Japan, Italy, and Germany are the countries with the most rapidly ageing population. In 2040 – according to demographic estimates – every working person in Germany will have to support one pensioner. And up to now our pension systems have mainly been financed on a pay-as-you-go basis. Probably less than 20 per cent of pensions are paid out of funded pension schemes.
This share will rise because of the recent reform of the pension system and because of the rising number of pension funds. That also justifies the expectation of an ongoing growth rate for turnover and stocks on the German capital markets. One major asset for our capital markets are the highly efficient exchange structures, including the high-technology systems.