– Es gilt das gesprochene Wort –

1

Jahreseröffnung 2013 Gruppe Deutsche Börse 21. Januar 2013 SPERRFRIST: 21. Januar 2013, 19 Uhr CET Dr. Joachim Faber Vorsitzender des Aufsichtsrats Deutsche Börse AG, Frankfurt am Main

– Es gilt das gesprochene Wort –

2

SPERRFRIST: 21. Januar 2013, 19 Uhr CET

Sehr geehrter Herr Bundesbankpräsident, sehr geehrter Herr Staatsminister, sehr geehrter Herr

Staatssekretär, sehr geehrte Abgeordnete, sehr geehrte Damen und Herren,

§ im Namen des Aufsichtsrats heiße ich Sie alle herzlich willkommen zur Jahreseröffnung der Gruppe

Deutsche Börse!

§ Vermutlich haben Sie als Gäste unserer wiederkehrenden Jahreseröffnungsfeier festgestellt, dass mit

Ihnen, lieber Herr Weidmann, zum ersten Mal der gleiche Redner erneut auf dieser Veranstaltung

spricht.

§ Meine Damen und Herrn, warum haben wir Herrn Dr. Weidmann darum gebeten? Bitte verstehen Sie

dies als Ausdruck unseres Respektes vor der Arbeit der Institution wie auch vor der Leistung der

Person, die wir damit würdigen wollen.

§ Denn die Bundesbank achtet sehr konsequent auf ihre Unabhängigkeit und tritt auch innerhalb der

Europäischen Zentralbank dafür ein. Die Bundesbank setzt sich mit guten Gründen für die Trennung

einer stabilitätsorientierten Währungspolitik von der Fiskalpolitik und konjunkturpolitischen

Erwägungen ein. Das war schon in früheren Zeiten nicht einfach, hat sich aber während der Finanz-

und Wirtschaftskrise der letzten fünf Jahre als große Herausforderung dargestellt.

§ Dafür möchten wir der Bundesbank, aber auch Ihnen persönlich, Herr Weidmann, unseren Respekt

ausdrücken. Als Teil des Europäischen Systems der Zentralbanken ist die Bundesbank in

besonderem Maße relevant nicht nur für die deutsche Volkswirtschaft, sondern auch für die

Europäische Union und die Währungsunion und mittelbar weit über Europa hinaus.

§ Der Finanzplatz Frankfurt hat als Standort der EZB und der Bundesbank dabei eine besondere

Bedeutung: Meine Damen und Herrn, Frankfurt ist zu einem Hort der Stabilität des Euro geworden!

§ In diesem Zusammenhang ist auch wichtig, dass Frankfurt zusätzlich zur EZB mit der Standortwahl

der europäischen Versicherungsaufsicht EIOPA und der künftig hier angesiedelten Bankenaufsicht

eine Entwicklung vom bedeutenden Geschäftsstandort für Banken hin zum international

schwergewichtigen, politisch und aufsichtsrechtlich einflussreichen Finanzplatz genommen hat.

– Es gilt das gesprochene Wort –

3

§ Der Finanzplatz gewinnt auch deshalb an Bedeutung, weil er auf dem Fundament einer in Europa

und der Welt erfolgreichen Wirtschaft steht und selbst wiederum für die deutsche Industrie die

wichtige Plattform für Wachstum und Prosperität bildet. Ohne diese Stärke unserer Industrie, sowohl

in ihrer Rolle als Quelle stabiler Steuererträge, als Arbeitsplatzgarant und natürlich als

Wirtschaftsmotor auch in Europa, wäre Deutschland erheblich leichtgewichtiger. Denn noch nie war

die Stärke der deutschen Wirtschaft für Europa so wichtig wie heute.

§ Wir sollten daher bei allen regulatorischen Debatten immer die direkten und besonders die indirekten

Auswirkungen auf die Unternehmen in unserem Land gründlich abwägen. Dies schließt übrigens den

Bedarf der Wirtschaft nach modernen Finanzinstrumenten ein. Der Handel von Unternehmensbonds

zur Finanzierung, Derivategeschäfte zur Absicherung von Rohstoff- Zins- und Devisenrisiken sowie

die betriebliche Altersversorgung seien hier nur beispielhaft genannt.

§ Mit Stabilität verbinden heute viele Bundesbürger voller Sorge wieder das Thema Geldwertstabilität.

