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href="/dbg-en/investor-relations/presentations">Presentations</a> <div class="sub-sub-navigation-points-container"> </div> </div> <div class="sub-navigation-points-container"> <a class="sub-navigation-point" data-sub-navigation-point href="/dbg-en/investor-relations/statistics">Statistics</a> <div class="sub-sub-navigation-points-container"> </div> </div> <div class="sub-navigation-points-container"> <a class="sub-navigation-point" data-sub-navigation-point href="/dbg-en/investor-relations/announcements-and-services">Announcements & services</a> <div class="sub-sub-navigation-points-container"> <a class="sub-sub-navigation-point" href="/dbg-en/investor-relations/announcements-and-services/press-releases">Media releases</a> <a class="sub-sub-navigation-point" href="/dbg-en/investor-relations/announcements-and-services/ad-hoc-announcements"> Ad-hoc announcements </a> <a class="sub-sub-navigation-point" 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class="fly-out-shadow-down hidden"></div> </div> </div> </div> <div class="flyout-navigation-close-button-container"> <button class="flyout-navigation-close-button" data-js-close-button> <i class="icon icon-chevron-up"></i> </button> </div> </div> <div class="fly-out-outer-container" data-sub-navigation-points="10294"> <div class="dbg-outer-content-container " > <div class="dbg-inner-content-container"> <div data-js-fly-out-content-container class="fly-out-outer-content-container"> <div data-js-fly-out-shadow-up class="fly-out-shadow-up hidden"></div> <div class="fly-out-headline-container"> <a class="fly-out-headline" href="/dbg-en/media"> <i class="icon icon-arrow-right"></i> Overview </a> </div> <div class="fly-out-inner-content-container"> <div class="fly-out-menu-container"> <div class="sub-navigation-points-container"> <a class="sub-navigation-point" data-sub-navigation-point href="/dbg-en/media/group-at-a-glance">The Group at a glance</a> <div 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data-js-close-button> <i class="icon icon-chevron-up"></i> </button> </div> </div> <div class="fly-out-outer-container" data-sub-navigation-points="24574"> <div class="dbg-outer-content-container " > <div class="dbg-inner-content-container"> <div data-js-fly-out-content-container class="fly-out-outer-content-container"> <div data-js-fly-out-shadow-up class="fly-out-shadow-up hidden"></div> <div class="fly-out-headline-container"> <a class="fly-out-headline" href="/dbg-en/about-us"> <i class="icon icon-arrow-right"></i> Overview </a> </div> <div class="fly-out-inner-content-container"> <div class="fly-out-menu-container"> <div class="sub-navigation-points-container"> <a class="sub-navigation-point" data-sub-navigation-point href="/dbg-en/about-us/deutsche-boerse-group">Deutsche Börse Group</a> <div class="sub-sub-navigation-points-container"> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/deutsche-boerse-group/executive-board">Executive Board</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/deutsche-boerse-group/organisation">Organisation</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/deutsche-boerse-group/locations">Global offices</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/deutsche-boerse-group/events">Events</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/deutsche-boerse-group/group-websites">Group websites</a> </div> </div> <div class="sub-navigation-points-container"> <a class="sub-navigation-point" data-sub-navigation-point href="/dbg-en/about-us/sustainability">Sustainability</a> <div class="sub-sub-navigation-points-container"> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/sustainability/sustainability-strategy">Sustainability strategy</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/sustainability/esg-governance">ESG governance</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/sustainability/reports-statements-policies-guidelines">Reports, statements, policies & guidelines</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/sustainability/diversity-inclusion">Diversity, equity & inclusion</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/sustainability/sustainability-contact">Contact</a> </div> </div> <div class="sub-navigation-points-container"> <a class="sub-navigation-point" data-sub-navigation-point href="/dbg-en/about-us/engagement">Engagement</a> <div class="sub-sub-navigation-points-container"> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/engagement/education-culture">Education & culture</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/engagement/visitorscenter">Experience the stock exchange</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/engagement/social-cohesion">Social cohesion</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/engagement/sport">Sport</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/engagement/engagement-contact">Contact</a> </div> </div> <div class="sub-navigation-points-container"> <a class="sub-navigation-point" data-sub-navigation-point href="/dbg-en/about-us/regulation">Regulation</a> <div class="sub-sub-navigation-points-container"> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/regulation/regulation-tcd">Trading, clearing & data</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/regulation/regulation-post-trading">Post-trading</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/regulation/regulation-indices-esg">Indices & ESG</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/regulation/regulation-hd">Horizontal dossiers</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/regulation/regulation-df">Digital finance</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/regulation/regulation-sustainable-finance">Sustainable Finance Regulation</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/regulation/publications">Publications</a> </div> </div> <div class="sub-navigation-points-container"> <a class="sub-navigation-point" data-sub-navigation-point href="/dbg-en/about-us/contact">Contact & services</a> <div class="sub-sub-navigation-points-container"> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/contact/hotlines">Hotlines</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/contact/addresses">Addresses</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/contact/Supplier-portal">Supplier portal</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/contact/contact-for-whistleblowers">Whistleblower system</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/contact/report-vulnerabilities">Report vulnerabilities</a> <a class="sub-sub-navigation-point" href="/dbg-en/about-us/contact/glossary">Glossary</a> </div> </div> </div> </div> <div data-js-fly-out-shadow-down class="fly-out-shadow-down hidden"></div> </div> </div> </div> <div class="flyout-navigation-close-button-container"> <button class="flyout-navigation-close-button" data-js-close-button> <i class="icon icon-chevron-up"></i> </button> </div> </div> </div> </div> <div class="main-navigation-container__burger"> <div class="main-navigation-burger-flyout" data-js-main-navigation-burger-flyout> <div class="fly-out-outer-container" data-sub-navigation-points="3682" data-js-level="0" data-js-parentId=""> <button class="main-navigation-button" data-js-burger-flyout-button="18412"> <div class="main-navigation-button__content"> <p>Markets & services</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="25386"> <div class="main-navigation-button__content"> <p>Investor relations</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="10294"> <div class="main-navigation-button__content"> <p>Media</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <a class="main-navigation-button" href="/dbg-en/career-expired"> <div class="main-navigation-button__content"><p>Career</p></div> </a> <button class="main-navigation-button" data-js-burger-flyout-button="24574"> <div class="main-navigation-button__content"> <p>About us</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> </div> <div class="fly-out-outer-container" data-sub-navigation-points="18412" data-js-level="1" data-js-parentId="3682"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="3682"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/markets-services"> Markets & services </a> </div> <a class="main-navigation-button main-navigation-button__overview" href="/dbg-en/markets-services"> <button> <i class="icon icon-arrow-right"></i> </button> <p>Overview</p> </a> <button class="main-navigation-button" data-js-burger-flyout-button="3741996"> <div class="main-navigation-button__content"> <p>Investment Management Solutions</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="17488"> <div class="main-navigation-button__content"> <p>Pre-IPO & listing</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="16496"> <div class="main-navigation-button__content"> <p>Trading</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="15766"> <div class="main-navigation-button__content"> <p>Market data & analytics</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="16682"> <div class="main-navigation-button__content"> <p>Clearing</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="4076934"> <div class="main-navigation-button__content"> <p>Post-trading</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="16240"> <div class="main-navigation-button__content"> <p>Information technology</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> </div> <div class="fly-out-outer-container" data-sub-navigation-points="3741996" data-js-level="2" data-js-parentId="18412"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="18412"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/markets-services/ps-ims"> Investment Management Solutions </a> </div> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-ims/ps-software-analytics"> <div class="main-navigation-button__content"><p>Software & analytics</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-ims/esg-data-and-research"> <div class="main-navigation-button__content"><p>ESG data & research</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-ims/index"> <div class="main-navigation-button__content"><p>Index</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="17488" data-js-level="2" data-js-parentId="18412"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="18412"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/markets-services/ps-pre-ipo-listing"> Pre-IPO & listing </a> </div> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-pre-ipo-listing/ps-market-structure"> <div class="main-navigation-button__content"><p>Market structure</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-pre-ipo-listing/ps-venture-network"> <div class="main-navigation-button__content"><p>Growth financing</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-pre-ipo-listing/ps-going-being-public"> <div class="main-navigation-button__content"><p>Going & being public</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-pre-ipo-listing/private-market"> <div class="main-navigation-button__content"><p>Private market</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-pre-ipo-listing/ps-statistics-circulars"> <div class="main-navigation-button__content"><p>Statistics & circulars</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-pre-ipo-listing/experience-the-stock-exchange"> <div class="main-navigation-button__content"><p>Events at the stock exchange </p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="16496" data-js-level="2" data-js-parentId="18412"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="18412"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/markets-services/trading"> Trading </a> </div> <a class="main-navigation-button" href="/dbg-en/markets-services/trading/frankfurt-stock-exchange"> <div class="main-navigation-button__content"><p>Frankfurt Stock Exchange</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/trading/ps-trading-venues"> <div class="main-navigation-button__content"><p>Trading venues</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/trading/ps-rules-regulations"> <div class="main-navigation-button__content"><p>Rules & regulations</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/trading/ps-trading-news"> <div class="main-navigation-button__content"><p>Trading news</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/trading/ps-trading-statistics"> <div class="main-navigation-button__content"><p>Trading statistics</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="15766" data-js-level="2" data-js-parentId="18412"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="18412"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/markets-services/ps-market-data"> Market data & analytics </a> </div> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-market-data/ps-market-data"> <div