcn c the unapprcprated surpus w be prcpcsed tc the lnnua 0enera Meetng.
Deutsche Brse Group corporate report 2013


%(+

22. Prcvscns cr penscns and cther empcyee benets
G"H+)". R")"H+* 2")-+') 23%)-
The dened benet cbgatcns c the ccmpanes c Deutsche Brse 0rcup reate prmary tc na saary
arrangements and penscn pans based cn capta ccmpcnents, whch guarantee empcyees a chcce c
ether ecng penscns cr capta payments cn the bass c the na saary pad. ln Swtzerand, there
are guaranteed dened ccntrbutcn pans. Deutsche Brse 0rcup uses externa trust scutcns tc ccver
scme c ts penscn cbgatcns.



Net abty c dened benet cbgatcns
)( P%; &'() )( P%; &'(&
0ermany Luxembcurg Cther assets 6m 6m

Present vaue c the dened benet cbgatcns
that are at east party nanced n advance 275.7 50.6 !4.9 34!.2 326.2
Far vaue c pan assets 207.7 42.3 !3.4 263.4 233.4
W0/:%: 7$+$07 243' 43) (3B II34 5&34
Present vaue c ununded cbgatcns !.8 0.6 0 2.4 2.0
"%$ ,?+D?,?$L #E :%E?/%: D%/%E?$ #D,?@+$?#/7 2534 435 (3B 4'3& 5J34
lmpact c mnmum undng requrement/asset
ceng 0 0 0 0 0.6
T8#0/$ -%;#@/?7%: ?/ $K% D+,+/;% 7K%%$ 2534 435 (3B 4'3& 5B3J



The dened benet pans ccmprse a tcta c 2,435 (20!2 2,476) benecares. The present vaue c
the dened benet cbgatcns can be brcken dcwn cn the benecares as ccws



Breakdcwn c stakehcders
)( P%; &'() )( P%; &'(&
0ermany Luxembcurg Cther assets 6m 6m

Canddates !29.5 50,0 !4.9 !94.4 !88.6
Fcrmer empcyees wth vested enttements 93.8 0.6 0 94.4 86.5
Penscners cr survvng dependents 54.2 0.6 0 54.8 53.!
&II3B B(3& (J35 )J)32 )&43&



The ccwng retrement benet pans exst tc prcvde retrement benets

JY"&(*+6" R'%/.- 'H a/'(2 &'12%)+"- Ca"/1%)5 %). W(Y"1R'(/,D
lndvdua ccmmtment pans exst cr members c the executve bcards c 0rcup ccmpanes, they are
based cn the pan cr sencr executves descrbed n the next but cne paragraph, .e. n each caendar
year the ccmpany prcvdes an annua ccntrbutcn tc a capta ccmpcnent cacuated n acccrdance wth
actuara prncpes. The benet assets equa the tcta c the acqured capta ccmpcnents c the ndvd
ua years and are ccnverted ntc a ecng penscn cnce the benets a due. ln addtcn, retrement
benet agreements are n pace wth members c the executve bcards c 0rcup ccmpanes, under whch
they are entted tc penscn benets cn reachng the age c 63 and ccwng reappcntment. When the
term c cce began, the repacement rate was 30 per cent c ndvdua penscnabe nccme. lt rcse by
ve percentage pcnts wth each reappcntment, up tc a maxmum c 50 per cent c penscnabe nccme.
Detas c the penscn ccmmtments cr members c Deutsche Brse l0's Executve Bcard can be cund
n the remuneratcn repcrt.
Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%(#

a"/1%)5
There has been an empcyeenanced deerred ccmpensatcn pan cr empcyees c Deutsche Brse
0rcup n 0ermany snce ! Juy !999. Ths pan gves empcyees the cppcrtunty tc ccnvert parts c
ther uture remuneratcn enttements ntc benet assets c equa vaue. The benets ccnsst c a capta
payment cn reachng the age c 65 cr earer, appcabe, n the case c dsabty cr death, when due,
the payment s made n equa annua payments cver a percd c three years. The benet assets earn
nterest at a rate c 6 per cent p.a. ls a rue, new ccmmtments are entered ntc cn the bass c ths
deerred ccmpensatcn pan, empcyees wth penscn ccmmtments under retrement benet arrange
ments n crce becre ! Juy !999 were gven an cptcn tc partcpate n the deerred ccmpensatcn
pan by ccnvertng ther exstng penscn rghts.

ln the percd rcm ! January 2004 tc 30 June 2006, sencr executves n 0ermany were cered the
cppcrtunty tc partcpate n the ccwng penscn system based cn capta ccmpcnents the benet s
based cn annua nccme receved, ccmpcsed c xed annua saary and the varabe remuneratcn. Every
year, partcpatng 0rcup ccmpanes prcvde cr an amcunt that ccrrespcnds tc a certan percentage c
the penscnabe nccme. Ths amcunt s mutped by a captasatcn actcr dependng cn age, resutng
n the 'annua capta ccmpcnent". The benet assets equa the tcta c the acqured capta ccmpcnents
c the ndvdua years and are ccnverted ntc a ecng penscn cnce the benets a due. Ths benet
pan was ccsed tc new sta cn 30 June 2006, the sencr executves whc were empcyed n the abcve
percd can ccntnue tc earn capta ccmpcnents.

W(Y"1R'(/,
The empcyees c the Cearstream subgrcup n Luxembcurg partcpate n separate dened benet pen
scn pans. The dened benet penscn pan n avcur c Luxembcurg empcyees c Cearstream lnter
natcna S.l., Cearstream Bankng S.l. and Cearstream Servces S.l. s unded by means c cash ccn
trbutcns tc an 'assccatcn d'epargne penscn" (lSSEP) crgansed n acccrdance wth Luxembcurg aw.
The benets ccnsst c a cnec capta payment, whch s generay pad cn reachng the age c 65. The
benet pan dces nct ccver dsabty cr death n servce. Ccntrbutcns tc the 'assccatcn d'epargne
penscn" are unded n u by the partcpatng ccmpanes. The ccntrbutcns are determned annuay
cn the bass c actuara repcrts and the amcunt c the cbgatcn s cacuated n acccrdance wth Lux
embcurg aw.

:#+*_"/3%).
The empcyees c STC`` Ltd. partcpate n a separate dened benet penscn pan. They are nsured by
a penscn und c Sl` Swss Exchange l0 at PRE\lS Sammesttung, Zurch.

Snce 20!2, there have been a separate penscn pan (basc penscn pan) and a suppementary bene
ts pan (bcnus pan) cr empcyees c Eurex Zrch l0 and Eurex 0cba Dervatves l0, bcth pans are
based cn nsurance pcces and, n addtcn tc retrement benets, ccmprse dsabty benets and
dependants' penscns. The ccntrbutcns tc the basc penscn pan are pad by the empcyee and the
empcyer, based cn prcgressve percentages c the nsured wage (annua wage ess cccrdnatcn deduc
tcn). Fcr the bcnus pan, the ccntrbutcns are determned as a percentage c the bcnus, t s asc und
ed by ccntrbutcns rcm empcyees and the empcyer. The retrement age s 65. The benecares can
chccse between penscn payments and a cnec payment.

Deutsche Brse Group corporate report 2013


%)$

The present vaue c dened benet cbgatcns can be reccnced as ccws wth the prcvscns shcwn
n the ccnscdated baance sheet



Changes n net dened benet cbgatcns

V-%7%/$ .+,0%
#E #D,?@+$?#/7
W+?- .+,0% #E
>,+/ +77%$7 *#$+,
H8>+;$ #E
8?/?808
E0/:?/@
-%O0?-%8%/$\+7
7%$ ;%?,,?/@ *#$+,
6m 6m 6m 6m 6m

G+,+/;% +7 +$ ( ]+/ &'(& &JJ34 A (5I32 JI3& ' JI3&
Current servce ccst !4.3 !4.3 !4.3
lnterest expense/(nccme) !!.9 9.6 2.3 2.3
Past servce ccst and gans and csses cn
settements 0.9 0.9 0.9
&I3( A 532 (I3B ' (I3B
S%8%+70-%8%/$7
Return cn pan assets, excudng amcunts
aready reccgnsed n nterest nccme 8.3 8.3 8.3
Lcsses rcm changes n nanca assumptcns 66.9 66.9 66.9
Experence gans 5.5 5.5 5.5
Change n asset ceng, excudng amcunts
ncuded n nterest expense 0 0.6 0.6
2(3J A 43) B)3( '32 B)3I
Eect c exchange rate derences 0.3 0 0.3 0 0.3
Ccntrbutcns
Empcyers 23.4 23.4 23.4
Pan partcpants 0.7 0.7 0 0
Benet payments 6.2 6.2 0 0
Settements 0.! 0 0.! 0.!
G+,+/;% +7 +$ )( P%; &'(& )&43& A &))3J 5J34 '32 5B3J
Changes n the bass c ccnscdatcn 0.3 0.3 0.3
Current servce ccst !7.! !7.! !7.!
lnterest expense/(nccme) !!.0 8.6 2.4 2.4
&43( A 432 (53B ' (53B
S%8%+70-%8%/$7
Return cn pan assets excudng amcunts
aready reccgnsed n nterest nccme !0.4 !0.4 !0.4
Lcsses rcm changes n demcgraphc
assumptcns 3.2 3.2 3.2
Lcsses rcm changes n nanca assumptcns 5.4 5.4 5.4
Experence gans !!.9 !!.9 !!.9
Change n asset ceng, excudng amcunts
ncuded n nterest expense 0 0.6 0.6
A )3) A ('3J A ()3I A '32 A (J3)
Eect c exchange rate derences 0.2 0 0.2 0 0.2
Ccntrbutcns
Empcyers 20.5 20.5 20.5
Pan partcpants 0.8 0.8 0 0
Benet payments !0.3 !0.3 0 0
G+,+/;% +7 +$ )( P%; &'() )J)32 A &2)3J 4'3& ' 4'3&



Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%)"

ln nanca year 20!3, empcyees ccnverted a tcta c 63.3 mcn (20!2 63.! mcn) c ther vara
be remuneratcn ntc deerred ccmpensatcn benets.

@--(12*+')-
Prcvscns cr penscn pans and cther empcyee benets are measured annuay at the baance sheet
date usng actuara methcds. The assumptcns cr determnng the actuara cbgatcns cr the penscn
pans der acccrdng tc the ndvdua ccndtcns n the ccuntres ccncerned and are as ccws



lctuara assumptcns
)( P%; &'() )( P%; &'(&
^%-8+/L [0F%8D#0-@ UN?$h%-,+/: ^%-8+/L [0F%8D#0-@ UN?$h%-,+/:
i i i i i i
Dsccunt rate 3.40 3.40 2.00 3.50 3.50 2.00
Saary grcwth 3.50 3.50 !.00 3.50 3.50 !.00
Penscn grcwth 2.00 2.002.25 0 2.00 2.00 0
Sta turncver rate 2.00
!)
2.00
!)
n.a.
2)
2.00 2.00 n.a.
2)


!) Up tc the age c 50, aterwards 0.00 per cent.
2) Sta turncver rate n acccrdance wth the Bundesgesetz ber de beruche lters, Hnterassenen und lnvadenvcrscrge (B\0, Swss Federa Cccupatcna
Retrement, Survvcrs' and Dsabty Penscn Pans lct)


ln 0ermany, the '2005 0" mcrtaty tabes (generatcn tabes) devecped by Prc Dr Kaus Heubeck are
used n a mcded verscn. Fcr Luxembcurg, generatcn tabes c the lnsttut natcna de a statstque et
des etudes eccncmques du 0randDuche du Luxembcurg are used. Fcr Swtzerand, the B\0 20!0
generatcn tabes are used.

:")-+*+6+*5 %)%35-+-
The senstvty anayss presented n the ccwng ccnsders the change n cne assumptcn at a tme,
eavng the cther assumptcns unchanged rcm the crgna cacuatcn, .e. pcssbe ccrreatcn eects
between the ndvdua assumptcns are nct taken ntc acccunt.
Deutsche Brse Group corporate report 2013


%)%


Senstvty c dened benet cbgatcn tc change n the weghted prncpa assumptcns
QK+/@% ?/ +;$0+-?+, +7708>$?#/
H8>+;$ #/ :%E?/%: D%/%E?$
#D,?@+$?#/
H8>+;$ #/ :%E?/%: D%/%E?$
#D,?@+$?#/
&'() &'(&

P%E?/%: D%/%E?$
#D,?@+$?#/ QK+/@%
P%E?/%: D%/%E?$
#D,?@+$?#/ QK+/@%
6m 6m

Present vaue c the cbgatcn
!)
343.6 328.2
Dsccunt rate lncrease by !.0 percentage pcnt 293.5 !4.6 278.7 !5.!
Reductcn by !.0 percentage
pcnt 406.9 !8.4 388.! !8.3
Saary grcwth lncrease by 0.5 percentage pcnts 354.4 3.2 340.0 3.6
Reductcn by 0.5 percentage
pcnts 335.! 2.5 3!8.7 2.9
Penscn grcwth lncrease by 0.5 percentage pcnts 358.0 4.2 337.8 2.9
Reductcn by 0.5 percentage
pcnts 336.! 2.2 3!9.6 2.6
Le expectancy lncrease by cne year 35!.7 2.3 335.4 2.2
Reductcn by cne year 335.3 2.4 320.5 2.3

!) Present vaue c the cbgatcns usng assumptcns n acccrdance wth the tabe 'actuara assumptcns"


>'12'-+*+') 'H 23%) %--"*-
a"/1%)5
ln 0ermany, the pan assets are hed by a trustee n saekeepng cr ndvdua ccmpanes c Deutsche
Brse 0rcup and cr the benecares. lt the ccmpany's nstructcn, the trustee uses the unds trans
erred tc acqure securtes cn a trust bass, wthcut any ccnsutng cn the part c the trustee. The ccntr
butcns are nvested n acccrdance wth an nvestment pccy, whch may be amended by the ccmpanes
represented n the nvestment ccmmttee n agreement wth the cther members. The trustee may reuse
tc carry cut nstructcns they are n ccnct wth the und's accatcn rues cr the payment prcvscns.
ln acccrdance wth the nvestment pccy, abcut 25 per cent c und assets are nvested n shares wth
the am c repcatng the STC`` Eurcpe 600 lndex. l tcta return apprcach s pursued cr the remanng
und assets, and nvestments can be made n derent asset casses.

W(Y"1R'(/,
ln Luxembcurg, the Bcard c Drectcrs c the Cearstream Penscn Fund s respcnsbe cr determnng
the nvestment strategy, wth the am c maxmsng returns n reatcn tc a benchmark. Ths benchmark
s derved n equa parts rcm the return cn veyear 0erman edera gcvernment bcnds and the return
cn the EURC STC`` 50 lndex. lcccrdng tc the nvestment pccy, the und may cny nvest n xed
nccme securtes, shares and sted nvestment und unts, and t may hcd cash.

:#+*_"/3%).
Snce 20!2, the assets c the penscn unds c Eurex Zrch l0 and Eurex 0cba Dervatves l0 have
been nvested wth l`l Sttung Beruche \crscrge and are therecre repcrted under 'quayng nsur
ance pcces".


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%)&


Cvervew cn pan assets
)( P%; &'() )( P%; &'(&
M8 i M8 i
CO0?$L ?/7$-08%/$7 A C0-#>% 2'34 &)3( 423) )I3'
Fnanca nsttutcns !!.6 !6.3
Manuacturng and lndustra !4.4 !9.2
Energy and ccmmcdtes 6.6 !5.4
Technccgy ccmpanes 4.7 6.4
Cther 23.5 29.0
CO0?$L ?/7$-08%/$7 A #$K%- '32 '3& '32 '3)
Fnanca nsttutcns 0.! 0.!
Manuacturng and lndustra 0.! 0.!
Energy and ccmmcdtes 0.! 0.!
Technccgy ccmpanes 0.! 0.!
Cther 0.2 0.2
G#/:7 (2B34 2)3' ('J3' JJ32
0cvernment bcnds !63.5 87.6
Ccrpcrate bcnds 2.3 !6.4
P%-?.+$?.%7 '34 '3) ' '
Stcck ndex utures 0.8 0.2
lnterest rate utures 0 0.2
V-#>%-$L '34 '3) '3I '3)
Eurcpe 0.7 0.6
Cther 0.! 0.!
H/.%7$8%/$ E0/:7 (43' 234 (53' 43(
=$K%- '3( ' '3( '
*#$+, ,?7$%: &J235 5)3I &('3I 5'3)

Cuayng nsurance pcces 7.7 2.9 7.9 3.4
Cash 8.6 3.3 !4.8 6.3
Cther 0.2 0.! 0 0
*#$+, /#$ ,?7$%: (23B 23) &&3I 53I

*#$+, >,+/ +77%$7 &2)3J (''3' &))3J (''3'



ls at 3! December 20!3, pan assets ncuded nanca nstruments c the 0rcup amcuntng tc
60.! mcn (20!2 60.! mcn). They dd nct ncude any prcperty cccuped cr cther assets used
by the 0rcup.

9+-b-
ln addtcn tc the genera actuara rsks, the rsks assccated wth the dened benet cbgatcns reate
especay tc nanca rsks n ccnnectcn wth the pan assets, ncudng n partcuar ccunterparty credt
and market prce rsks.


Deutsche Brse Group corporate report 2013


%)'

E%/b"* 2/+&" /+-b
The return cn pan assets s assumed tc be the dsccunt rate determned cn the bass c ccrpcrate bcnds
wth an ll ratng. l the actua rate c return cn pan assets s cwer than the dsccunt rate used, the net
dened benet abty ncreases acccrdngy. lter a reductcn n the equty ratc c the pan assets hed
n 0ermany n 20!3 and at a cwer vcatty, the actua return s urther expected tc exceed the return
cn ccrpcrate bcnds wth a gccd credt n the medum tc cng term.

Deutsche Brse 0rcup ccnsders the share prce rsk resutng rcm the equty ratc c the pan assets tc
be apprcprate. The ccmpany bases ts assessment cn the expectatcn that the cvera vcume c pay
ments rcm the penscn pans w be manageabe n the next ew years, that the tcta amcunt c the
cbgatcns w asc be manageabe and that t w be abe tc meet these payments n u rcm cperatng
cash cws. lny amendments tc the nvestment pccy take ntc acccunt the duratcn c the penscn
cbgatcn as we as the expected payments cver a percd c ten years.

Mcrecver, the eve c the net abty s nuenced by the dsccunt rates n partcuar, whereby the cur
rent cw nterest rates ccntrbute tc a reatvey hgh net abty. l ccntnued decne n returns cn ccrpc
rate bcnds w ead tc a urther ncrease n dened benet cbgatcns, whch can be cny partay cset
by the pcstve devecpment c the ar vaues c the ccrpcrate bcnds ncuded n the pan assets.

7)H3%*+') /+-b
Pcssbe natcn rsks that ccud ead tc an ncrease n dened benet cbgatcns exst because scme
penscn pans cr the annua capta ccmpcnents are drecty reated tc the saares, .e. a sgncant
ncrease n saares wcud ead tc an ncrease n the benet cbgatcn rcm the pans. ln 0ermany,
hcwever, there are nc ccntractua arrangements wth regard tc natcn rsk cr these penscn pans.
ln nterest rate c 6 per cent p.a. has been agreed cr the empcyeenanced deerred ccmpensatcn
pan, the pan dces nct ncude any arrangements cr natcn, sc that t has tc be assumed that there
w be tte ncentve cr empcyees tc ccntrbute tc the deerred ccmpensatcn pan n tmes c rsng
natcn.

ln Luxembcurg, saares are ad|usted cr the eects c natcn cn the bass c a ccnsumer prce ndex nc
mcre than cnce a year, ths ad|ustment eads tc a ccrrespcndng ncrease n the benet cbgatcn rcm
the penscn pan. Snce the cbgatcn w be met n the crm c a capta payment, there w be nc
natcnnked eects cnce the benecary reaches retrement age.

ln Swtzerand, the benet pans at l`l Sttung Beruche \crscrge and PRE\lS Sammesttung ncude
the prcvscn that the Bcard c the cundatcn decdes annuay whether the retrement penscns w be
ad|usted tc prce trends. The decscn takes ntc acccunt n partcuar the nanca capabty c the
cundatcn. There are nc arrangements cr autcmatc ad|ustments tc prce ncreases cver and abcve the
ega requrements that appy tc certan survvng dependants' and dsabty penscns.


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%)(

G(/%*+') %). "Y2"&*". 1%*(/+*+"- 'H *4" 2")-+') 'R3+,%*+')-
The weghted duratcn c the penscn cbgatcns was !6.42 years as at 3! December 20!3.


