With one voice for
Germany’s most important
Financial Centre
Annual Report 2015
Frankfurt Main Finance e.V.
Financial centre
“
THE
STRENGTH
OF FRANKFURT
IS IN ITS HISTORICALLY EVOLVED
AND CLOSE
INTEGRATION
OF THE REAL
AND FINANCIAL
ECONOMIES.
4
6
7
Frankfurt – Anchor of stability in the financial crisis
Facts and figures on the financial centre
The future of financial centres
Frankfurt Main Finance e.V.
8
With one voice for Germany’s leading financial centre
Topics and activities
at the financial centre
10
Regulation
Centre of European financial market supervision
14
International relations
Europe’s hub
18
Renminbi
A trading centre gathers pace
20
FinTech
Frankfurt offers more
24
Community
Kick-off at the financial centre
26
Academics
Specialised services for every goal
picture credits
Title: fotolia.com; all icons from thenounproject.com; p. 2: istockphoto.com; p. 4: PIA city of Frankfurt
am Main, left to right: Karola Neder, Rainer Rüffer, Tanja Schäfer, Rainer Rüffer; p. 5: Jens Ripperger,
der ripperger Medienproduktion GmbH; p. 7: www.gruene-hessen.de; p. 8: Axel Gaube, Kaleidomania;
p. 10: all fotolia.com, ECB: Jan Becke; p. 12 – 13: Summit pictures: Axel Gaube, Kaleidomania, SAFE
pictures: Paint.NET v3.5.11; p. 16: private; p. 18 –9: clockwise: Rene Spalek / photography, private,
private, Mario Andreya / Deutsche Bank AG; p. 21: Zaitsev Alexander / iStock; p. 22: clockwise: private,
mstyslavchernov.com / wikipedia, wikipedia; p. 23: Wonge Bergmann for 360 Treasury Systems AG;
p. 24: private, Andreas Wolf, private, city of Frankfurt am Main; p. 25: row: private, Summit: Axel Gaube,
Kaleidomania; p. 26: row: Paint.NET v3.5.11, wikipedia, Bernhard Ludewig; p. 27: both Bernhard Ludewig
4
A N N UA L R E P O R T 2 015
FINANCIAL CENTRE
Frankfurt –
Anchor of stability in the financial crisis
C
ompetition among the world’s financial centres has further intensified in the financial and sovereign debt crisis. At the same time,
Frankfurt can rely on the stability of its financial centre, even in this
environment, because of the sheer breadth and depth in the services it
offers. This is reflected in the fact that the number of banks in Frankfurt,
both domestic and foreign, has remained stable during the crisis. The
German financial sector has been able to secure the supply of credit to
companies at all times.
A financial centre
of international importance
❙ Official start of renminbi trading in November 2014
❙ Visit of the Chinese rating agency Dagong Global Credit in
May 2015 and decision in November to open an office in Frankfurt
❙ Frankfurt attracts new foreign banks:
- PKO Bank Polski, Poland’s leading universal bank, in March 2015
- KT Bank AG, a subsidiary of Kuwait Finance House owned Kuveyt
Türk Participation Bank A.Ş., lstanbul, in July 2015, the first Islamic
Frankfurt stands for stability:
❙ The German financial sector is closely interwoven with a healthy
and prosperous real German economy.
❙ The financial centre is home to the European Central Bank and the
Deutsche Bundesbank and is considered the centre of monetary
stability in Europe.
bank in Frankfurt
❙ Opening of offices of international systemically important
banks such as of Banco Bilbao Vizcaya Argentaria (BBVA)
❙ Frankfurt attracts the Global Legal Entity Identifier
Foundation (GLEIF)
❙ The stock exchange trading platforms and IT systems in place
in Frankfurt are valued worldwide for their security and stability.
❙ Three of the five European financial supervisory bodies are located in the financial centre, making Frankfurt the most important
centre for the exchange of European financial supervisors.
❙ The location has a unique approach to promoting and expanding
knowledge about risk management and regulation.
