Deutsche Börse Group welcomes regulatory developments fostering innovation and the adoption of new technologies within the financial sector, including Distributed Ledger Technologies (DLT). For Deutsche Börse Group it is important to ensure that technological progress and the opportunities it creates do not unfold unregulated, as this could result in potentially significant risks to market integrity, financial stability, and consumer protection. Furthermore, fundamental principles such as consumer protection and financial stability must not be compromised and must be ensured, irrespective of the technology used.

The DLT Pilot Regime was adopted by the European Parliament on 30 May 2022 and has been applicable since March 2023. It establishes a controlled environment for experimenting with DLT in the trading and settlement of financial instruments. 
The regime allows selected market participants to benefit from certain exemptions from existing rules to test new business models. It covers the following functions:

• DLT Trading Venues (DLT MTF);
• DLT Settlement Systems (DLT SS);
• DLT Trading and Settlement Systems (DLT TSS).

Through this controlled setting, the EU aims to gather practical experience, identify regulatory gaps, and lay the foundation for broader adoption of DLT in European financial markets.

As part of the Financial Market Infrastructure Package, amendments to the DLT Pilot Regime are expected to be proposed in December 2025, aiming to further adapt the framework to market developments and technological progress.

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.

In light of the greater use of e-payment methods and EU’s digital transition, the digital euro could support the EU’s digital finance and retail payment strategies utilizing its potential as an additional, innovative and safe means of payment. As such, the digital euro could promote accessibility and financial inclusion, while facilitating the development of pan-European and interoperable payment solutions which would increase resilience and financial stability of the EU’s ever-digitizing economy.

The digital euro is envisaged as a central bank digital currency (CBDC), available free of charge to everyone and complementing existing banknotes and coins. It would be stored in an electronic wallet set up with a bank or a public intermediary, allowing efficient and safe e-payment. It would also strengthen monetary sovereignty of the euro area and foster competitiveness of the European payment sector. 

The European Commission initiated a legislative proposal on the retail digital euro in 2023, currently still being examined by the co-legislators. On the wholesale digital euro, the European Central Bank (ECB) initiated exploratory work on new technologies for the settlement of wholesale financial transactions in November 2023. During the exploratory phase (so called “ECB trials”), the ability for money and securities to be processed and exchanged simultaneously on a digital ledger, across three different National Central Bank (NCB) payment solutions, was successfully showcased. 

Deutsche Börse Group participated in the ECB trials and demonstrated its ability and readiness to connect to either of the three NCB’s solutions. Following what is widely regarded as one of the most successful sandboxes, the ECB’s Executive Board confirmed the institution's commitment to continue exploring solutions for a wholesale digital euro. 

For further information on Deutsche Börse Group’s positioning on the matter, find our statements and position papers under Publications.