Full text of Citigroup Global Markets Europe AG's X-17A-5 filed 2026-04-29 (period 2025-12-31). Broker-dealer annual report from SEC EDGAR — readable, searchable, and available as markdown for AI agents.
{0}------------------------------------------------  # Citigroup Global Markets Europe AG Frankfurt am Main Management Report and Annual Financial Statements as of December 31, 2025 {1}------------------------------------------------ ## Citigroup Global Markets Europe AG, Frankfurt am Main Management Report for Fiscal Year 2025 {2}------------------------------------------------ # Table of Contents | 1 | Background Information about Citigroup Global Markets Europe AG (CGME) | 1 | |---|-----------------------------------------------------------------------------------------------|----| | | 1.1<br>Business Model | 2 | | | 1.2<br>Objectives and Strategies | 4 | | | 1.2.1<br>General Information | 4 | | | 1.2.2<br>Fundamental strategic objectives | 5 | | | 1.2.3<br>Markets Division | 9 | | | 1.2.4<br>"Investment Banking" Division | 10 | | | 1.2.5<br>Research | 11 | | | 1.2.6<br>Environmental Social Governance- (ESG-) Strategy | 11 | | | 1.3<br>System of Controls | 12 | | 2 | Economic Report | 14 | | | 2.1<br>Overall Economic Development | 15 | | | 2.2<br>CGME Business Performance | 17 | | | 2.2.1<br>Business development | 17 | | | 2.2.2<br>"Markets" Division | 18 | | | 2.2.3<br>"Investment Banking" Division | 18 | | | 2.2.4<br>Results of operation | 19 | | | 2.2.5<br>Financial condition | 21 | | | 2.2.6<br>Net assets | 22 | | 3 | Outlook and Opportunities | 27 | | | 3.1<br>Outlook and Opportunities of the Business Divisions | 28 | | | 3.1.1<br>Overall Economic Development | 28 | | | 3.1.2<br>Forecast and Opportunities for Business Development | 29 | | | 3.2<br>Overall Statement on Expected Development | 30 | | 4 | Risk Report | 32 | | | 4.1<br>General Principle of our Risk Management | 33 | | | 4.2<br>Organization of the Risk Management | 34 | | | Risk Management Committee (RMC) | 35 | | | 4.3<br>Risk Definition and Risk Strategy | 36 | | | 4.4<br>Risk-Bearing Capacity (Capital Adequacy) and Risk Limitation | 37 | | | 4.5<br>Risk Types and Risk Identification and Management | 39 | | | 4.5.1<br>General information | 39 | | | 4.5.2<br>Counterparty and credit risks | 39 | | | 4.5.3<br>Market price risks | 41 | | | 4.5.4<br>Liquidity risks | 44 | | | 4.5.5<br>Operational risks | 44 | | | 4.5.6<br>Other material risks | 45 | | | 4.6<br>Summary Description of the Risk Situation | 47 | | 5 | Corporate Governance Statement pursuant to § 289f (4) in combination with § 289f (2) no. 4 of | | | | the German Commercial Code | 48 | | 6 | Non-Financ…