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Grußwort

Reto Francioni has been Chief Executive Officer of Deutsche Börse AG since 1 November 2005. Since April 2002 Reto Francioni has been member of the Board of Eurex. From April 2002 to October 2005 Reto Francioni was Chairman and President of the SWX Swiss Exchange. Prior to assuming this post, he was co-CEO of Consors Discount Broker AG, Nuremberg. Earlier in his career, he was named in 1993 to the board of Deutsche Börse AG, where he was responsible for its entire cash market division and, as of 1999, became Deputy CEO.

Reto Francioni studied law in Zurich where he also earned his PhD in law. He held different management positions in the securities exchange and banking sectors of Switzerland and the USA, as well as in the directorate the corporate finance division of Hofmann LaRoche AG, Basel. He is adjunct professor of economics and finance in the Zicklin School of Business, Baruch College, City University of New York as well as member of the International Advisory Board of Instituto des Empresas, Madrid.