Bundesverband der Wertpapierfirmen

Foundet in 2003, on the initiative of three hitherto existing trade associations, the Bundesverband der Wertpapierfirmen e.V. (bwf) uniformly protects and promotes the common professional interests of investment firms in Germany on a national, European and global level. Aside from its lobbying activities, mainly on a European and national level, the association assists and informs its members in all matters that concern them in connection with their activity as regulated investment firms or credit institutions providing investment services. bwf works closely together with national and international industry associations of the banking and capital markets sector. In its capacity of a representative of the German securities industry; it is a member of the European Forum of Securities Associations (EFSA) and the International Council of Securities Associations (ICSA). While bwf has legal capacity by entry in the registry of associations of the district court Charlottenburg (Berlin), its main office is situated in Frankfurt as Germany’s largest fi- nancial center. The association’s Secretary General Michael H. Sterzenbach is supported by Dr. Hans Mewes in his function as Legal Adviser. The members of bwf’s Board of Gov- 2/2 ernors are elected by the association’s General Meeting for a period of two years. The Board of Governors is currently chaired by Dr. Annette Kliffmüller-Frank. bwf actually has 52 members, including 29 supporting members and natural persons. Most bwf members are mainly “sell-side” and almost completely “wholesale” firms, their direct clients and market counterparts usually are German and international banks, UCITS companies, insurance companies and other investment firms alike. However bwf members play an important indirect role for the German retail market in particular in their capacity as market-makers/liquidity providers. Aside from this traditional function, bwf member firms today offer the full range of trading, order routing and order execu-