class="main-navigation-button__content"><p>Real-time market data</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-market-data/ps-analytics"> <div class="main-navigation-button__content"><p>Analytics</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-market-data/ps-historical-market-data"> <div class="main-navigation-button__content"><p>Historical market data</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-market-data/ps-reference-data"> <div class="main-navigation-button__content"><p>Reference data</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="16682" data-js-level="2" data-js-parentId="18412"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="18412"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/markets-services/ps-clearing"> Clearing </a> </div> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-clearing/ps-clearing-houses"> <div class="main-navigation-button__content"><p>Clearing houses</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-clearing/ps-rules-regulations"> <div class="main-navigation-button__content"><p>Rules & regulations</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-clearing/ps-news-statistics"> <div class="main-navigation-button__content"><p>News & statistics</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="4076934" data-js-level="2" data-js-parentId="18412"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="18412"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/markets-services/post-trading"> Post-trading </a> </div> <a class="main-navigation-button" href="/dbg-en/markets-services/post-trading/ps-securities-services"> <div class="main-navigation-button__content"><p>Securities services</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/post-trading/ps-collateral-liquidity-management"> <div class="main-navigation-button__content"><p>Collateral, lending & liquidity solutions </p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/post-trading/ps-fund-services"> <div class="main-navigation-button__content"><p>Fund services</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="16240" data-js-level="2" data-js-parentId="18412"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="18412"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/markets-services/ps-technology"> Information technology </a> </div> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-technology/ps-7-market-technology"> <div class="main-navigation-button__content"><p>7 Market Technology</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-technology/ps-trading-tools"> <div class="main-navigation-button__content"><p>Trading tools</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-technology/ps-api-platform"> <div class="main-navigation-button__content"><p>API Platform</p></div> </a> <a class="main-navigation-button" href="/dbg-en/markets-services/ps-technology/service-status"> <div class="main-navigation-button__content"><p>Service status</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="25386" data-js-level="1" data-js-parentId="3682"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="3682"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/investor-relations"> Investor relations </a> </div> <a class="main-navigation-button main-navigation-button__overview" href="/dbg-en/investor-relations"> <button> <i class="icon icon-arrow-right"></i> </button> <p>Overview</p> </a> <button class="main-navigation-button" data-js-burger-flyout-button="25352"> <div class="main-navigation-button__content"> <p>The Group at a glance</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="25510"> <div class="main-navigation-button__content"> <p>Corporate Governance</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="25126"> <div class="main-navigation-button__content"> <p>Share & bonds</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="25194"> <div class="main-navigation-button__content"> <p>Financial reports</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="25788"> <div class="main-navigation-button__content"> <p>Financial calendar</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <button class="main-navigation-button" data-js-burger-flyout-button="3783060"> <div class="main-navigation-button__content"> <p>Annual General Meeting</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <a class="main-navigation-button" href="/dbg-en/investor-relations/presentations"> <div class="main-navigation-button__content"><p>Presentations</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/statistics"> <div class="main-navigation-button__content"><p>Statistics</p></div> </a> <button class="main-navigation-button" data-js-burger-flyout-button="25748"> <div class="main-navigation-button__content"> <p>Announcements & services</p> <span class="main-navigation-button__arrow"> <i class="icon icon-chevron-right"></i> </span> </div> </button> <a class="main-navigation-button" href="/dbg-en/investor-relations/contacts"> <div class="main-navigation-button__content"><p>Contact</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="25352" data-js-level="2" data-js-parentId="25386"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="25386"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/investor-relations/at-a-glance"> The Group at a glance </a> </div> <a class="main-navigation-button" href="/dbg-en/investor-relations/at-a-glance/company-figures"> <div class="main-navigation-button__content"><p>Company figures</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/at-a-glance/aims-and-outlook"> <div class="main-navigation-button__content"><p>Aims & outlook</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/at-a-glance/esg-profile"> <div class="main-navigation-button__content"><p>Our ESG profile</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="25510" data-js-level="2" data-js-parentId="25386"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="25386"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/investor-relations/corporate-governance"> Corporate Governance </a> </div> <a class="main-navigation-button" href="/dbg-en/investor-relations/corporate-governance/executive-board"> <div class="main-navigation-button__content"><p>Executive Board</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/corporate-governance/supervisory-board"> <div class="main-navigation-button__content"><p>Supervisory Board</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/corporate-governance/remuneration-overview"> <div class="main-navigation-button__content"><p>Remuneration</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/corporate-governance/auditor"> <div class="main-navigation-button__content"><p>Auditor</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/corporate-governance/declaration-of-conformity"> <div class="main-navigation-button__content"><p>Declaration of Conformity</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/corporate-governance/articles-of-incorporation"> <div class="main-navigation-button__content"><p>Articles of incorporation</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/corporate-governance/compliance"> <div class="main-navigation-button__content"><p>Compliance</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="25126" data-js-level="2" data-js-parentId="25386"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="25386"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/investor-relations/share-and-bonds"> Share & bonds </a> </div> <a class="main-navigation-button" href="/dbg-en/investor-relations/share-and-bonds/master-data"> <div class="main-navigation-button__content"><p>Master data</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/share-and-bonds/key-figures-and-dividend"> <div class="main-navigation-button__content"><p>Key figures & dividend</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/share-and-bonds/analysts"> <div class="main-navigation-button__content"><p>Analysts</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/share-and-bonds/shareholder-structure"> <div class="main-navigation-button__content"><p>Shareholder structure</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/share-and-bonds/share-buyback"> <div class="main-navigation-button__content"><p>Share buy-back</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/share-and-bonds/bonds"> <div class="main-navigation-button__content"><p>Bonds</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/share-and-bonds/credit-ratings"> <div class="main-navigation-button__content"><p>Credit ratings</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="25194" data-js-level="2" data-js-parentId="25386"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="25386"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/investor-relations/financial-reports"> Financial reports </a> </div> <a class="main-navigation-button" href="/dbg-en/investor-relations/financial-reports/annual-reports"> <div class="main-navigation-button__content"><p>Annual reports</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/financial-reports/interim-reports"> <div class="main-navigation-button__content"><p>Interim reports</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/financial-reports/archive-overview"> <div class="main-navigation-button__content"><p>Archive</p></div> </a> </div> <div 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href="/dbg-en/investor-relations/annual-general-meeting-2023/agm-archive"> <div class="main-navigation-button__content"><p>Archive</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="25748" data-js-level="2" data-js-parentId="25386"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="25386"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/investor-relations/announcements-and-services"> Announcements & services </a> </div> <a class="main-navigation-button" href="/dbg-en/investor-relations/announcements-and-services/press-releases"> <div class="main-navigation-button__content"><p>Media releases</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/announcements-and-services/ad-hoc-announcements"> <div class="main-navigation-button__content"><p> Ad-hoc announcements </p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/announcements-and-services/managers-transactions"> <div class="main-navigation-button__content"><p>Managers’ transactions</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/announcements-and-services/notifications-of-major-holdings"> <div class="main-navigation-button__content"><p>Notifications of major holdings</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/announcements-and-services/other-regulatory-announcements"> <div class="main-navigation-button__content"><p>Other regulatory announcements</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/announcements-and-services/sign-up-service"> <div class="main-navigation-button__content"><p>Sign-up service</p></div> </a> <a class="main-navigation-button" href="/dbg-en/investor-relations/announcements-and-services/simcorp"> <div class="main-navigation-button__content"><p>SimCorp offer</p></div> </a> </div> <div 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class="main-navigation-button__content"><p>Contact</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="25608" data-js-level="2" data-js-parentId="24574"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="24574"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/about-us/regulation"> Regulation </a> </div> <a class="main-navigation-button" href="/dbg-en/about-us/regulation/regulation-tcd"> <div class="main-navigation-button__content"><p>Trading, clearing & data</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/regulation/regulation-post-trading"> <div class="main-navigation-button__content"><p>Post-trading</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/regulation/regulation-indices-esg"> <div class="main-navigation-button__content"><p>Indices & ESG</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/regulation/regulation-hd"> <div class="main-navigation-button__content"><p>Horizontal dossiers</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/regulation/regulation-df"> <div class="main-navigation-button__content"><p>Digital finance</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/regulation/regulation-sustainable-finance"> <div class="main-navigation-button__content"><p>Sustainable Finance Regulation</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/regulation/publications"> <div class="main-navigation-button__content"><p>Publications</p></div> </a> </div> <div class="fly-out-outer-container" data-sub-navigation-points="23808" data-js-level="2" data-js-parentId="24574"> <div class="main-navigation-button main-navigation-button__back"> <button data-js-burger-flyout-button="24574"> <i class="icon icon-chevron-left"></i> </button> <a href="/dbg-en/about-us/contact"> Contact & services </a> </div> <a class="main-navigation-button" href="/dbg-en/about-us/contact/hotlines"> <div class="main-navigation-button__content"><p>Hotlines</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/contact/addresses"> <div class="main-navigation-button__content"><p>Addresses</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/contact/Supplier-portal"> <div class="main-navigation-button__content"><p>Supplier portal</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/contact/contact-for-whistleblowers"> <div class="main-navigation-button__content"><p>Whistleblower system</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/contact/report-vulnerabilities"> <div class="main-navigation-button__content"><p>Report vulnerabilities</p></div> </a> <a class="main-navigation-button" href="/dbg-en/about-us/contact/glossary"> <div class="main-navigation-button__content"><p>Glossary</p></div> </a> </div> </div> </div> </div> <div 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we produce white papers and extensive studies dealing with the financial markets’ present challenges and highlighting regulatory possibilities.