EU taxonomy

The proportion of taxonomy-aligned economic activities has been determined by dividing the sales shares of taxonomy-aligned economic activities (numerator) by total sales (denominator). The denominator is based on sales in accordance with IAS 1.82(a) as presented in the consolidated statement of income. For further details, please refer to our consolidated financial statements. 

We have reviewed the application of the EU Taxonomy Regulation to our business model on the basis of the economic activities listed in the delegated act. Our business model is based largely on the following activities:

• Integrating various financial market services such as ratings, index and analytics services, trading, clearing, settlement, custody, market data services, and liquidity and collateral management 
• Offering these services for various asset classes 
• Developing and operating proprietary electronic systems for all processes along the value chain, in order to provide neutral marketplaces 

The above pillars of our business model are not explicitly listed in the economic activities and provisions of the delegated act. We therefore limited our analysis to the following economic activities:

• 8.1 Data processing, hosting and related activities 
• 8.2 Data-based solutions to reduce greenhouse gas emissions

We determined the proportion of taxonomy-aligned operating expenses by comparing our operating expenses with the economic activities that make a significant contribution to climate protection or adaptation to climate change in accordance with the EU Taxonomy Regulation. 

We calculated the proportion of taxonomy-aligned investment expending in the same way. Investment expenses are all additions to intangible and tangible assets without depreciation, amortization, without remeasurement and changes to fair value. Goodwill is also not included in the calculation of taxonomy-aligned capital expenditure as it is not an intangible asset according to IAS 38.

We consider operating and capital expenditures to be taxonomy-aligned if the output stems from a taxonomy-aligned economic activity. We have identified and analysed the following economic activities in the delegated act that could fundamentally give rise to taxonomy-aligned operating costs or investment expenses:

• Infrastructure for personal mobility, cycle logistics 
• Renovation of existing buildings
• Installation, maintenance and repair of charging stations for electric vehicles in buildings (and in parking spaces belonging to buildings) 
• Installation, maintenance and repair of devices for metering, regulating and controlling the energy performance of buildings 
• Installation, maintenance and repair of technologies for renewable energy
• Data processing, hosting and related activities