Deutsche Börse, the German stock exchange, is predicting another year of growth in 2003 and a possible year-end dividend worth as much as 20%, despite falling trading volumes.

The exchange forecast earnings before interest and tax of between €440m ($473m) to €460m at year-end 2003. The company said that its expectations for growth are based on the launch of new products and services and further cost-cutting from the closer integration of the units that it acquired last year. These include Clearstream, the exchange's clearing and settlement subsidiary, which contributed to a 26% growth in profits to €351.2m in 2002 and is expected to save up to €80m through synergies by 2005.