</p></div> </div> <div class="paragraph"> <div><br/></div> </div> </div> </div> </div> </div> </div> </div> </section> <div class="dbg-outer-content-container padding " > <div class="dbg-inner-content-container"> <div class="dbg-grid-container" > <!-- parameter fullRow overwrites colCount --> <!-- Render --> <div class="dbg-full-content-row" > <div class="tab-navigation-container loading gridMaxCol horizontal" data-module="pe14-tabs" data-js-container="tab-container2-d8zni31ii1gngstidkpodot7a" > <div class="dbg-outer-content-container " > <div class="dbg-inner-content-container"> <div class="dbg-grid-container" > <div class="tabs-outer-container gridMaxCol"> <div class="slider-outer-container" data-js-id="slider-outer-container" data-module="slider"> <button class="button-arrow button-arrow-prev hidden" data-js-id="slider-button-prev"> <i 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class="dbg-main-after-section"> <div class="dbg-outer-content-container padding " > <div class="dbg-inner-content-container"> <div class="dbg-grid-container" > <!-- parameter fullRow overwrites colCount --> <!-- Render --> <div class="tab-navigation-container loading grid6Col horizontal" data-module="pe14-tabs" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > <div class="tabs-outer-container gridMaxCol"> <div class="slider-outer-container" data-js-id="slider-outer-container" data-module="slider"> <button class="button-arrow button-arrow-prev hidden" data-js-id="slider-button-prev"> <i class="icon icon-arrow-prev"></i> </button> <div class="slider-inner-container" data-js-id="slider-inner-container"> <div class="tabs-inner-container"> <button class="tab-link border active" data-js-id="tab-link" data-content-id="4150674" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > 2024 </button><button class="tab-link border " data-js-id="tab-link" 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class="icon icon-arrow-next"></i> </button> </div> </div> <div class="content-container gridMaxCol active" data-js-id="tab-content" data-content-id="4150674" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > <div> <div class="tab-container-collection-as-item"> <div class="grid-item grid6Col grid2Col-sm " > <div class="teaser-links-list-and-icons-container "> <h3 >2024</h3> <ul class="linkList-Collection__list" > <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/4150678/c76b162915210e41ef58ef16b91a0ca3/data/240903_Open%20Letter%20-%20Europe%20needs%20to%20keep%20its%20best%20Tech%20IPOs%20at%20Home.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2024: Open Letter - Europe needs to keep its best Tech IPOs at Home</p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="content-container gridMaxCol " data-js-id="tab-content" data-content-id="3565400" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > <div> <div class="tab-container-collection-as-item"> <div class="grid-item grid6Col grid2Col-sm " > <div class="teaser-links-list-and-icons-container "> <h3 >2023</h3> <ul class="linkList-Collection__list" > <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916578/10b10c9c1a76690f5368ab451bf8196f/data/20231222_DBG%20response_EC%20SFDR%20level%201%20targeted%20consultation.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">December 2023: DBG response to the European Commission's targeted consultation on the implementation of the Sustainable Finance Disclosures Regulation (SFDR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916580/8a46f4324bb474bacf6ec05fd409fed6/data/20231214_DBG%20response_ESMA%20CfE%20T+1.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">December 2023: DBG response to ESMA's call for evidence on shortening of the settlement cycle</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916582/e45dc245c3682a2ee05fed99d8ba9716/data/20231212_DBDX%20response_ESMA%20Consultation%20MiCA.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">December 2023: DBG response to ESMA's consultation paper on technical standards specifiying certain requirements of Markets of Crypto Assets Regulation (MiCA) -- Second consultation paper </p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916584/7ea9ab38593fcc2a3cb246328fe561d8/data/20231128_DBG%20response_EC%20CfE_Reporting%20Rationalization.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2023: DBG response to the European Commission’s Call for Evidence on the rationalisation of reporting requirements</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916586/fba54d07a06c724cc011710edeb4ae61/data/20231117_DBG%20response_FSB%20consultation_CCP%20resolution%20resources%20and%20tools.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2023: DBG response to the FSB's consultation report on Financial Resources and Tools for CCP Resolution</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916590/4dc78bc58d4a466e563c1a6b5b9b22a8/data/20231110_GDB%20Stellungnahme_Finanzmarktdigitalisierungsgesetz.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2023: DBG response to the "Finanzmarktdigitalisierungsgesetz"</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916592/452658ef13ca049dd32ddc5764320112/data/20231018_DBG%20response_IOSCO_consultation%20on%20DeFi.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">October 2023: DBG response to IOSCO’s Policy Recommendations for Decentralized Finance (DeFi) Consultation Report</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916594/f5b21fed36a3c675a134024bfec8f89d/data/20230918_DBG%20response_ESMA%20consultation%20on%20MiCA.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2023: DBG response to ESMA's first consultation paper for MiCA implementation</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916618/77e449e7f15ef05389dd9d667feef01a/data/20230908c_DBG%20response_DORA%20consultation.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2023: DBG response to the ESA's public consultation on draft Regulatory Technical Standards to specify the detailed content of the policy in relation to the contractual arrangements on the use of ICT services supporting critical or important functions provided by ICT third-party service providers as mandated by Regulation (EU) 2022/2554</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916620/6e7bb36600f02351d3fcaba7a251b8b8/data/20230908b_DBG%20response_DORA%20consultation.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2023: DBG Response to the ESA's consultation on Draft Implementing Technical Standards to establish the templates composing the register of information in relation to all contractual arrangements on the use of ICT services provided by ICT third-party service providers</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916622/d0460cccd57a6138eac062b1788d798b/data/20230908a_DBG%20response_DORA%20consultation.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2023: DBG Response to the ESA's consultation on Draft Regulatory Technical Standards to further harmonise ICT risk management tools, methods, processes and policies as mandated under Articles 15 and 16 (3) of Regulation (EU) 2022/2554</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916596/ef386b017647a69e52ba6d0ecd23a168/data/20230908_DBG%20response_EC%20Have%20your%20Say_FASTER%20tax%20initiative.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2023: DBG response to Have your say – Withholding taxes – new EU system for the avoidance of double taxation and prevention of tax abuseFaster and Safer Relief of Excess Withholding Taxes (FASTER Initiative)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916624/4f9597f8245e2bc5505188bcdf6c5763/data/20230908_DBG%20response_DORA%20consultation.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2023: DBG Response to the ESA's Public consultation on draft Regulatory Technical Standards on specifying the criteria for the classification of ICT related incidents, materiality thresholds for major incidents and significant cyber threats under Regulation (EU) 2022/2554</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3628254/a0fd16b8753d435af686aa59f8ca46a0/data/july2023_DBG-response-for-EBA-benchmarking-diversity.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2023: DBG response for EBA guidelines on benchmarking of diversity practices</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916676/952a55378dcb261474b0888a7114094d/data/20230720_GDB%20Stellungnahme_BMF_Konsultation_OpenFinance.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2023: DBG response to the German Federal Ministry of Finance's consultation on Financial Data Access Framework</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916674/9a931b9b95e84b4d2e48019769e26a28/data/20230718_DBG%20response_IOSCO_consultation_Policy%20Recommendations%20for%20Crypto%20and%20Digital%20Assets%20Markets.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2023: DBG response to IOSCO´s Consultation Report CR01/2023Policy Recommendations for Crypto and Digital Assets Markets</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916672/66b8b5c230e896803a9be2673304bdb1/data/20230704_DBG%20response_ESAs%20consultation_SFDR%20Review.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2023: DBG response to the ESA's joint consultation paper on the review of SFDR Delegated Regulation regarding PAI and financial product disclosures</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916604/fe3e1ee1e0a94808abe6598360737c3f/data/20230628_DBG%20response_ECB%20consultation%20on%20counterparty%20credit%20risk%20governance%20and%20management.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2023: DBG response to the ECB's report on "Sound practices in counterparty credit risk governance and management"</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3565404/75a18fddac91df31defe77638d6d7ffc/data/may2023_German-Future-Financing-Act.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2023: German Future Financing Act</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3565402/9a47cead87486571c1044f59f0e17959/data/apr2023_DBG-response-to-the-EC-Listing-Act-proposal.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">April 2023: DBG response to the European Commission Listing Act proposal</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916666/0a25b31cfabf0e318591013002f4b925/data/20230331_DBG%20response_ESMA%20consultation_Manual%20on%20post-trade%20transparency.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2023: DBG response to ESMA's consultation paper on the manual on post-trade transparency</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916610/1ec0affd6d1917d0d6f4b314003f0164/data/20230329_DBG%20response_EC%20CfE_on%20review%20of%20BMR%20third-country%20regime.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2023: DBG response to the European Commission’s call for evidence on the review of the scope and third-country regime of the Benchmark Regulation</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916614/1fd6d2efb1095540e13c9c61d161e7e4/data/20230220_DBG%20response_ESMA%20consultation%20on%20ESG%20funds%20names.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2023: DBG response to ESMA's consultation paper on guidelines for the use of ESG or sustainability-related terms in funds’ names</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3916616/e0f3a7ac238e8e18197d61ff81030c4a/data/20230120_DBG%20response_EC%20consultation%20on%20framework%20for%20income%20taxation.