ecise price benchmark requirements on a portfolio level. This resulted in a considerable trading revenue increase. • Market Impact Forecasting and Measurement designed, calibrated and implemented equity market impact model based on a multifactor portfolio model making essential improvements to R. Almgren

sion of IFRS 9 Foams instruments when reflects all proses d tre Inanoal nstrumerls project and replaces IAS 39 FArenciar Instruments Recognition aid Measurement and all previous versions d IFRS 9 The standard introduces new requrements la cessification and measurement, impairment and hedge accounting 'FRS 9

6 million). The impairment losses on financial instruments, which are calculated in accor- dance with IAS 39 Financial Instruments: Recognition and Measurement, totaled €12 million (2014: €19 million) and relate to trade accounts receivable. Impairment losses on assets classified until now as held for sal