Stabilität bedeutet aber auch weiterhin die Sicherung der systemischen Stabilität der Märkte

insgesamt. Und dazu, meine Damen und Herren, können nicht nur Zentralbanken und

Aufsichtsbehörden, sondern auch beaufsichtigte und regulierte Börsenorganisationen sicher sehr viel

beitragen.

§ Die Deutsche Börse ist ein zentraler Baustein des Finanzplatzes Frankfurt. Und auch die Deutsche

Börse fühlt sich der Stabilität unseres Finanzsystems sehr verpflichtet.

§ Herr Weidmann: Unsere Unterstützung, da wo wir sie leisten können, sei Ihnen also gewiss!

§ Über das WIE, meine Damen und Herrn, können Sie im Laufe des heutigen Abends mit ihrem

Gastgeber und seinen Mitarbeitern sicher noch viele interessante Gespräche führen.

Ich möchte heute Abend ein kurzes Plädoyer halten:

1. Für eine Wertschätzung der Finanz- und Kapitalmärkte in einer Zeit der Aufarbeitung markanter

Fehlentwicklungen, aber auch eines wiederbelebten Wachstums unserer Wirtschaft,

2. für regulierte Börsenorganisationen, die sich als Bindeglied zwischen Regulierer und Regulierten

verstehen sollten. Börsenorganisationen kommt eine Schlüsselrolle zu bei der Umsetzungshilfe

zur Erfüllung regulatorischer Anforderungen auf der einen Seite wie bei dem berechtigten

Streben nach endlich wieder sicheren und stabilen Finanzmärkten auf der anderen Seite. Dazu

erbringen Börsenorganisationen Dienste, die gleichermaßen effizient und zuverlässig sind –

besonders, wenn es um die Absicherungsfunktion von Clearinghäusern geht. Ein Verschiebung

der Umsetzung der EMIR Richtlinie auf Sommer 2014, wie von der ESMA angekündigt, halte ich

in diesem Zusammenhang für wenig stabilitätsfördernd.

– Es gilt das gesprochene Wort –

4

3. Für eine Geschäftspolitik der Deutschen Boerse, die sich am Bedarf unserer wichtigsten Kunden

orientiert und wertvolle Lösungen im Rahmen der sich abzeichnenden neuen regulatorischen

Rahmenbedingungen in Folge von MIFID/MIFIR, EMIR, der CSD Regulierung oder auch Basel III

anbietet.

§ Meine Damen und Herrn, die Finanzbranche hat seit Ausbruch der Krise vor 5 Jahren sehr viel

Vertrauen und Kredit verspielt. Das hat auch das Vertrauen unserer Mitbürger in die

Funktionsfähigkeit und den Nutzen der Kapitalmärkte deutlich beeinträchtigt und es steht außer

Frage, dass ein dramatisches Umdenken bei vielen Akteuren notwendig ist und - wenn nicht aus

eigenem Antrieb gesichert - durch bessere Regulierung unterstützt werden muss.

§ Es ist nicht ertragbar, wenn Einzelne in der Finanzbranche den Eindruck vermittelt haben, dass sie

aufgrund Ihres Einflusses und Ihrer Finanzkraft über Recht und Gesetz stünden. Der frühere AR-

Vorsitzenden der Münchener Rück Schinzler hat kürzlich dieses Problem in einem Beitrag in der

Börsenzeitung auf einen kurzen Nenner gebracht: "Nicht alles, was machbar ist, sollte auch gemacht

werden."

§ Es ist mir aber wichtig, auch deutlich zu machen, dass wir heute bereits an vielen Stellen ein

verändertes Bewusstsein beobachten. In Finanzinstituten sind heute Risikomanagement,

Reputationsmanagement und Compliance Begriffe der alltäglichen Praxis geworden. In vielen

Organisationen ist eine neue Generation am Ruder und wir sollten diese an ihren Taten messen und

nicht nur nach dem, was sie beim Aufräumen der Vergangenheit an Tageslicht befördern. Es darf

besonders in der politischen Debatte nicht der öffentliche Eindruck in Kauf genommen werden, auf

die Finanzbranche und die von ihr belebten Kapitalmärkte könne getrost verzichtet werden. Das

Gegenteil ist der Fall: Gut funktionierende Kapitalmärkte sind unverzichtbar für jede gut

funktionierende Volkswirtschaft.