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2023: DBG response to the European Commission’s public consultation paper on the Initiative for a Directive on Business in EuropeFramework for Income Taxation (BEFIT)</p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="content-container gridMaxCol " data-js-id="tab-content" data-content-id="3019380" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > <div> <div class="tab-container-collection-as-item"> <div class="grid-item grid6Col grid2Col-sm " > <div class="teaser-links-list-and-icons-container "> <h3 >2022</h3> <ul class="linkList-Collection__list" > <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378104/480fc7963e2b37793debf9e468e62a0b/data/nov2022_CBF%20response%20call%20for%20evidence%20on%20the%20implementation%20of%20SRD2%20provisions%20on%20proxy.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2022: CBF response call for evidence on the implementation of SRD2 provisions on proxy advisors and the investment chain</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378106/75bfb4dd749365151028a40379b833aa/data/nov2022_CBL%20response%20to%20ESMA%E2%80%99s%20call%20for%20evidence%20on%20the%20implementation%20of%20SRD2.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2022: CBL response to ESMA’s call for evidence on the implementation of SRD2 provisions on proxy advisors and the investment chain</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378102/2c96383b4952c0235f50a91b011fb79a/data/nov2022_%20LuxCSD%20response%20to%20ESMA%E2%80%99s%20call%20for%20evidence%20on%20the%20implementation%20of%20SRD2.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2022: LuxCSD response to ESMA’s call for evidence on the implementation of SRD2 provisions on proxy advisors and the investment chain</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378108/1b8f4b703e15765881ef2fe410fb7e29/data/nov2022_DBG%20response%20to%20ESMA%E2%80%99s%20call%20for%20evidence%20on%20the%20implementation%20of%20SRD2.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2022: DBG response to ESMA’s call for evidence on the implementation of SRD2 provisions on proxy advisors and the investment chain</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378100/c575191f6b9d40531dcf4c6d2a27f58a/data/oct2022_DBG%20response%20to%20the%20consultation%20questions%20for%20comment%20in%20the%20CPMI-IOSCO.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">October 2022: DBG response to the consultation questions for comment in the CPMI-IOSCO discussion paper on central counterparty practices to address non-default losses</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378094/c1de625e7b244fa4285863142642a497/data/sep2022_%20DBG%20response%20to%20the%20Basel%20Committee%20on%20Banking%20Supervision%E2%80%99s%20second%20public.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2022: DBG response to the Basel Committee on Banking Supervision’s second public consultation on the prudential treatment of banks’ cryptoasset exposures</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378092/c6dd473209438d143a9a5fa6d25b12a9/data/july2022_DBG%20response%20to%20ESMA%E2%80%99s%20call%20for%20evidence%20on%20pre-hedging.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2022: DBG response to ESMA’s call for evidence on pre-hedging</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378090/6f465606a8fcaf85d8b555214f9ce1bf/data/july2022_DBG%20Response%20to%20EC%20Consultation%20on%20the%20functioning%20of%20the%20ESG%20ratings%20market%20in%20the%20EU.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2022: DBG response to European Commission’s targeted consultation on the functioning of the ESG ratings market in the European Union and on the consideration of ESG factors in credit ratings</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3378088/53c326ef768579cb71532203e52e1f74/data/june2022-DBG%20Response%20to%20EC%20Consultation%20on%20withholding%20taxes.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2022: DBG response to European Commission’s public consultation on New EU system for the avoidance of double taxation and prevention of tax abuse in the field of withholding taxes</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3110222/ceda510b768ffbd8abb570f1dc235475/data/may2022_DBG-response-to-FSB-discussion-paper-on-third-party-risk-management-and-outsourcing.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2022: DBG response to FSB discussion paper on third party risk management and outsourcing</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3110218/087d34d0927d79e0fc1d06a83452d975/data/may2022_DBG-response-to-IOSCO-Report-on-Retail-Market-Conduct-Task-Force.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2022: DBG response to IOSCO report on Retail Market Conduct Task Force</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3110216/738cf453b28a830f6bddef580ae4eb97/data/may2022_Eurex-Clearing-response-to-the-FSB-CPMI-IOSCO-and-BIS-report.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2022: Eurex Clearing response to the FSB, CPMI-IOSCO and BIS report analysing existing financial resources and tools for CCP recovery and resolution</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3110226/8fea8d70b046a6bcc7a191a5d5d9a72f/data/may2022_have-your-say-process.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2022: DBG response Have Your Say Process</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3110220/fd6ace0a453be4a59f9e349b3505d65c/data/apr2022_DBG-response-to-ESMA-CfE-on-CCP-climate-Risk-Stress-Testing.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">April 2022: DBG response to ESMA call for evidence on CCP climate risk stress testing</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3110224/2fbc205cacf5b846f408d5b7f4b7fe69/data/apr2022_DBG-response-to-ESMA-consultation-paper-on-trading-venue-perimeter.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">April 2022: DBG response to ESMA consultation paper on trading venue perimeter</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3043138/f1d2f8e122975f788cbe456b32cd6664/data/mar2022_ESMA_APC.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title"> March 2022: Deutsche Börse response to the ESMA consultation paper on the review of RTS No 153/2013 with respect to procyclicality of margin</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3019374/1685b7df4b7c9094a1dec5fd4b32c5d3/data/Mar2022-eba_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2022: Deutsche Boerse Group response to EBA Consultation Paper on Draft Guidelines on liquidity requirements exemption for investment firms under Article 43(4) of Regulation (EU) 2019/2033</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035816/7673d4579fab1a8a84803bdf4cc7792f/data/mar2022_DBG_response_EC_consultation_EU_CCP_framework.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2022: Deutsche Börse response to the EU Commission consultation on the central clearing framework in the EU</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035808/01e31dfed0d5098b7959cd711352d7ee/data/mar2022_DBG_response_EU_macroprudential_framework_consultation.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2022: Deutsche Börse response to the targeted consultation on improving the EU's macroprudential framework for the banking sector</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035784/a5c32f5b29a2254a9a566ed39e405d78/data/mar2022_pilot_regime.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2022: Deutsche Börse response to the ESMA call for evidence on the DLT pilot regime</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035810/1d45ecafe24989dc9dc24b9690c38151/data/feb2022_DBG_BoE_consultation_EMIR_art25_25a.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2022: Deutsche Börse response to the Bank of England's consultation papers on the BoE's approaches to tiering of incoming central counterparties under EMIR Article 25 and to comparable compliance under Article 25a</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035822/37d3e85e084cf1df78c4be50f8614141/data/feb2022_Eurex_Clearing_Response_CPMI_IOSCO.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2022: Eurex Clearing response to the CPMI and IOSCO discussion paper on client clearing: access and portabiltiy </p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035806/d69858e7a9637644d7e042b26bb43155/data/feb2022_listing_act.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2022: Deutsche Börse response on the targeted consultation on the listing act</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035894/a9c00688833a5770dd4141e5eaa997ab/data/jan2022_draft_RTS.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2022: Eurex Clearing response to the ESMA consultation paper on draft RTS on the content of CCP resolution plans (Article 12(9) of the CCPRRR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035890/c4d4f48eca814fff972876c4a0646c4e/data/jan2022-eurex_draft_rts_independent_valuers.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2022: Eurex Clearing response to the ESMA consultation paper on draft RTS on the requirements for independent valuers, the methodology for assessing the value of the assets and liabilities of a CCP, the separation of the valuations, the buffer for additional losses to be included in provisional valuations and the methodology for carrying out the valuation for the purpose of the ‘no creditor worse off’ principle (Articles 25(6), 26(4) and 61(5) of CCPRRR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035896/e5badb679563b55d433a7ce88e702fdc/data/jan2022_ESMA_draft_guidelines.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2022: Eurex Clearing response to the ESMA consultation paper on draft guidelines for the methodology to value each contract prior to termination (Article 29(7) of the CCPRRR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035892/9bebd5828e9aba946030029a751522e4/data/jan2022_draft_guidelines.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2022: Eurex Clearing response to ESMA consultation paper on draft guidelines on the application of the circumstances under which a CCP is deemed to be failing or likely to fail (Article 22(6) CCPRRR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035796/dddb54d6e7ec5524c1d7323cffbd75b5/data/jan2022_clearing_thresholds.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2022: Deutsche Börse response to ESMA discussion paper on the review of the clearing thresholds under EMIR</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035800/0aa8655d4711218429f2ff26ea573330/data/jan2022_eurex_response_highly-liquid_financial-instruments.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2022: Eurex Clearing response form to the consultation paper report on highly liquid financial instruments with regards to the investment policy of central counterparties (EMIR Article 85(3a(e)))</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035814/088060ed570bbb07b02dd370d721316a/data/jan2022_review_margining_practices.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2022: Deutsche Börse response to the BCBS, CPMI, IOSCO consultative report on the review of margining practices </p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="content-container gridMaxCol " data-js-id="tab-content" data-content-id="2642588" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > <div> <div class="tab-container-collection-as-item"> <div class="grid-item grid6Col grid2Col-sm " > <div class="teaser-links-list-and-icons-container "> <h3 >2021</h3> <ul class="linkList-Collection__list" > <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035798/43c12023aad03e5a7fdf6a83ff50a763/data/dec2021_ESMA_BEEX_MiFID_best_execution_reports.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">December 2021: Deutsche Börse response to the ESMA consultation paper on review of the MiFID II framework on best execution reports</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035818/2dd0c16444cdd9633fc6d972e062261a/data/dec2021_ESAs_PRIIPs_CfE.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">December 2021: Deutsche Börse response to the ESMA Call for Evidence on the European Commission mandate regarding the PRIIPs Regulation</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035788/f3153b8e93d39740ca80aaa69e5ad26f/data/nov2021_certain_aspects_short_selling_regulations.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2021: Deutsche Börse response to the consultation paper on the review of certain aspects of the Short Selling Regulation</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035794/674144466a96c64f17bd24b61cace3c1/data/oct2021_review_RTS1_RTS2.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">October 2021: DBG response to ESMA consultation on review of RTS 1 and RTS 2 9 July 2021</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="https://www.deutsche-boerse.com/resource/blob/3036012/564771bd70eaedcc22f84909b73b4637/data/sept2021_response_ESMA_guidelines%20on%20reporting%20under%20EMIR.