Frankfurt city views: Stock Exchange, Alte Oper, Justitia on the Römerberg,
bank buildings
3,547
BILLION EUROS
WAS THE SUM OF THE TOTAL ASSETS
OF THE BANKS AT THE FRANKFURT
FINANCIAL CENTRE IN 2014
Finanzplatztag
2015
Press conference
on the settlement of the Global Legal Entity Identifier
Foundation (GLEIF) with representatives of the Hessian state government
5
6
A N N UA L R E P O R T 2 015
FINANCIAL CENTRE
The future
Facts and figures
on the financial centre
Total employed in Frankfurt:
of financial centres
650,000
The study “Financial Centers 2025”, compiled in June 2015 by the
WHU Otto Beisheim School of Management, analyses the future role of
the most important financial centres around the world, with a particular focus on the Frankfurt financial centre. Its findings: Important factors such as the strength of the local infrastructure, the ability to
attract important public authorities, banks and academic institutions and the quality of life that the city offers strengthen Frankfurt’s role as a major financial centre.
Employed at credit institutions:
Total number of credit institutions:
62,600
202
of which foreign banks:
161
“
The Frankfurt financial centre is an
important factor in the success of the
economies of both the state of Hesse and
Germany as a whole. Sustainable growth,
competitive SMEs and once-in-a-century
tasks such as the energy transition or the
modernisation of infrastructure can only be
managed with a solid and strong financial
sector. That’s why the state government supports the
financial centre initiative Frankfurt Main Finance and will continue to
work with undiminished effort to ensure that the financial sector can
fulfil its economic function in the public interest.
Tarek Al-Wazir is Hessian Minister of Economics, Energy, Transport and Regional
Development and a member of the Frankfurt Main Finance Executive Committee.
Topical information
about the financial centre
❙ Informed analysis is available from Helaba, one of the leading
1 PLACE
3RD PLACE
Eurex: Importance in Europe:
Eurex: Importance worldwide:
ST
banks in the financial centre. To find it online, go to www.helaba.de
and navigate to Markets and Trends.
❙ Twice a year, the Global Financial Centres Index (GFCI)
publishes a ranking of the world’s financial centres.
Frankfurt is currently in 14th place (as of September 2015).
7
8
A N N UA L R E P O R T 2 015
FR ANKFURT MAIN FINANCE E.V.
Frankfurt Main Finance:
With one voice for Germany’s
leading financial centre
S
ince 2008, Frankfurt Main Finance has been the voice of the
Frankfurt financial centre. In addition to the state of Hesse and the
cities of Frankfurt am Main and Eschborn, its more than 40 mem-
Major players in the financial centre
Regular members of Frankfurt Main Finance e.V.:
bers include many well-known financial market players and their service
providers, as well as private and public universities. With their membership, they each give voice to their close ties to the financial centre and
their desire to position Frankfurt am Main effectively as a national and
international financial centre of the first rank. Frankfurt Main Finance
pools the strengths of the players
in the financial centre, markets the location and creates high-profile platforms
for dialogue.
Sustaining members:
I N S E L N D E R AU F M E R K S A M K E I T
ICF BANK
Kompetenznetzwerk
Versicherungswirtschaft
WM Gruppe
Dr. Lutz R. Raettig, Spokesman of the
Executive Committee at Frankfurt Main Finance
Revised February 2016
9
10
A N N UA L R E P O R T 2 015
TOPICS AND ACTIVITIES : REGUL ATION
Centre of European financial
market supervision
F
rankfurt is the most important centre for the exchange of European
financial supervisors – clear evidence of the outstanding expertise
and well-educated people available in Frankfurt. The city is home
to major pillars of the European system of financial market supervision:
the European Central Bank (ECB) and the European Banking Au-
thority, the European Systemic Risk Board (ESRB) and EIOPA,
the European Insurance and Occupational Pensions Authority.
Profound expertise in
risk management and regulation
Founded in 2009 on the initiative of Frankfurt Main Finance, the Frankfurt Institute for Risk Management and Regulation (FIRM) has
established itself within a few short years as a respected authority for
research
and
education with a focus on risk management, regulation
CMYK Werte
Rot — 0/100/63/29
Grau —10/0/0/65
and supervision. Extensive research funds have been tendered and
awarded. Current projects are looking for example at the reputations
of rating agencies or the procyclicality of various accounting standards.