§ Kapitalmärkte fördern Wirtschaftswachstum, und Wachstum bedeutet Wohlstand. Wir sollten nicht

vergessen, dass die Kapitalmärkte maßgeblich dazu beigetragen haben, dass sich weltweit die Zahl

jener Menschen um fast 1 Milliarde seit 1990 reduziert hat, die unter der Armutsgrenze leben, trotz

einer wachsenden Weltbevölkerung. Das wäre ohne die enormen Summen, die nur durch die

Transferfunktion der Kapitalmärkte in die Emerging Markets investiert werden konnten, nicht möglich

gewesen.

§ Wir alle sollten also ein Interesse an einer Regulierung der Kapitalmärkte haben, die diese nicht

schwächt, sondern stärkt, indem Investorenschutz, ernst gemeintes Risikomanagement, Stabilität

und Transparenz an vorderster Stelle stehen.

– Es gilt das gesprochene Wort –

5

§ Nationale Alleingänge, Strafsteuern, die umgangen oder abgewälzt werden können, Regulierungs-

Arbitrage, die weitere Duldung eines grauen Marktes außerhalb jeder Aufsicht oder auch der Wunsch

nach Entschleunigung im 21. Jahrhundert sind aus meiner Sicht eher ungeeignete Versuche, uns die

Sicherheit zurückzugeben, die wir für unser Land, für unseren Kontinent brauchen.

§ Eine Renationalisierung der Kapitalmärkte oder der Finanzmarkt-Infrastruktur sind ganz sicher keine

Lösung und auch nicht möglich. Unsere Welt funktioniert global. Wir sollten unser Regelwerk

entsprechend aufsetzen und damit das Risikobewusstsein und besonders das Risikomanagement

entsprechend stärken.

§ Auch vor diesem Hintergrund wird sich die Deutsche Börse, wie bereits angekündigt, zunehmend auf

Dienstleistungen im Bereich Risikomanagement und Absicherung von Geschäften im

außerbörslichen Teil des Marktes konzentrieren. Das Management wird entsprechende

partnerschaftliche Angebote machen.

§ Die Deutsche Boerse hat die große Chance, für Ihre Kunden, aber auch für das Finanzsystem als

Ganzes ein Teil der Lösung zu sein und den Banken die Bilanzen durch eine Bündelung der

Gegenparteirisiken aus OTC-Derivategeschäften in einem zentralen Clearinghaus um erhebliche

Milliardenpositionen an Risiko-Assets zu entlasten. Gleichzeitig würde dies systemisch viel zum De-

Risking des Finanzsystems beizutragen.

§ Kein Unternehmen hat bisher nachhaltig Werte geschaffen, das sich nicht eng an den Bedürfnissen

seiner Kunden orientiert und auch im gesamtgesellschaftlichen Kontext positive Beiträge bietet.

§ Die von der Bundeskanzlerin vertretene Position, dass die nächste Bankenrettung aus eigener Kraft

erfolgen muss – so wie schon in den 70er Jahren bei Herstatt praktiziert – halte ich für mehr als

angemessen.

§ Ich bin überzeugt, dass sich begründete, regulatorische Ansprüche an die Marktteilnehmer zur

Wiederherstellung einer stabilitätsorientierten Ordnung und das Interesse der Handelshäuser,

Banken und auch der Realwirtschaft nach Erhalt der Kapitalmärkte in nennenswerter Größenordnung

vereinbaren lassen.

§ Sicher kann der geregelte und traditionell streng beaufsichtigte Börsenbetrieb hier das Bindeglied

zwischen den beiden Positionen darstellen.

§ Natürlich reduziert eine zentrale Gegenpartei und entsprechend hinterlegte Sicherheiten das

Ausfallrisiko.

§ Ohne Frage lassen sich erhöhte Eigenkapitalanforderungen auch durch ein effizientes Sicherheiten-

Management abmildern.

– Es gilt das gesprochene Wort –

6

§ Es gilt, durch neue Regeln endlich Stabilität und Vertrauen in die Märkte zurückzugewinnen. Dabei

ist es natürlich notwendig, die damit verbundenen Kosten möglichst gering zu halten. Damit dies

gelingt, braucht es Partner, die Erfahrung darin haben, unterschiedliche und manchmal

gegensätzliche Interessen durch marktnahe Lösungen zum Ausgleich zu bringen.

