Deutsche Börse, the German exchange operator stalking rival London Stock Exchange, edged pre-tax profits up 1% last year, as growth slowed at Clearstream, its settlement division and Eurex, its derivatives arm. It compares with a 29% surge in profits in 2003.

Overall revenue was up from €1.42bn ($1.87bn) in 2003 to €1.45bn, with pre-tax profits up from €452.7m to €458.7m.