Expected maturtes c undsccunted penscn payments

CF>%;$%: >%/7?#/
>+L8%/$7
(<

CF>%;$%: >%/7?#/
>+L8%/$7
(<

)( P%; &'() )( P%; &'(&
6m 6m

Less than ! year 8.7 8.!
Between ! and 2 years 9.! 7.5
Between 2 and 5 years 37.3 39.3
Mcre than 5 years up tc !0 years 72.! 59.9
*#$+, (&I3& ((J34
!) The expected payments n CHF were transated ntc eurcs at the respectve ccsng rate cn 3! December.


The expected ccsts c dened benet pans amcunt tc apprcxmatey 6!8.! mcn cr the 20!4 nan
ca year, ncudng net nterest expense.


G"H+)". &')*/+R(*+') 2")-+') 23%)-
ln the year under revew, the ccsts c dened ccntrbutcn pans amcunted tc 627.7 mcn
(20!2 627.0 mcn).


23. Changes n cther prcvscns

Changes n cther prcvscns

=$K%- /#/9
;0--%/$
>-#.?7?#/7 *+F >-#.?7?#/7
=$K%- ;0--%/$
>-#.?7?#/7 *#$+,
6m 6m 6m 6m

G+,+/;% +7 +$ ( ]+/ &'() 4'3) &B&3& 4435 J&(3J
Recasscatcn 2!.6 0.4 20.8 !.2
!)

Utsatcn 8.6 22.2 33.! 63.9
Reversa 2.2 8.9 6.4 !7.5
lddtcns 65.3 46.! !53.4 264.8
G+,+/;% +7 +$ )( P%; &'() (()3& &2234 &&)32 2')32

!) Reates tc the recasscatcn tc abtes


Deutsche Brse Group corporate report 2013


%))

24. Cther ncncurrent prcvscns
Cther ncncurrent prcvscns have mcre than cne year tc maturty.



Ccmpcstcn c cther ncncurrent prcvscns
)( P%; &'() )( P%; &'(&
6m 6m
Restructurng and ecency measures 78.8 42.3
Penscn cbgatcns tc lHK
!)
9.5 9.6
Stcck Bcnus Pan 8.0 6.7
lntcpated csses 5.9 6.!
Jubee 5.4 5.5
Bcnus 4.4 8.6
Eary retrement !.2 !.5
*#$+, (()3& 4'3)
therec wth remanng maturty between ! and 5 years 78.5 6!.!
therec wth remanng maturty c mcre than 5 years 34.7 !9.2

!) lHK ~ lndustre und Handeskammer Frankurt am Man (the Frankurt/Man Chamber c lndustry and Ccmmerce)


Prcvscns cr restructurng and ecency measures ncude prcvscns amcuntng tc 67.2 mcn (20!2
68.5 mcn) cr the restructurng and ecency prcgramme rescved n September 2007 as we as
628.9 mcn (20!2 633.8 mcn) cr the prcgramme rescved n 20!0 tc ncrease cperatcna per
crmance and 642.7 mcn cr the prcgramme rescved n 20!3 tc mprcve the ccst structures and
cperatcna prccesses n crder tc adapt tc a permanenty changed busness envrcnment. lddtcns n
cude dsccunt eects amcuntng tc 63.6 mcn (20!2 63.9 mcn) many rcm the passage c tme.

Fcr detas cn the restructurng and ecency prcgrammes see 'lnterna management Ccntrc sys
tems" sectcn n the ccmbned management repcrt.

Prcvscns cr penscn cbgatcns tc the lndustre und Handeskammer (lHK, the Chamber c Ccm
merce) are reccgnsed cn the bass c the number c egbe empcyees. Prcvscns cr eary retrement
benets are cacuated cn the bass c the actve and crmer empcyees nvcved. lddtcns ncude ds
ccunt rate eects amcuntng tc 60.3 mcn (20!2 60.3 mcn) many rcm the passage c tme.

Fcr detas cn the Stcck Bcnus Pan, see ncte 39.

ls at 3! December 20!3, the prcvscns cr antcpated csses ccntan prcvscns cr antcpated cs
ses rcm renta expenses and restcratcn cbgatcns amcuntng tc 69.2 mcn (20!2 67.! mcn),
c whch 63.3 mcn (20!2 6!.0 mcn) are accated tc current prcvscns. The prcvscns cass
ed as ncncurrent are nct expected tc be utsed becre 20!5. 65.8 mcn c the ncncurrent prcv
scns reates tc restcratcn cbgatcns. The prcvscns are cacuated cn the bass c the expected restc
ratcn ccsts.



Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%)*

25. lnterestbearng abtes
The eurc and US dcar bcnds ssued by Deutsche Brse 0rcup have a carryng amcunt c 6!,52!.9
mcn (20!2 6!,737.4 mcn) and a ar vaue c 6!,55!.8 mcn (20!2 6!,82!.9 mcn).

lt the end c the rst quarter c 20!3, Deutsche Brse l0 ssued a ccrpcrate bcnd wth a ncmna
amcunt c 6600 mcn. The bcnd has a term c ve years and a ccupcn c !.!25 per cent annuay. lt
serves prmary tc renance eurcdencmnated bcnds wth a prncpa amcunt c 6797.8 mcn that
matured cr were caed n the ccurse c the seccnd quarter c 20!3. Fcr urther detas, see the 'Re
suts c cperatcns" sectcn and the 'Debt nstruments c Deutsche Brse l0" tabe n the ccmbned
management repcrt.

The nanca abtes reccgnsed n the baance sheet were nct secured by ens cr smar rghts,
nether as at 3! December 20!3 ncr as at 3! December 20!2.


26. Tax prcvscns

Ccmpcstcn c tax prcvscns
)( P%; &'() )( P%; &'(&
6m 6m

lnccme tax expense current year 3!.! 33.4
lnccme tax expense prevcus years !85.3 !68.9
Capta tax and vaue added tax 50.4 49.9
*#$+, &2234 &B&3&



Tax prcvscns c 6!40.0 mcn have an estmated remanng maturty c mcre than cne year.


27. Cther current prcvscns

Ccmpcstcn c cther current prcvscns
)( P%; &'() )( P%; &'(&
6m 6m

Reccurse, tgatcn and nterest rate rsks
!)
!!7.9 8.!
lnterest cn taxes 49.! 43.!
Restructurng and ecency measures
2)
!6.5 5.6
Cams cr damages !0.6 !3.3
Stcck Bcnus Pan !0.2 8.3
Bcnus 6.3 0
Rent and ncdenta renta ccsts !.9 3.!
Perscnne expenses 2.5 2.8
lntcpated csses 3.3 !.0
Msceanecus 5.3 3.6
*#$+, &&)32 4435

!) lncudng 6!!0.3 mcn (US$ !5!.9 mcn) cr the settement wth CFlC. Fcr detas see ncte 37.
2) Therec prcvscns amcuntng tc 60.4 mcn (20!2 60.4 mcn) cr the restructurng and ecency prcgramme rescved n 2007, prcvscns amcuntng
tc 6!.6 mcn (20!2 63.6 mcn) cr the prcgramme tc ncrease cperatcna percrmance adcpted n 20!0 and 6!4.0 mcn cr the prcgramme rescved n 20!3
tc mprcve the ccst structures and cperatcna prccesses n crder tc adapt tc a permanenty changed busness envrcnment. Fcr detas see 'lnterna management
ccntrc" sectcn c the ccmbned management repcrt.

Deutsche Brse Group corporate report 2013


%)+

Fcr detas cn sharebased payments, see ncte 39. Fcr detas cn ncncurrent antcpated csses,
see ncte 24.


28. Labtes rcm bankng busness
The abtes rcm bankng busness are attrbutabe scey tc the Cearstream subgrcup.



Ccmpcstcn c abtes rcm bankng busness
)( P%; &'() )( P%; &'(&
6m 6m
Custcmer depcsts rcm securtes settement busness 9,475.7 !2,542.5
lssued ccmmerca paper !94.! 208.3
Cverdrats cn ncstrc acccunts 30.8 !09.2
Fcrward cregn exchange transactcns hed cr tradng !6.5 !6.7
Mcney market endngs 8.! 3.5
lnterest abtes 0.! 0.!
lnterest rate swaps ar vaue hedges 0 0
*#$+, 51I&B3) (&144'3)




Remanng maturty c abtes rcm bankng busness
)( P%; &'() )( P%; &'(&
6m 6m
Nct mcre than 3 mcnths 9,725.3 !2,880.3
*#$+, 51I&B3) (&144'3)



Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%)#

29. Cash depcsts by market partcpants

Ccmpcstcn c cash depcsts by market partcpants
)( P%; &'() )( P%; &'(&
6m 6m

Labtes rcm margn payments tc Eurex Cearng l0 by members !6,2!7.7 !9,447.4
Labtes rcm cash depcsts by partcpants n equty tradng 4.0 3.2
*#$+, (21&&(3I (51JB'32



30. Cther current abtes

Ccmpcstcn c cther current abtes
)( P%; &'() )( P%; &'(&
6m 6m

Labtes rcm CCP pcstcns !76.9 !52.!
lssued ccmmerca paper !00.0 0
Speca payments and bcnuses 39.2 37.7
Tax abtes (excudng nccme taxes) 30.5 24.5
\acatcn enttements, extme and cvertme credts !6.7 !7.4
lnterest payabe 9.6 33.4
Dervatves 6.! !4.6
Labtes as part c scca securty 4.2 3.8
Labtes tc supervscry bcdes 2.2 2.!
Labty rcm repayment c eurcdencmnated bcnds 0 577.4
!)

Earncut ccmpcnent 0 !.2
Msceanecus 26.7 24.2
*#$+, J(&3( 4443J

!) See ncte 25 cr urther detas.
Deutsche Brse Group corporate report 2013


%*$

3!. Maturty anayss c nanca nstruments

Underyng ccntractua maturtes c the nanca assets and abtes at the baance sheet date

Q#/$-+;$0+, 8+$0-?$L

U?@K$ "#$ 8#-% $K+/ ) 8#/$K7
a#-% $K+/ ) 8#/$K7 D0$ /#$
8#-% $K+/ ( L%+-
&'() &'(& &'() &'(& &'() &'(&
6m 6m 6m 6m 6m 6m

"#/9:%-?.+$?.% E?/+/;?+,
,?+D?,?$?%7
lnterestbearng abtes 0 0 6.8 0 33.7 877.3
Cther ncncurrent nanca
abtes 0 0 0.! 0 0 0
Ncndervatve abtes rcm
bankng busness 9,5!4.7 !2,65!.7 !94.! 2!!.9 0 0
Trade payabes, payabes tc
assccates, payabes tc cther
reated partes and cther current
abtes !78.! 0 245.! 3!7.4 3.8 5.6
Cash depcsts by market
partcpants !6,22!.7 !9,450.6 0 0 0 0
Cther bank cans and cverdrats 0.! 0.! 0 0 0 0
*#$+, /#/9:%-?.+$?.% E?/+/;?+,
,?+D?,?$?%7 6@-#77< &B15(J32 )&1('&3J JJ23( B&53) )I3B 44&35

P%-?.+$?.%7 +/: E?/+/;?+, ?/7$-9
08%/$7 #E C0-%F Q,%+-?/@ T^
Fnanca abtes and derv
atves c Eurex Cearng l0 25,980.7 !6,508.9 !03,079.9 !04,!2!.9 23,986.2 35,683.4
ess nanca assets
and dervatves c
Eurex Cearng l0 26,480.7 !6,508.9 !03,079.9 !04,!2!.9 23,986.2 35,683.4

Q+7K ?/E,#N A :%-?.+$?.%7 +/:
K%:@%7
Cash cw hedges 0 0 0 6.! 0 !8.7
Far vaue hedges 0 0 0 0 0 0
Dervatves hed cr tradng 55!.2 47!.! !,75!.2 !,83!.8 0 7.7
Q+7K #0$E,#N A :%-?.+$?.%7 +/:
K%:@%7
Cash cw hedges 0 0 0 6.2 0 !8.7
Far vaue hedges 0 0 0 0 0 0
Dervatves hed cr tradng 55!.0 346.8 !,734.9 !,973.3 0 7.6
*#$+, :%-?.+$?.%7 +/: K%:@%7 AJ5534 (&J3) (23) A(J(32 ' '3(

!) Tc reccnce tc the baance sheet tem ncudng ncnnanca abtes, the presentatcn has been ad|usted


Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%*"




Q#/$-+;$0+, 8+$0-?$L
S%;#/;?,?+$?#/ $# ;+--L?/@
+8#0/$ Q+--L?/@ +8#0/$

a#-% $K+/ ( L%+- D0$ /#$ 8#-%
$K+/ B L%+-7 =.%- B L%+-7
&'() &'(& &'() &'(& &'() &'(& &'() &'(&
6m 6m 6m 6m 6m 6m 6m 6m



!,0!!.2 244.8 709.2 895.2 239.0 279.9 !,52!.9 !,737.4

0.3 0.8 0.4 0 !.8 5.2
!)
2.6 6.0
!)


0 0 0 0 0 0 9,708.8 !2,863.6



0 0 0 0 !!0.7 690.3
!)
537.7 !,0!3.3
!)


0 0 0 0 0 0 !6,22!.7 !9,450.6
0 0 0 0 0 0 0.! 0.!

(1'((3B &JB32 I'532 45B3& A(&23B J(B32 &I155&34 )B1'I(3'




4,05!.7 !.2 6.9 0 0 0 !57,!05.4 !56,3!5.4


4,05!.7 !.2 6.9 0 0 0 !57,605.4 !56,3!5.4



0 5.6 0 !.4
0 0 0 0
0 0 0 0


0 !6.8 0 4.2
0 0 0 0
0 5.5 0 0
' A(23I ' A&34



Deutsche Brse Group corporate report 2013


%*%

32. Casscatcn c nanca nstruments under llS 39
The ccwng tabe shcws an anayss c the nanca nstruments n the baance sheet n acccrdance
wth ther casscatcn under llS 39 as we as the ccrrespcndng carryng amcunts



Casscatcn c nanca nstruments
Q#/7#,?:+$%: D+,+/;% 7K%%$ ?$%8
6;,+77?E?;+$?#/< "#$% Q+$%@#-L a%+70-%: +$ Q+--L?/@ +8#0/$
)( P%; &'() )( P%; &'(&
6m 6m

Cther equty nvestments !3 lFS
!)
Hstcrca ccst !9.3 20.9
lFS
!)
Far vaue 4.6 5.8
Ncncurrent recevabes and securtes rcm
bankng busness
!3
lFS
!)
Far vaue !,!78.3 !,485.0
Cther nanca nstruments !3 lFS
!)
Hstcrca ccst 0.7 0
lFS
!)
Far vaue 24.9 2!.5
Cther cans !3 Lcans and
recevabes lmcrtsed ccst 0.4 0.!
Ncncurrent nanca nstruments
c Eurex Cearng l0
!5
Hed cr tradng Far vaue 4,058.6 0
Cther ncncurrent assets Lcans and
recevabes lmcrtsed ccst 7.4 3.8
Current nanca nstruments
c Eurex Cearng l0
!5
Hed cr tradng Far vaue !53,546.8 !56,3!5.4
Current recevabes and securtes rcm
bankng busness
!6
lFS
!)
Far vaue 3!0.6 25.0
Cash cw
hedges Far vaue 0 0.4
Lcans and
recevabes lmcrtsed ccst 9,233.4 !2,782.9
Trade recevabes !7 Lcans and
recevabes lmcrtsed ccst 2!8.8 2!!.8
Recevabes rcm reated partes Lcans and
recevabes lmcrtsed ccst 4.! 3.0
Cther current assets !8 Hed cr tradng Far vaue 0 0.!
Lcans and
recevabes lmcrtsed ccst !96.5 92.0
Restrcted bank baances !9 Lcans and
recevabes lmcrtsed ccst !6,22!.7 !9,450.6
Cther cash and bank baances 33 Lcans and
recevabes lmcrtsed ccst 627.9 64!.6

!) lvaabecrsae (lFS) nanca assets
2) Ths reates tc the prvate pacements desgnated as hedgng nstruments c a net nvestment hedge (see ncte !4).
3) Ths reates tc the put cptcns ssued by Cearstream lnternatcna S.l. reatng tc Cearstream Fund Servces lreand Ltd.

Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%*&








Q#/7#,?:+$%: D+,+/;% 7K%%$ ?$%8
6;,+77?E?;+$?#/< "#$% Q+$%@#-L a%+70-%: +$ Q+--L?/@ +8#0/$
)( P%; &'() )( P%; &'(&
6m 6m

lnterestbearng abtes
(excudng nance eases)
!4, 25 Labtes at
amcrtsed ccst
lmcrtsed ccst
!,!87.8 8!!.4
Net nvestment
hedge
2)

lmcrtsed ccst
334.! 348.6
Ncncurrent nanca nstruments
c Eurex Cearng l0
!5 Hed cr tradng Far vaue
4,058.6 0
Cther ncncurrent abtes Labtes at
amcrtsed ccst
lmcrtsed ccst
0.8 !.7
Puttabe
nstruments
Far vaue
0 3.0
3)

Current nanca nstruments
c Eurex Cearng l0
!5 Hed cr tradng Far vaue
!53,046.8 !56,3!5.4
Labtes rcm bankng busness 28 Labtes at
amcrtsed ccst
lmcrtsed ccst
9,708.8 !2,863.6
Hed cr tradng Far vaue !6.5 !6.7
Cther bank cans and cverdrats 33 Labtes at
amcrtsed ccst
lmcrtsed ccst
0.! 0.!
Trade payabes Labtes at
amcrtsed ccst
lmcrtsed ccst
!23.7 !08.2
Labtes tc reated partes Labtes at
amcrtsed ccst
lmcrtsed ccst
!.9 !6.7
Cash depcsts by market partcpants 29 Labtes at
amcrtsed ccst
lmcrtsed ccst
!6,22!.7 !9,450.6
Cther current abtes 30, !4

Labtes at
amcrtsed ccst
lmcrtsed ccst
295.3 77!.0
Cash cw
hedges
Far vaue
0 !4.6
Dervatves hed
cr tradng
Far vaue
6.! 0
Puttabe
nstruments
Far vaue
0 0.4
3)




Deutsche Brse Group corporate report 2013


%*'

The nanca assets and abtes that are measured at ar vaue are tc be accated tc the ccwng
three herarchy eves nanca assets and abtes are tc be accated tc eve ! there s a qucted
prce cr dentca assets and abtes n an actve market. They are accated tc eve 2 the nputs
cn whch the ar vaue measurement s based are cbservabe ether drecty (as prces) cr ndrecty
(derved rcm prces). Fnanca assets and abtes are accated tc eve 3 the ar vaue s deter
mned cn the bass c uncbservabe nputs.

ls at 3! December 20!3, the nanca assets and abtes that are measured at ar vaue were ac
cated tc the ccwng herarchy eves



Far vaue herarchy

W+?- .+,0% +7 +$
)( P%; &'() $K%-%#E +$$-?D0$+D,% $#g
[%.%, ( [%.%, & [%.%, )
6m 6m 6m 6m
S%;0--%/$,L 8%+70-%: +$ E+?- .+,0%
TUUC*U
W?/+/;?+, +77%$7 K%,: E#- $-+:?/@
Dervatves
Ncncurrent nanca nstruments c Eurex Cearng l0 4,058.6 4,058.6 0 0
Current nanca nstruments c Eurex Cearng l0 !53,546.8 !53,546.8 0 0
*#$+, (BI12'B3J (BI12'B3J ' '
T.+?,+D,%9E#-97+,% E?/+/;?+, +77%$7
Equty nstruments
Cther equty nvestments 4.6 0 4.6 0
*#$+, J32 ' J32 '
Debt nstruments
Cther nanca nstruments 24.9 24.9 0 0
Ncncurrent recevabes and securtes rcm bankng busness !,!78.3 !,!78.3 0 0
Current recevabes and securtes rcm bankng busness 3!0.6 3!0.6 0 0
*#$+, (1B()34 (1B()34 ' '
*#$+, +77%$7 (B51(&)34 (B51((53& J32 '

[HTGH[H*HCU
W?/+/;?+, ,?+D?,?$?%7 K%,: E#- $-+:?/@
Dervatves
Ncncurrent nanca nstruments c Eurex Cearng l0 4,058.6 4,058.6 0 0
Current nanca nstruments c Eurex Cearng l0 !53,046.8 !53,046.8 0 0
Cther current abtes 6.! 0 0 6.!
!)
Labtes rcm bankng busness !6.5 0 !6.5 0
*#$+, ,?+D?,?$?%7 (BI1(&43' (BI1('B3J (23B 23(

!) Reates tc dervatve nanca nstruments becngng tc the ncentve prcgramme

Consolidated balance sheet disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%*(

By ccmparscn, the nanca assets and abtes measured at ar vaue as at 3! December 20!2 were
accated tc the herarchy eves as ccws



Far vaue herarchy

W+?- .+,0% +7 +$
)( P%; &'(& $K%-%#E +$$-?D0$+D,% $#g
[%.%, ( [%.%, & [%.%, )
6m 6m 6m 6m

S%;0--%/$,L 8%+70-%: +$ E+?- .+,0%
TUUC*U
W?/+/;?+, +77%$7 K%,: E#- $-+:?/@
Dervatves
Current nanca nstruments c Eurex Cearng l0 !56,3!5.4 !56,3!5.4 0 0
Current recevabes and securtes rcm bankng busness 0.4 0 0.4 0
Cther ncncurrent assets 0.! 0 0.! 0
*#$+, (B21)(B35 (B21)(B3J '3B '
T.+?,+D,%9E#-97+,% E?/+/;?+, +77%$7
Equty nstruments
Cther equty nvestments 5.8 0.5 5.3 0
*#$+, B34 '3B B3) '
Debt nstruments
Cther nanca nstruments 2!.5 2!.5 0 0
Ncncurrent recevabes and securtes rcm bankng busness !,485.0 !,485.0 0 0
Current recevabes and securtes rcm bankng busness 25.0 25.0 0 0
*#$+, (1B)(3B (1B)(3B ' '
*#$+, +77%$7 (BI14B)3& (BI14JI3J B34 '

[HTGH[H*HCU
W?/+/;?+, ,?+D?,?$?%7 K%,: E#- $-+:?/@
Dervatves
Current nanca nstruments c Eurex Cearng l0 !56,3!5.4 !56,3!5.4 0 0
Labtes rcm bankng busness !6.7 0 !6.7 0
Cther ncncurrent abtes 3.0 0 0 3.0
!)

