When Deutsche Börse Group went public 25 years ago, I was working as a consultant at McKinsey & Company. I was part of the team advising then-CEO Werner G. Seifert and his management team on the company’s strategic direction. It was a period of intense debate and ambitious plans, I remember well. What united us was a shared determination to make the project a success. Here are five lessons that I took away from that time.  

1. Vision beats market sentiment 

The decision to take Deutsche Börse Group public in 2001 demonstrated strategic foresight. The aim was not merely to operate as a national stock exchange, but to position the firm as a global infrastructure provider. This was despite the fact that market conditions were far from ideal in the aftermath of the dot-com crash the previous year. Nevertheless, the IPO was successful – because the company’s management pursued a clear vision: digitalization, integration, and scaling of the financial market infrastructure. Rather than focusing on short-term market cycles, it is more important to have a coherent strategy aligned with structural trends.  

2. Innovation requires targeted communication  

At the time, exchanges were rapidly transforming from quasi-public institutions into commercial enterprises – an unfamiliar proposition for investors. Winning their confidence required trust. Exchange business models are complex. It was therefore necessary not only to explain the appeal of the business model to investors, but also to provide them with good reasons for investing. Deutsche Börse Group focused precisely on that task: explaining its business model, its growth potential, and the critical role of its regulatory environment. That principle applies to any IPO involving complex or newly defined business models – the quality of communication is just as decisive as financial performance.  

3. Good governance is the foundation for long-term success  

Going public forced Deutsche Börse Group to professionalize its governance. A clear separation between owners and customers, the alignment of shareholder and stakeholder interests, and compliance with international standards became the new norm. This not only created clear decision-making structures for pursuing a forward-looking strategy, but also checks and balances for course corrections. Governance is crucial in this regard. It builds credibility, and credibility, in turn, underpins sustainable growth. Every IPO therefore marks the beginning of a structural transition toward greater transparency and clearer governance with effective control mechanisms.  

4. Capital enables growth  

The IPO gave Deutsche Börse Group the financial flexibility to pursue strategic investments and acquisitions. Without that step, building a second growth pillar through Clearstream would not have been possible. EEX, 360T, SimCorp – the list could easily go on. None of these strategically pivotal acquisitions could have been executed without access to public capital.  

Only in this way was it possible to create a market infrastructure group that is now one of the world's leading players. A public listing strengthens competitive independence and supports long-term strategic direction.  

5. Continuous innovation is the true legacy  

In hindsight, the IPO was merely one stage in a broader process of reinvention. From trading, clearing, and settlement to data, analytics, and digital assets, Deutsche Börse Group has leveraged its visibility, capital, and governance framework to drive innovation over the long term. Much of this success is owed to its employees –their expertise, curiosity, and willingness to shape change. Their commitment and readiness to question the status quo have made Deutsche Börse Group a place where the future is actively built. The true value of an IPO is revealed not at the moment of listing, but in what follows – in an organization’s ability to manage and shape transformation.  

The IPO as a strategic turning point  

The past quarter-century proves how an IPO can become a strategic turning point. Deutsche Börse Group’s listing was more than a means of raising capital. It was the decisive catalyst for a change in governance, international expansion, and technological innovation – laying the foundation for a European champion.  

The journey, however, is far from over. The path will remain steep and uneven at times. But once a company has taken the step into public markets, there is only one direction to go: forward.   

Clara-Christina Streit is Chairwoman of the Supervisory Board of Deutsche Börse AG, Chairwoman of the Supervisory Board of Vonovia SE, and Chairwoman of the Regierungskommission Deutscher Corporate Governance Kodex (Commission German Corporate Governance Code) .