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Deutsche Börse response to the ESMA consultation paper on the guidelines on reporting under EMIR</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035820/8199b12eb3ce37bc505c1dfd5d64b1bf/data/sept2021_BaFin_RL_nachhaltige_Investmentverm%C3%B6gen.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Deutsche Börse response to the BaFin consultation on a directive for sustainable funds (German)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035780/1b0c8d299daa7605e3f9f28af6cf3e6c/data/sept2021_ESMA_clearing_derivatives_obligations_benchmark_transitions.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Eurex response to ESMA consultation paper on the clearing and derivative trading obligations in view of the benchmark transition</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035876/7cd9a60e9420ac721a2fa8700788b080/data/sept2021_eurex_draft_guidelines_CCP_recovery_plan_indicators.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Eurex Clearing response to the ESMA consultation paper on draft guidelines on CCP recovery plan indicators (Article 9(5) CCPRRR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035874/b4182b0b9fd8d1f90d265867db41916f/data/sept2021_eurex_draft_guidelines_CCP_recovery_plan_scenarios.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Eurex Clearing response to the ESMA consultation paper on draft guidelines on CCP recovery plan scenarios (Article 9(12) CCPRRR</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035880/2fd8f2ccfed9c9ed11d0f373d6925dca/data/sept2021_eurex_draft_RTS.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Eurex Clearing reponse to the ESMA consultation paper on draft RTS further specifying the factors that shall be considered by the competent authority and the supervisory college when assessing the CCP recovery plan (Article 10(12) CCPRRR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035872/86ede075970d722584bda8edc0f02d95/data/sept2021_eurex_ESMA_RTS_methodology_calculatipn_maintenance.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Eurex Clearing response to the ESMA consultation paper on RTS on the methodology for calculation and maintenance of the additional amount of pre-funded dedicated own resources (Article 9(15) of CCPRRR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035878/7412a2bd0fcf499d7d4e71263ac1a377/data/sept2021_eurex_early_intervention_measures.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Eurex Clearing response to the ESMA consultation paper on draft guidelines on the consistent application of the triggers for the use of Early Intervention Measures (Article 18(8) CCPRRR)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035790/d03a96f2145f6f19628075e141cdbad8/data/sept2021_IOSCO-consultation_report_ESG_ratings_and_data_products_providers.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2021: Deutsche Börse response to consultation report on ESG ratings and data products providers</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035812/b713b4d7249a6728839c71681f948471/data/aug2021_retail_investment_strategy.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">August 2021: Deutsche Börse response to European Commission consultation on EU strategy for retail investors</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035782/31a85cea902c4f632bbc96a4ced3c928/data/july2021_commodity_derivatives_regime.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2021: Deutsche Börse response to ESMA consultation paper on technical standards for commodity derivatives</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035804/0dbccbbaee66c009ee8b3378a595ae4e/data/jul2021_ESMA_call_for_evidence_digital_finance.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2021: Deutsche Börse response to ESMA call for evidence on digital finance </p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724082/96c3bb3887b9ede22528a1b027779840/data/June2021-dbg-position-roadmap-supervisory-data-collection-strategy.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2021: Deutsche Börse Group’s initial position on the Roadmap on the“Supervisory Data Collection Strategy”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724084/e66302b98465d758122af7a1d04e71ee/data/June2021-dbg-response-SEC-consultation-climate-change-disclosures.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2021: Deutsche Börse Group response to the SEC consultation on climate change disclosures</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035802/bc8afce6448675ba5bb7a8dee26b821a/data/may2021_ESA_targeted_consultation_single-rulebook.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2021: Deutsche Börse response to ESA review on European Commission targeted consultation on supervisory convergence and the single rulebook</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035792/403eb38d9b331007645b7296b6d34a67/data/may2021_ESMA_RTS2_annual_review.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2021: Deutsche Börse response to the ESMA consultation paper on the RTS 2 annual review</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3035778/1765424b2aedcb965ba8dbdfbda2adea/data/may2021_VAT_rules.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2021: Deutsche Börse response to the EC's consultation on VAT rules for financial and insurance services today and tomorrow</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724086/14914d23019110326b86a1964bed54d1/data/May2021-dbg-position-BSI-Kritisverordnung.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2021: Deutsche Börse Group Position zur BSI-Kritisverordnung [German]</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724088/68077413c01906b36d86586dada08745/data/May2021-dbg-response-HMT-consultation-expanded-resolution-regime-CCPs.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2021: Deutsche Börse Group response to the HMT consultation on the Expanded Resolution Regime for Central Counterparties</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724092/ff448469b22efeb9ca7aac8f9022452d/data/May2021-dbg-response-european-commissin-review-CMDI-framework.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2021: Deutsche Börse Group Response to the European Commission's review of CMDI framework </p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724096/454469292a8ffd202901dfb96a5cd9b6/data/March2021-dbg-comments-EC-proposal-on-review-NIS2.0.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2021: Deutsche Börse Group comments on European Commission ́s proposal on the review of the directive on the security of network and information systems (NIS 2.0)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724098/548472215914593264e48b8d68482de1/data/March2021-dbg-response-HMT-call-evidence-overseas-framework.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2021: Deutsche Börse Group response to the HM Treasury Call for Evidence on an Overseas Framework</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724100/afd4c878d5a489d51179dd74540355d0/data/March2021.dbg-response-consultation-paper-algorithmic-trading.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2021: Deutsche Börse Group response to the Consultation Paper on the Algorithmic Trading </p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724102/86333f441d30bf85b86eff9b9bf2aa6c/data/March2021-dbg-response-targeted-consultation-ESAP.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2021: Deutsche Börse Group response to the targeted consultation on the establishment of a European single access point (ESAP) for financial and non-financial information publicly disclosed by companies</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2682608/2df12e00a836fcaf8c5b35f5e277c045/data/Mar2021-eba.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2021: Deutsche Boerse Group response to EBA Discussion Paper on a Feasibility Study of an Integrated Reporting System under Article 430c CRR</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2724118/a6dc2d6b5bcce577d517f3bc7a0ff230/data/March2021-dbg-joint-consultation-taxonomy-related.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2021: Deutsche Börse Group response for the Joint Consultation Paper concerning Taxonomy-related sustainability disclosures</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2642592/ba122a65102780a12b44a6798518657f/data/Feb2021-DORA-response.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2021: Deutsche Börse Group response on European Commission´s "have your say" procedure on DORA</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2642594/6b875cef0a9ae4db9a87b128f6ce2fdb/data/Feb2021-response-sustainable-corporate-governance.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2021: Deutsche Börse Group response to Public Consultation on Sustainable Corporate Governance</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2642596/7325b795f3d5a56d13d2d82e5e58362f/data/Feb2021-csdr-response.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2021: Deutsche Börse Group response on the CSDR Review Consultation</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2642598/171b2991ba1e24547e5c722a67aa9d27/data/Feb2021-data-governance-act.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2021: Deutsche Börse Group response on the Data Governance Act </p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2642600/a5f25a80d2de8d27db94f8afe47009d0/data/Jan2021-aifmd-consultation.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2021: Deutsche Börse Group response to the AIFMD consultation</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2642602/c77fc5b130ba09785fe51c3454603f17/data/Jan2021-esma-response.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2021: Deutsche Börse Group response to the ESMA consultation on market data</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2642604/5bb789000ef86f99d55cf74462974550/data/Jan2021-accessing-using-wholesale-data.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2021: Deutsche Börse Group response to the FCA Call for Input on Accessing and Using Wholesale Data</p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="content-container gridMaxCol " data-js-id="tab-content" data-content-id="2084288" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > <div> <div class="tab-container-collection-as-item"> <div class="grid-item grid6Col grid2Col-sm " > <div class="teaser-links-list-and-icons-container "> <h3 >2020</h3> <ul class="linkList-Collection__list" > <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2313256/acb826ca737a06960ebb4fbd47334505/data/20201031-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">October 2020: Deutsche Boerse Group response to EBA Consultation Paper on Draft Guidelines on internal governance under Directive 2013/36 (EU)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2237960/e54996524bc78a16ae095f30f0615e2e/data/20200918-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2020: Deutsche Börse Group Response to EBA Consultation on Draft RTS on the criteria to identify risk-takers under Directive (EU) 2019/2034 (IFD)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2116644/4e36ed10548b8912c988ea8bcc52db1f/data/2020709-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2020: Deutsche Börse Group response to the “EBA Draft RTS on the prudential treatment of software assets”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2144544/1b973ce24e4cf4113bd5cfa1648853ad/data/20200714-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2020: Deutsche Börse Group response on BaFin consultation paper 06/2020 (BA): Management and supervisory bodies (German only)</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2113186/ee4f88732fed0e79aa234df1347078b0/data/20200626-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2020: Deutsche Börse Group response to the EC consultation on the Digital Finance Strategy / FinTech Action Plan</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095822/5f357391af14259f1e6581a9cf45734c/data/20200611-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2020: Deutsche Börse Group response to the “European Commission Consultation Paper on revision of the nonfinancial reporting directive”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095828/1649f1a7f54a924a0fb99f1b9bdd1694/data/20200610-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2020: Deutsche Börse Group comments on EC´s communication towards “White Paper on Artificial Intelligence - A European Approach“</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095838/163c288beec36c81eeb84164ba65ca77/data/20200529-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2020: Deutsche Börse Group comments on EC´s communication towards “A European strategy for