Cther current abtes !5.0 0 !4.6 0.4
!)

*#$+, ,?+D?,?$?%7 (B21)B'3( (B21)(B3J )(3) )3J

!) Ths reates tc the put cptcns ssued by Cearstream lnternatcna S.l. reatng tc Cearstream Fund Servces lreand Ltd.


ln the ccurse c 20!3, nc recasscatcns were made between the ndvdua eves.

Fnanca assets and nanca abtes sted n eves 2 and 3 as at 3! December 20!3 are measured
as ccws

The dervatves sted n eve 2 ccmprse crward cregn exchange transactcns. The ar vaue c the
crward cregn exchange transactcns s determned cn the bass c the crward cregn exchange rates
cr the remanng percd tc maturty as at the baance sheet date. They are based cn cbservabe market
prces.
Deutsche Brse Group corporate report 2013


%*)

The equty nvestments accated tc eve 2 are measured cn the bass c current, ccmparabe market
transactcns.

Puttabe nstruments wth a carryng amcunt c 63.4 mcn were accated tc eve 3 as at the begn
nng c the year under revew. These were measured usng the dsccunted cash cw methcd. ln the
seccnd quarter c 20!3, the current pcrtcn c the puttabe nstruments amcuntng tc 60.4 mcn was
exercsed. ln the ccurse c the thrd quarter, a settement agreement n the amcunt c 6!.0 mcn was
reached cr ths cngterm put, resutng n an eect reccgnsed n prct cr css c 62.0 mcn as at the
baance sheet date. lt the end c the year under revew, dervatve nanca nstruments becngng tc an
ncentve prcgramme amcuntng tc 66.! mcn were accated tc Leve 3. The nanca nstruments were
measured at ar vaue thrcugh prct and css usng an nterna mcde. The mcde takes ntc acccunt the
crtera underyng the ccndtcna repayment c the grant made by Eurex Cearng l0. The nanca n
struments were reguary measured at ar vaue thrcugh prct and css usng an nterna mcde as at
the quartery baance sheet dates. The resuts rcm the subsequent measurement are reccgnsed under
'cther cperatng expenses". The mcde takes ntc acccunt the crtera underyng the ccndtcna repay
ment c the grant made by Eurex Cearng l0. The crtera ncude, n partcuar, ncnnanca ndcatcrs
as the expected number c custcmers n a specc market segment as we as expected tradng vcumes.
They are ccntnucusy mcntcred, whe takng pcssbe ad|ustments ntc acccunt, cr ths, ncrmatcn
c custcmers s asc used. Snce there s an nterna mcde, the parameters can be derent as at the
settement date, hcwever, the dervatve nanca nstrument w nct exceed an amcunt c 68.0 mcn,
ths amcunt arses the benecares c the ncentve prcgramme u the ccndtcns and a repayment
c the ccntrbutcn s nct taken ntc ccnsderatcn.

The ar vaue c cther nanca assets and abtes nct measured at ar vaue s determned as ccws

The eurc and US dcar bcnds ssued by Deutsche Brse 0rcup have a ar vaue c 6!,55!.8 mcn
(3! December 20!2 6!,82!.9 mcn) and are repcrted under nterestbearng abtes. Eurcdencm
nated bcnds wth a prncpa amcunt c 6600.0 mcn were ssued at the end c the rst quarter c
20!3. Eurcdencmnated bcnds wth a prncpa amcunt c 6797.8 mcn matured n the ccurse c the
seccnd quarter c 20!3. The ar vaue s cacuated cn the bass c the qucted vaues c the bcnds cr as
the present vaue c the cash cws reatng tc the prvate pacements cn the bass c market parameters.

The carryng amcunts c the ccwng tems represent a reascnabe apprcxmatcn c ther ar vaue


Unsted equty nstruments whcse ar vaue generay cannct be reaby determned cn a ccntnucus
bass and whch are repcrted under the 'nanca assets" tem, these are carred at ccst ess any m
parment csses

Cther cans, whch are repcrted under 'nanca assets"

Cther recevabes and cther assets as we as current recevabes rcm bankng busness, tc the extent
that these are measured at amcrtsed ccst

Restrcted bank baances

Cther cash and bank baances

Cash depcsts by market partcpants

Cther current abtes



Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%**

33. Ccnscdated cash cw statement dsccsures
>%-4 H3'#- H/'1 '2"/%*+), %&*+6+*+"-
lter ad|ustments tc net prct cr the year cr ncncash tems, cash cws rcm cperatng actvtes
excudng CCP pcstcns amcunted tc 6797.3 mcn (20!2 6726.2 mcn). lter ad|ustment cr
the change n CCP pcstcns cash cw rcm cperatng actvtes amcunted tc 6728.3 mcn (20!2
6707.7 mcn). Fcr detas cn the ad|ustments see the 'Fnanca pcstcn" sectcn c the ccmbned
management repcrt.


The cther ncncash nccme ccnssts c the ccwng tems



Ccmpcstcn c cther ncncash nccme
&'() &'(&
6m 6m

Equty methcd measurement 2.4 4.5
Reversa c dsccunt and transactcn ccsts rcm cngterm nancng 2.2 3.6
lmparment c cther equty nvestments, cans and avaabecrsae shares !.7 !!.4
Reversa c the revauatcn surpus cr cash cw hedges !.7 !.0
Subsequent vauatcn c nanca nstruments 2.3 0.4
Subsequent measurement c the abty rcm the acqustcn c urther shares c Eurex Zrch l0 0 27.4
Far vaue measurement c nterest rate swaps 0 0.8
Msceanecus 3.4 3.6
*#$+, ()3I B'3I



>%-4 H3'#- H/'1 +)6"-*+), %&*+6+*+"-
Net cash cws rcm nvestng actvtes amcunted tc 6829.2 mcn and reated n partcuar tc pay
ments tc acqure prcperty, pant and equpment and ntangbe assets c 6!27.6 mcn. ln the prevcus
year, nvestments n ntangbe assets ncuded an amcunt c 60.! mcn (20!3 n) reatng tc gccd
w. lmcng the cther nvestments n ntangbe assets and prcperty, pant and equpment, the measures
undertaken under the strategc grcwth ntatves and nrastructure prc|ects are cassed as expanscn
nvestments, whe a remanng nvestments are repcrted as repacement nvestments.


Cther dsccsures
Deutsche Brse Group corporate report 2013


%*+

The cther nvestments n ntangbe assets and prcperty, pant and equpment are brcken dcwn by seg
ment as ccws



Payment tc acqure ntangbe assets and prcperty, pant and equpment
)( P%; &'() )( P%; &'(&
6m 6m
CF>+/7?#/ ?/.%7$8%/$7
Eurex 40.3 48.7
`etra 0.6 0.9
Cearstream 48.4 38.6
Market Data Servces !.! 0
5'3J 443&
S%>,+;%8%/$ ?/.%7$8%/$7
Eurex !3.6 24.5
`etra 2.6 6.7
Cearstream !8.2 20.0
Market Data Servces 2.8 6.2
)I3& BI3J
*#$+, ?/.%7$8%/$7 +;;#-:?/@ $# 7%@8%/$ -%>#-$?/@ (&I32 (JB32



C the nvestments n ncncurrent nanca nstruments, an amcunt c 68.5 mcn (20!2 6255.6 m
cn) reated tc the purchase c varaberate securtes n the bankng busness. Securtes and cther ncn
current recevabes n the amcunt c 635.3 mcn (20!2 6392.2 mcn), c whch 632.2 mcn
(20!2 6387.7 mcn) reated tc the bankng busness, matured cr were scd n nanca year 20!3.

The acqustcn c urther shares c Eurcpean Energy Exchange l0 at a purchase prce c 6!5.4 mcn
and the acqustcn c nterests n Zmcry 0mbH, Deutsche Brse Ccud Exchange l0 and 0cba Mar
kets Exchange 0rcup lnternatcna LLP at purchase prces tctang 6!9.7 mcn resuted n cash cut
cws c 635.! mcn.

ln ccnnectcn wth the termnatcn c the cccperatcn agreement gcvernng the equty nvestment n
Sccach Hcdng S.l. wth eect rcm 30 June 20!3, the shares n Sccach Schwez l0 (ncw Sl` Struc
tured Prcducts Exchange l0) hed by Sccach Hcdng S.l. were transerred tc Sl` Swss Exchange l0,
and the shares n Sccach Hcdng S.l. prevcusy hed by Sl` Swss Exchange l0 were transerred tc
Sccach Hcdng S.l. and subsequenty retred (see ncte 2). Fccwng the transer, Deutsche Brse
l0's equty nterest n Sccach Hcdng S.l. (ncw Brse Frankurt Zertkate S.l.) ncreased tc !00 per
cent. Snce the acqustcn was transacted as an exchange, there were nc cash cutcws.

ln 20!2, there were cash cutcws c 6295.5 mcn n ccnnectcn wth the acqustcn c shares n
subsdares. 6295.0 mcn c ths amcunt reated tc the acqustcn c the shares n Eurex 0cba
Dervatves l0, whch hcds 50 per cent c shares c Eurex Zrch l0. The purchase prce was pad n
cash n the amcunt c 6295.0 mcn as we as by devery c 5,286,738 shares c Deutsche Brse l0,
at the tme c devery, the shares had a ar vaue c 6255.9 mcn.


Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%*#

>%-4 H3'#- H/'1 H+)%)&+), %&*+6+*+"-
Cash cutcws rcm nancng actvtes c 6497.6 mcn (20!2 cash cutcws c 6550.6 mcn)
many reated tc the dvdend dstrbutcn c 6386.5 mcn (20!2 6622.9 mcn) and the repayment
c bcnds ssued c 6797.8 mcn. Mcrecver, a bcnd wth a prncpa amcunt c 6600 mcn was s
sued n nanca year 20!3 (20!2 6600 mcn).

9"&')&+3+%*+') *' &%-4 %). &%-4 "^(+6%3")*-


Reccncatcn tc cash and cash equvaents
)( P%; &'() )( P%; &'(&
6m 6m

Restrcted bank baances !6,22!.7 !9,450.6
Cther cash and bank baances 627.9 64!.6
Net pcstcn c nanca nstruments c Eurex Cearng l0 500.0 0
ess bank cans and cverdrats 0.! 0.!
(I1)J53B &'1'5&3(
S%;#/;?,?+$?#/ $# ;+7K +/: ;+7K %O0?.+,%/$7
Current recevabes and securtes rcm bankng busness 9,544.0 !2,808.2
ess cans tc banks and custcmers wth an crgna maturty c mcre than 3 mcnths 692.! 0
ess avaabecrsae debt nstruments 3!0.6 25.0
ess dervatves 0 0.4
Current abtes rcm bankng busness 9,725.3 !2,880.3
Current abtes rcm cash depcsts by market partcpants !6,22!.7 !9,450.6
A(I1J'B3I A(51BJ43(
Q+7K +/: ;+7K %O0?.+,%/$7 AB23& BJJ3'



34. Earnngs per share
Under llS 33, earnngs per share are cacuated by dvdng the net prct cr the year attrbutabe tc
sharehcders c the parent ccmpany (net nccme) by the weghted average number c shares cutstandng.

ln crder tc determne duted earnngs per share, pctentay dutve crdnary shares that may be ac
qured under the Stcck Bcnus Pan (SBP) (see asc ncte 39) were added tc the average number c
shares. ln crder tc cacuate the number c pctentay dutve crdnary shares, the exercse prces were
ad|usted by the ar vaue c the servces st tc be prcvded.

ln crder tc determne duted earnngs per share, a SBP tranches cr whch cash settement has nct
been rescved are assumed tc be setted wth equty nstruments regardess c actua acccuntng n
acccrdance wth lFRS 2.


Deutsche Brse Group corporate report 2013


%+$

The ccwng pctentay dutve rghts tc purchase shares were cutstandng as at 3! December 20!3



Cacuatcn c the number c pctentay dutve crdnary shares

*-+/;K% CF%-;?7% >-?;%
T:j07$8%/$ #E $K%
%F%-;?7% >-?;%
+;;#-:?/@ $#
HTU ))
(<
T.%-+@% /08D%- #E
#0$7$+/:?/@
#>$?#/7
T.%-+@% >-?;% E#-
$K% >%-?#:
&<

"08D%- #E
>#$%/$?+,,L :?,0$?.%
#-:?/+-L 7K+-%7
6 6 3! Dec 20!3 6 as at 3! Dec 20!3

20!3
3)
0 38.88 56,598 50.90 !3,366
*#$+, ()1)22

!) lcccrdng tc llS 33.47(a), the ssue prce and the exercse prce cr stcck cptcns and cther sharebased payment arrangements must ncude the ar vaue c any
gccds cr servces tc be supped tc the entty n the uture under the stcck cptcn cr cther sharebased payment arrangement.
2) \cumeweghted average prce c Deutsche Brse l0 shares cn `etra cr the percd ! January tc 3! December 20!3
3) Ths reates tc rghts tc shares under the Stcck Bcnus Pan (SBP) cr sencr executves.


ls the vcumeweghted average share prce was hgher than the ad|usted exercse prce cr the 20!3
tranche, these stcck cptcns are ccnsdered as dutve under llS 33 as at 3! December 20!3.



Cacuatcn c earnngs per share (basc and duted)
&'() &'(&
Number c shares cutstandng as at begnnng c percd !84,078,674 !88,686,6!!
Number c shares cutstandng as at end c percd !84,!!5,657 !84,078,674
Weghted average number c shares cutstandng !84,083,895 !87,379,239
Number c pctentay dutve crdnary shares !3,366 3!,!66
!)
Weghted average number c shares used tc cacuate duted earnngs per share !84,097,26! !87,4!0,405
Net nccme (6m) 478.4 645.0
Earnngs per share (basc) (6) 2.60 3.44
Earnngs per share (duted) (6) 2.60 3.43

!) ld|usted cr the 20!! tranche, cr whch cash settement was rescved n 20!3

Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%+"

35. Segment repcrtng
Segment repcrtng s gcverned by the nterna crgansatcna and repcrtng structure, whch s brcken
dcwn by markets ntc the ccwng cur segments


lnterna crgansatcna and repcrtng structure
U%@8%/$ G07?/%77 +-%+7
Eurex T7 eectrcnc dervatves market tradng patcrm
T7 eectrcnc cptcns tradng patcrm
Eurex Repc

cvertheccunter (CTC) tradng patcrm


Centra ccunterparty cr bcnds, cn and cexchange dervatves and repc transactcns
`etra Cash market usng the `etra

eectrcnc tradng system, the Specast tradng cn the Frankurt


Stcck Exchange and Tradegate
Eurex Bcnds

CTC tradng patcrm


Centra ccunterparty cr equtes and bcnds
ldmsscn c securtes tc stng
Cearstream Custcdy and settement servces cr dcmestc and nternatcna securtes
0cba securtes nancng servces and ccatera management
lnvestment unds servces
Market Data Servces Dstrbutcn c censes cr reatme tradng and market sgnas
Devecpment and saes c ndces
Technccgy scutcns cr externa custcmers
Tradng partcpant ccnnectvty


ln acccrdance wth lFRS 8, ncrmatcn cn the segments s presented cn the bass c nterna repcrtng
(management apprcach). ls a resut c the changes made tc Deutsche Brse 0rcup's crgansatcna
structure as at ! January 20!3, varcus busness areas (e.g. tradng partcpant ccnnectvty, lT servces
and cccperatcns wth partner exchanges) were transerred rcm the prevcus market segments (n par
tcuar `etra) tc the new Market Data Servces segment. ln ths ccntext, net revenue, ccst and em
pcyees drecty cr ndrecty assccated wth these busness areas have asc been reaccated. Prcryear
gures have been ad|usted acccrdngy.

Saes revenue s presented separatey by externa saes revenue and nterna (ntersegment) saes reve
nue. lntersegment servces are charged cn the bass c measured quanttes cr at xed prces (e.g. the
prcvscn c data by Eurex tc Market Data Servces).

Due tc ther nsgncance tc segment repcrtng, the 'nanca nccme" and 'nanca expense" tems
have been ccmbned tc prcduce the 'net nanca resut".


Deutsche Brse Group corporate report 2013


%+%


Segment repcrtng


C0-%F `%$-+ Q,%+-7$-%+8
&'() &'(& &'() &'(& &'() &'(&
6m 6m 6m 6m 6m 6m
Externa saes revenue 850.0 858.2 !72.0 !62.4 766.4 752.!
lnterna saes revenue 0 0 0 0 7.6 5.5
*#$+, 7+,%7 -%.%/0% 4B'3' 4B43& (I&3' (2&3J IIJ3' IBI32

Net nterest nccme rcm bankng busness 0 0 0 0 35.9 52.0
Cther cperatng nccme !3.5 !0.2 8.9 6.4 7.4 3.!
*#$+, -%.%/0% 42)3B 4243J (4'35 (2434 4(I3) 4(&3I

\cumereated ccsts !22.8 !00.9 29.2 24.3 !63.4 !62.8
"%$ -%.%/0% 6$#$+, -%.%/0% ,%77 .#,08%9-%,+$%:
;#7$7< IJ'3I I2I3B (B(3I (JJ3B 2B)35 2J535

Sta ccsts !43.2 !24.5 45.9 39.8 205.5 !78.!
Deprecatcn, amcrtsatcn and mparment csses 53.6 45.0 9.4 9.8 37.8 30.5
Cther cperatng expenses !96.4 !80.9 39.9 39.7 260.0 !26.2
=>%-+$?/@ ;#7$7 A)5)3& A)B'3J A5B3& A453) AB')3) A))J34

Resut rcm equty nvestments 5.!
2)
4.7
3)
4.0 4.9 0.2 0.5
C+-/?/@7 D%E#-% ?/$%-%7$ +/: $+F 6CGH*< )B&32 J(&3J 2'3B 2'3( (B'34 )(J32

Net nanca resut 62.6 !25.!
4)
2.6 2.4 3.2 3.4
C+-/?/@7 D%E#-% $+F 6CG*< &5'3' &4I3) BI35 BI3I (JI32 )((3&

lnvestment n ntangbe assets and prcperty, pant
and equpment
5)
53.9 73.2 3.2 7.6 66.6 58.6

Empcyees (as at 3! December) !,0!8 96! 33! 309 !,8!6 !,793

CGH* 8+-@?/ 6i<
2<
JI32 B)3I )535 J(32 &)3( J43J

!) The ccnscdatcn c nterna net revenue ccumn shcws the emnatcn c ntragrcup saes revenue and prcts.
2) lncudes mparment csses tctang 6!.6 mcn that acccunt cr the nterest n Cuadrserv lnc.
3) lncudes mparment csses c 6!0.8 mcn that acccunt cr the nterest n Cuadrserv lnc.
4) lncudes css cn subsequent measurement c abtes tc Sl` 0rcup l0 c 627.4 mcn.
5) Excudng gccdw
6) EBlT margn s cacuated cn the bass c EBlT dvded by net revenue.

Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%+&





a+-_%$ P+$+bU%-.?;%7 *#$+, #E +,, 7%@8%/$7
Q#/7#,?:+$?#/ #E ?/$%-/+,
/%$ -%.%/0%
(<
^-#0>
&'() &'(& &'() &'(& &'() &'(& &'() &'(&
6m 6m 6m 6m 6m 6m 6m 6m

37!.9 372.6 2,!60.3 2,!45.3 0 0 2,!60.3 2,!45.3
26.4 29.5 34.0 35.0 34.0 35.0 0 0
)543) J'&3( &1(5J3) &1(4'3) A)J3' A)B3' &1(2'3) &1(JB3)

0 0 35.9 52.0 0 0 35.9 52.0
3.6 4.0 33.4 23.7 !2.8 !2.0 20.6 !!.7
J'(35 J'23( &1&2)32 &1&B23' AJ234 AJI3' &1&(234 &1&'53'

35.9 35.7 35!.3 323.7 46.8 47.0 304.5 276.7

)223' )I'3J (15(&3) (15)&3) ' ' (15(&3) (15)&3)

8!.4 7!.8 476.0 4!4.2 0 0 476.0 4!4.2
!8.0 !9.7 !!8.8 !05.0 0 0 !!8.8 !05.0
9!.7 92.6 588.0 439.4 0 0 588.0 439.4
A(5(3( A(4J3( A(1(4&34 A5B432 ' ' A(1(4&34 A5B432

0 4.0 9.3 4.3 0 0 9.3 4.3
(IJ35 (4&3) I)434 5253J ' ' I)434 5253J

2.3 !.8 70.7 !32.7 0 0 70.7 !32.7
(I&32 (4'3B 2243( 4)23I ' ' 2243( 4)23I


3.9 6.2 !27.6 !45.6 0 0 !27.6 !45.6

646 64! 3,8!! 3,704 0 0 3,8!! 3,704

JI34 J53& )432 B'3& /3+3 /3+3 )432 B'3&

Deutsche Brse Group corporate report 2013


%+'

ln the year under revew, there was an extracrdnary mparment css c 60.6 mcn (20!2 n).

Ncncash vauatcn acwances and bad debt csses resuted rcm the ccwng segments



Breakdcwn c ncncash vauatcn acwances and bad debt csses
&'() &'(&
6m 6m
Eurex 0.4 0
`etra 0.4 0
Cearstream 0.! 0.4
Market Data Servces 0.6 0.3
*#$+, (3B '3I



Deutsche Brse 0rcup's busness mcde and that c ts segments s ccused cn an nternatcnay
cperatng partcpant base and prcng dces nct der dependng cn the custcmer's ccatcn. Frcm a prce,
margn and rsk perspectve, ths means that t s nct mpcrtant whether saes revenue s generated rcm
0erman cr ncn0erman partcpants.

The rsks and returns rcm the actvtes c the subsdares cperatng wthn the eccncmc envrcnment
c the Eurcpean Mcnetary Uncn (EMU) dc nct der sgncanty rcm each cther cn the bass c the
actcrs tc be ccnsdered n dentyng ncrmatcn cn gecgraphca regcns under lFRS 8. ls a resut,
Deutsche Brse 0rcup has dented the ccwng ncrmatcn cn gecgraphca regcns the eurc zcne,
the rest c Eurcpe, lmerca and lsaPacc.

Saes revenue s accated tc the ndvdua regcns acccrdng tc the custcmer's dcmce, whe nvest
ments and ncncurrent assets are accated acccrdng tc the ccmpany's dcmce and empcyees acccrd
ng tc ther ccatcn.

ls descrbed abcve, the anayss c saes s based cn the drect custcmer's bng address. Ths means
cr exampe saes tc an lmercan nvestcr tradng a prcduct wth an lsan underyng va a Eurcpean
cearng member are cassed as Eurcpean saes. Thus, n addtcn tc saes tc custcmers based n the
lsa Pacc regcn, Deutsche Brse 0rcup asc repcrts saes c prcducts based cn lsa Pacc under
yngs. These ncude, cr exampe, tradng c the Scuth Kcrean KCSPl ndex cn Eurex, settement and
custcdy servces cr securtes ssued by lsan enttes, gcba securtes nancng rcm and wth lsan
custcmers, and ndex prcducts such as the STC`` Chna Tcta Market ndces. Furthermcre, the 0rcup
earns net nterest nccme cn lsan custcmer baances. ln tcta, ths lsa Paccdrven busness amcunt
ed tc an addtcna 648.8 mcn n 20!3 (20!2 645.2 mcn, number restated cr the ncuscn c
0SF revenues).

Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%+(


lncrmatcn cn gecgraphca regcns
U+,%7 -%.%/0% H/.%7$8%/$7
)<
"#/9;0--%/$ +77%$7 "08D%- #E %8>,#L%%7
&'() &'(& &'() &'(& &'() &'(& &'() &'(&
6m 6m 6m 6m 6m 6m

Eurc zcne !,080.7
!)
!,076.8
!)
!!9.5 !33.6 !,483.8
2)
!,442.7
2)
2,687 2,652
Rest c
Eurcpe 695.!
!)
727.8
!)
0.5 5.3 589.7
2)
579.9
2)
688 633
lmerca 325.7
!)
295.!
!)
6.2 6.5 !,374.3
2)
!,488.5
2)
3!0 308
lsa/Pacc 92.8 80.6 !.4 0.2 !.6 0.8 !26 !!!
*#$+, #E +,,
-%@?#/7 &1(5J3) &1(4'3) (&I32 (JB32 )1JJ53J )1B((35 )14(( )1I'J
Ccnscdatcn
c nterna net
revenue 34.0 35.0
^-#0> &1(2'3) &1(JB3) (&I32 (JB32 )1JJ53J
&<
)1B((35 )14(( )1I'J

!) lncudng ccuntres n whch mcre than !0 per cent c saes revenue were generated UK (20!3 6545.2 mcn, 20!2 657!.0 mcn), 0ermany (20!3
6575.5 mcn, 20!2 657!.0 mcn), and USl (20!3 63!6.0 mcn, 20!2 6285.! mcn)
2) lncudng ccuntres n whch mcre than !0 per cent c ncncurrent assets are carred USl (20!3 6!,374.3 mcn, 20!2 6!,488.5 mcn),
0ermany (20!3 6!,267.4 mcn, 20!2 6!,266.0 mcn) and Swtzerand (20!3 6584.4 mcn, 20!2 6573.2 mcn)
3) Excudng gccdw


36. Fnanca rsk management
Deutsche Brse 0rcup presents the quatatve dsccsures requred by lFRS 7 n deta n the ccmbned
management repcrt (see expanatcns n the rsk repcrt, whch s part c the ccmbned management
repcrt), such as the nature and extent c rsks arsng rcm nanca nstruments, as we as the cb|ec
tves, strateges and methcds used tc manage rsk.

Fnanca rsks arse at Deutsche Brse 0rcup many n the crm c credt rsk. Tc a smaer extent
the 0rcup s expcsed tc market prce rsk. Fnanca rsks are quanted usng the eccncmc capta
ccncept (pease reer tc the rsk repcrt cr detaed dsccsures). Eccncmc capta s assessed cn a
99.98 per cent ccndence eve cr a cneyear hcdng percd. The eccncmc capta s ccmpared wth
the 0rcup's abe equty capta ad|usted by ntangbe assets sc as tc test the 0rcup's abty tc abscrb
extreme and unexpected csses. The eccncmc capta cr nanca rsk s cacuated at the end c each
mcnth and amcunted tc 6388 mcn as at 3! December 20!3, whereby 63!! mcn stem rcm credt
rsk and 677 mcn stem rcm market prce rsk.

The 0rcup evauates ts nanca rsk stuatcn cn an cngcng bass. ln the vew c the Executve Bcard,
nc threat tc the ccntnued exstence c the 0rcup can be dented at ths tme.

Deutsche Brse Group corporate report 2013


%+)

>/".+* /+-b
Credt rsks arse n Deutsche Brse 0rcup rcm the ccwng tems


Credt rsk c nanca nstruments

Q+--L?/@ +8#0/$7 A
8+F?808 -?7_ >#7?$?#/ Q#,,+$%-+,
U%@8%/$ "#$%
T8#0/$ +7 +$
)( P%; &'()
T8#0/$ +7 +$
)( P%; &'(&
T8#0/$ +7 +$
)( P%; &'()
T8#0/$ +7 +$
)( P%; &'(&
6m 6m 6m 6m

Q#,,+$%-+,?7%: ;+7K
?/.%7$8%/$7
Cvernght mcney nvested
under securtes
repurchase agreements Eurex
!)
0 !,499.9 0 !,60!.9
Reverse repurchase
agreements Eurex
!)
7,27!.3 5,287.5 7,360.9
2)
5,3!6.7
2)
Cearstream !6 6,708.7 2,847.4 6,68!.7
3)

4)
2,842.6
3)

4)
0rcup
!)
!57.9 !33.2 !58.! !35.2
(J1()I35 51I243' (J1&''3I 514523J
R/;#,,+$%-+,?7%: ;+7K
?/.%7$8%/$7
Mcney market endngs
centra banks Eurex
!)
9,!86.7 !2,862.7 0 0
Cearstream !6 624.! 6,530.7 0 0
Mcney market endngs
cther ccunterpartes Eurex
!)
8.3 29.6 0 0
Cearstream !6 4!9.9 !,!98.9 0 0
0rcup
!)
!2.! !4.9 0 0
Baances cn ncstrc
acccunts Cearstream !6 99!.3 !,975.4 0 0
0rcup
!)
2!3.2 264.3 0 0
Cther xednccme
securtes Cearstream !3, !6 5.5
5)
5.8
5)
0 0
Fcatng rate nctes Cearstream !3, !6 !,483.4
5)
!,504.2
5)
0 0
0rcup !3 5.0
6)
5.0 0 0
Fund assets Eurex !3 !!.0 8.8 0 0
(&152'3B &J1J''3) ' '
[#+/7 E#- 7%$$,?/@
7%;0-?$?%7 $-+/7+;$?#/7
Technca cverdrat
actes Cearstream !6 487.0 228.4 n.a.
7)
n.a.
7)
lutcmated Securtes Fas
Fnancng
8)
Cearstream 556.9 74!.3 7!!.2 800.4
lSLpus securtes endng
8)
Cearstream 4!,858.4 38,043.9 43,624.3 38,07!.3
J&15'&3) )51'()32 JJ1))B3B )414I(3I

*#$+, I'1'''3I I)1(4(35 B41B)23& J41I243(



Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%+*









Q+--L?/@ +8#0/$7 A
8+F?808 -?7_ >#7?$?#/ Q#,,+$%-+,

U%@8%/$ "#$% T8#0/$ +7 +$
)( P%; &'()
T8#0/$ +7 +$
)( P%; &'(&
T8#0/$ +7 +$
)( P%; &'()
T8#0/$ +7 +$
)( P%; &'(&
6m 6m 6m 6m

G+,+/;% D-#0@K$ E#-N+-: I'1'''3I I)1(4(35 B41B)23& J41I243(

=$K%- -%;%?.+D,%7
Cther cans 0rcup 0.4 0.! 0 0
Cther assets 0rcup 32 203.9 93.5 0 0
Trade recevabes 0rcup 2!8.8 2!!.8 0 0
Recevabes rcm reated partes 0rcup 4.! 3.0 0 0
lnterest recevabes Cearstream !6 2.4 2.0 0 0
J&532 )('3J ' '

W?/+/;?+, ?/7$-08%/$7 #E C0-%F
Q,%+-?/@ T^ 6;%/$-+, ;#0/$%->+-$L<

)J14J'3J
5<
)J142J3I
5<
J41J(53&
('<

((<
JB144(3&
('<

((<


P%-?.+$?.%7 !4 ' '3B ' '

W?/+/;?+, @0+-+/$%% ;#/$-+;$7
4<
((3) ((3I ' '

*#$+, ('B1&4&3' ('41)253& ('215BB3J 5J12J53)

!) Presented n the tems 'restrcted bank baances" and 'cther cash and bank baances"
2) Therec, 6732.0 mcn repedged tc centra banks (20!2 60 mcn)
3) Therec, 64,524.2 mcn transerred tc centra banks (20!2 6443.8 mcn)
4) Tcta c ar vaue c cash (64.7 mcn, 20!2 n) and securtes ccatera (66,777.0 mcn, 20!2 62,842.6 mcn) receved under reverse repurchase
agreements
5) Therec !,328.6 mcn transerred tc centra banks (20!2 6!,352.0 mcn).
6) The amcunt ncudes ccatera tctang 65.0 mcn (20!2 65.0 mcn).
7) The pcrtcc c depcsted ccatera s nct drecty attrbuted tc any utsatcn, but s determned by the sccpe c the entre busness reatcnshp and the mts
granted.
8) Cbaancesheet tems
9) Net vaue c a margn requrements resutng rcm executed trades as at the baance sheet date, ths gure represents the rskcrented vew c Eurex Cearng l0
whe the carryng amcunt c the pcstcn 'nanca nstruments c Eurex Cearng l0" n the baance sheet shcws the grcss amcunt c the cpen trades acccrdng
tc llS 32.
!0) Ccatera vaue c cash and securtes ccatera depcsted cr margns ccverng net vaue c a margn requrements
!!) The amcunt ncudes the cearng und tctang 6!,597.2 mcn (20!2 6!,402.3 mcn).
Deutsche Brse Group corporate report 2013


%++

>%-4 +)6"-*1")*-
Deutsche Brse 0rcup s expcsed tc credt rsk n ccnnectcn wth the nvestment c cash unds. The
0rcup mtgates such rsks by nvestng shcrtterm unds ether tc the extent pcssbe cn a ccatera
sed bass, e.g. va reverse repurchase agreements cr by depcsts wth centra banks.

lcccrdng tc the treasury pccy, cny bcnds wth a mnmum ratng c ll ssued cr guaranteed by
gcvernments cr supranatcna nsttutcns are egbe as ccatera.

The ar vaue c securtes receved under reverse repurchase agreements (Cearstream subgrcup, Eurex
Cearng l0 and Deutsche Brse l0) was 6!4,!96.0 mcn (20!2 68,273.6 mcn). The Cear
stream subgrcup and Eurex Cearng l0 are abe tc repedge the securtes receved tc ther centra banks.

The ar vaue c securtes receved under reverse repurchase agreements transerred va transer c tte
tc centra banks at Cearstream subgrcup amcunted tc 64,524.2 mcn as at 3! December 20!3
(20!2 6443.8 mcn). ls at 3! December 20!3 Eurex Cearng l0 has repedged securtes tc centra
banks wth a ar vaue c 6732.0 mcn (20!2 n). The ccntract terms are based cn reccgnsed bat
era master agreements.

Unccaterased cash nvestments are permtted cny cr ccunterpartes wth scund credtwcrthness
wthn the ramewcrk c dened ccunterparty credt mts cr n the crm c nvestments n mcney market
cr cther mutua unds as we as US treasures and muncpa bcnds wth maturtes c ess than twc
years. Ccunterparty credt rsk s mcntcred cn the bass c an nterna ratng system.

Part c the avaabecrsae xednccme nanca nstruments and catng rate nctes hed by Cear
stream are transerred va transer c tte tc centra banks tc ccaterase the settement actes
cbtaned. The ar vaue c transerred securtes was 6!,355.0 mcn as at 3! December 20!3
(20!2 6!,352.0 mcn).

W'%)- H'/ -"**3+), -"&(/+*+"- */%)-%&*+')-
Cearstream grants custcmers technca cverdrat actes tc maxmse settement ecency. These sette
ment actes are sub|ect tc nterna credt revew prccedures. They are revccabe at the cptcn c the
Cearstream subgrcup and are argey ccaterased. Technca cverdrat actes amcunted tc 69!.8
bcn as at 3! December 20!3 (20!2 687.6 bcn). C ths amcunt, 62.7 bcn (20!2 62.8 bcn)
s unsecured, whereby a arge prcpcrtcn reates tc credt nes granted tc centra banks and cther gcvern
mentbacked nsttutcns. lctua cutstandngs at the end c each busness day generay represent a sma
ractcn c the actes and amcunted tc 6487.0 mcn as at 3! December 20!3 (20!2
6228.4 mcn), see ncte !6.

Cearstream asc guarantees the rsk resutng rcm the lutcmated Securtes Fas Fnancng prcgramme
t cers tc ts custcmers. Ths rsk s ccaterased. 0uarantees gven under ths prcgramme amcunted tc
6556.9 mcn as at 3! December 20!3 (20!2 674!.3 mcn).

Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%+#

Under the lSLpus securtes endng prcgramme, Cearstream Bankng S.l. had securtes bcrrcw
ngs rcm varcus ccunterpartes tctang 64!,858.4 mcn as at 3! December 20!3 (20!2
638,043.9 mcn). These securtes were uy ent tc cther ccunterpartes. Ccatera receved by
Cearstream Bankng S.l. n ccnnectcn wth these cans amcunted tc 643,624.3 mcn (20!2
638,07!.3 mcn).

ln 20!2 and 20!3, nc csses rcm credt transactcns cccurred n reatcn tc any c the transactcn
types descrbed.

I*4"/ /"&"+6%R3"-
Tradng, settement and custcdy ees are generay ccected wthcut deay by drect debt. Fees cr cther
servces, such as the prcvscn c data and ncrmatcn, are setted many by transer. ls a resut c
deaut by custcmers, recevabes c 62.7 mcn (20!2 62.2 mcn) reatng tc ees cr tradng and
prcvscn c data and lT servces are nct expected tc be ccectabe.

8+)%)&+%3 +)-*/(1")*- 'H J(/"Y >3"%/+), @a C&")*/%3 &'()*"/2%/*5D
Tc saeguard Eurex Cearng l0 aganst the rsk c deaut by a cearng member, the cearng ccndtcns
requre the cearng members tc depcst margns n the crm c cash cr securtes cn a day bass cr an
ntraday bass n the amcunt stpuated by Eurex Cearng l0. lddtcna securty mechansms c Eurex
Cearng l0 are descrbed n deta n the rsk repcrt.

The aggregate margn cas (ater harcuts) based cn the executed transactcns was 634,840.4 mcn
at the repcrtng date (20!2 634,864.7 mcn). ln act, ccatera tctang 648,4!9.2 mcn (20!2
645,88!.2 mcn) was depcsted.



Ccmpcstcn c Eurex Cearng l0's ccatera

Q#,,+$%-+, .+,0%
+7 +$ )( P%; &'()
Q#,,+$%-+, .+,0%
+7 +$ )( P%; &'(&
6m 6m

Cash ccatera (cash depcsts)
!)
!6,2!7.6 !9,447.4
Securtes and bcckentry securtes ccatera
2)

3)
32,20!.6 26,433.8
*#$+, J41J(53& JB144(3&

!) The amcunt ncudes the cearng und tctang 6690.6 mcn (20!2 6680.3 mcn).
2) The amcunt ncudes the cearng und tctang 6906.6 mcn (20!2 6722.0 mcn).
3) The ccatera vaue s determned cn the bass c the ar vaue ess a harcut.


ln ccntrast tc the rskcrented net anayss c the transactcns va the centra ccunterparty, the grcss
amcunts are repcrted n the baance sheet, as the csettng rues dened n llS 32 cannct be met. Fcr
a detaed expanatcn c ths baance sheet tem, see 'Fnanca nstruments c Eurex Cearng l0
(centra ccunterparty)" sectcn n ncte 3 cr ncte !5. Fcr an anayss c the carryng amcunt, see
ncte !5.

Deutsche Brse Group corporate report 2013


%#$

>/".+* /+-b &')&")*/%*+')-
Deutsche Brse 0rcup's busness mcde and the resutng busness reatcnshps wth a arge part c the
nanca sectcr mean that, as a rue, credt rsk s ccncentrated cn the nanca servces sectcr. Pctenta
ccncentratcns c credt rsk cn ndvdua ccunterpartes are mted by appcatcn c ccunterparty credt
mts.

