Since the onset of the crisis in 2008, the clocks of the financial markets worldwide have been ticking differently. Regardless of whether the crisis has now ended or has merely transformed into a new phase – one thing is certain: Banks and stock exchanges are being confronted with a different capital market environment. But which strategy is best suited to make the most of such a “new environment”? This and other topics were discussed with the executive board of Deutsche Börse AG and personalities from the financial world in this annual report.