data”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095842/db47d370f21156fb61351411407f6c7a/data/20200518-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2020: Deutsche Börse Group response to the “Public consultation on the review of the MiFID II/MiFIR regulatory framework”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095846/d45a236e8a77071b6a42e43682550f4c/data/20200506-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2020: Deutsche Börse Group response on the Commission’s consultation on “Climate Benchmarks Delegated Acts”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095816/3e4a0ca39215f213d0c68d1557488cff/data/20200402-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">April 2020: Deutsche Börse Group response to the “European Commission Consultation Paper on central clearing solutions for pension scheme arrangements (EMIR Article 85(2))”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095810/6762d4dc2815b2b996f6c0ae5cceea8c/data/20200327-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2020: Deutsche Börse Group response to the ESMA Consultation Paper on “Post trade risk reduction services with regards to the clearing obligation (EMIR Article 85(3a))”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095852/b4bd3379d52597bbca47db6810751082/data/20200317-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2020: Deutsche Börse Group response to the EUs “Public consultation on a digital operational resilience framework for financial services: making the EU financial sector more resilient and secure”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2113188/e776c0cb33d447307dae76f735afeef0/data/20200313-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2020: Deutsche Börse Group response to the EC consultation on an EU framework for markets in crypto-asset </p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095832/06f5270eb513647a3882db5c180336a8/data/20200310-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2020: Deutsche Börse Group response to the ESMA Consultation Paper on “MiFID II/ MiFIR review report on the transparency regime for non-equity and the trading obligations for derivatives”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095836/5bd3d2e4df07b1793eaa4538f10c25cd/data/20200309-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2020: Deutsche Börse Group response to the ESMA Consultation Paper Draft on “Regulatory Technical Standards under the Benchmarks Regulation”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2144548/5bd5be49a2d5e1181ebea86d8c216648/data/20200219-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2020: Deutsche Börse Group response to EBA Draft RTS on the criteria to define managerial responsibility and control functions, material business units and a significant impact on their risk profile, and other categories of staff whose professional activities have a material impact on the institution’s risk profile</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/2095856/c53999b8ea86dc030e530dc7ad06c289/data/20200204-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2020: Deutsche Börse Group response to the ESMA Consultation Paper on “MiFID II/ MiFIR review report on the transparency re-gime for equity and equity-like instruments, the DVC and the trading obligations for shares”</p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="content-container gridMaxCol " data-js-id="tab-content" data-content-id="1544076" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > <div> <div class="tab-container-collection-as-item"> <div class="grid-item grid6Col grid2Col-sm " > <div class="teaser-links-list-and-icons-container "> <h3 >2019</h3> <ul class="linkList-Collection__list" > <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1651984/432b02539173292c57c41ad549e4a585/data/20190731-db-response-3_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2019: ESMA response to the “MiFID II/MiFIR review report on the development in prices for pre- and post-trade data and on the consolidated tape for equity instruments"”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1567254/ecded5eac8c4c87188408652a112e386/data/20190331-db-response-2_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2019: Deutsche Börse Group response to the “European Commission consultation on market liquidity in FX markets”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1567252/c97e9073014fa6ac4f0f9956fba2498b/data/20190331-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2019: Deutsche Börse Group response to the “European Commission consultation on the role of the euro in the field of energy”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1567256/193cd78326d57affd5b6ebbeab582dca/data/20190322-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2019: Deutsche Börse Group response to the “European Commission consultation on the role of the euro in international trade of agriculture and food commodities”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1544068/acb0fed0b768bbeb0d2a2e1702ac7605/data/20190513-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2019: Deutsche Börse Group response to the “EBA draft Guidelines on ICT and security risk management”</p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> <div class="content-container gridMaxCol " data-js-id="tab-content" data-content-id="12794" data-js-container="tab-container3-dk7csj8ka8ogowa6pbbe016f5" > <div> <div class="tab-container-collection-as-item"> <div class="grid-item grid6Col grid2Col-sm " > <div class="teaser-links-list-and-icons-container "> <h3 >2018</h3> <ul class="linkList-Collection__list" > <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1720852/bfa2cf5bf1e6c97cef7418697bb119bc/data/20181210-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">December 2018: Deutsche Börse Group response to “Referentenentwurf für ein Gesetz zur weiteren Ausführung der EU-Prospektverordnung und zur Änderung von Finanzmarktgesetzen”</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1389140/b4550fee181e5fcaa6eb4e9657f65169/data/20180924-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2018: Deutsche Börse Group response to ‘EBA Draft Guidelines on Outsourcing arrangements’</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1720854/07c9f68701b5ac0bf372b463775c0e14/data/20180725-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2018: Statement of Deutsche Börse Group on the amendment of Delegated Regulation (EU) no. 596/2014 and (EU) 2017/1129 to promote the use of SME growths markets</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/273124/7f8c3255acebe490feebd225e003b960/data/20180712-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2018: Deutsche Börse Group response to the working group on cloud switching/ porting data ’Draft Code of Conduct for Data Portability and Cloud Service Switching for Infrastructure as a Service (IaaS) Cloud services’</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/39594/002a4f62db998b7bca3708540e520f3a/data/20180620-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2018: Deutsche Börse Group response to BCBS consultative document d436 'Revisions to the minimum capital requirements for market risk'</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1720856/9c08a4e1137ec00f7ddf77897cb303a1/data/20180619-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2018: Statement of Deutsche Börse Group on the amendment of Delegated Regulation (EU) 2017/565 as regards certain registration conditions to promote the use of SME growth markets for the purpose of Directive 2014/65/EU of the European Parliament and of the Council</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/39606/d31c536469cf25e12f610d4b11261125/data/20180608-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2018: Clearstream response to the BaFin public consultation 07/2018 – “Mindestanforderungen an die ordnungsgemäße Erbringung des Depotgeschäfts und den Schutz von Kundenfinanzinstrumenten für Wertpapierdienstleistungsunternehmen – MaDepot“</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/39614/dee3ac35f14d0ba55a95c994dd0a4b6d/data/20180605-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2018: Deutsche Börse Group response to the ECB public consultation on cyber resilience oversight expectations (CROE) for financial market infrastructures</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/325184/51d6f8e6ec594a1f1de69d27996c4754/data/20180525-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2018: Deutsche Börse Group response to BCBS consultative document d432 'Pillar 3 disclosure requirements – updated framework‘</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/39632/153ef611be824cc198bfa7bbc250a37b/data/20180413-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">April 2018: Deutsche Börse Group response to EU Commission ‘Exploratory Consultation on the Finalisation of Basel III’</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/39646/c9093ff8da7891534a789a86398696d1/data/20180313-db-response_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2018: Deutsche Börse Group response to BCBS discussion paper d425 ‘The regulatory treatment of sovereign exposures’</p> </a> </div> </li> <li class="linkList-Collection__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/39658/baf74f75a8052f5e5df81092ca8a4af7/data/20180209-eba-response.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2018: Deutsche Börse Group response to EBA consultation paper 2017/20 ‘Draft Regulatory Technical Standards on the methods of prudential consolidation under Article 18 CRR’</p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </div> </div> </div> </section> </div> </div> </div> </div> <div class="content-container gridMaxCol " data-js-id="tab-content" data-content-id="23322" data-js-container="tab-container2-d8zni31ii1gngstidkpodot7a" > <div> <div class="dbg-full-content-row" > <div class="channel-tab-content"> <section class="dbg-main-section"> <div class="dbg-outer-content-container padding " > <div class="dbg-inner-content-container"> <div class="dbg-grid-container" > <div class="grid-item gridMaxCol " > <div class="accordion-navigation-container gridItem grid6Col" > <h2 class="accordion-title-header" > White papers </h2> <details class="accordion-details" > <summary class="accordion-summary-title" > Towards an EU Savings and Investments Union </summary> <div class="accordion-content" > <p class="paragraph"> <div><p class="align--justify p--heading-3">Transforming the Capital Markets Union into a success story: A next generation of excellence roadmap</p></div> <br/> </p> <p class="paragraph"> <div><p class="align--justify">Against the background of rising geopolitical tensions, sluggish economic growth and underdeveloped capital markets by global comparison, renewed efforts on the Capital Markets Union (CMU) have become inevitable.</p></div> <br/> </p> <p class="paragraph"> <div><p class="align--justify">The recent valuable work conducted by the Eurogroup, the European Securities and Markets Authority, Enrico Letta, Christian Noyer, and Mario Draghi, has shown ways to further develop the CMU and hence, European Commission President Ursula von der Leyen announced plans to transform the CMU towards an EU Savings and Investments Union (SIU), including banking and capital markets.</p></div> <br/> </p> <p class="paragraph"> <div><p class="align--justify">The SIU should provide for a deep and liquid capital market, capable of meeting rising funding needs and contributing to the policy objectives of increased competitiveness and the EU’s open strategic autonomy. As a regulated provider of market infrastructure to global capital markets and marketplace organiser, Deutsche Börse Group is a key player and supporter within the establishment of the SIU.</p></div> <br/> </p> <p class="paragraph"> <div><p class="align--justify">In its whitepaper, Deutsche Börse Group outlines a feasible roadmap to establish a comprehensive Savings and Investments Union describing ten steps and concrete action items to be taken: Reduce fragmentation in equity markets and boost the IPO ecosystem; deepen demand through EU savings and investment products and an EU Equity Fund; foster a private data economy; strengthen the EU clearing ecosystem; safeguard competition in the post-trading landscape; establish a permanent digital euro (CBDC); boost securitisation and market making; ensure an integrated supervisory vision; develop future talent; create a tax regime incentivising investments.</p></div> <br/> </p> <p class="paragraph"> <div><p class="align--justify">The EU now has the chance to rethink and transform the EU’s capital markets, advancing on key challenges, matching to macro-economic and geopolitical realities and ultimately making Europe’s capital markets globally competitive again.