Deutsche Bourse restructures

Source: Deutsche Bourse

Deutsche Börse: Deutsche Börse AG will realign the assignment of responsibilities within its Executive Board, effective 1 January 2016.

As announced, Deutsche Börse AG will place client focus at the heart of its organisational structure. With the steps taken now, Deutsche Börse AG will bundle related areas in Executive Board portfolios, accelerating process flows and simplifying them – in the interest of the company’s clients.

The newly-created “Clients, Products & Core Markets” division will combine derivatives trading businesses (including International Securities Exchange (ISE)), the clearing house as well as Clearstream’s settlement and custody business. Clients, Products & Core Markets will also be responsible for coordinating Group-wide product development as well as global sales activities. The division will be headed by Jeffrey Tessler, who has been working for the Group since 2004. To date, Mr Tessler has been responsible for the Group’s settlement and custody business.

As the second newly-created division, “IT & Operations, Data & New Asset Classes” will combine Deutsche Börse Group’s IT activities and market operations, comprising the following departments: IT Application & Architecture, IT Operations, and Market Operations. Deutsche Börse Group’s fast-growing businesses, MD & S (Deutsche Börse’s market data business), 360T (the recently-acquired electronic foreign exchange trading platform), as well as EEX (the European Energy Exchange) will also belong to this division. IT & Operations, Data & New Asset Classes will be headed by Deputy Group CEO Andreas Preuss, who has been a member of the Executive Board since 2006. To date, Mr Preuss was responsible for the Cash and Derivatives division.

Deutsche Börse Group’s cash market businesses, comprising Xetra®, the Frankfurt Stock Exchange and the certificates and warrant businesses, will regain divisional status, given its high political as well as macroeconomic importance. Mrs Hauke Stars will be responsible for this “Cash Market, Pre-IPO & Growth Financing” division. Over and above the ongoing development of cash markets, with their essential pricing functions, their importance for calculating major indices (such as the DAX index family), this division will expedite the creation of an innovative pre-IPO market and will also be responsible for developing and implementing growth financing instruments. Accordingly, the Deutsche Börse Venture Network, as well as the Capital Markets Academy, will also belong to this division. Hauke Stars, a graduate engineer, has been a member of Deutsche Börse’s Executive Board since 2012, where she oversaw the implementation of major projects to renew the Group’s IT infrastructure as T7, the new derivatives trading system. Ms Stars has also been responsible for the market data business, which is growing at double-digit rates.

CFO Gregor Pottmeyer will continue to be responsible for Group Finance, comprising Financial Accounting & Controlling, Strategic Finance, Investor Relations, Treasury, Risk Management, Compliance as well as Group Organisational Services. Mr Pottmeyer has held this position on the Group Executive Board since 2009.

Chief Executive Officer Carsten Kengeter will be directly responsible for Group Strategy and Mergers & Acquisitions, Group Portfolio-Management, Legal, Audit as well as Marketing, Communications and Government Relations. As a key management tool, Human Resources was added as a direct reporting line to the CEO, who will additionally assume responsibility for innovation, technological transformation, and digitisation.

Carsten Kengeter, CEO of Deutsche Börse AG, said: “With the grouping of responsibilities and related issues, we have taken a step towards an organisation that is tailored to the needs of markets and clients. I am looking forward to a comprehensive cooperation with all board areas.”

Dr Joachim Faber, Chairman of the Supervisory Board, said: “I would like to thank all members of Deutsche Börse AG’s Executive Board for their active support of these changes, which provide the foundations for the Group’s sustainable growth strategy.”

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