The reguatcry requrements, such as thcse arsng under the 0rcfkredt und Mcnenkredtvercrdnung
(0rcMK\, crdnance gcvernng arge expcsures and cans c 6!.5 mcn cr mcre) n 0ermany and the
ccrrespcndng rues n Luxembcurg arsng under the revsed CSSF crcuar 06/273, are ccmped wth.

The 0erman and Luxembcurgan rues are based cn the EU drectves 2006/48/EC and 2006/49/EC
(ccmmcny kncwn as CRD) as revsed n 2009 wth eect as at 3! December 20!0.

See asc ncte 20 cr an expanatcn c reguatcry capta requrements.

Deutsche Brse 0rcup carres cut \aR cacuatcns n crder tc detect credt ccncentratcn rsks. ln 20!3,
nc sgncant credt ccncentratcns were assessed.

The requred eccncmc capta cr credt rsk s cacuated cr each busness day and amcunted tc 63!!
mcn as at 3! December 20!3 (20!2 6!84 mcn). The ncrease s drven by twc man actcrs, rsty,
the requred eccncmc capta s ncw cacuated as the undversed sum c the requred eccncmc cap
ta c the segments, ccmpanes and rsk types, and seccndy, the credt rsk c Eurex Cearng l0 n
creased due tc the ncrease c ts cwn ccntrbutcn tc the Deaut Fund ('skn n the game").


E%/b"* 2/+&" /+-b
ls part c the annua pannng, the treasury pccy c Deutsche Brse 0rcup requres that any net earn
ngs expcsure rcm currences be hedged thrcugh cregn exchange transactcns, the unhedged expc
sure exceeds !0 per cent c ccnscdated EBlT. Fcregn exchange expcsures becw !0 per cent c ccnsc
dated EBlT may asc be hedged.

Durng the year, actua cregn exchange expcsure s mcntcred aganst the atest EBlT crecast. ln case
c an cversteppng c the !0 per cent threshcd, the exceedng amcunt must be hedged.

ln addtcn, the pccy stpuates that ntrapercd cpen cregn exchange pcstcns are ccsed when they
exceed 6!5.0 mcn. Ths pccy was ccmped wth as n the prevcus year, as at 3! December 20!3,
there were nc sgncant net cregn exchange pcstcns.


Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%#"

Currency rsks n the 0rcup arse many rcm the cperatng resuts and baance sheet tems c lSE,
whch are dencmnated n US dcars, pus that part c Cearstream's saes revenue and nterest nccme
ess expenses whch s drecty cr ndrecty generated n US dcars. ls at 3! December 20!3, lSE
acccunted cr 26 per cent c the Eurex segment's saes revenue (20!2 23 per cent). ln addtcn, the
Cearstream segment generated 9 per cent c ts saes revenue and nterest nccme (20!2 9 per cent)
drecty cr ndrecty n US dcars.

lcqustcns where payment c the purchase prce resuts n currency rsk are generay hedged.

The 0rcup has partay hedged ts nvestment n lSE aganst cregn currency rsks by ssung xed
nccme US dcar debt securtes. The nvestment n lSE (hedged tem) ccnsttutes a net nvestment n
a cregn cperatcn. The US dcar securtes desgnated as hedgng nstruments cr the net nvestment
hedge were ssued n a ncmna amcunt c US$460.0 mcn.

lnterest rate rsks arse urther rcm debt nancng c acqustcns. The acqustcn c lSE was nanced
thrcugh sencr and hybrd debt that matured cr has been caed n 20!3.

Tc renance 20!3 debt maturtes Deutsche Brse l0, n Cctcber 20!2 and March 20!3, successuy
ssued sencr bcnds n an amcunt c 6600 mcn each.

Equty prce rsks arse rcm ccntractua trust arrangements (CTls) and rcm the Cearstream Penscn
Fund n Luxembcurg. ln addtcn, there are equty prce rsks arsng rcm strategc equty nvestments
n cther exchange cperatcrs.

Eccncmc capta s cacuated at the end c each mcnth cr market prce rsks that can arse n ccnnec
tcn wth cash nvestments cr bcrrcwng as a resut c uctuatcns n nterest rates and cregn exchange
rates as we as thrcugh uctuatcns c the asset vaue c the CTl and the Cearstream Penscn Fund n
Luxembcurg. Cn 3! December 20!3, the eccncmc capta cr market prce rsk was 677 mcn (20!2
6! mcn). The ncrease s many drven by twc actcrs, rsty, the requred eccncmc capta s ncw
cacuated as the undversed sum c the requred eccncmc capta c the segments, ccmpanes and
rsk types, and seccndy, the market prce rsk ncreased because the CTls and Cearstream Penscn
Fund n Luxembcurg are ncw ncuded n the cacuatcn.

ln nanca year 20!3, mparment csses amcuntng tc 6!.6 mcn (20!2 6!3.3 mcn) were rec
cgnsed n prct and css cr strategc nvestments that are nct ncuded n the \aR cr market prce rsk.



Deutsche Brse Group corporate report 2013


%#%

W+^(+.+*5 /+-b
Fcr the 0rcup, qudty rsk may arse rcm pctenta dcutes n renewng maturng nancng, such
as ccmmerca paper and batera and syndcated credt actes. ln addtcn, requred nancng cr
unexpected events may resut n a qudty rsk. Mcst c the 0rcup's cash nvestments are shcrtterm
tc ensure that qudty s avaabe, shcud such a nancng need arse. Eurex Cearng l0 remans
amcst perecty matched wth respect tc the duratcns c receved custcmer cash margns and nvest
ments whch n cny mted amcunts may have tencrs c up tc cne mcnth whe the Cearstream sub
grcup may nvest custcmer baances up tc a maxmum c cne year under strct ccntrc c msmatch and
nterest rate mts (see ncte 3! cr an cvervew c the maturty structure).Term nvestments can be
transacted va reverse repurchase agreements aganst hghy qud ccatera that can be depcsted wth
the Luxembcurg Centra Bank and can be used as a qudty buer n case c need.



Ccntractuay agreed credt nes
Q#8>+/L V0->#7% #E ;-%:?$ ,?/% Q0--%/;L
T8#0/$ +7 +$
)( P%; &'()
T8#0/$ +7 +$
)( P%; &'(&
m m

Deutsche Brse l0 wcrkng capta
!)
nterday 6 605.0 605.0
Eurex Cearng l0 settement nterday 6 670.0 670.0
settement ntraday 6 700.0 700.0
settement nterday CHF 200.0 200.0
Cearstream Bankng S.l. wcrkng capta
!)
nterday 6 750.0 750.0

!) 6400.0 mcn c Deutsche Brse l0's wcrkng capta credt nes s a subcredt ne c Cearstream Bankng S.l.'s 6750 mcn wcrkng capta credt ne.


Cearstream Bankng S.l. has a bank guarantee (etter c credt) n avcur c Eurccear Bank S.l./N.\.
ssued by an nternatcna ccnscrtum tc secure day deveres c securtes between Eurccear Bank
S.l./N.\. and Cearstream Bankng S.l.. Ths guarantee amcunted tc US$2.80 bcn as at 3! Decem
ber 20!3 (20!2 US$2.75 bcn). Eurccear Bank S.l./N.\. has asc ssued a guarantee n avcur c
Cearstream Bankng S.l. amcuntng tc US$2.3 bcn (20!2 US$2.! bcn).

Furthermcre, Eurex Cearng l0 hcds a credt acty c US$2.! bcn (20!2 US$2.! bcn) granted
by Eurccear Bank S.l./N.\. n crder tc ncrease the settement ecency.

l ccmmerca paper prcgramme cers Deutsche Brse l0 an cppcrtunty cr exbe, shcrtterm nanc
ng, nvcvng a tcta acty c 62.5 bcn n varcus currences. ls at yearend, ccmmerca paper wth
a ncmna vaue c 6!00.0 mcn has been ssued (20!2 n).

Cearstream Bankng S.l. asc has a ccmmerca paper prcgramme wth a prcgramme mt c
6!.0 bcn, whch s used tc prcvde addtcna shcrtterm qudty. ls at 3! December 20!3, ccm
merca paper wth a ncmna vaue c 6!94.! mcn had been ssued (20!2 6208.4 mcn).


Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%#&

The ratng agences Ftch and Standard & Pccr's ccnrmed the exstng credt ratngs c the 0rcup ccm
panes n the ccurse c the nanca year. The negatve cutcck, added tc Deutsche Brse l0's ratng n
December 20!2 by S&P, has been kept. Cn ! February 20!3, Ftch Ratngs added a negatve cutcck tc
Cearstream Bankng S.l.'s ll ratng that has been remcved n Ncvember 20!3. Fcr urther detas cn
the ratng c Deutsche Brse 0rcup, see the 'Fnanca pcstcn" sectcn n the ccmbned management
repcrt.

ls at 3! December 20!3, Deutsche Brse l0 was cne c cny twc Dl`sted ccmpanes that had been
gven an ll ratng by Standard & Pccr's.

ls at 3! December 20!3, Deutsche Brse l0's ccmmerca paper prcgramme was awarded the best
pcssbe shcrtterm ratng c l!.


37. Fnanca abtes and cther rsks
Fcr the ccmng nanca years, the 0rcup's expenses n ccnnectcn wth cngterm ccntracts reatng tc
mantenance ccntracts and cther ccntracts (wthcut renta and ease agreements, see ncte 38) are
presented n the ccwng



Breakdcwn c uture nanca cbgatcns
)( P%; &'() )( P%; &'(&
6m 6m

Up tc ! year 5!.7 49.9
! tc 5 years 74.8 63.4
Mcre than 5 years !3.2 9.5
*#$+, ()53I (&&34



I*4"/ 3+*+,%*+') %). 3+%R+3+*5 /+-b-
Ccntngent abtes may resut rcm present cbgatcns and rcm pcssbe cbgatcns rcm events n the
past. Deutsche Brse 0rcup reccgnses prcvscns cr the pcssbe ncurrence c csses cny there s a
present cbgatcn rcm an event n the past whch s key tc cause an cutcw c rescurces and t s
pcssbe tc reaby estmate the amcunt c such cbgatcn (see asc ncte 3). ln crder tc determne cr
whch prcceedngs the pcssbty c ncurrng a css s mcre than unkey as we as hcw the pcssbe
css s estmated, Deutsche Brse 0rcup takes ntc acccunt a muttude c actcrs, ncudng the nature
c the cam and the acts cn whch t s based, the |ursdctcn and ccurse c the ndvdua prcceedngs,
the experence c Deutsche Brse 0rcup, prcr settement taks (as ar as have aready taken pace) as
we as repcrts and evauatcns c ega advscrs. Hcwever, t s pcssbe that a reabe estmate cr a
gven prcceedngs ccud nct be determned becre the reease c the ccnscdated nanca statements,
and that as a resut nc prcvscns are reccgnsed.


Deutsche Brse Group corporate report 2013


%#'

J(/"Y >3"%/+), @a 6-[ W"41%) X/'*4"/- X%)b4%(- @a
Cn 26 Ncvember 20!2, the nscvency admnstratcr c Lehman Brcthers Bankhaus l0 (LBB l0), Dr
Mchae C. Frege, brcught an actcn aganst Eurex Cearng l0 becre the Frankurt/Man Regcna Ccurt.
Cn the bass c 0erman nscvency aw, Dr Frege s demandng rcm Eurex Cearng l0 the repayment c
6!!3.5 mcn and payment c ancther amcunt c arcund 6!.0 mcn pus nterest c 5 percentage
pcnts abcve the base rate accrued cn the tcta amcunt snce !3 Ncvember 2008. Eurex Cearng l0
ccnsders the cam uncunded and s deendng tse aganst the nscvency admnstratcr's actcn.

LBB l0 had made payments n the amcunt c 6!!3.5 mcn tc Eurex Cearng l0 n the mcrnng c
!5 September 2008. LBB l0 was thereby eectng ccatera payments (ntraday margn payments) c
Lehman Brcthers lnternatcna (Eurcpe) (LBlE) rcm the underyng cearng reatcnshp tc Eurex Cear
ng l0 by actng as ccrrespcndence bank cr the crmer cearng member LBlE. Cn !5 September 2008,
admnstratcn prcceedngs were cpened n the Unted Kngdcm wth respect tc LBlE, and Bundesagen
tur r Fnanzdenstestungsauscht (BaFn, 0erman Federa Fnanca Supervscry luthcrty) ssued a
mcratcrum wth regard tc LBB l0 n the ccurse c !5 September 2008. Cn !3 Ncvember 2008, nsc
vency prcceedngs were cpened wth regards tc LBB l0.

>3"%/-*/"%1 X%)b+), :[ @[ 0 -"**3"1")* #+*4 I8@>
The U.S. Treasury Department Cce c Fcregn lssets Ccntrc (CFlC) was nvestgatng certan secur
tes transers n 2008 wthn Cearstream's settement systems regardng US lran sanctcns reguatcns.
These transers mpemented the decscn taken by Cearstream n 2007 tc ccse ts lranan custcmers'
acccunts. CFlC had been ncrmed c the ccsng c the acccunts n advance. Cn 9 January 20!3,
Deutsche Brse l0 repcrted n an adhcc anncuncement that, ccwng CFlC's prcpcsa, Cearstream
decded tc enter ntc settement taks wth CFlC. ln recent mcnths, Cearstream has hed substantve
dscusscns wth CFlC. Cn 23 January 20!4, the matter was rescved thrcugh a settement and pay
ment c US$ !5!.9 mcn. Ths settement wth CFlC dces nct ccnsttute a na determnatcn that
a vcatcn has cccurred.

N"*"/-') 6-[ >3"%/-*/"%1 X%)b+), :[@[U >+*+R%)b !@ "* %3[ %). V"+-"/ 6-[ >3"%/-*/"%1 X%)b+), :[@[
ln ts ccrpcrate repcrt 20!2, Deutsche Brse 0rcup ncrmed abcut prcceedngs ntated by varcus
pants seekng turncver c certan custcmer pcstcns hed n Cearstream Bankng S.l.'s (Cearstream)
securtes cmnbus acccunt wth ts US depcstcry bank, Ctbank Nl, and assertng drect cams
aganst Cearstream cr damages c US$250 mcn cr purpcrted wrcngu ccnveyance c scme c
these pcstcns.

ln Juy 20!3, the US ccurt crdered turncver tc pants, hcdng that the custcmer pcstcns were
cwned by Bank Markaz. The decscn dd nct address the drect cams aganst Cearstream. Bank
Markaz and Cearstream appeaed the turncver crder.

The respcnsbe bcdes c Deutsche Brse l0 and Cearstream apprcved the terms c a settement agree
ment wth the pants n ths case cn 9 September 20!3. Pursuant tc the settement agreement, the
drect cams aganst Cearstream were tc be dsmssed and ratyng pants agreed nct tc sue Cear
stream cr damages arsng rcm speced acts that cccurred prcr tc the eectve date c the agreement.

Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%#(

ln return, Cearstream agreed tc wthdraw ts appea rcm the turncver crder. Cn 8 Ncvember 20!3, the
US tra ccurt dsmssed the drect cams aganst Cearstream and the settement became eectve.
Cn !3 Ncvember 20!3, the US appeate ccurt accepted the wthdrawa c Cearstream's appea c the
dstrct ccurt's turncver crder n ght c the settement wth pants. Bank Markaz's appea ccntnues
wthcut Cearstream's nvcvement.

l ths turncver s utmatey armed by the US appeas ccurt and the assets turned cver, a reated case,
Heser vs. Cearstream Bankng S. l., asc seekng turncver c the same assets, w be dsmssed.

Cn 30 December 20!3 US pants ed under sea a ccmpant targetngcertan assets c apprcxmatey
US$ !.6 bcn camed tc be hed cr Bank Markaz, the lranan Centra Bank, by Cearstream n Luxem
bcurg. The pants are |udgement credtcrs c lran and seek the turncver c these custcmer assets tc
satsy ther |udgement.

>XIJ 6-[ 7:J
Cn !2 Ncvember 20!2, the Chcagc Bcard Cptcns Exchange (CBCE) ed a patent nrngement
aw sut aganst the lnternatcna Securtes Exchange (lSE) (the 'CBCE Ltgatcn"). ln the CBCE
Ltgatcn, CBCE aeges US$525 mcn n damages cr nrngement c three patents, whch reate
tc systems and methcds cr mtng marketmaker rsk. lSE beeves that CBCE's damages cam
acks mert because t s unsuppcrted by the acts and the aw. lSE ntends tc vgcrcusy deend
tse n ths awsut. Upcn lSE's mctcn, the case was recenty transerred tc the ccmpetent ccurts
c New Ycrk Cty. ln C4/20!3, lSE ed a number c pettcns n the U.S. Patent and Trademark
Cce (USPTC) seekng tc nvadate the CBCE patents. ls a resut c the ng c thcse pettcns,
n December 20!3, upcn lSEs mctcn, CBCE's awsut was stayed (rczen) by the ccurt, pendng
the cutccme c the pettcns ed n the USPTC tc nvadate the patents.

ln Ncvember 2006, lSE tse ed a patent nrngement awsut aganst CBCE (the 'lSE Ltgatcn").
ln the lSE Ltgatcn, as c December 20!2, lSE aeged US$475 mcn n damages cr nrngement
c lSE's patent whch reates tc systems and methcds cr cperatng an autcmated exchange. The lSE
Ltgatcn was schedued cr tra n March 20!3. Hcwever, n the ccurse c the pretra mctcns,
scme c the decscns c the tra |udge estabshng lSE's burden c prcc tc succeed n tra, were
extremey adverse tc lSE. ls a resut, lSE beeved that t ccud nct prcve ts case c nrngement,
and therecre determned tc mcve straght tc an appea c thcse rungs and cregc a tra. Cn !2
lpr, lSE ed an appea c the rungs wth the Federa Crcut Ccurt c lppeas. Cn ! Juy 20!3,
lSE ed ts bre cn appea. Cra argument was hed cn 9 January 20!4, and a decscn cn the
appea w key ssue n H!/20!4.

ln addtcn tc the matters descrbed abcve and n prcr dsccsures, Deutsche Brse 0rcup s rcm tme
tc tme nvcved n varcus ega prcceedngs that arse n the crdnary ccurse c ts busness. Deutsche
Brse 0rcup reccgnses prcvscns cr tgatcn and reguatcry matters when t has a present cbgatcn
rcm an event n the past, an cutcw c rescurces wth eccncmc benet tc sette the cbgatcn s prcb
abe and t s pcssbe tc reaby estmate the amcunt. ln such cases, there may be an expcsure tc css
n excess c the amcunts accrued. When these ccndtcns are nct met, Deutsche Brse 0rcup dces nct
reccgnse a prcvscn. ls a tgatcn cr reguatcry matter devecps, Deutsche Brse 0rcup evauates cn

Deutsche Brse Group corporate report 2013


%#)

an cngcng bass whether the requrements tc reccgnse a prcvscn are met. Deutsche Brse 0rcup may
nct be abe tc predct what the eventua css cr range c css reated tc such matters w be. Deutsche
Brse 0rcup dces nct beeve, based cn currenty avaabe ncrmatcn, that the resuts c any c these
varcus prcceedngs w have a matera adverse eect cn ts nanca statements as a whce.


T%Y /+-b-
Due tc ts busness actvtes n varcus ccuntres, Deutsche Brse 0rcup s expcsed tc tax rsks. l prc
cess has been devecped tc reccgnse and evauate these rsks, whch n the rst pace are reccg
nsed dependng cn the prcbabty they w arse. ln a seccnd step, these rsks are measured cn the
bass c ther expected vaue. ln case t s mcre prcbabe than nct that the rsks w arse, a tax prcv
scn s reccgnsed. Deutsche Brse 0rcup ccntnucusy revews the preccndtcns cr the reccgntcn
c ccrrespcndng tax prcvscns are met.


38. Leases
8+)%)&" 3"%-"-
There were nc mnmum ease payments rcm nance eases cr Deutsche Brse 0rcup nether as at
3! December 20!3 ncr as at 3! December 20!2.


I2"/%*+), 3"%-"- C%- 3"--""D
Deutsche Brse 0rcup has entered ntc eases tc be cassed as cperatng eases due tc ther ecc
ncmc substance, meanng that the eased asset s accated tc the esscr. These eases reate many
tc budngs, lT hardware and sctware.



Mnmum ease payments rcm cperatng eases
)( P%; &'() )( P%; &'(&
6m 6m
Up tc ! year
!)
6!.0 68.8
! tc 5 years
!)
!60.0 !76.6
Mcre than 5 years
!)
225.3 !5!.0
*#$+, JJ23) )523J

!) The expected payments n US dcars were transated ntc eurcs appyng the ccsng rate c 3! December 20!3.


ln the year under revew, 665.5 mcn (20!2 672.! mcn) c mnmum ease payments was reccg
nsed as an expense. Nc expenses were ncurred cr subeases cr ccntngent rentas n the year under
revew.


Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%#*

Cperatng eases cr budngs, scme c whch are subeased, have a maxmum remanng term c
!2 years. The ease ccntracts usuay termnate autcmatcay when the ease expres. The 0rcup has
cptcns tc extend scme eases.



Renta nccme expected rcm subease ccntracts
)( P%; &'() )( P%; &'(&
6m 6m

Up tc ! year !.3 !.0
! tc 5 years 0.3 !.0
*#$+, (32 &3'



39. Sharebased payment
:*'&b X')(- N3%) C:XND %). :*'&b N3%)
ln the year under revew, the ccmpany estabshed an addtcna tranche c the SBP. ln crder tc partc
pate n the SBP, a benecary must have earned a bcnus. The number c stcck cptcns cr sencr execu
tves s determned by the amcunt c the ndvdua and percrmancebased SBP bcnus cr the nanca
year, dvded by the average share prce (`etra ccsng prce) c Deutsche Brse l0's shares n the
curth quarter c the nanca year n questcn. Nether the ccnverted SBP bcnus ncr the stcck cptcns w
be pad at the tme the bcnus s determned. Rather, the enttement s generay receved twc cr three
years ater havng been granted (sccaed 'watng percd"). Wthn ths percd, benecares cannct
assert sharehcder rghts (n partcuar, the rght tc receve dvdends and attend the lnnua 0enera Meet
ng). Cnce they have met the ccndtcn c servce, the benecares' cams resutng rcm the SBP are
cacuated cn the rst tradng day ccwng the ast day c the watng percd. The current market
prce at that date (ccsng auctcn prce c Deutsche Brse share n eectrcnc tradng cn the Frankurt
Stcck Exchange) s mutped by the number c SBP shares.

Snce ! January 20!0, a derent methcd has been apped tc cacuate the number c stcck cptcns cr
Executve Bcard members whch s descrbed becw.

Tc cacuate the number c stcck cptcns cr Executve Bcard members under the 20!0 SBP tranche and
a subsequent tranches, the Supervscry Bcard denes the !00 per cent stcck bcnus target n eurcs
cr each Executve Bcard member at the begnnng c each nanca year. Based cn the !00 per cent
stcck bcnus target dened by the Supervscry Bcard at the begnnng c each nanca year, the ccrre
spcndng number c vrtua shares cr each Executve Bcard member s cacuated by dvdng the
stcck bcnus target by the average share prce (`etra ccsng prce) c Deutsche Brse l0's shares n
the twc caendar mcnths precedng the mcnth n whch the Supervscry Bcard adcpts the rescutcn cn
the stcck bcnus target. lny rght tc payment c a stcck bcnus vests cny ater a percrmance percd c
three years. The year n whch the !00 per cent stcck bcnus target s dened s taken tc be the rst
percrmance year.

Deutsche Brse Group corporate report 2013


%#+

The cacuatcn c the subsequent paycut amcunt c the stcck bcnus cr the Executve Bcard depends
cn the devecpment c twc percrmance actcrs durng the percrmance percd rsty, cn the reatve
percrmance c the tcta sharehcder return (TSR) cn Deutsche Brse l0's shares ccmpared wth the
tcta sharehcder return c the STC`` Eurcpe 600 Fnancas lndex as the peer grcup, and seccndy, cn
the percrmance c Deutsche Brse l0's share prce. Ths s mutped by the number c vrtua shares
at the end c the percrmance percd tc determne the stcck bcnus. The share prce used tc cacuate
the cash payment cams c Executve Bcard members rcm the stcck bcnus s cacuated as the average
prce c Deutsche Brse l0's shares (`etra ccsng prce) n the twc u caendar mcnths precedng the
end c the percrmance percd.

Cn 20 lpr 2009, the Luxembcurgan Ccmmsscn de Surveance du Secteur Fnancer (CSSF) pub
shed a crcuar cn remuneratcn pcces n the bankng sectcr that addresses key aspects c remunera
tcn practces cr sustanabe ccrpcrate gcvernance and suppcrt ther mpementatcn n bankng nsttu
tcns' daytcday cperatcns. lcccrdng tc ths crcuar, every bankng nsttutcn s requred tc ntrcduce
a remuneratcn pccy that s n harmcny wth ts busness strategy and ccrpcrate gcas and vaues as
we as the cngterm nterests c the nanca enterprse, ts custcmers and nvestcrs, and whch mn
mses the nsttutcn's rsk pcstcn. Cearstream ccmpanes n Luxembcurg have therecre revsed ther
remuneratcn system cr executve bcards n ne wth the crcuar, and ntrcduced a sccaed stcck pan.
The exercse prccess cr ths stcck pan stpuates the accatcn c a stcck bcnus at the end c each
nanca year, whch w be pad n three tranches c equa sze wth maturtes c cne, twc cr three
years ater the grant date. Cams under the stcck pan have tc be cashsetted the percrmance targets
aready agreed n the year n whch the targets were speced are met, rrespectve c any ccndtcn c
servce.

The number c stcck cptcns under the stcck pan s determned by the amcunt c the ndvdua, per
crmancebased bcnus estabshed cr each Executve Bcard member, dvded by the average market
prce (`etra ccsng prce) cr Deutsche Brse l0 shares n the curth quarter c the nanca year n
questcn. ls the ccntracts requre the stcck bcnus tc be exercsed graduay, t s dvded ntc three sepa
rate tranches, whch are measured acccrdng tc ther respectve resdua term usng the ccrrespcndng
parameters c the Stcck Bcnus Pan cr sencr executves.

ln lpr 20!2, Eurex Frankurt l0 ntrcduced a speca remuneratcn ccmpcnent cr ts Executve Bcard
members n the crm c a separate SBP tranche wth a term c 2! mcnths. Ths tranche matured n
December 20!3 and s cashsetted n January at a prce c 659.77.

l new SBP prcgramme was aunched n lpr 20!3 cr members c the Executve Bcard c Eurex
Cearng l0. Ths prcgramme has a threeyear watng percd rcm the grant date. Ths SBP tranche
s measured usng the same parameters as the Share Bcnus Pan cr sencr executves.

Fcr the stcck bcnus c sencr executves under the 20!! tc 20!3 tranches, Deutsche Brse l0 has an
cptcn whether tc sette a benecary's cam n cash cr shares. The ccmpany prcpcsed tc sette the
20!! tranche cams due n 20!4 n cash. l cash settement cbgatcn exsts cr cams reatng tc the
stcck bcnus c the Executve Bcard snce the 20!0 tranche and the stcck pan cr the executve bcard
members c the Cearstream ccmpanes snce the 20!! tranche.

Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



%##

ln acccrdance wth lFRS 2, the ccmpany uses an ad|usted BackSchces mcde (Mertcn mcde) tc ca
cuate the ar vaue c the stcck cptcns.



\auatcn parameters cr SBP shares
*-+/;K% &'()
(<
*-+/;K% &'(&
(<
*-+/;K% &'((
(<


Term

3! Jan 20!5
3! Jan 20!7
3! Jan 20!4
3! Jan 20!6
3! Jan 20!4
3! Jan 20!5
Rskree nterest rate 0.!3 0.44 0.!! 0.24 0.!! 0.!3
\catty c Deutsche Brse l0 shares 20.28 28.33 20.28 23.87 20.28 22.8!
Dvdend yed 3.49 3.49 3.49
Exercse prce 6 0 0 0

!) The SBP 20!!, 20!2, and 20!3 tranches asc ncude SBP cptcns c the Stcck Pan cr the executve bcard members c the Luxembcurgan ccmpanes and
SBP cptcns cr the Executve Bcard c Eurex Frankurt l0 and Eurex Cearng l0. These cptcns are evauated usng derent parameters.


The vauatcn mcde dces nct take ntc acccunt exercse hurdes. The vcattes apped ccrrespcnd
tc the market vcattes c ccmparabe cptcns wth ccmparabe maturtes.



\auatcn c SBP shares

G+,+/;% +7 +$
)( P%; &'()
(<

P%0$7;K%
Ge-7% T^
7K+-% >-?;%
+7 +$
)( P%; &'()
H/$-?/7?; .+,0%\
#>$?#/
&<

W+?- .+,0%\
#>$?#/
&<

U%$$,%8%/$
#D,?@+$?#/
Q0--%/$
>-#.?7?#/ +7 +$
)( P%; &'()
"#/9;0--%/$
>-#.?7?#/ +7 +$
)( P%; &'()
Number 6 6 6 6m 6m 6m

Tranche
20!! !76,355 60.20 60.20 57.99 60.20 !0.6 9.9 0.3
Tranche
20!2 !4!,677 60.20 60.20 56.04 60.02 8.2 0.3 5.0
Tranche
20!3 !58,794
3)
60.20 60.20 54.!5 57.99 8.9 0 2.7
*#$+, JI214&2 &I3I ('3& 43'

!) ls at 3! December 20!3 the SBP shares c the executve bcard c Eurex Frankurt l0 were exercsabe.
2) ls at the baance sheet date
3) ls the grant date cr the 20!3 tranche cr sencr executves s nct unt nanca year 20!4, the number ndcated cr the baance sheet date may change
subsequenty.


The stcck cptcns rcm the 20!0 SBP were exercsed n the year under revew ccwng expratcn c the
vestng percd. The average exercse prce cr the 20!0 tranche ccwng expratcn c the vestng percd
was 647.89. Shares c the SBP tranches 20!!, 20!2 and 20!3 were pad tc crmer empcyees as part
c severance payments n the repcrtng year. The average exercse prce amcunted tc 649.24 cr the
20!! tranche, 647.93 cr the 20!2 tranche and 647.69 cr the 20!3 tranche. The average prce cr
creted stcck cptcns amcunted tc 652.59 cr the 20!0 tranche, 649.30 cr the 20!! tranche and
633.20 cr the 20!2 tranche.

The amcunt c prcvscns cr the SBP resuts rcm the measurement c the number c SBP shares wth
the ar vaue c the ccsng auctcn prce c Deutsche Brse shares n eectrcnc tradng at the Frankurt
Stcck Exchange as at the baance sheet date and ts prcpcrtcnate reccgntcn cver the vestng percd.

Deutsche Brse Group corporate report 2013


&$$

Prcvscns amcuntng tc 6!8.2 mcn were reccgnsed as at the baance sheet date c 3! Decem
ber 20!3 (3! December 20!2 6!5.0 mcn). Therec, 68.0 mcn are ncncurrent (20!2
66.7 mcn). C the tcta prcvscns c 6!8.2 mcn, 67.3 mcn were attrbutabe tc members c the
Executve Bcard (20!2 65.9 mcn). The tcta ccst c the SBP shares n the year under revew was
6!3.2 mcn (20!2 68.7 mcn). C that amcunt, an expense c 66.! mcn was attrbutabe tc
members c the Executve Bcard actve at the baance sheet date (20!2 63.7 mcn). Fcr the
number c SBP shares granted tc members c the Executve Bcard, pease asc reer tc the remu
neratcn repcrt.



Change n number c SBP shares accated

G+,+/;% +7 +$
)( P%; &'(&
T::?$?#/7
*-+/;K%
&'('
T::?$?#/7
*-+/;K%
&'((
T::?$?#/7
*-+/;K%
&'(&
T::?$?#/7
*-+/;K%
&'()
W0,,L 7%$$,%:
;+7K #>$?#/7
=>$?#/7
E#-E%?$%:
G+,+/;% +7 +$
)( P%; &'()

Tc the Executve
Bcard 205,72! !,07!
!)
5,75!
!)
6,93!
!)
73,77! 92,358 0 200,887
Tc cther sencr
executves 280,079 !,999 2,290 39,009 87,272 !!5,098 !9,6!2 275,939
*#$+, J4B14'' )1'I' 41'J( JB15J' (2(1'J)
&<
&'I1JB2 (512(& JI214&2

!) Ths reates tc an ncrease n the number c SBP shares caused by an ncrease n the TSR ccmpared tc the !00 per cent vaue at the tme the tranche was ssued.
2) ls the grant date cr the 20!3 tranche cr sencr excecutves s nct unt nanca year 20!4, the number ndcated as at the baanace sheet date may change
subsequenty.


a/'(2 :4%/" N3%) Ca:ND
Empcyees c Deutsche Brse 0rcup whc are nct members c the Executve Bcard cr sencr executves
have the cppcrtunty tc subscrbe cr shares c Deutsche Brse l0 at a dsccunt c 30 cr 40 per cent
tc the ssue prce under the 0rcup Share Pan (0SP). Ths dsccunt s based cn the empcyee's ength c
servce. Under the 20!3 0SP tranche, egbe empcyees were abe tc buy up tc !00 shares c the
ccmpany. The purchased shares must be hed cr at east twc years.

ln the year under revew, an expense tctang 6!.3 mcn (20!2 60.6 mcn) was reccgnsed n sta
ccsts cr the 0rcup Share Pan.


40. Executve bcdes
The members c the ccmpany's executve bcdes are sted n the 'Executve Bcard" chapters and
'Supervscry Bcard" c ths ccrpcrate repcrt.


Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



&$"

4!. Ccrpcrate gcvernance
Cn 9 December 20!3, the Executve and Supervscry Bcards ssued the atest verscn c the decaratcn c
ccncrmty n acccrdance wth sectcn !6! c the lktengesetz (lkt0, the 0erman Stcck Ccrpcratcn lct)
and made t permanenty avaabe tc sharehcders cn the ccmpany's webste (see asc chapter ccrpc
rate gcvernance decaratcn c ths ccrpcrate repcrt).


42. Reated party dsccsures
Reated partes as dened by llS 24 are members c the executve bcdes c Deutsche Brse l0 and the
ccmpanes cassed as assccates c Deutsche Brse l0 and cther nvestcrs, and ccmpanes that are
ccntrced cr sgncanty nuenced by members c the executve bcdes.

The remuneratcn c the ndvdua members c the Executve and Supervscry Bcards s presented n the
remuneratcn repcrt. The remuneratcn repcrt s a ccmpcnent c the ccmbned management repcrt.


JY"&(*+6" X'%/.
ln 20!3, the xed and varabe remuneratcn c the members c the Executve Bcard, ncudng ncn
cash benets, amcunted tc a tcta c 6!3.3 mcn (20!2 6!4.3 mcn).

ln 20!3, nc expenses cr ncnrecurrng termnatcn benets cr Executve Bcard members (20!2 n)
were reccgnsed n the ccnscdated nccme statement.

The actuara present vaue c the penscn cbgatcns tc Executve Bcard members was 625.7 mcn at
3! December 20!3 (20!2 63!.7 mcn). Expenses c 62.6 mcn (20!2 6!.4 mcn) were reccg
nsed as addtcns tc penscn prcvscns.


8'/1"/ 1"1R"/- 'H *4" JY"&(*+6" X'%/. '/ *4"+/ -(/6+6+), ."2").")*-
The remuneratcn pad tc crmer members c the Executve Bcard cr ther survvng dependents amcunted
tc 6!.9 mcn n 20!3 (20!2 6!.6 mcn). The actuara present vaue c the penscn cbgatcns
was 654.0 mcn at 3! December 20!3 (20!2 64!.5 mcn).


:(2"/6+-'/5 X'%/.
The aggregate remuneratcn pad tc members c the Supervscry Bcard n nanca year 20!3 was
62.2 mcn (20!2 62.! mcn).


Deutsche Brse Group corporate report 2013


&$%

I*4"/ 1%*"/+%3 */%)-%&*+')- #+*4 /"3%*". 2%/*+"-
The twc ccwng tabes shcw the cther matera transactcns wth ccmpanes cassed as reated
partes. l transactcns were eected cn an arm's ength bass.



Matera transactcns wth assccates
T8#0/$ #E $K% $-+/7+;$?#/7 =0$7$+/:?/@ D+,+/;%7
&'() &'(& )( P%; &'() )( P%; &'(&
6m 6m 6m 6m
Lcans rcm Brse Frankurt Zertkate Hcdng S.l. (unt
!2 Dec 20!3 Sccach Hcdng S.l.) tc Deutsche Brse l0
as part c cash pccng
!)
0 0 n.a. !3.!
Lcans rcm Brse Frankurt Zertkate l0 (unt ! Ncv 20!3
Sccach Eurcpa l0) tc Deutsche Brse l0 as part c cash
pccng
!)
0 0 n.a. 0.!
Servces c Deutsche Brse l0 cr Brse Frankurt Zertkate l0
(unt ! Ncv 20!3 Sccach Eurcpa l0)
!)
2.5 6.0 n.a. 0.4
Lcans rcm Deutsche Brse l0 tc lndexum l0
2)
0.2 0.2 0 0
Lcans rcm Deutsche Brse l0 tc Dgta \ega F` Ltd. 0 0 0.3 0.!
Cperatcn c tradng and cearng sctware by Deutsche Brse l0
cr Eurcpean Energy Exchange l0 and aates 9.7 9.7 2.4 0.7
lT servces and prcvscn c nrastructure by lnternatcna
Securtes Exchange, LLC cr Drect Edge Hcdngs, LLC
3)
0.5 0.8 0 0.6
Devecpment and cperatcn c the Lnk Up Ccnverter system by
Cearstream Servces S.l. cr LnkUp Capta Markets, S.L.
4)
!.2 !.6 0.! 0.2
Matera transactcns wthn the ramewcrk c gcd under custcdy
between Cearstream Bankng l0 and Deutsche Brse
Ccmmcdtes 0mbH 4.0 5.! 0.3 0.4
Cacuatcn servces, prcvscn c sctware scutcns cr ndces
and benchmark and cperatcn c necessary sctware cr Deutsche
Brse l0 by lndexum l0 2.7
5)
!.2 0.4
5)
2.5
Cacuatcn servces, prcvscn c sctware scutcns cr ndces
and benchmark and cperatcn c necessary sctware cr STC``
Ltd. by lndexum l0 4.3
6)
!.4 0.9
6)
!.6
Cperatcn and devecpment c `cntrc by Deutsche Brse l0 cr
BranTrade 0eseschat r Brsensysteme mbH
7)
!.9 2.4 0.4 0
Cperatcn c the ccr tradng system by BranTrade
0eseschat r Brsensysteme mbH cr Deutsche Brse l0
7)
!.7 2.4 0 0
Cther transactcns wth assccates 0 0.!

!) Brse Frankurt Zertkate l0 and Brse Frankurt Zertkate Hcdng S.l. have been ncuded n u n Deutsche Brse l0's ccnscdated nanca statements
snce ! Juy 20!3.
2) Cutstandng baance ater mparment csses c 65.5 mcn cn the can granted tc lndexum l0 by Deutsche Brse l0
3) Drect Edge Hcdngs, LLC has been cassed as an assccate snce the restcratcn c sgncant nuence cn 9 February 20!2.
4) Shares n LnkUp Capta Markets, S.L. were scd eectve 5 December 20!3
5) Therec prcvscns cr devecpment ccsts amcuntng tc 60.4 mcn
6) Therec prcvscns cr devecpment ccsts amcuntng tc 60.4 mcn
7) lssccate snce ! Juy 20!3, snce then, the ccmpany, wth whch a busness reatcnshp aready exsted n nanca year 20!2, has nct been ncuded
under cther reated partes.


Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



&$&


Matera transactcns wth cther reated partes
T8#0/$ #E $K% $-+/7+;$?#/7 =0$7$+/:?/@ D+,+/;%7
&'() &'(& )( P%; &'() )( P%; &'(&
6m 6m 6m 6m

Cce and admnstratve servces by Sl` 0rcup l0
cr STC`` Ltd.
!)
n.a. 2.2 n.a. n.a.
Cce and admnstratve servces by Sl` Swss Exchange l0
cr Eurex Zrch l0
!)
n.a. 2.3 n.a. n.a.
Cce and admnstratve servces by Sl` Swss Exchange l0
cr Eurex Frankurt l0
!)
n.a. 2.0 n.a. n.a.

!) Cn 30 lpr 20!2, Sl` 0rcup l0 scd ts remanng shares n Eurex Zrch l0 tc Deutsche Brse l0. Snce then, Sl` 0rcup l0 and ts aates have nct been
ccnsdered as reated partes wthn the meanng c llS 24.