</p></div> <br/> </p> <p class="paragraph"> <div><p><a href="/resource/blob/4195814/f1a44160d0ab7623cf9c61813a4eb0d3/data/Towards%20an%20EU%20Savings%20and%20Investments%20Union.pdf" target="_blank" rel="noopener"><em>Read the full version of the white paper.</em></a></p></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > Deutsche Börse study recommends action plan to strengthen the capital market (September 2021) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>How efficient is the German capital market? This question is addressed in the white paper “<a href="https://www.deutsche-boerse-cash-market.com/resource/blob/2783674/7d4c23c02405bf4c73d1b9a723322579/data/ExSu_en_Strategies%20for%20financing%20a%20sustainable%20future%20for%20Germany.pdf" target="_blank" rel="noopener">Strategies for the sustainable financing of Germany's future</a>”, which Deutsche Börse published today. The results underline the urgent need for a national action plan to strengthen the German, as well as the European, capital market. In addition, the white paper provides concrete recommendations for the cornerstones of such an action plan.</p></div> <br/> </p> <p class="paragraph"> <div><p>Germany is facing enormous challenges: digitalisation, climate neutrality, a pension system that is fair to all generations. These issues must be the focal points for the new government. The necessary financial resources to master these topics are immense; at the same time, public budgets are heavily burdened by the Corona crisis. Private investment and private wealth creation will be decisive success factors in the future. The capital market therefore has to play a key role on the way to a sustainable and successful future.</p></div> <br/> </p> <p class="paragraph"> <div><p>Thomas Book, Member of the Executive Board of Deutsche Börse AG, says: “Today, the German capital market is not in the best possible position. That is why we urgently need a holistic, national capital market strategy that is supported by actors from politics, business, and society. With our study, we would like to provide an impetus for this. We must use all our potential to lead our society and economy into a sustainable and successful future.”</p></div> <br/> </p> <p class="paragraph"> <div><p>The white paper was co-authored by economist Prof. Dr. Wolfgang Bessler from the University of Hamburg. The specific recommendations of the white paper target three areas:</p></div> <br/> </p> <p class="paragraph"> <div><p class="p--heading-3">1. Facilitating equity-based corporate and innovation financing through:</p></div> <br/> </p> <p class="paragraph"> <div><ul class="rte--list"><li>A capital market-oriented reform of company law and, in particular, more flexibility for start-up companies</li><li>Better tax conditions for equity financing, especially for innovative start-up companies</li></ul></div> <br/> </p> <p class="paragraph"> <div><p class="p--heading-3">2. Strengthening the competitiveness of the capital market through:</p></div> <br/> </p> <p class="paragraph"> <div><ul class="rte--list"><li>More flexible legal and regulatory frameworks for IPOs, especially for small and medium-sized enterprises.</li><li>Allowing shares with multiple voting rights according to international standards</li><li>Strengthening transparent pricing and reducing fragmentation in the secondary market and regulated exchanges supporting IPOs</li><li>Unify European framework and implement Capital Markets Union proposals</li></ul></div> <br/> </p> <p class="paragraph"> <div><p class="p--heading-3">3. Enabling participation in economic success through:</p></div> <br/> </p> <p class="paragraph"> <div><ul class="rte--list"><li>Reducing and eliminating tax disadvantages for direct and indirect share ownership</li><li>Strengthening private asset accumulation and private old-age provision with shares</li><li>Increasing the share quota among institutional investors through targeted promotion measures</li><li>Strengthening economic education and political support for a culture of long-term equity investment in Germany</li></ul></div> <br/> </p> <p class="paragraph"> <div><p><em>The <a href="https://www.deutsche-boerse-cash-market.com/resource/blob/2782450/2060ad27facf5bb6e0f6515da2042469/data/Studie_Strategien%20zur%20nachhaltigen%20Finanzierung%20Deutschlands.pdf" target="_blank" rel="noopener">full version of the white paper </a>is only available in German.</em></p></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > Principles for a European Capital Markets Union – Strengthening capital markets to foster growth (February 2015) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>The Capital Markets Union as put on the agenda of the European Commission by President Jean-Claude Juncker is the next step towards the integration of financial markets.</p></div> <br/> </p> <p class="paragraph"> <div><p>It reflects the shift in political priorities from crisis solving towards meaningful growth and reduction of unemployment levels. The overarching objective is to create growth and jobs for Europe based on stable and liquid capital markets.</p></div> <br/> </p> <p class="paragraph"> <div><p>The Capital Markets Union is a framework programme which will develop the ‘How to get there’. It is about building on the link between economic growth and capital markets, i.e. strengthening capital markets to foster growth. Bank funding has been decreasing in response to higher capital and liquidity requirements. To close the gap in needed funding, alternative non-bank funding channels need to be further developed. Ultimately, the Capital Markets Union should support efficient capital allocation throughout the EU leading to a broader and more efficient financial system.</p></div> <br/> </p> <p class="paragraph"> <div><p>As a regulated provider of market infrastructure to global capital markets and marketplace organiser, Deutsche Börse Group is a key player within the establishment of the Capital Markets Union. Market infrastructure providers are predestined and well positioned to contribute to the public consultation process on what features the Capital Markets Union should encompass.</p></div> <br/> </p> <p class="paragraph"> <div><p>Deutsche Börse Group has elaborated six core principles which we consider prerequisites to achieve a functioning Capital Markets Union. The paper at hand describes these principles and their key elements in detail.</p></div> <br/> </p> <p class="paragraph"> <div><ol class="rte--list"><li>Revive investor trust</li><li>Improve non-bank funding</li><li>Promote financial stability</li><li>Increase transparency</li><li>Foster harmonisation</li><li>Shape the supporting regulatory and supervisory environment</li></ol></div> <br/> </p> <p class="paragraph"> <div><p>The Capital Markets Union represents a joint vision for policymakers, as well as industry and societal stakeholders, to further integrate and deepen European financial markets across all 28 EU Member States.</p></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > How central counterparties strengthen the safety and integrity of financial markets (July 2014) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>This white paper is the third in our series on the global derivatives market. “The Global Derivatives Market – An Introduction” was published in 2008 and “The Global Derivatives Market – A Blueprint for Market Safety and Integrity” followed in 2009, which outlined the imperatives for the derivatives market structure. Together, these publications build a solid basis for understanding derivatives markets, their accompanying risks as well as potential risk mitigation measures.</p></div> <br/> </p> <p class="paragraph"> <div><p>Since 2009, a new regulatory regime has been progressively introduced. Its overarching goal is to increase the stability of the financial markets, in particular by reducing systemic risk. The implementation of these regulations – especially the clearing obligation for over-the-counter (OTC) derivatives – increases the importance of central counterparties (CCPs). Against this background, the time is right for an evidence-based discussion concerning the role of CCPs in strengthening the safety and integrity of financial markets, as well as their contribution to systemic risk mitigation.</p></div> <br/> </p> <p class="paragraph"> <div><p>Building on the previous two white papers on the derivatives markets, this paper focuses on how centrally cleared markets and CCPs manage systemic risk, with an emphasis on the OTC derivatives market and the regulatory environment of the European Market Infrastructure Regulation (EMIR).</p></div> <br/> </p> <p class="paragraph"> <div><p>The paper concludes that CCPs reduce systemic risk in financial markets. Furthermore, the paper discusses the ways in which CCPs permit markets to recover or be wound down without disrupting the functioning of entire financial markets, if unprecedented market shocks overwhelm the existing safeguards.</p></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > The benchmark industry – An introduction and outlook (January 2014) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>The index industry plays an important role in a modern economy. However, recent discussions about how certain indices, such as the London Interbank Offered Rate (Libor), had been manipulated have triggered global concern about standards of practice in the industry as well as how to ensure the integrity of benchmarks.<br/><br/>In this discussion it is important to distinguish between what are known as objective indices – for example DAX-30 or CAC-40 –, and subjective indices such as Libor. It is subjective indices that lend themselves to manipulation and may require regulatory oversight.<br/><br/>Against this background, this white paper aims at facilitating an informed discussion about the benchmark industry and potential future regulatory principles. As such, it provides an overview of the industry by explaining how the benchmarks and benchmark providers work, their purpose, and their benefits for investors and an economy in general. Various regulatory bodies have responded to the recent manipulations of some subjective indices. Hereby, the “Principles for Financial Benchmarks” published by <a href="http://www.iosco.org/" target="_blank" rel="noopener">IOSCO</a> are of particular importance and will serve as the international standard for the benchmark industry.<br/><br/>This white paper states four key elements which are imperative to a well-functioning benchmark industry:</p></div> <br/> </p> <p class="paragraph"> <div><ul class="bulletlist rte--list"><li>Assurance of a reliable and traceable index provision</li><li>Absence of any conflicts of interest, as these provide a potential incentive to manipulate an index</li><li>Encouragement for innovation to meet investors´ changing needs and to channel the flow of capital into emerging areas of the economy</li><li>Requirement of a global level playing field in order to promote fair international competition and to ensure that all investors have access to the full range of indices</li></ul></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > The Global Derivatives Market – A Blueprint for Market Safety and Integrity (September 2009) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>As a consequence of the international financial crisis, the safeguarding of the financial market stability is at the centre of the political and regulatory debate. The aim of the paper is to contribute to this debate by laying out a market structure blueprint that effectively reduces systemic risk. It resumes the discussion of Deutsche Börse’s first derivatives white paper, published in May 2008, which provided a descriptive introduction to the global derivatives market.<br/><br/>The paper discusses both the derivatives market’s resilience and its structural deficiencies against the backdrop of the crisis. It focuses primarily on the advantages of effective risk management and improved transparency, especially for OTC derivatives, to ensure that the derivatives market functions well as a whole. The blueprint provides key proposals on how to strengthen the market’s current structure:</p></div> <br/> </p> <p class="paragraph"> <div><ul class="bulletlist rte--list"><li>Maximise the use of organised markets for derivatives trading</li><li>Maximise the use of central counterparties (CCPs) where trading on organised markets is not feasible</li><li>Bilateral collateralisation of derivatives exposure, preferably handled by a neutral third party, where organised trading or use of CCPs is not suitable, and</li><li>Mandatory registration of open risk positions, introduction of reporting standards for all derivative contracts</li></ul></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > The Global Derivatives Market – An Introduction (May 2008) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>The market turmoil in autumn 2007 has again highlighted the importance of a sound and well functioning financial market organisation. Consequently, market transparency and effective risk management are key aspects of the current public debate to improve market integrity and efficiency. In light of this, Deutsche Börse and Eurex have published the white paper “The global derivatives market – an introduction” with the aim to make an objective and fact-based contribution to the debate. The paper discusses the fundamentals and characteristics of the derivatives market as well as the imperatives for its smooth functioning.