§ Meine Damen und Herren, ich wünsche Ihnen allen ein gutes, erfolgreiches und überraschungsfreies

Jahr.

§ Unser Gastredner in diesem Jahr braucht nicht mehr weiter vorgestellt zu werden. Er ist Deutscher,

Europäer und Weltbürger im besten Sinn: Er sammelte u.a. Erfahrung als Generalsekretär des

Sachverständigenrats zur Begutachtung der gesamtwirtschaftlichen Entwicklung, an der Banque de

France ebenso wie beim Internationalen Währungsfonds sowie nicht zuletzt im Bundeskanzleramt.

§ Meine Damen und Herren, freuen wir uns auf die Worte von Dr. Jens Weidmann!

SPERRFRIST: 21. Januar 2013, 19 Uhr CET

Convenience translation from German into English

Check against delivery

New Year’s Reception 2013 Deutsche Börse Group 21 January 2013 Embargo: 21 Januar 2013, 7 pm CET Joachim Faber Chairman of the Supervisory Board Deutsche Börse AG, Frankfurt/Main

Check against delivery 2

Embargo: 21 Januar 2013, 7 pm CET

Mr Bundesbank President, Ms State Secretary, representatives, ladies and gentlemen,

On behalf of the Supervisory Board I would like to welcome you to the annual reception of Deutsche Börse Group.

As guests of our recurring annual reception you have probably noticed that, for the first time, we’ll have the same guest speaker (you, dear Mr Weidmann) as last time at this event.

Ladies and gentlemen, why have we invited Mr Weidmann back? You’ll have to understand it as a show of respect for both the work of the institution he represents and his achievement as an individual who we honour in this way.

The Bundesbank consistently focuses on its own independence and also speaks up for it within the European Central Bank. The Bundesbank takes, with good reason, a stand on the separation between a stability-focused monetary policy on the one hand and fiscal policy and economic consideration on the other hand. This hadn’t been an easy thing to do already in earlier years, but during the financial and economic crisis of the last five years, it turned out to be a great challenge.

And that is why we would like to express the respect we have for the Bundesbank, but also for you personally, Mr Weidmann. As part of the European system of central banks, the Bundesbank is particularly relevant, not just to the German economy, but also to the European Union and monetary union, and indirectly far beyond Europe.

As the location for the ECB and the Bundesbank, Frankfurt as a financial centre has a special importance in this regard: ladies and gentlemen, Frankfurt has became a refuge for the stability of the euro.

Within this context, it is also important to say that, in addition to the ECB, with Frankfurt’s selection as a location for EIOPA, the European Insurance and Occupational Pensions Authority, and for the future banking supervision that will be established here, Frankfurt has developed from a significant business location for banks to an international heavyweight and influential financial centre in political and regulatory matters.

The financial centre is also becoming more significant because it is established on an economy which is successful in Europe and worldwide, and in turn, this financial centre provides an important platform for growth and prosperity for the industry in Germany. Without this strength in our industry, both in regard to its role as a source of stable tax revenue and in guaranteeing employment, and as an economic engine in Europe as well, Germany would of course have considerably less impact. Because the strength of the Germany economy has never been as important for Europe as it is now.

Check against delivery 3

Therefore, in all regulatory debates, we should always thoroughly weigh the direct and in particular the indirect effects on the companies in our country. Incidentally, this also includes the economy’s need for modern financial instruments. Dealing in corporate bonds for financing, derivatives transactions for hedging commodities, interest-rate and exchange-rate risks and company pensions are merely a few examples.

Many Germans today quite anxiously associate stability with the issue of monetary stability. But stability also still means securing the systemic stability of the markets overall. And this is where, ladies and gentlemen, not just central banks and supervisory authorities, but also supervised and regulated exchange organisations can certainly make substantial contributions.

Deutsche Börse is a key cornerstone in the financial centre of Frankfurt. And Deutsche Börse also feels very obliged to support the stability of our financial system.

Mr Weidmann: of our support, wherever we can provide it, you can take it for granted!

And as to the HOW, ladies and gentlemen, you can certainly have a number of interesting conversations on that topic over the course of the evening with your host and his staff.

I would like to make a case briefly tonight …

1. for an appreciation of the financial and capital markets during a time of rectifying obvious undesirable developments, but also a time of renewed growth in our economy.