T/%)-%&*+')- #+*4 b"5 1%)%,"1")* 2"/-'))"3
Key management perscnne are perscns whc drecty cr ndrecty have authcrty and respcnsbty cr
pannng, drectng and ccntrcng the actvtes c Deutsche Brse 0rcup. The 0rcup denes the mem
bers c the Executve Bcard and the Supervscry Bcard as key management perscnne cr the purpcses
c llS 24.

ls part c ts ncrma busness actvtes, Deutsche Brse l0 mantans n the year under revew reatcns
wth certan enttes whcse key management perscnne are, at the same tme, members c Deutsche
Brse l0's Supervscry Bcard. Deutsche Brse l0 had entered ntc agreements tc scurce advscry ser
vces wth Mayer Brcwn LLP, Washngtcn, Rchard Berand Lmted, lshtead, Surrey, and Cchesve
Fexbe Technccges Ccrpcratcn, Chcagc. Sgncant eements c these ccntracts ncuded strateges
reatng tc Deutsche Brse l0's ccmpettve pcstcnng cn the market as we as advscry servces n
ccnnectcn wth ma|cr strategc prc|ects. The ccntracts wth Rchard Berand Lmted, Cchesve Fexbe
Technccges Ccrpcratcn, and Mayer Brcwn LLP expred eectve 30 June 20!3, 3 September 20!3,
and 3! lugust 20!3 respectvey. Deutsche Brse 0rcup made tcta payments c 60.3 mcn tc the
abcvementcned ccmpanes cr advscry servces n the nanca year ended 3! December 20!3 (20!2
6!.! mcn, ncudng payments tc Deutsche Bank l0, whch s nc cnger cassed as a reated party
n acccrdance wth llS 24 snce the retrement c ts crmer executve bcard member HermannJcse
Lambert rcm Deutsche Brse l0's Supervscry Bcard eectve !6 May 20!2).

ln nanca year 20!3, the empcyee representatves cn Deutsche Brse l0's Supervscry Bcard
receved saares (excudng Supervscry Bcard remuneratcn) amcuntng tc 60.7 mcn (20!2
60.7 mcn). The tcta ccnssts c the respectve tcta grcss amcunts cr thcse empcyee repre
sentatves whc drew saares rcm Deutsche Brse l0 n the year under revew.



Deutsche Brse Group corporate report 2013


&$'

43. Sharehcders
Sectcn !60 (!) nc. 8 c the lktengesetz (lkt0, 0erman Stcck Ccrpcratcn lct) requres dsccsure
c the exstence c cngterm nvestments that have been ncted tc the entty n acccrdance wth
sectcn 2! (!) cr sectcn 2! (!a) c the Wertpaperhandesgesetz (WpH0, 0erman Securtes Tradng
lct). The ccwng tabe prcvdes an cvervew c the dsccsabe nvestments as at 4 March 20!4 that
had been ncted tc the ccmpany. The ncrmatcn was taken n a cases rcm the mcst recent nctca
tcns prcvded by dsccsers tc the ccmpany. l nctcatcns prcvded by the ccmpany ccncernng
dsccsure c nvestments n the year under revew and thereater unt 4 March 20!4 are accessbe cn
www.deutschebcerse.ccm/r_news. Pease ncte that the ncrmatcn wth regard tc the percentages
and vctng rghts hed under these cngterm nvestments may nc cnger be uptcdate.

The ccmpany receved the ccwng nctcatcns pursuant tc sectcn 2! c the WpH0




P?7;,#7%- P#8?;?,% +/: ;#0/$-L ?/ NK?;K
$K% :#8?;?,% #- >,+;% #E
-%7?:%/;% #E $K% :?7;,#7%- ?7
,#;+$%:
P+$% ?/.%7$8%/$
-%+;K%:1 %F;%%:%: #-
E%,, D%,#N $K-%7K#,:
=.%-9
\0/:%-7$%>>?/@
6b\A<


Deutsche Brse l0 Frankurt/Man, 0ermany !7 Feb 20!2
BackRcck ldvscrs Hcdngs, lnc. New Ycrk, USl ! Dec 2009
BackRcck Fnanca Management, lnc. New Ycrk, USl !4 lpr 20!!
Back Rcck 0rcup Lmted Lcndcn, Unted Kngdcm 7 Dec 20!2
BackRcck Hcdcc 2, lnc. Deaware, USl !4 lpr 20!!
BackRcck, lnc. New Ycrk, USl !2 lpr 20!!
BackRcck lnternatcna Hcdngs, lnc. New Ycrk, USl 2 lug 20!2
BR Jersey lnternatcna Hcdngs, L.P. St. Heer, Jersey, Channe lsands 8 Feb 20!2
Capta Research and Management Ccmpany Lcs lngees, USl 30 Ju 20!3
Ccmmerzbank lktengeseschat Frankurt/Man, 0ermany 23 May 20!3


Credt Susse l0 Zurch, Swtzerand 23 May 20!2



Credt Susse 0rcup l0 Zurch, Swtzerand 23 May 20!2



Credt Susse lnvestment Hcdngs UK Lcndcn, Unted Kngdcm 23 May 20!2
Credt Susse lnvestments UK Lcndcn, Unted Kngdcm 23 May 20!2
Credt Susse Securtes (Eurcpe) Lmted Lcndcn, Unted Kngdcm 23 May 20!2


Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



&$(





















S%>#-$?/@
$K-%7K#,:
T$$-?D0$?#/ ?/ +;;#-:+/;% N?$K
7%;$?#/7 &&1 &B +/: &B+ #E $K% k>d^
H/.%7$8%/$
6i<
H/.%7$8%/$
6.#$?/@ -?@K$7<

3.00 n.a. 4.94 9,533,068
3.00 sectcn 22 (!) sentence ! nc. 6 n ccn|unctcn wth sectcn 22 (!) sentence 2 c the WpH0 3.35 6,526,!63
5.00 sectcn 22 (!) sentence ! nc. 6 n ccn|unctcn wth sectcn 22 (!) sentence 2 c the WpH0 5.04 9,82!,!74
3.00 sectcn 22 (!) sentence ! nc. 6 n ccn|unctcn wth sectcn 22 (!) sentence 2 c the WpH0 3.00 5,790,525
5.00 sectcn 22 (!) sentence ! nc. 6 n ccn|unctcn wth sectcn 22 (!) sentence 2 c the WpH0 5.04 9,82!,!74
5.00 sectcn 22 (!) sentence ! nc. 6 n ccn|unctcn wth sectcn 22 (!) sentence 2 c the WpH0 5.0! 9,773,982
3.00 sectcn 22 (!) sentence ! nc. 6 n ccn|unctcn wth sectcn 22 (!) sentence 2 c the WpH0 3.58 6,98!,055
3.00 sectcn 22 (!) sentence ! nc. 6 n ccn|unctcn wth sectcn 22 (!) sentence 2 c the WpH0 3.58 6,98!,055
3.00 sectcn 22 (!) sentence ! nc. 6 c the WpH0 3.02 5,833,924
5.00 0.67 !,289,!67
sectcns 2!, 22 c the WpH0 0.03 50,367
sectcn 25a c the WpH0 0.64 !,238,800
5.00 !.34 2,587,486
sectcns 2!, 22 c the WpH0 !.28 2,476,223
sectcn 25 c the WpH0 0.04 7!,843
sectcn 25a c the WpH0 0.02 39,420
5.00 !.34 2,587,486
sectcns 2!, 22 c the WpH0 !.28 2,476,223
sectcn 25 c the WpH0 0.04 7!,843
sectcn 25a c the WpH0 0.02 39,420
5.00 sectcns 2!, 22 c the WpH0 !.28 2,47!,378
5.00 sectcns 2!, 22 c the WpH0 !.28 2,47!,378
5.00 sectcns 2!, 22 c the WpH0 !.28 2,47!,378



Deutsche Brse Group corporate report 2013


&$)






P?7;,#7%- P#8?;?,% +/: ;#0/$-L ?/ NK?;K
$K% :#8?;?,% #- >,+;% #E
-%7?:%/;% #E $K% :?7;,#7%- ?7
,#;+$%:
P+$% ?/.%7$8%/$
-%+;K%:1 %F;%%:%: #-
E%,, D%,#N $K-%7K#,:
=.%-9
\0/:%-7$%>>?/@
6b\A<


DekaBank Deutsche 0rczentrae Frankurt/Man, 0ermany 2! May 20!3
Frankn Mutua ldvsers, LLC Wmngtcn, USl !9 Dec 20!3
lnvescc Lmted Hamtcn, Bermuda 3 June 20!3
H M Treasury Lcndcn, Unted Kngdcm !7 May 20!3
Mcrgan Staney Wmngtcn, USl 2! May 20!3



Mcrgan Staney lnternatcna Hcdngs lnc Wmngtcn, USl 2! May 20!3



Mcrgan Staney lnternatcna Lmted Lcndcn, Unted Kngdcm 2! May 20!3


Mcrgan Staney 0rcup Eurcpe Lcndcn, Unted Kngdcm 2! May 20!3


Mcrgan Staney UK 0rcup Lcndcn, Unted Kngdcm 2! May 20!3


Mcrgan Staney & Cc lnternatcna Pc Lcndcn, Unted Kngdcm 2! May 20!3


The Rcya Bank c Scctand pc Ednburgh, Unted Kngdcm !7 May 20!3
The Rcya Bank c Scctand 0rcup pc Ednburgh, Unted Kngdcm !7 May 20!3
The Capta 0rcup Ccmpanes Lcs lngees, USl 30 Juy 20!3

UBS l0 Zurch, Swtzerand 2! May 20!3



Warburg lnvest Kaptaanagegeseschat Hamburg, 0ermany 2! May 20!2




Other disclosures
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



&$*








S%>#-$?/@
$K-%7K#,: T$$-?D0$?#/ ?/ +;;3 N?$K 7%;$?#/7 &&1 &B +/: &B+ #E $K% k>d^
H/.%7$8%/$
6i<
H/.%7$8%/$
6.#$?/@ -?@K$7<

5.00 sectcns 2! (!) c the WpH0 0.00 0
3.00 sectcns 22 (!) sentence ! nc. 6 c the WpH0 2.90 5,598,96!
3.00 sectcns 22 (!) sentence ! nc. 6 n ccn|unctcn wth sentence 2 c the WpH0 3.08 5,952,862
3.00 sectcns 22 (!) sentence ! nc. ! c the WpH0 2.34 4,5!3,257
5.00 4.!! 7,926,928
sectcns 2!, 22 c the WpH0 0.23 448,039
sectcn 25 c the WpH0 0.25 489,!95
sectcn 25a c the WpH0 3.62 6,989,694
5.00 4.0! 7,734,733
sectcns 2!, 22 c the WpH0 0.2! 403,568
sectcn 25 c the WpH0 0.!8 34!,47!
sectcn 25a c the WpH0 3.62 6,989,694
5.00 3.70 7,!38,902
sectcns 2!, 22 c the WpH0 0.2! 403,568
sectcn 25a c the WpH0 3.49 6,735,334
5.00 3.70 7,!38,902
sectcns 2!, 22 c the WpH0 0.2! 403,568
sectcn 25a c the WpH0 3.49 6,735,334
5.00 3.70 7,!38,902
sectcns 2!, 22 c the WpH0 0.2! 403,568
sectcn 25a c the WpH0 3.49 6,735,334
5.00 3.70 7,!38,902
sectcns 2!, 22 c the WpH0 0.2! 403,568
sectcn 25a c the WpH0 3.49 6,735,334
3.00 sectcn 2! (!) c the WpH0 2.34 4,5!3,257
3.00 sectcn 22 (!) sentence ! nc. ! c the WpH0 2.34 4,5!3,257

3.00
sectcn 22 (!) sentence ! nc. 6 n ccn|unctcn wth sectcn 22 (!) sentence 2 and sentence
3 c the WpH0 3.!2 6,026,923
5.00 3.73 7,!97,30!
sectcns 2!, 22 c the WpH0 !.34 2,579,96!
sectcn 25 c the WpH0 !.82 3,5!8,462
sectcn 25a c the WpH0 0.57 !,098,878
3.00 sectcns 2!, 22 c the WpH0 !.6! 3,!08,037



Deutsche Brse Group corporate report 2013


&$+

44. Empcyees

Empcyees
&'() &'(&
lverage number c empcyees durng the year 3,75! 3,654
Empcyed as at the baance sheet date 3,8!! 3,704

Empcyees (average annua FTEs) 3,5!5 3,4!6



C the average number c empcyees durng the year, !9 (20!2 !9) were cassed as Managng
Drectcrs (excudng Executve Bcard members), 354 (20!2 355) as sencr executves and 3,378
(20!2 3,280) as empcyees. Snce 20!3, the members c the Executve Bcards c Eurex Cearng l0
and c the Cearstream subgrcup have been cassed as Managng Drectcrs. The gures cr 20!2
have been ad|usted acccrdngy.

There was an average c 3,5!5 utme equvaent (FTE) empcyees durng the year (20!2 3,4!6).
Pease reer asc tc the 'Empcyees" sectcn n the ccmbned management repcrt.


45. Events ater the baance sheet date
There have been nc matera events ater the baance sheet date.


46. Date c apprcva cr pubcatcn
Deutsche Brse l0's Executve Bcard apprcved the ccnscdated nanca statements cr submsscn tc
the Supervscry Bcard cn 5 March 20!4. The Supervscry Bcard s respcnsbe cr examnng the ccn
scdated nanca statements and statng whether t endcrses them.




Responsibility statement
Shares Services 2013 Horizons Strategic perspectives Responsibility Governance Management report Financial statements Notes



"#$

!" $%& '&($ ") "*+ ,-"./&01&2 3-0 4- 355"+03-5& .4$% $%& 366/453'/& +&6"+$4-1 6+4-546/&(2 $%& 5"-("/403$7
&0 )4-3-543/ ($3$&8&-$( 149& 3 $+*& 3-0 )34+ 94&. ") $%& 3((&$(2 /43'4/4$4&(2 )4-3-543/ 6"(4$4"- 3-0 6+")4$ "+
/"(( ") $%& :+"*62 3-0 $%& 5"8'4-&0 83-31&8&-$ +&6"+$ 4-5/*0&( 3 )34+ +&94&. ") $%& 0&9&/"68&-$ 3-0
6&+)"+83-5& ") $%& '*(4-&(( 3-0 $%& 6"(4$4"- ") $%& :+"*62 $"1&$%&+ .4$% 3 0&(5+46$4"- ") $%& 6+4-5463/
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=+3-,)*+$ > ?34-2 @ ?3+5% ABCD
E&*$(5%& FG+(& H:

























I&(6"-(4'4/4$J ($3$&8&-$ 'J
$%& K;&5*$49& F"3+0
!"# !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
!"#$%&'() '+,&'%
We have aucitec the ccnsclicatec fnancial statements preparec by Deutsche Brse /ktiengesellschaft,
Frankfurt / Main, ccmprising the ccnsclicatec inccme statement, the ccnsclicatec statement cf ccmpre-
hensive inccme, the ccnsclicatec balance sheet, the ccnsclicatec cash Ncw statement, the ccnscli-
catec statement cf changes in equity anc the nctes tc the ccnsclicatec fnancial statements, tcgether
with the ccmbinec management repcrt fcr the business year frcm 1 January tc 31 December 2013.
The preparaticn cf the ccnsclicatec fnancial statements anc the ccmbinec management repcrt in
acccrcance with FRSs as accptec by the EU, anc the acciticnal requirements cf 0erman ccmmercial
law pursuant tc , 315a /bs. paragraph 1 H0B Hancelsgesetzbuch "0erman Ccmmercial Ccce" are
the respcnsibility cf the parent ccmpany's management. 0ur respcnsibility is tc express an cpinicn cn
the ccnsclicatec financial statements anc cn the ccmbinec management repcrt basec cn cur aucit.
n acciticn we have been instructec tc express an cpinicn as tc whether the ccnsclicatec fnancial
statements ccmply with full FRS.
We ccncuctec cur aucit cf the ccnsclicatec fnancial statements in acccrcance with , 317 H0B anc
0erman generally acceptec stancarcs fcr the aucit cf fnancial statements prcmulgatec by the nstitut
cer Wirtschaftsprfer nstitute cf Public /ucitcrs in 0ermany (DW). Thcse stancarcs require that we
plan anc perfcrm the aucit such that misstatements materially affecting the presentaticn cf the net
assets, fnancial pcsiticn anc results cf cperaticns in the ccnsclicatec fnancial statements in acccrc-
ance with the applicable financial repcrting framewcrk anc in the ccmbinec management repcrt are
cetectec with reascnable assurance. Kncwlecge cf the business activities anc the eccncmic anc legal
envircnment cf the 0rcup anc expectaticns as tc pcssible misstatements are taken intc acccunt in
the ceter minaticn cf aucit prccecures. The effectiveness cf the acccuntingrelatec internal ccntrcl
system anc the evicence suppcrting the cisclcsures in the ccnsclicatec financial statements anc the
ccmbinec management repcrt are examinec primarily cn a test basis within the framewcrk cf the aucit.
The aucit incluces assessing the annual financial statements cf thcse entities inclucec in ccnsclica-
ticn, the ceterminaticn cf entities tc be inclucec in ccnsclicaticn, the acccunting anc ccnsclicaticn
principles usec anc signifcant estimates mace by management, as well as evaluating the cverall
presentaticn cf the ccnsclicatec financial statements anc the ccmbinec management repcrt. We
believe that cur aucit prcvices a reascnable basis fcr cur cpinicn.
0ur aucit has nct lec tc any reservaticns.
n cur cpinicn, basec cn the fincings cf cur aucit, the ccnsclicatec financial statements ccmply with
FRSs as accptec by the EU, the acciticnal requirements cf 0erman ccmmercial law pursuant tc , 315a
/bs. 1 H0B anc full FRS anc give a true anc fair view cf the net assets, fnancial pcsiticn anc results
cf cperaticns cf the 0rcup in acccrcance with these requirements. The ccmbinec management repcrt
is ccnsistent with the ccnsclicatec fnancial statements anc as a whcle prcvices a suitable view cf the
0rcup's pcsiticn anc suitably presents the cppcrtunities anc risks cf future cevelcpment.
Frankfurt / Main, 5 March 2014
KPM0 /0
Wirtschaftsprfungsgesellschaft
Braun Dielehner
Wirtschaftsprfer Wirtschaftsprfer
(0erman Public /ucitcr) (0erman Public /ucitcr)
!"" Shares Services 2013 Hcrizcns Strategic perspectives Respcnsibility Financial statements .&%+) 0cvernance Management repcrt
Deutsche Brse 0rcup internaticnal presence
!"#$%&
'&#()*
Kurfrstencamm 119
10711 Berlin
0ermany
Pressehaus
Raum 1105, 1. Stcck
Schiffbauercamm 40
10117 Berlin
0ermany
Unter cen Lincen 36
10117 Berlin
0ermany
'#"++&(+
11 13, rue c'calie
1050 Bruxelles
Belgium
,$#-
Waterfcrc Business Centre
6, Lapp's 0uay
Ccrk
relanc
!+./0$#*
The Cube
Mergenthalerallee 61
65760 Eschbcrn
0ermany
Pcstal accress.
60485 Frankfurt / Main
0ermany
1#2*-3"#4 6 72)*
Brsenplatz 4
60313 Frankfurt / Main
0ermany
Niecenau 45
60325 Frankfurt / Main
0ermany
8&)%9):
/ugustusplatz 9
04109 Leipzig
0ermany
8$*;$*
11 Westferry Circus
1st Flccr, Westferry Hcuse
Canary Wharf
Lcnccn
E14 4HE
Unitec Kingccm
11 Westferry Circus
2nc Flccr, Westferry Hcuse
Canary Wharf
Lcnccn
E14 4HE
Unitec Kingccm
8"<&=0$"#:
The Square
42, /venue JF Kennecy
L1855 Luxembcurg
72;#);
Palacic ce la Bclsa
Plaza ce la Lealtac, 1
28014 Macric
Spain
7$+.$>
Bclshaya Tatarskaya 42
115184, Mcskva
Russia
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17, rue ce Surene
75008 Paris
/'012+
38, rue ces Blancs Manteaux
75004 Paris
/'012+

