Deutsche Boerse AG was established in 1992. It is an exchange organization. It offers products and services that cover the entire financial market transactions, from equities and derivatives trading, through transaction clearing and settlement, securities custody, services for liquidity and collateral management and the provision of market information, down to the development and operation of electronic systems that support all these processes. It operates the cash market at Frankfurter Wertpapierborse with its fully electronic Xetra trading platform. It also offers trading in structured products in Germany via Borse Frankfurt Zertifikate AG (formerly Scoach Europa AG). Moreover, via Eurex Zürich AG and its subsidiaries, Deutsche Börse AG operates derivatives markets in Europe (Eurex) and the United States (International Securities Exchange, ISE). It also offers clearing services for the cash and derivatives market (Eurex Clearing AG).