Every two years, FIRM also awards a research prize for the best academic dissertation on the subject of risk management and regulation –
including compliance – of financial institutions.
The European Central Bank on the banks of the River Main
“
The presence of the regulatory authorities in Frankfurt
strengthens both the financial sector
and the infrastructure of the financial
centre in the long term. Frankfurt’s
profile as a regulatory centre also
continues to be raised by its ability to
attract other institutions of European
financial supervision to the city.
Wolfgang Hartmann is Chairman of the Management Board of the
Frankfurt Institute for Risk Management and Regulation (FIRM).
The headquarters of the European Systemic Risk Board (ESRB) and
the European Insurance and Occupational Pensions Authority (EIOPA)
11
12
A N N UA L R E P O R T 2 015
TOPICS AND ACTIVITIES : REGUL ATION
Founded in January 2013 at Frankfurt’s Goethe University, the
In February 2015, the Global Le-
Sustainable Architecture for Finance in Europe (SAFE) Cen-
gal Entity Identifier Foundation
tre of Excellence is dedicated to research and policy advice in
(GLEIF) commenced operations
the area of finance. SAFE is working to position itself as a leading
in the financial centre. Legally es-
research centre in Europe, seeking to cover all areas that are rele-
tablished in Basel, Switzerland,
vant to the development of a sustainable financial architecture:
on the basis of a decision of the
research, policy and education and training. With its comprehensive
G20, this international foundation
approach, SAFE is making a pivotal contribution to prudent, well-
is considered a key institution for
informed policy making.
the prevention and mitigation of
13
Frankfurt Finance Summit 2014
future financial crises.
Effective moderation of debates:
another major concern of the
Frankfurt Finance Summit 2015
Frankfurt financial centre, which
makes its expertise and network
available for events such as the
Frankfurt Finance Summit,
which was successfully initiated
by Frankfurt Main Finance and
FIRM for the fifth time in March
“
THE FRANKFURT
FINANCE SUMMIT
HAS FIRMLY ESTABLISHED
ITSELF AS A PLATFORM
FOR DIALOGUE CONCERNING THE FUNDAMENTAL
ISSUES FACING THE
FINANCIAL CENTRE
AND BEYOND.
2015. The event brings together
Frankfurt Finance Summit 2015
top decision-makers from banks,
central banks, insurance companies, regulators, stock exchanges,
politics and the academy once a
year to discuss current issues
relating to risk management and
regulation. The focus of the 2015
SAFE Inaugural Event
conference was on various issues
under the heading “Reality check –
how to foster growth in the new
regulatory landscape”.
Volker Bouffier, Hessian Minister-President, and Dr. Lutz R. Raettig of
Frankfurt Main Finance during the presentation of the 2014 Yearbook at the
2014 Financial Centre Conference
Jim Yong Kim, President of the
World Bank, at the SAFE Policy Center
15
A N N UA L R E P O R T 2 015
TOPICS AND ACTIVITIES : INTERNATIONAL REL ATIONS
Frankfurt –
Europe’s hub
W
ith its geographical location in the heart of Europe, Frankfurt
The financial centre in the media
is a city with an international perspective. For centuries, the
city has been the most important transport hub in Europe and
China Daily,
9 December 2014
one of the world’s most important trading and exhibition centres. All of
these factors combine to make the Frankfurt Rhine-Main region one
of the most important economic areas on the continent – and a
region with high quality of life for its residents.
Frankfurt Main Finance works continuously to integrate the city even
more closely and to offer platforms for dialogue. Much has already been
AHK Magazine
No. 3 2015
accomplished here, as reflected in the international press coverage and
the growing number and quality of partnerships and collaborations.
La Cámara Alemana informa
Simone Schlussas
From Frankfurt am Main, important
European cities are within easy reach.