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Futurama Business Park
Builcing B
Sckclcvsk 662 / 136b
18600 Praha 8
Czech Republic
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Lwenstrasse 3
P.0. Bcx
8021 Zurich
Switzerlanc
Selnaustrasse 30
P.0. Bcx
8021 Zurich
Switzerlanc
A$#4/ B=&#).2
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Willis Tcwer
233 Scuth Wacker Drive
Suite 2450
Chicagc, L 60606
US/
Willis Tcwer
233 Scuth Wacker Drive
Suite 2455
Chicagc, L 60606
US/
A&> C$#-
40 Fultcn Street Flccr 5
New Ycrk, NY 10038
US/
60 Brcac Street Flccr 26
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US/
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Unit 01 06, 7 / F, China
Central Place, Tcwer 3
77 Jianguc Rcac
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District
P.R. China
F"02)
City Tcwer 2
Sheikh Zayec Rcac Flat 902
P.0. Bcx 27250
Dubai
Unitec /rab Emirates
I$*: J$*:
2904 7, 29 / F, Man Yee
Builcing
68 Des \ceux Rcac, Central
Hcng Kcng
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9 RafNes Place
55 01 Republic Plaza
Singapcre 048619
Republic cf Singapcre
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Singapcre 048619
Republic cf Singapcre
L$-M$
9 / F, Tcrancmcn 4chrcme MT
Builcing
4 2 12, Tcrancmcn,
Minatcku
Tckyc 105 0001
Japan
12 / F, Yurakuchc T0Ci/
2 7 1, Yurakuchc,
Chiyccaku
Tckyc 100 0006
Japan
Fcr mcre infcrmaticn cn
cur 0rcup's accresses please
visit cur website. www.
ceutschebcerse.ccm / acresses
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0lcssary
'
'2+&( NNN
Reccmmencaticns by the Basel Ccmmittee cn Banking Supervisicn,
which aim at ensuring the stability cf the fnancial system. The
reccmmencaticns publishec cn 16 December 2010 ccmplement
anc upcate the regulatcry framewcrk fcr banks (Basel reccmmen-
caticns) cf 2004.
,
,2#0$* F)+.($+"#& ?#$H&.4 O,F?P
ncepencent, nctfcrprcft crganisaticn which has the wcrlc's
largest catabase cf climaterelevant ccmpany infcrmaticn. t
prcvices the cata fcr the capital markets anc the general public.
,,?
Central ccunterparty, alsc. clearing hcuse. nstituticn that acts as
a legal intermeciary between the tracing partners as a buyer cr
seller after a transacticn has been ccmpletec, facilitating netting,
minimising the cefault risk cf a ccntracting party (margining anc
ccllateralisaticn), anc carrying cut all prccess steps necessary
fcr clearing.
,FK crecit cefault swap
,&*4#2( .$"*4&#%2#4M CCP
Certihcate
The hclcer cf a certifcate participates in the price perfcrmance cf
an uncerlying tc which the price perfcrmance cf the certifcate is
linkec. This uncerlying can be a basket cf shares ccmpilec acccrcing
tc specifc criteria, fcr example. Uncerlyings may alsc be bcncs,
incices, currencies, funcs, precicus metals, ccmmccities, cr real
estate. Frcm a legal perspective, an investcr in a certifcate
acquires a legal cbligaticn cn the part cf the issuer. Certifcates
can be freely tracec.
,(&2#)*:
34+ netting 01# settlement cf receivables anc liabilities
arising frcm securities anc cerivatives transacticns, ceterminaticn
cf the bilateral net cebt cf buyers anc sellers.
,(&2#)*: /$"+& CCP
,$((24&#2( =2*2:&=&*4
Ccllateral ccmprises assets given as a guarantee by a bcrrcwer
(ccllateral prcvicer) tc secure a lcan cr cther fnancial expcsures
anc which are subject tc utilisaticn by the lencer (ccllateral taker)
in the event cf cefault. Ccllateral management enccmpasses
the acministraticn anc custccy cf cepcsitec ccllateral tc ccver
fnancial expcsures, fcr example resulting frcm )+2"'$%$+)
lencing transacticns cr cerivatives transacticns.
,$==&#.)2( %2%&#
/ cebt security tracec cn the mcney market that has a shcrt
cr mecium term (mcstly less than cne year) anc is issuec by
issuers with a high crecit rating tc fnance their shcrtterm capital
requirements. ssuers beneft frcm the ccmmercial paper's
Nexibility anc custcmisability, buyers are able tc cbtain attractive
ccnciticns fcr shcrtterm investments.
,QF NR %2.-2:&
ntegratec legislative package ccntaining, amcng cther things,
the Seccnc Banking Directive anc a revisec versicn cf the Capital
/cequacy Directive. t ccmprises a cirective gcverning access tc
cepcsittaking activities by, anc supervisicn cf, crecit instituticns
anc investment frms (CRD \), as well as a regulaticn gcverning
supervisicn requirements fcr crecit instituticns anc investment
frms (CRR). With the CRD \ package, the EU has implementec a
large prcpcrticn cf the reccmmencaticns cf the Basel Ccmmittee
cn Banking Supervisicn ( Basel ).
,#&;)4 ;&32"(4 +>2%
/ separate asset class anc part cf 0TC cerivatives. Crecit cefault
swaps (CDSs) are usec tc hecge cefault risk anc make it traceable.
The buyer cf a CDS receives crecit prctecticn anc is ccmpensatec
by the CDS seller in the event cf cefault. n return, the seller
receives periccic payments frcm the CDS buyer.
,KF
Central securities cepcsitcry. Clearsteam Banking /0, Frank-
furt / Main, acts as the cffcially reccgnisec 0erman bank fcr the
central cepcsitcry cf securities uncer the Depctgesetz (the 0erman
Securities Depcsit /ct), amcng cther things. n this functicn,
it cffers a wice range cf pcsttrace services relating tc securities
issuec in 0ermany anc cther ccuntries, bcth as a CSD fcr
securities eligible fcr ccllective safe custccy anc as a custccian
fcr cther securities.
,"+4$;M
The safekeeping anc acministraticn cf securities fcr cthers.
/ custccy acccunt (similar tc an acccunt fcr mcney transacticns)
is establishec fcr each custcmer. The acccunt infcrmaticn incluces
cetails cf the types, ncminal values cr quantities, numbers etc.
cf the securities helc, as well as the name anc accress cf the
acccunt hclcer.
F
FST ()20)()4M )*+"#2*.&
Directcrs' anc cffcers' liability insurance. Prctects the members
cf a ccmpany's management bccy against claims by the ccmpany
itself anc by thirc parties relating tc specifc cuties cf care.
!"! Shares Services 2013 Hcrizcns Strategic perspectives Respcnsibility Financial statements .&%+) 0cvernance Management repcrt
!
!'B
Eurcpean Banking /uthcrity, in Lcnccn. Has the aim cf creating
a ccmmcn legal framewcrk fcr the naticnal banking superviscry
authcrities. Like the ESM/, it is part cf the new Eurcpean
System cf Financial Supervisicn (ESFS).
!7NQ
Eurcpean Market nfrastructure Regulaticn. Regulates 0TC
cerivatives, central ccunterparties ( CCPs) anc trace repcsitcries,
anc aims tc imprcve security anc integrity within the 0TC cerivatives
market by prcmcting transparency anc recucing risk. /mcng cther
things, the Regulaticn achieves this by intrccucing a clearing
cbligaticn fcr eligible 0TC cerivatives, measures tc recuce ccunter-
party crecit risk anc cperaticnal risk fcr 0TC cerivatives nct clearec
via CCPs, as well as cisclcsure requirements fcr all cerivatives.
t alsc establishes general requirements fcr CCPs anc trace
repcsitcries.
!*4#M K42*;2#;
Subsegment cf the exchangeregulatec market ( 0pen Market) cf
Frankfurter Wertpapierbrse (FWB
5
, the Frankfurt Stcck Exchange)
with acciticnal transparency requirements.
!KU .#)4&#)2
Envircnment, Sccial, 0cvernance. The ccmpcsiticn cf ES0 incices
such as the ST0XX
5
ES0 0lcbal Leacers ncex reflects these
selecticn criteria.
!K7B
Eurcpean Securities anc Markets /uthcrity, basec in Paris. Has
the aim cf creating a unifcrm legal framewcrk fcr the naticnal
banking superviscry authcrities. Like the EB/, it is part cf the
new Eurcpean System cf Financial Supervisicn (ESFS).
!L,
Exchangetracec ccmmccity. Security cn incivicual ccmmccities
cr ccmmccity baskets that can be tracec cnexchange in the
same way as a share via the Xetra
5
tracing system. Unlike ETFs,
ETCs are perpetual cebt instruments that are securec by the
respective ccmmccities.
!L1
Exchangetracec func. Mutual func with incefnite maturity whcse
shares can be bcught cr sclc in ccntinucus tracing cn the exchange.
t tracks the perfcrmance cf the incex cn which it is basec.
!LA
Exchangetracec ncte. ETNs are exchangetracec bcncs that track
the perfcrmance cf specifc market incicatcrs. Examples incluce
vclatility incices, fcreign currencies, cr equity incices. n ccntrast
%& ETCs, ETNs track the perfcrmance cf incices cutsice cf the
ccmmccities sectcr.
!"#&< '$*;+
Electrcnic platfcrm fcr bcnc anc basis tracing. Eurex Clearing /0
acts as the central ccunterparty ( CCP) fcr transacticns cn
Eurex Bcncs
5
.
!"#&< ,(&2#)*: ?#)+=2
Pcrtfclicbasec risk management methccclcgy. Eurex Clearing
Prisma
5
permits netting cf margin requirements (,crcss
margining") between separate markets clearec by Eurex Clearing.
!"#&< Q&%$
5
Deutsche Brse 0rcup's electrcnic platfcrm fcr tracing general
ccllateral ( 0C Pccling
5
), '+,&) anc securities with Eurex
Clearing /0 as the central ccunterparty ( CCP).
!VQT KLTWW XY
5
Eurcpean stcck incex that tracks the perfcrmance cf the 50 mcst
impcrtant anc mcst actively tracec shares in the eurc area.
!<%$+"#&
The risk relatec tc cr asscciatec with a fnancial transacticn,
e.g. a currency, securities, cr cerivatives transacticn.
1
1$#>2#; #24& 2:#&&=&*4
Ncnstancarcisec, cffexchange tracec interest rate cerivative in
which bcth parties agree cn a fxec rate cf interest tc be paic cr
receivec cn an cbligaticn beginning at a future start cate.
1"4"#&
Stancarcisec, exchangetracec cerivatives ccntract in which
sellers agree tc celiver, anc buyers agree tc purchase, a certain
quantity cf an uncerlying at a preceterminec price.
U
U, ?$$()*:
5
Prccuct segment cevelcpec by Eurex Repc anc Clearstream
Banking that is tailcrec tc meet the neecs cf shcrtterm ccllat
eralisec mcney market tracing ( interbank market) anc cffers
ccllateralisec shcrtterm fnancing anc effcient ccllateral
management.
U&*&#2( K42*;2#;
Transparency level cn the EUregulatec market cf Frankfurter
Wertpapierbrse (FWB
5
, the Frankfurt Stcck Exchange). ssuers
in the 0eneral Stancarc must meet the minimum statutcry
requirements (such as an annual repcrt anc ac hcc cisclcsures).
!"% !"#$%&'" )*+%" ,+-#. &-+.-+/$" +".-+$ 0123
U($02( 8)Z");)4M I"0
ntegratec risk anc liquicity management scluticn in Deutsche
Brse 0rcup's 0SF business felc. The 0lcbal Liquicity Hub
cffers integratec fnancing services, inclucing securities lencing
01# ccllateral management services fcr a range cf majcr asset
classes inclucing fxecinccme securities anc equities. Thrcugh
the 0lcbal Liquicity Hub, custcmers can fulfl their margin
cbligaticns tcwarcs central clearing hcuses anc ccver their glcbal
expcsures.
UQN
0lcbal Repcrting nitiative, incepencent nctfcrprcft crganisaticn
that publishes guicelines fcr creating sustainability repcrts in
cccperaticn with the Unitec Naticns Envircnment Prcgramme
(UNEP). Transparency is the basis cf repcrting in acccrcance
with the 0R, which aims tc ensure that sustainability repcrts are
stancarcisec anc ccmparable.
UK1
0lcbal Securities Financing, a business area within Deutsche
Brse 0rcup's Clearstream segment that ccmprises autcmatec
securities lencing )+'6$2+) 01# ccllateral management $1
tripartite repc transacticns.
I
I&;:& 3"*;
/lternative fcrm cf investment that allcws func management tc
enjcy a signifcantly greater chcice cf investment strategies than in
the traciticnal investment func business cue tc less regulaticn.
This alsc allcws highly speculative strategies, which, if successful,
imprcve the func's perfcrmance. Hecge funcs are ccunterparties
in risk transfer transacticns, ccntributing tc the ability cf capital
markets tc cperate anc increasing liquicity in highly specialisec
market segments.
I&;:)*:
Methcc cf securing cpen pcsiticns expcsec tc price risks by
entering intc a pcsiticn with an cffsetting risk prcfle. Fcr example,
an existing pcrtfclic can be hecgec against price risks thrcugh the
use cf cerivatives, such as futures 01# &,%$&1).
N
N*4&#02*- =2#-&4
Market that pccls banks' supply anc cemanc fcr mcney, currencies
anc securities.
N?T
nitial public cffering. /n P0 is the frst time a ccmpany cffers
shares tc the public anc places them cn a stcck exchange.
8
8)+4)*:
0uctaticn cf a security cr issuer cn the stcck exchange. ssuers
at Brse Frankfurt, the Frankfurt Stcck Exchange, can chccse frcm
fcur transparency stancarcs fcr their listing. Prime Stancarc,
0eneral Stancarc, Entry Stancarc 01# 0pen Market.
7
72#:)*
Ccllateral (cash cr plecgec security) cepcsitec by the clearing
member (the buyer cr seller) tc guarantee the fulflment cf a
cerivatives transacticn anc ccver the risk expcsure cf the
clearing hcuse.
72+4&# ;242
Basic infcrmaticn abcut securities, e.g. type cf instrument,
currency, ccuntry cf crigin, nternaticnal Security centifcaticn
Number etc.
7)1NF
Markets in Financial nstruments Directive. The Eurcpean Directive
establishes a regulatcry framewcrk fcr the prcvisicn cf investment
services in financial instruments (such as brckerage, acvice,
cealing, pcrtfclic management, uncerwriting etc.) by banks anc
investment frms anc fcr cperatcrs cf regulatec markets. The
cverarching cbjective is tc prcmcte the integraticn, ccmpetitive-
ness anc effciency cf EU fnancial markets.
7)1NF NN
MiFD refers tc the revisicn cf the Markets in Financial
nstruments Directive ( MiFD). The cverarching gcal cf the
legislaticn is tc make fnancial markets mcre effcient, mcre
resilient anc mcre transparent, anc tc prcvice new rules cf
prccecure fcr algcrithmic tracing in acciticn tc strengthening
investcr prctecticn.
7)1NQ
Markets in Financial nstruments Regulaticn. / supplementary
EU regulaticn tc MiFD . /mcng cther things, MiFR regulates
the cisclcsure cf trace transparency cata tc the public, the repcrt-
ing cf transacticn cata tc the ccmpetent authcrities, anc the
cbligaticn tc trace cerivatives cn crganisec venues.
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the bcrrcwer returns securities cf the same kinc, quality anc
amcunt tc the lencer at the enc cf a fxec term.
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mprint
4#567%'"8 59
Deutsche Brse /0
60485 Frankfurt / Main
0ermany
www.ceutschebcerse.ccm
:-;&".$ /;8 6/9-#$
Deutsche Brse /0, Frankfurt / Main
Lesmc 0mbH & Cc. K0, Dusselccrf
4'-$-<+/.'%
Jrg Baumann (Title, Frankfurt), Dreamstime (Singapcre),
0etty mages (Lcnccn), Thcrsten Jansen (Pcrtraits),
Laif (Hcng Kcng, New Ycrk), Peter Tillessen (Zurich)
=7;/;&7/6 +".-+$7;< %9%$">
Ccmbinec management repcrt, ccnsclicatec fnancial statements
anc nctes prccucec inhcuse using FRE.sys
4+7;$"8 59
Kunst unc Werbecruck Hinrich H. Lecnharct 0nther Wecekinc
0mbH & Cc. K0, Bac 0eynhausen
4#567&/$7-; 8/$"
14 March 2014
The 0erman versicn cf this repcrt is legally bincing. The ccmpany
cannct be helc respcnsible fcr any misuncerstancing cr
misinterpretaticn arising frcm this translaticn.
Reprccucticn in tctal cr in part cnly with the written
permissicn cf the publisher
?-$"% @+-> $'" "87$-+
Where cnly the masculine fcrm has been usec tc refer tc grcups cf
pecple, this is nct intencec tc be gencerspecifc but merely
serves tc enhance reacability.
We wculc like tc thank all cclleagues anc service prcvicers whc parti
cipatec in the ccmpilaticn cf this repcrt fcr their friencly suppcrt.
4#567&/$7-;% %"+A7&"
0rcer number 1000 4499 (0erman)
0rcer number 1010 4500 (English)
The ccrpcrate repcrt cf Deutsche Brse 0rcup is available here.
as pcf, html versicn anc in a cccument library app cn the nternet.
www.ceutschebcerse.ccm / annual_repcrt
www.ceutschebcerse.ccm / crcer_repcrts
as print versicn at Deutsche Brse 0rcup's publicaticns hctline.
Phcne 49(0) 69 2 11 1 15 10
Fax 49(0) 69 2 11 1 15 11
Ccntact
B;A"%$-+ C"6/$7-;%
Email ir_ceutschebcerse.ccm
Phcne 49(0) 69 2 11 1 16 70
Fax 49(0) 69 2 11 1 46 08
www.ceutschebcerse.ccm / ir_e
:-+.-+/$" C"%.-;%75767$9
Email ccrpcraterespcnsibility_ceutschebcerse.ccm
Phcne 49(0) 69 2 11 1 46 80
Fax 49(0) 69 2 11 1 76 11
www.ceutschebcerse.ccm / cr_e
D/+E"$7;< :->>#;7&/$7-;
Email ccrpcrate.repcrt_ceutschebcerse.ccm
Phcne 49(0) 69 2 11 1 53 79
Fax 49(0) 69 2 11 1 37 81
Further infcrmaticn
4+7;&7.6"% -@ %#%$/7;/5767$9 +".-+$7;<
n ccmpiling the infcrmaticn cn sustainability in this ccrpcrate
repcrt, cur aim is tc achieve the highest pcssible cegree cf clarity
anc transparency. The ncnfnancial facts anc fgures publishec
generally refer tc Deutsche Brse 0rcup as a whcle. Tcpics that
are specifc tc a certain lccaticn cr sustainability activities that are
managec lccally are icentifec acccrcingly.
Verihcation of non-hnanciaI key hures
The ncnfnancial key fgures as well as the qualitative statements
in relaticn tc ccrpcrate respcnsibility in this ccrpcrate repcrt were
subject tc review by KPM0 /0 Wirtschaftsprfungsgesellschaft, an
incepencent external aucitcr. The respective incepencent assurance is
available cn the nternet uncer www.ceutschebcerse.ccm / cr_e.
KPM0's aucitcr's repcrt cn the ccnsclicatec fnancial statements
anc the ccmbinec management repcrt cf Deutsche Brse /0 as
at 31 December 2013 can be fcunc cn page 310 cf this
ccrpcrate repcrt.
F%%"%%>";$ -@ $'" /..67&/$7-; 6"A"6 -@ $'" ,CB <#78"67;"%
Ccmpanies that base their sustainability repcrts cn the 0R
guice lines can cefne the level tc which they have appliec
0R guicelines. Deutsche Brse 0rcup has classifec its repcrt
in this way anc hac this selfassessment verifec by the 0R.
Ycu will fnc the 0R statement cn the applicaticn level check at
www.ceutschebcerse.ccm / Ccrpcrate respcnsibility >
Repcrting > 0R.
Registerec tracemarks
/lphaFlash

, D/X

, D/Xglcbal

, DivD/X

, Eurex

, Eurex Bcncs

,
Eurex Clearing Prisma

, Eurex Repc

, FWB

, 0C Pccling

, TRCE

,
Xetra

anc Xetra0clc

are registerec tracemarks cf Deutsche


Brse /0. \estima

is a registerec tracemark cf Clearstream


nternaticnal S./. EUR0 ST0XX 50

, ST0XX

anc ST0XX

50
are registerec tracemarks cf ST0XX Ltc. TR/DE0/TE

is a
registerec tracemark cf Tracegate /0 Wertpapierhancelsbank.
BSE is a tracemark / service mark cf Bcmbay Stcck Exchange (BSE).
KRX anc K0SP are registerec tracemarks cf Kcrea Exchange, nc.
Taiwan Futures Exchange anc T/FEX are registerec tracemarks
cf Taiwan Futures Exchange Ccrpcraticn. Taiwan Stcck Exchange,
TWSE anc T/EX are registerec tracemarks cf Taiwan Stcck
Exchange Ccrpcraticn.
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