2. for regulated exchange organisations that should see themselves as a connection between the regulators and regulated. Exchange organisations are faced with a key role in helping implement compliance with regulatory requirements on the one hand and a justifiable ongoing pursuit of safe and stable financial markets on the other hand. Exchange organisations provide services which are both efficient and reliable – especially when it comes to the hedging function of clearing houses. Postponing the implementation of the EMIR regulation to summer 2014, as was announced by ESMA, will in my opinion not do much to promote stability in this context.

3. for a business policy at Deutsche Börse which focuses on the needs or our most important customers and offers valuable solutions as part of the emerging new regulatory framework conditions as a consequence of MiFID/MiFIR, EMIR, the CSD regulation or Basel III.

Ladies and gentlemen, the financial sector has squandered a great deal of trust and credit since the crisis broke out five years ago. This has also significantly damaged the trust that our fellow Germans have in the capital markets’ functionality and benefits, and there is no question that a dramatic shift in thinking is needed on the part of many actors and – if it is not guaranteed on their own initiative – it must be supported by better regulation.

It is unacceptable that individuals in the financial sector have given the impression that their influence and financial power puts them above the law. The former chairman of the supervisory board of Munich Re, Hans-Jürgen Schinzler, recently summed this issue up briefly in a contribution to the Börsenzeitung: “Not everything that can be done should actually be done.”

Check against delivery 4

But it is important to me to also clarify that today we are seeing a changed consciousness in many respects. In every financial institution today, risk management, reputation management and compliance have become terms which are used in daily practice. In many organisations a new generation is at the helm, and we should assess them on their actions and not just according to what they bring to light while cleaning up the past. In political debates in particular, the public impression that the financial sector and the capital markets it invigorates can be safely disregarded cannot be accepted. The opposite is the case: well functioning capital markets are vital for every well functioning economy.

Capital markets promote economic growth and growth means prosperity. We should not forget that on a worldwide level, the capital markets have helped in substantially reducing by nearly 1 billion the number of people who live below the poverty line despite a growing world population since 1990. This would not be possible without the enormous sums that can only be invested in the emerging markets due to the transfer function of the capital markets.

So we should all take an interest in the regulation of the capital markets, which does not weaken them but instead strengthens them, by prioritising investor protection, seriously minded risk management, stability and transparency.

Unilateral actions by one country, penalty taxes which are bypassed or passed on, regulation arbitrage, a continued tolerance for a grey market which exists outside all supervision or also the desire for slowing down in the twenty-first century seem to be, from my point of view, unsuitable attempts to give us back the security that we need for our country and for our continent.

A renationalisation of the capital markets or financial market infrastructure is most certainly not a solution and also not possible. Our world functions globally. We should design our system of rules and regulations accordingly, and through this, we should strengthen our risk awareness and especially our risk management system.

These are also the conditions in which Deutsche Börse, as already announced, is increasingly concentrating on services in the area of risk management and hedging of transactions in the off-exchange part of the market. Management will make appropriate offers of partnership.

Deutsche Börse also has the great opportunity to be part of the solution, not just for its customers, but also for the financial system as a whole, and to relieve banks of significant risk asset line items totalling in the billions on their balance sheets by bundling counterparty risks from OTC derivative transactions in a central clearing house. At the same time, these measures will greatly contribute to a systemic derisking of the financial system.

No company up until now has created lasting value without focusing closely on the needs of their customers and also offering positive contributions in the context of society as a whole.

I consider the position represented by the chancellor that the next bank-saving measures must be done on the banks’ own terms – as was already in practice in the 1970s at Herstatt – as more than reasonable.

I am confident that well-founded regulatory demands on the market participants for re-establishing a stability-oriented order can be reconciled with the interest of trading houses, banks and also the real economy in preserving capital markets in a notable magnitude.

Check against delivery 5

Certainly regulated and traditionally strictly supervised exchange trading can represent the link between the two positions.

Of course a central counterparty and the associated collateral reduces the default risk.

Without question the increased capital requirements can be buffered by efficient collateral management.

It is imperative to re-establish stability and trust in the markets using new regulations. While doing so it is of course necessary to keep the associated costs as low as possible. For this to be successful, there need to be partners available who have experience in balancing different – and at times opposing – interests using market-oriented solutions.

Ladies and gentlemen, I wish all of you a good and successful year free of surprises.

