Exchange Review DeutscDeutschehe Boerse AG

Market Policy ACHIM BROSCH

Based on the preliminary year-end figures for 2004 a ( Exchange). The Frankfurt floor is the most total volume of about 3.3 trillion was traded on the liquid market place and market leader with a share of 65 German stock exchanges in 2004. This represents an per cent in retail trading on the floor in Germany. increase of three per cent year-on-year (2003: 3.2 trillion euros). This total comprises about 2.6 trillion euros in The international derivatives market Eurex, a subsidiary of equities, warrants and exchange-traded funds (2003: 2.4 Deutsche Börse AG and the Swiss Exchange, set a new world trillion euros) and about 709 billion euros in fixed-income record in 2004. The preliminary figures show that Eurex securities (2003: 808 billion euros). March was the highest- generated turnover of 1.07 billion contracts in 2004, once turnover monthn 2004, with some 370.6 billion euros in again setting a new world record (2003: 1.01 billion volume traded. contracts). This means that Eurex will once again close out this year as by far the world’s largest and most successful According to the order-book statistics, which are based on derivatives market. single-counting of all transactions in the * order-book and broker-supported trading on the floor, the total equities The highest turnover for the year was once again delivered turnover posted on the German stock exchanges in 2004, by Products, which accounted for with some 993 billion euros in volume, increased by nine approximately 578 million contracts. The BUND per cent year-on-year (2003: 911 billion euros). About 929 future accounted for around 240 million of these contracts. billion euros of this total was traded in German equities The second-best performer was the Index Products segment, (2003: 860 billion euros), and some 64 billion euros in where annual turnover exceeded 280 million contracts. 122 foreign equities (2003: 51 billion euros). million contracts were traded in the DJ-Euro-STOXX 50 future this year. The Xetra share in equities trading rose further in 2004 year on year. In MDAX Xetra further expanded its Eurex was particularly successful in the USA in 2004. The market share to 92 per cent (2003: 90 per cent; 2002: 84 contribution made by US-participants to total turnover per cent; 2001: 74 per cent). In DAX blue chips, the Xetra increased to 30 per cent in benchmark products such as share remained at 97 per cent (2003: 97 per cent; 2002: 96 the Euro BUND future, the DAX future and the Euro STOXX per cent; 2001: 94 per cent). 50 future. Around 6.3 million contracts were traded on Eurex US, Eurex’s US subsidiary, in 2004. Trading on Eurex The Frankfurt has further expanded its US opened for the first time on February 8, 2004. RoM as the leading retail stock exchange in 2004. 98 per cent of trading in German equities takes place on Xetra * Xetra is one of the leading electronic trading platforms in the world and the floor of the FWB Frankfurter Wertpapierbörse launched in 1997 by the .

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