Primer clearing hub
de renminbi en la
zona euro
Börsen-Zeitung, 21 August 2015
Moscow
De izq a dcha: Jochen Biedermann (Frankfurt Main Finance e.V.), Robert Koller (Simmons & Simmons LLP),
Joaquin Sales (King & Wood Mallesons LLP), Horst Seissinger (KfW Group)
La Jornada informativa “Renminbi Clearing
Dublin
Berlin
London
2h
Hub Frankfurt/Main”, organizada el 16 de junio de 2015 por iniciativa de Frankfurt Main
Finance e.V. en colaboración con la Cámara
de Comercio Alemana para España, ha suscitado un gran interés. El objetivo del evento
era presentar conjuntamente con el Ministerio de Hesse de Economía, Energía, Transporte
y Desarrollo Regional, la sucursal del Bank of
China en Frankfurt y el Deutsche Bundesbank
(Banco Federal Alemán) el RMB Hub en
Frankfurt, con especial enfoque en el clearing
y sus ventajas.
1h
Frankfurt
Luxembourg
Paris
Zurich
En la jornada, destacados expertos informaron sobre las oportunidades de realizar transacciones comerciales en renminbi tanto para
bancos como para empresas. El evento dio
una visión global sobre las medidas que pueden adoptar empresas en sus operaciones
comerciales en renminbi a fin de lograr unos
ahorros considerables. En el caso de los
Milan
Istanbul
bancos se explicó cómo estos pueden asesorar
y apoyar a sus clientes para realizar el clearing
de la moneda china renminbi a través del centro financiero en Frankfurt. En noviembre de
2014 Frankfurt se convirtió en el primer clearing hub de la zona euro. Actualmente 50 bancos ya han abierto una cuenta en el banco de
clearing en Frankfurt. La plataforma Renminbi
ofrece claras ventajas tanto para empresas como para bancos de comercio e inversión.
En Frankfurt, las empresas pueden realizar sus
transacciones con sus socios comerciales chinos como siempre, a través de su banco habitual en España. Independientemente en qué
1 | TUESDAY,
MARCH 17,
2015
banco
español
mantengan
su cuenta en renminbi, las empresas pueden beneficiarse del
clearing en renminbi a través de Frankfurt. Por
este motivo, el banco español tiene que mantener una cuenta en el Bank of China ubicado
en Frankfurt,
que a su vez tramitará las opera|
Nerve en
center
ciones
renminbi. La novedad consiste en
of a pan-European
banking union
La moneda china renminbi (RMB) gana cada
vez más importancia. Aparte del dólar y el
euro se prevé que el RMB se establezca como
la tercera gran moneda global. Un número
creciente de empresas chinas prefiere emitir
sus facturas en renminbi. Según una estimación prudente de los expertos, las empresas
españolas podrían ahorrar 103 millones de
euros. España se ha convertido en un imporADVERTISING
SUPPLEMENT
tante socio
comercial
para China. El balance
comercial de ambos países se elevó en 2014
a 20.600 millones de euros. INTE
Frankfurt: Global financial hub
www.frankfurt-main-finance.com
PROFILE Building core strengths
W
ChinaContact, November 2014
que hasta hace poco los pagos en renminbi se
podían realizar solamente en un reducido número de centros financieros, especialmente
Hong Kong. En España todavía no se pueden
realizar operaciones en renminbi.
hen the European Union expanded
eastward to include Croatia in July
2013, it put Frankfurt am Main 40
kilometers, or 25 miles, from the new geographic center of the 28-member bloc.
Frankfurt, a bustling city in the center of
the larger Frankfurt/Rhine-Main Metropolitan Region, was already the undisputed financial hub of Germany. Its international airport had long made it a global transit point
for millions of travelers from around the
world.
But then two key events happened that
underscored Frankfurt’s core position in an
expanding Europe. And they are already propelling Frankfurt into a future that seemed
distant in 2011, when E.U. leaders and Croatia signed the accession treaty.
The first was in October 2013, when the
European Parliament voted to adopt a
Single Supervisory Mechanism (SSM) to
oversee E.U. banks. The European Central
Bank, located in Frankfurt since 1998,
would lead the regulator.
