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This case study focuses on a key aspect of supply management: supplier evaluation. The case is set at Group Deutsche Borse (GDB) and describes how GDB changed its sourcing strategy for external services between 2000 and 2006. In addition to describing the state of preferred supplier management and evaluation at GDB in 2006, the case study invites the reader to: (1) assess this supplier evaluation model; and (2) develop an improved model for defining and managing the preferred supplier list for external services. Furthermore, the case considers supplier evaluation within the broader context of a sourcing strategy development process.