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  "documentTitle": "2025 12 Capital Markets Day",
  "authorId": "Deutsche-Boerse",
  "authorName": "Deutsche Börse Group",
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  "notes": "The chart combines a stacked bar chart for financial results and a dual-line chart for interest rates (FED/ECB).",
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      "text": "After this, net interest income is expected to provide a recurring contribution of ~€500 million (ten times the level in 2021)",
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      "text": "The treasury result consists of margin fees from collateralization in the clearing houses and net interest income from the pre-funding in our settlement businesses. Margin fees are expected to decline modestly until 2028, primarily due to higher netting efficiency. Net interest income declines from the interest rate peak in 2024, but the impact is expected to fade in 2026. After this, net interest income is expected to provide a recurring contribution of ~€500 million (ten times the level in 2021)",
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      "text": "Note: Cash balances assumed at today's level of ~€17 billion",
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      "text": "Net interest income headwinds are expected to fade in 2026 – through levels far above previous cycles",
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