The next, which followed in June 2014,
was even more significant. China’s central
bank awarded Frankfurt the first license on
the Continent to conduct transactions directly with its mainland in its national currency, the renminbi (RMB).
+info
economía HISPANO - ALEMANA
Nº 3/2015
International New York Times,
17 March 2015
ECB looming larger
In November, the same month in which
the Bank of China office in Frankfurt opened
its first RMB-denominated accounts, the
European Central Bank moved into a dramatic, 45-story skyscraper overlooking the
river Main. That building was already too
small to accommodate the unexpected extra
1,000 employees who have since been hired
to work for the SSM regulator, now keeping
tabs on Europe’s most important banks.
WESTEND61
14
nections to the new ECB headquarters in the
East End. Our city planning is also striving for
housing, education and leisure capacities to
be sure that this system is handled fairly by
new regulations,’’ he says.
Andreas Povel, general manager of the
Meist, managing director of the local office
of the Bank of China, which is providing RMB
services to banks. He has hired more than
Finance Summit focuses on gro
16
A N N UA L R E P O R T 2 015
TOPICS AND ACTIVITIES : INTERNATIONAL REL ATIONS
Partnerships and collaborations
The world comes to Frankfurt
Frankfurt Main Finance works hard to establish international
❙ In April 2015, representatives of TheCityUK visited Frankfurt
networks and intensify proven collaborations. The emerging
markets belong to the most important partners, and the initiative
has taken part in delegations to the following destinations:
Busan in South Korea, Beijing and Shanghai in China, Hong Kong, Oman,
Abu Dhabi in the UAE, Pretoria in South Africa and Mozambique, Istanbul
in Turkey, Singapore and Tokyo in Japan.
Contents:
❙ Busan: Agreement on closer cooperation in the area of derivatives
trading and maritime financing
❙ Beijing and Shanghai: Reinforcement of the position of Frankfurt
as the renminbi trading centre in Europe
❙ Hong Kong: Participation in the Asian Financial Forum (AFF)
❙ Istanbul: Provisional appraisal of the memorandum of understand-
with the goal of establishing an Anglo-German financial services
dialogue.
❙ A business seminar on the subject of data security in the financial
sector was held in May 2015, organised by the Indian Consulate
General and supported by Frankfurt Main Finance.
❙ In October 2015, Luxembourg for Finance and the BörsenZeitung organised the panel discussion “Luxembourg and Frankfurt
financial centres: responsibility for the future”, with Frankfurt Main
Finance taking part in the discussion.
❙ Together with the Hessian Ministry of Finance, Frankfurt Main
Finance organised a roundtable discussion on the topic of “New
ways for better financing of capital markets union in Europe”. The
event took place in November at the European Commission, and
featured Lord Jonathan Hill, Commissioner for Financial Stability,
Financial Services and Capital Markets Union.
ing signed in September 2012, whose goal is to establish economic
cooperation in the development of Istanbul as a financial centre
An attractive location for foreign banks
Frankfurt Main Finance represents the
financial centre at the Istanbul Finance
Summit.
The financial sector abroad continues to see Germany as an attractive location. The factors in favour of Frankfurt in particular include the
European Central Bank’s assumption of responsibility for the supervision of the 120 largest banking groups in the euro countries,
which unifies and strengthens the European internal market for financial
services. Frankfurt offers a stable market environment – as demonstrated
by the trends in total assets and employee numbers, the number of
institutions represented in the financial centre and the city’s ability to
attract new foreign banks. There are currently 186 foreign financial
institutions based here.
Dr. Raettig in
conversation with Busan’s
Mayor Byung-soo Suh
17
18
A N N UA L R E P O R T 2 015
TOPICS AND ACTIVITIES : RENMINBI
A trading centre
gathers pace
?
Since November 2014, companies in Germany and the
entire eurozone can process their payment transactions
in renminbi through Frankfurt on the same day. Until then, these
transactions were only possible through selected financial centres in Asia,
particularly Hong Kong. What are the advantages that Frankfurt offers in
competition with other European trading centres?