</p></div> <br/> </p> <p class="paragraph"> <div><p>Among the key findings are some impressive figures: the derivatives market has grown strongly by around 24 percent p.a. over the last decade to reach a notional value of €457 trillion outstanding today. With a global market share of 44 percent, Europe plays a leading role. The market consists of two segments: over-the-counter trading accounts for 84 percent and on-exchange trading for 16 percent of the notional amount outstanding.</p></div> <br/> </p> <p class="paragraph"> <div><p>As a main conclusion, structural changes in the framework under which the derivatives market operates today in a global environment are not necessary. In contrast to other financial market segments, e.g. structured credit-linked securities, the derivatives market has proven resilient and reliable during recent market turmoil. The major economic function of efficient risk allocation is effectively fulfilled and especially the on-exchange segment strengthens financial market integrity with central counterparty clearing services that provide effective risk management.</p></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > The European Post-Trade Market – An Introduction (February 2005) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>The paper provides a fact-based overview of the post-trade market and its players. It aims to contribute to the ongoing regulatory debate in order to create a basis for constructive discussion. The European Commission’s communication on clearing and settlement in April 2004 accelerated the debate on how to achieve safe and efficient cross-border post-trade services. The political discussion on the European post-trade industry makes clear that transparency of the mechanisms in this industry is crucial. Having a sound understanding of the status quo of post-trade markets should be the basis for further steps to achieve an integrated European financial market.</p></div> <br/> </p> </div> </details> </div> </div> </div> </div> </div> </section><section class="dbg-main-after-section"> <div class="dbg-outer-content-container padding " > <div class="dbg-inner-content-container"> <div class="dbg-grid-container" > <div class="grid-item gridMaxCol " > <div class="teaserBox box furtherInformation"> <div class="container"> <h2> Further information </h2> <ul class="furtherInformation__list" > <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/4195814/f1a44160d0ab7623cf9c61813a4eb0d3/data/Towards%20an%20EU%20Savings%20and%20Investments%20Union.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">November 2024: Towards an EU Savings and Investments Union</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="https://www.deutsche-boerse-cash-market.com/resource/blob/2783674/7d4c23c02405bf4c73d1b9a723322579/data/ExSu_en_Strategies%20for%20financing%20a%20sustainable%20future%20for%20Germany.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">Executive Summary: Strategies for financing a sustainable future for Germany</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="https://www.deutsche-boerse-cash-market.com/resource/blob/2782450/2060ad27facf5bb6e0f6515da2042469/data/Studie_Strategien%20zur%20nachhaltigen%20Finanzierung%20Deutschlands.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">Studie: Strategien zur nachhaltigen Finanzierung der Zukunft Deutschlands (German only)</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/66038/a1ae3aad16f3c04ad0e27ee55a7a4ba8/data/principles-for-a-european-capital-markets-union_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2015: Principles for a European Capital Markets Union – Strengthening capital markets to foster growth</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/31792/37fbffb2a577d8e43d52d19223b49c63/data/how-central-counter-parties-strengthen-the-safety-and-integrity-of-financial-markets_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">July 2014: How central counterparties strengthen the safety and integrity of financial markets</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/65928/004d58f0824734f8bce2cb621959aef2/data/the-benchmark-industry-1213_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2014: The benchmark industry - An introduction and outlook</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/32644/c45b15c5cf7f0531f3664d4304934961/data/the-global-derivatives-market-0909_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2009: The Global Derivatives Market - A Blueprint for Market Safety and Integrity</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/32650/10c3a059fd54aa0b7a9bee49c470555d/data/the-global-derivatives-market-0508_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">May 2008: The Global Derivatives Market - An Introduction</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/66338/a9b56be08e3f9281765c81d47bdfae3f/data/the-european-post-trade-market-0205_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">February 2005: The European Post-Trade Market - An Introduction</p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </section> </div> </div> </div> </div> <div class="content-container gridMaxCol " data-js-id="tab-content" data-content-id="23332" data-js-container="tab-container2-d8zni31ii1gngstidkpodot7a" > <div> <div class="dbg-full-content-row" > <div class="channel-tab-content"> <section class="dbg-main-section"> <div class="dbg-outer-content-container padding " > <div class="dbg-inner-content-container"> <div class="dbg-grid-container" > <div class="grid-item gridMaxCol " > <div class="accordion-navigation-container gridItem grid6Col" > <h2 class="accordion-title-header" > Studies </h2> <details class="accordion-details" > <summary class="accordion-summary-title" > Euro-Clearing after Brexit (Centre for European Policy, January 2024) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p class="align--justify">In light of the trilogue negotiations on EMIR 3.0, the cep think tank (Centre for European Policy) compiled an analysis of different policy options to address the Euro clearing issue. The think tank elaborates on why a shift of Euro clearing from the UK to the EU is necessary, as well as which factors should drive political and regulatory decisions. Ultimately, they present ten dedicated guardrails for an appropriately calibrated regulatory approach. The study should thus be considered as a helpful policy recommendation in the Euro clearing discussion. </p></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > The design of equity trading markets in Europe (Oxera, March 2019) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>One year on from the implementation of MiFID II, the objective of this report is to inform the debate on the design of equity trading markets in Europe – in particular, market data services – by providing an economic analysis of the role of the price formation process, the impact of regulatory change and the value chain for market data services.</p></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > Cologne Institute for Economic Research - The Economic Effects of a Merger of Deutsche Börse and London Stock Exchange - Part 1: Contribution to financing the economy (June 2016) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>The Cologne Institute for Economic Research published the first part of an independent study commissioned by DBG in June 2016. The study from Prof. Dr. Hüther and Dr. Demary is the first part of a series consisting of three studies on economic effects of the purposed merger of Deutsche Börse and London Stock Exchange.</p></div> <br/> </p> </div> </details> <details class="accordion-details" > <summary class="accordion-summary-title" > Pricing of market data services (Oxera, February 2014) </summary> <div class="accordion-content" > <p class="paragraph"> <div><p>Is market data provided by trading venues too expensive? Would imposing price controls be expected to benefit the real economy?</p></div> <br/> </p> <p class="paragraph"> <div><p>New economic analysis by Oxera tackles these challenging questions. The results of the analysis question the need for regulation.</p></div> <br/> </p> <p class="paragraph"> <div><p>In recent years, there has been a debate about market data services provided by trading venues in Europe. The perception is that the fees charged for these services in Europe have increased and are far higher than in the USA. The European Parliament and the European Council agreed with proposals from the European Commission to require trading venues to provide market data services on “a reasonable commercial basis”, and allow for delegated acts to be passed by the Commission to clarify what this would mean. These rules potentially open the way for price regulation by the European Securities and Markets Authority (ESMA).</p></div> <br/> </p> <p class="paragraph"> <div><p>This Oxera report presents new empirical analysis and provides an economic framework within which the pricing of market data services can be analysed.</p></div> <br/> </p> <p class="paragraph"> <div><p>Additionally, Oxera provided the following documents that highlight other aspects of the discussion.</p></div> <br/> </p> <p class="paragraph"> <div><p>As a response to the ESMA consultation, Oxera published, in September 2014, a <a href="https://www.oxera.com/wp-content/uploads/2018/07/Reasonable-commercial-terms-for-market-data-services-1.pdf-1.pdf" target="_blank" rel="noopener">document </a>regarding reasonable commercial terms for market data services. Ideally, this note should be read in conjunction with Oxera’s report (Pricing of market data services).</p></div> <br/> </p> <p class="paragraph"> <div><p>In addition, Oxera’s article “<a href="https://www.oxera.com/insights/agenda/articles/is-esma-becoming-a-price-regulator/" target="_blank" rel="noopener">Is ESMA becoming a price regulator?</a>”, also published in September, should be mentioned.</p></div> <br/> </p> </div> </details> </div> </div> </div> </div> </div> </section><section class="dbg-main-after-section"> <div class="dbg-outer-content-container padding " > <div class="dbg-inner-content-container"> <div class="dbg-grid-container" > <div class="grid-item gridMaxCol " > <div class="teaserBox box furtherInformation"> <div class="container"> <h2> Further information </h2> <ul class="furtherInformation__list" > <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/3918350/78f2b11d23c818ca5813c6c692a3c949/data/cepstudy-euro-clearing-after-brexit-10recommendations_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">January 2024: Euro-Clearing after Brexit</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/1637902/e29c0279313b1030a1f4805e54ea853f/data/oxera-report-march2019_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">March 2019: Oxera – “The design of equity trading markets in Europe”</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/66008/bfd34d0db2e82520de8f37110e5a24c3/data/economic-effects-of-a-merger-dbg-lse.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">June 2016: Cologne Institute for Economic Research - The Economic Effects of a Merger of Deutsche Börse and London Stock Exchange - Part 1: Contribution to financing the economy</p> </a> </div> </li> <li class="furtherInformation__list__item"> <div class="teaser-links-list-and-icons-container"> <a href="/resource/blob/66540/d31f53308742d279bf99a4bb4bd258fe/data/mifid-report_en.pdf" target="_blank" rel="noopener"> <i class="icon icon-pdf"></i> <p class="link-list-title">September 2010: MiFID: Spirit and Reality of a European Financial Markets Directive - Research report by the Chair of e-Finance of the Goethe University Frankfurt and Celent</p> </a> </div> </li> </ul> </div> </div> </div> </div> </div> </div> </section> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <section class="dbg-footer-content-section"> <div class="dbg-outer-content-container padding " > <div class="dbg-inner-content-container"> <div class="dbg-grid-container" > <div class="grid-item gridMaxCol " > <div 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