Our guest speaker this year actually needs no further introduction. He is a German, European and world citizen in the best of ways: he gained his experience, among others, while serving as the Secretary General of the German Council of Economic Experts, at the Banque de France as well as at the International Monetary Fund and, last but not least, in the Federal Chancellery.

Ladies and gentlemen, let us now enjoy a few words from Mr Jens Weidmann.

Embargo: 21 Januar 2013, 7 pm CET

Convenience translation from German into English

Check against delivery

New Year’s Reception 2013 Deutsche Börse Group 21 January 2013 Embargo: 21 Januar 2013, 7 pm CET Joachim Faber Chairman of the Supervisory Board Deutsche Börse AG, Frankfurt/Main

Check against delivery 2

Embargo: 21 Januar 2013, 7 pm CET

Mr Bundesbank President, Ms State Secretary, representatives, ladies and gentlemen,

On behalf of the Supervisory Board I would like to welcome you to the annual reception of Deutsche Börse Group.

As guests of our recurring annual reception you have probably noticed that, for the first time, we’ll have the same guest speaker (you, dear Mr Weidmann) as last time at this event.

Ladies and gentlemen, why have we invited Mr Weidmann back? You’ll have to understand it as a show of respect for both the work of the institution he represents and his achievement as an individual who we honour in this way.

The Bundesbank consistently focuses on its own independence and also speaks up for it within the European Central Bank. The Bundesbank takes, with good reason, a stand on the separation between a stability-focused monetary policy on the one hand and fiscal policy and economic consideration on the other hand. This hadn’t been an easy thing to do already in earlier years, but during the financial and economic crisis of the last five years, it turned out to be a great challenge.

And that is why we would like to express the respect we have for the Bundesbank, but also for you personally, Mr Weidmann. As part of the European system of central banks, the Bundesbank is particularly relevant, not just to the German economy, but also to the European Union and monetary union, and indirectly far beyond Europe.

As the location for the ECB and the Bundesbank, Frankfurt as a financial centre has a special importance in this regard: ladies and gentlemen, Frankfurt has became a refuge for the stability of the euro.

Within this context, it is also important to say that, in addition to the ECB, with Frankfurt’s selection as a location for EIOPA, the European Insurance and Occupational Pensions Authority, and for the future banking supervision that will be established here, Frankfurt has developed from a significant business location for banks to an international heavyweight and influential financial centre in political and regulatory matters.

The financial centre is also becoming more significant because it is established on an economy which is successful in Europe and worldwide, and in turn, this financial centre provides an important platform for growth and prosperity for the industry in Germany. Without this strength in our industry, both in regard to its role as a source of stable tax revenue and in guaranteeing employment, and as an economic engine in Europe as well, Germany would of course have considerably less impact. Because the strength of the Germany economy has never been as important for Europe as it is now.

Check against delivery 3

Therefore, in all regulatory debates, we should always thoroughly weigh the direct and in particular the indirect effects on the companies in our country. Incidentally, this also includes the economy’s need for modern financial instruments. Dealing in corporate bonds for financing, derivatives transactions for hedging commodities, interest-rate and exchange-rate risks and company pensions are merely a few examples.

Many Germans today quite anxiously associate stability with the issue of monetary stability. But stability also still means securing the systemic stability of the markets overall. And this is where, ladies and gentlemen, not just central banks and supervisory authorities, but also supervised and regulated exchange organisations can certainly make substantial contributions.

Deutsche Börse is a key cornerstone in the financial centre of Frankfurt. And Deutsche Börse also feels very obliged to support the stability of our financial system.

Mr Weidmann: of our support, wherever we can provide it, you can take it for granted!

And as to the HOW, ladies and gentlemen, you can certainly have a number of interesting conversations on that topic over the course of the evening with your host and his staff.

I would like to make a case briefly tonight …

1. for an appreciation of the financial and capital markets during a time of rectifying obvious undesirable developments, but also a time of renewed growth in our economy.

2. for regulated exchange organisations that should see themselves as a connection between the regulators and regulated. Exchange organisations are faced with a key role in helping implement compliance with regulatory requirements on the one hand and a justifiable ongoing pursuit of safe and stable financial markets on the other hand. Exchange organisations provide services which are both efficient and reliable – especially when it comes to the hedging function of clearing houses. Postponing the implementation of the EMIR regulation to summer 2014, as was announced by ESMA, will in my opinion not do much to promote stability in this context.