“
Frankfurt has been home for many years now to a regional concentration of Chinese companies, and it is also one of the leading
financial centres in the eurozone. With the offshore clearing centre at the
Frankfurt financial centre, it provides the infrastructure required for fast
and reliable renminbi payment transactions and trading. Our SME customers in particular benefit from this new offshore clearing centre. With
a clearing house more or less “directly on their doorstep”, they can now
manage their insurance products.
?
In 2014, KfW listed a renminbi bond on the Frankfurt
Stock Exchange for the first time, having previously
issued an equivalent bond in Luxembourg. Why did you choose
Frankfurt for the more recent bonds?
“
Germany and China have agreed to make Frankfurt a hub for
renminbi trading in Europe. KfW is a firm supporter of the initiative of the Frankfurt financial centre, as the listing of its renminbi-denominated bonds on the Frankfurt Stock Exchange demonstrates. KfW refinances itself on the world’s capital markets and is a major international
issuer of bonds. With our Frankfurt-listed RMB bonds, we offer investors
the unique combination of an investment in RMB with our excellent credit
rating. We are confident that the renminbi will gain in importance as an
investment currency in the future.
Alexander Liebethal, KfW Group, Capital Markets
Stefan Zeidler, Member of the Board of Managing Directors for Corporate
Clients at DZ BANK AG
?
Together with the Shanghai Stock Exchange and the
China Financial Futures Exchange, Deutsche Börse has
established the joint venture CEINEX. How do investors benefit
from the new trading platform?
“
Since mid-November 2015, CEINEX – the China Europe International Exchange – has been offering products based on Chinese
underlyings to international investors, starting with spot market products.
The new marketplace is the first international and regulated marketplace
for trading investment products denominated in renminbi outside the
People’s Republic of China, opening up attractive new options for the
efficient trading of Chinese assets to investors, and therefore effectively
promoting the internationalisation of the Chinese currency.
Jianhong Wu, Member of the Board of Deutsche Börse AG
?
What are the benefits of renminbi clearing for
SME customers?
“
It means that companies are no longer forced to rely on the Asian
centres in Hong Kong or Shanghai, whose use was often considered less attractive because of the time difference, particularly for payments within Europe. It also means that business with China in renminbi
can be managed more simply, directly and cost-effectively, and with less
risk. This is gaining in importance, especially given the increasing relevance of the renminbi as a trading, investment and reserve currency. In
2015, for example, almost 30% of cross-border trade with China was paid
in renminbi. And outside the European Union, China is the most important
trading partner for German companies.
Rainer Bender, Deutsche Bank AG,
Head of Corporate Banking Coverage (CBC) Germany
19
20
TOPICS AND ACTIVITIES : FINTECH
FinTech:
Frankfurt offers more
T
he area of financial services technology – the FinTech sector – is
currently where Frankfurt catches up fast. Throughout 2015 the
number of Frankfurt based FinTech companies is doubled to over
50. The Frankfurt financial centre offers young financial technology companies attractive working and living conditions. And proximity to the established banks is an advantage for young start-ups. In early 2015, the
city launched the “Frankfurt Forward” initiative to promote cooperation
between start-ups and established companies in the sector. The state
of Hesse has moderated the process to select and commit to a Frankfurt FinTech Center.
“
FRANKFURT HAS ATTRACTED
FINTECH COMPANIES THAT
EASILY BEAR COMPARISON WITH
COMPETITORS IN LONDON OR BERLIN.
The community is growing together
DVFA, Main Incubator, Unibator, FinTech Meets and others bring together
start-ups and investors. “Between the Towers” became a monthly fixture
for FinTechs and the Finance Industry to meet. Frankfurt Main Finance
has set up the Dialogforum FinTech in which 44 actors exchange ideas
and coordinate their activities in fields like services for fintechs, financing, marketing, regulation, international partnerships, research & academics, networking and the setup of a strong fintech hub in Frankfurt.
