Market infrastructure providers

In addition to the established and steadily growing capital markets infrastructure providers such
as exchanges, clearing houses, securities service providers and custodians (e.g. Deutsche Börse
Group, LCH.Clearnet, BNY Mellon), a number of successful information service providers, data
analytics providers and research boutiques (for example Thomson Reuters, Palantir, Autonomous)
have positioned themselves in the marketplace and increased their financial services market
share at the expense of banks.

Particularly the efficient use and commercialisation of large
amounts of data and the central positioning within an ecosystem are significant competitive
advantages, from which banks can benefit as well. In the current regulatory environment, market
infrastructure providers can offer added value and reduce overall industry costs, especially in not
directly client-facing areas where banks may shy away from large investments.

We increasingly expect cooperation with banks based on the latest technologies.