3. for a business policy at Deutsche Börse which focuses on the needs or our most important customers and offers valuable solutions as part of the emerging new regulatory framework conditions as a consequence of MiFID/MiFIR, EMIR, the CSD regulation or Basel III.

Ladies and gentlemen, the financial sector has squandered a great deal of trust and credit since the crisis broke out five years ago. This has also significantly damaged the trust that our fellow Germans have in the capital markets’ functionality and benefits, and there is no question that a dramatic shift in thinking is needed on the part of many actors and – if it is not guaranteed on their own initiative – it must be supported by better regulation.

It is unacceptable that individuals in the financial sector have given the impression that their influence and financial power puts them above the law. The former chairman of the supervisory board of Munich Re, Hans-Jürgen Schinzler, recently summed this issue up briefly in a contribution to the Börsenzeitung: “Not everything that can be done should actually be done.”

Check against delivery 4

But it is important to me to also clarify that today we are seeing a changed consciousness in many respects. In every financial institution today, risk management, reputation management and compliance have become terms which are used in daily practice. In many organisations a new generation is at the helm, and we should assess them on their actions and not just according to what they bring to light while cleaning up the past. In political debates in particular, the public impression that the financial sector and the capital markets it invigorates can be safely disregarded cannot be accepted. The opposite is the case: well functioning capital markets are vital for every well functioning economy.

Capital markets promote economic growth and growth means prosperity. We should not forget that on a worldwide level, the capital markets have helped in substantially reducing by nearly 1 billion the number of people who live below the poverty line despite a growing world population since 1990. This would not be possible without the enormous sums that can only be invested in the emerging markets due to the transfer function of the capital markets.

So we should all take an interest in the regulation of the capital markets, which does not weaken them but instead strengthens them, by prioritising investor protection, seriously minded risk management, stability and transparency.

Unilateral actions by one country, penalty taxes which are bypassed or passed on, regulation arbitrage, a continued tolerance for a grey market which exists outside all supervision or also the desire for slowing down in the twenty-first century seem to be, from my point of view, unsuitable attempts to give us back the security that we need for our country and for our continent.

A renationalisation of the capital markets or financial market infrastructure is most certainly not a solution and also not possible. Our world functions globally. We should design our system of rules and regulations accordingly, and through this, we should strengthen our risk awareness and especially our risk management system.

These are also the conditions in which Deutsche Börse, as already announced, is increasingly concentrating on services in the area of risk management and hedging of transactions in the off-exchange part of the market. Management will make appropriate offers of partnership.

Deutsche Börse also has the great opportunity to be part of the solution, not just for its customers, but also for the financial system as a whole, and to relieve banks of significant risk asset line items totalling in the billions on their balance sheets by bundling counterparty risks from OTC derivative transactions in a central clearing house. At the same time, these measures will greatly contribute to a systemic derisking of the financial system.

No company up until now has created lasting value without focusing closely on the needs of their customers and also offering positive contributions in the context of society as a whole.

I consider the position represented by the chancellor that the next bank-saving measures must be done on the banks’ own terms – as was already in practice in the 1970s at Herstatt – as more than reasonable.

I am confident that well-founded regulatory demands on the market participants for re-establishing a stability-oriented order can be reconciled with the interest of trading houses, banks and also the real economy in preserving capital markets in a notable magnitude.

Check against delivery 5

Certainly regulated and traditionally strictly supervised exchange trading can represent the link between the two positions.

Of course a central counterparty and the associated collateral reduces the default risk.

Without question the increased capital requirements can be buffered by efficient collateral management.

It is imperative to re-establish stability and trust in the markets using new regulations. While doing so it is of course necessary to keep the associated costs as low as possible. For this to be successful, there need to be partners available who have experience in balancing different – and at times opposing – interests using market-oriented solutions.

Ladies and gentlemen, I wish all of you a good and successful year free of surprises.

Our guest speaker this year actually needs no further introduction. He is a German, European and world citizen in the best of ways: he gained his experience, among others, while serving as the Secretary General of the German Council of Economic Experts, at the Banque de France as well as at the International Monetary Fund and, last but not least, in the Federal Chancellery.

Ladies and gentlemen, let us now enjoy a few words from Mr Jens Weidmann.

Embargo: 21 Januar 2013, 7 pm CET