A N N UA L R E P O R T 2 015
21
22
A N N UA L R E P O R T 2 015
TOPICS AND ACTIVITIES : FINTECH
Reliable partnerships
In October 2015 leading Korean FinTech companies including YAP Global,
Finotek, Yello Finance Group and Datastream corp. visited the Frankfurt financial centre, led by member of the Korean National Assembly
Kim Jung-hoon. A number of pioneering partnerships were agreed. In
addition to appointments with the KfWIPEX Bank and other Frankfurt
institutions, there was also a FinTech workshop organised by Frankfurt
Main Finance, which was attended by policy makers and representatives of FinTech companies and Busan and Frankfurt universities. Both
financial centres see great potential in continued intensive exchange in
the FinTech sector.
The Korean financial metropolis of Busan,
German Chancellor Dr. Angela Merkel and
member of the Korean National Assembly
Kim Jung-hoon in Frankfurt
“
Frankfurt qualifies as a laboratory
for marketable FinTech concepts
With 360T AG, a foreign exchange trading platform with revenues of
65 million euros, 225 employees at 26 locations and a selling price of
more than 725 million euros, Frankfurt can boast the biggest European
FinTech transaction of the year 2015. The company, founded 15 years
ago by Carlo Kölzer, has been taken on by the German Stock Exchange.
?
Mr Kölzer, 360T managed the biggest FinTech transaction in Germany in July 2015. To what
extent has your company benefited from being based
at the Frankfurt financial centre?
When we were starting out as a young FinTech
company more than 15 years ago, we made a
very deliberate choice for Frankfurt because it provided,
and still provides, fertile soil for our business – the international and cosmopolitan character of the city and its players, plenty of dynamism and innovative spirit and not least
a high quality of life, which is especially attractive to
foreign employees. We felt confident right from the start
that our business model would be successful here at the
financial centre.
“
?
What role does proximity to the regulatory authorities play for start-ups
in the financial sector?
Frankfurt is at the centre of Europe’s financial industry and has a unique
approach to promoting and expanding knowledge about risk management and regulation. And in the Frankfurt cluster region, competencies in the
areas of regulation, financial supervision, risk management and legal and
business consultancy are also closely linked. Frankfurt therefore qualifies as
a laboratory for marketable FinTech concepts.
“
?
Where do you see the biggest challenges for FinTech start-ups in
Germany?
Clearly in the area of regulation. Back then, we had problems because
of our shareholder structure, had to find a new managing director, were
suddenly considered overindebted as a result of balancing our accounts in accordance with the German Banking Act. Sometimes you feel like you’ve been
left quite alone. Nobody says to you: You’ve got to do it this way or that way,
so that we can approve it. There has to be regulation, but there is definitely still
room for improvement.
“
23
24
A N N UA L R E P O R T 2 015
TOPICS AND ACTIVITIES : COMMUNIT Y
Kick-off at the financial centre:
Show presence,
Frankfurt Main Finance Cup
demonstrate competence
O
T
n 31 July 2015, the first football conference organised by Frankfurter Allgemeine Forum and supported by Frankfurt Main Finance
kicked off a weekend during which sport really took centre stage
in Frankfurt city life. On the following Sunday, the Frankfurt Main Finance
Cup, held for the second year running, then lived up to the success of
2014 with the Eintracht Frankfurt vs. FC Tokyo game held as part of
Eintracht’s season opening ceremonies. In front of a crowd of around
50,000, the hosts sealed their victory with a 3-2 win. The evening before, the city of Frankfurt, Eintracht Frankfurt and Frankfurt Main Finance
had invited guests from the worlds of sport, politics and business to an
evening reception at Frankfurt’s Alte Oper concert hall.
