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Annual Reception 2015: Speech of Dr Reto Francioni


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Annual Reception 2015: Speech of Dr Reto Francioni, Chief Executive Officer, Deutsche Börse AG

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Annual Reception 2015: Speech of Dr Reto Francioni

  1. 1. Convenience translation from German into English Check against delivery New Year’s Reception 2015 Deutsche Börse Group 19 January 2015 [Embargoed until 19 Jan, begin of Francioni´s speech] Reto Francioni Chief Executive Officer Deutsche Börse AG, Frankfurt/Main
  2. 2. Check against delivery / Embargoed until 19 Jan, begin of Francioni´s speech 2 Honourable Chancellor, Honourable President of the Bundesrat, ladies and gentlemen, Allow me to take this opportunity to welcome you, which for me will be for the last time. I am therefore all the more grateful to be able to say a few words to you today. Above all, I would like to use this speech to express my gratitude. First of all to you, Chancellor. Thank you so much for your fascinating speech, your work on behalf of the Frankfurt financial centre, and of course for your visit! I am particularly grateful for your visit, Chancellor, since you were forced to turn us down last year following an unpleasant but fortunately not too serious encounter with the effects of gravity on snowy ground. But today you are here in full health, and we have just heard what that means. So thank you for being here, and thank you for your interest in us, the Frankfurt financial community! Ladies and gentlemen, almost exactly two years ago at this same event I said that market growth would above all be seen in Asia rather than Europe. I told you that Deutsche Börse considered itself to be in an exceptionally favourable position to safeguard its hard-won market position on the European and Asian markets and to make its mark with a considerable lead in China. We continued to make considerable progress in this respect over the past year. Take our strategic alliance with the Bank of China, for example, which allowed the Frankfurt financial centre to become the
  3. 3. Check against delivery / Embargoed until 19 Jan, begin of Francioni´s speech 3 euro zone’s first ever clearing centre for the renminbi. And then there are our activities in Singapore, which we are continuing to expand by setting up a clearing house. These are just some of the achievements that we owe mainly to our Asia Task Force, which does an outstanding job and that I would also like to thank this evening. The expansion of our activities in Asia reflects the region’s shift in economic importance and growth. A few weeks ago it was reported in the media that China had overtaken the United States in terms of national purchasing power over the past year. And with growth rates in the region of seven per cent, on the existing, impressive basis, China will continue to build on this lead. Asia has seen a correspondingly rapid rise in demand for safe and integrated exchange services. The continent has become the engine of the global economy, and is likely to remain so for the foreseeable future. I find this encouraging, because not so long ago only Europe and the United States played significant economic roles. Today we have three strong regions. Asia, ladies and gentlemen, is one of our central topics. But the future of the global financial services industry as a whole is equally important. In October 2008, the world of finance stood on the brink of disaster following the collapse of Lehman Brothers. The resulting crisis of trust was enormous in scale. Trust is the foundation of all business – and nowhere is that more true than in the financial services sector. But trust is above all a product of integrity, decency and responsibility. These values have always been important to us, and will continue to guide our actions.
  4. 4. Check against delivery / Embargoed until 19 Jan, begin of Francioni´s speech 4 Seven years on from the events of 2008, we can say that the most serious financial crisis of recent decades has been overcome even if the government debt crisis continues to persist in some countries of the euro area. Chancellor, from a political perspective, the fact that the worst case scenario was averted can largely be attributed to you. And so I would like to thank you now on behalf of many of my colleagues for all that you have done for Europe over the years. Of course I would not want to talk about stability – especially price stability – without mentioning the outstanding achievements of the Bundesbank and the European Central Bank. Ladies and gentlemen, honoured guests, all of you have earned my utmost respect for what you have achieved by working so hard together. Times have not been easy, and we still have a lot of work to do. I am extremely proud that, even in the darkest of hours, our systems played a part in stabilising the situation. For this my gratitude is owed in no small part to my colleagues, with whom I have worked at this impressive company for more than a decade.
  5. 5. Check against delivery / Embargoed until 19 Jan, begin of Francioni´s speech 5 The stability of the European financial markets is one thing. Another is growth and the creation of jobs in Europe. This must be a matter of priority for all of us. In particular European Commission President Jean-Claude Juncker has defined it as a political priority for the years ahead. Among other things, the proposed capital markets union is intended to implement the vision of an integrated and harmonised European financial market. Its primary aim, however, is to improve access to additional sources of financing as well as traditional bank financing in order to contribute to the growth of the European markets and a level of prosperity that extends beyond Europe. This evening I would like to promise that Deutsche Börse AG will lend its emphatic support to this plan. Ladies and gentlemen, on a personal note: As you know, after a decade of leading Deutsche Börse I will be handing over my responsibilities to my successor Mr. Carsten Kengeter in the middle of this year, and I would also like to welcome him personally. This represents a transition to a new generation. Mr. Kengeter, I would like to wish you all the best and the continued success that this company deserves! I myself will be happy to remain associated with Frankfurt’s financial centre, but at the same time I am looking forward to the next stage in my life.
  6. 6. Check against delivery / Embargoed until 19 Jan, begin of Francioni´s speech 6 Finally, as those of you who have been coming for many years will know, all that remains for me to do is to give you a matchless piece of wisdom from the world of football for the start of another year on the stock exchange. This year I would like to fall back on my favourite quote, which is from the Austrian footballer Hans Krankl and not Lothar Matthäus. For me it cannot be beaten as a motto for the future of this company, for the financial centre and for the world of politics [slight pause]: "We have to win; everything else is of primary importance." There is nothing that I can add to that. Chancellor, honoured guests, thank you for listening, and I would like to wish you an entertaining evening and health and success in 2015.