25
he series of FinanceBreakfast events launched in 2014 by
Frankfurt Main Finance and VAB, the Association of Foreign Banks
in Germany, sharpens the focus on the importance of international financial service providers as a key economic factor for Frankfurt,
the state of Hesse and Germany as a whole. To date, the breakfast has
been hosted five times:
❙ With Koichi Katakawa, Managing Director of Nomura
International plc, German Branch
❙ With Carsten Brzeski, Chief Economist at ING-DiBa
❙ With Giovanni Sabatini, Managing Director of the Italian
Banking Association
❙ With Arundhati Bhattacharya, CEO of the State Bank of India
❙ With Claudio Borio, Head of the Monetary & Economic Department of the Bank for International Settlements
Members of The State Bank of India (left), the Frankfurt Finance Cup trophy,
Axel Hellmann , Dr. Lutz Raettig and Heribert Bruchhagen (right)
“
Frankfurt is both a financial centre
and a city of sport at the same time,
which shows just how diverse our city on
the Main is. Although the emotional world
of football and the seemingly cool financial
world of numbers appear to have little in
common at first glance, the two fields complement each other wonderfully and do in
fact have quite a lot in common. In both,
peak performance, teamwork and fair competition are essential.
Uwe Becker is Treasurer of the City of Frankfurt and a member of the
Frankfurt Main Finance Executive Committee.
FinanceBreakfast with Thorsten Schäfer-Gümbel, SPD Vice-Chairman and leader of
the party block in the Hessian state parliament (left), Claudio Borio and Diana
Rutzka-Hascher, President of the Regional Office of the Bundesbank in Hesse (right)
As an association dedicated to the promotion of the financial centre,
Frankfurt Main Finance attaches particular importance to having a presence at key industry events such as the Börsen-Zeitung Financial
Centre Conference and Euro Finance Week. As part of the Financial Centre Conference in March 2015, the association presented its
2015 Yearbook, and its tape art performance on the subject of growth
at the stock exchange also caught a good deal of attention.
Mayor Peter Feldmann
and Dr. Lutz R. Raettig at
the 2015 Financial Centre
Conference (left), tape art
performance by Frankfurt
Main Finance (right)
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TOPICS AND ACTIVITIES : ACADEMICS
27
Specialised services
for every goal
T
he Frankfurt financial centre stands for excellent, practical research
and teaching in the fields of economics and finance, as is impressively demonstrated by the research and training institutions based
here, as well as their close links with banks, insurance companies and
Centre of excellence for the financial
economy: The Frankfurt School of
Finance & Management
other financial service providers. Aspiring bankers and financial experts
can find excellent educational opportunities here.
The Frankfurt School of Finance & Management (formerly Hochschule
für Bankwirtschaft) is a further top institution based in the city of Frank-
Leading institutions include:
❙ Goethe University Frankfurt – House of Finance
❙ Frankfurt School of Finance & Management
❙ WHU – Otto Beisheim School of Management
furt, as is regularly attested by numerous university rankings. A private
university with the right to award undergraduate, postgraduate and doctoral degrees, it is one of the most prestigious addresses for the education of future managers and executives in the banking sector. More
than 50 professors, lecturers and language teachers currently cater to
the needs of around 1,500 students in state-recognised and FIBAA-
And those who have already demonstrated their expertise in the finan-
accredited bachelor and master degree programmes. The foundation
cial sector still have to keep pace with the increasing levels of special-
university is funded entirely from tuition fees, consulting fees and foun-
isation in the industry. To meet this need, the financial centre offers
dation funds. The educational opportunities on offer include courses of
many opportunities for further education, ranging from postgradu-
higher and further education, executive education programmes, sem-
ate programmes with a focus on investment research, asset man-
inars and training courses, as well as individually tailored educational
agement, wealth management, credit and property analysis through
and advisory services for businesses. The high quality of its work with
work-study courses in the field of risk management to networks,
students is ensured by small groups, skilled and accessible teachers
platforms and lecture courses for managers in the financial sector.
and an excellent infrastructure.
❙ Capital Markets Academy
❙ DVFA – German Association for Financial Analysis and Asset
Management
❙ EDA – the vwd academy
❙ European Finance Forum e.V.
House of Finance at Goethe University Frankfurt (left), WHU – Otto Beisheim
School of Management and Frankfurt School of Finance & Management (right)
Frankfurt School of Finance & Management
Frankfurt Main Finance e.V.
Main Triangel
Zum Laurenburger Hof 76
60594 Frankfurt am Main
Phone: +49 (0) 69 94 41 80 31
Fax: +49 (0) 69 94 41 80 19
http://www.frankfurt-main-finance.com