euwax report April 2016

Transcription

1 Dear Readers, In April, stock markets were as changeable as the weather. During the first half of the, the German leading index DAX was able to achieve significant profits initially. On 21st April it reached a four- high of 10,474 points. One reason was the hope for an agreement of the oil-producing countries to cause a shortage of the raw oil supply. In addition, good economic data fueled the development of the German stock market. Inter alia, the economic expectations for the Euro zone improved: the correspondent ZEW index rose from 4.3 points in March to 11.2 in April. Positive export data from China brought relief as well. However, towards the end of the, the DAX lacked force and energy. In the course of a correction, the leading index slid close to the 10,000-point mark. The mood was clouded by the Japanese central bank which did not loosen its monetary policy despite a weak economy and negative inflation. However, many experts and investors had expected drastic measures. In consequence, share prices in Tokyo dropped by 4 percent and the DAX lost 200 points. At the end of the it closed at 10,038 points. In the EUWAX segment for securitized derivatives, trading activities slightly decreased in April. The trading volume amounted to 2 billion Euro within 252,000. The average client order in the reference was around 8,000 Euro. In April, more than 1 billion Euro were turned over with leverage products in Stuttgart. Thereby, over 545 million Euro were turned over with knock-out products as well as more than 487 million Euro with subscription warrants and factor certificates. Due to the risen oil price, the oil brand Brent was among the most popular base values for leverage products. Furthermore, a call on the Daimler share was among the ten most actively traded warrants. On one hand, the share received tailwind from the weak Euro, which made Daimler products more affordable for buyers outside the currency zone. On the other hand, the growth of the Chinese automotive market slightly accelerated again in March, due to continuous tax breaks and discount campaigns of some producers. As China is one of the most important sales markets for the German manufacturer, this had a positive effect on the Daimler share. In regards to investment products, the trading volume aggregated to around 992 million Euro in April. Discount certificates were particularly popular in total, the order volume of these products accounted for about half of the trading volume of investment certificates once again. Here, investors especially focused on the share of the aviation group Airbus. One reason is that Airbus fully met expectations at the beginning of the year and affirmed its annual forecast. For the first quarter, Airbus announced an increase in sales of 1 percent to 12.2 billion Euro. In addition, Airbus is expecting a further increase in the order backlog for civil aircrafts in Besides discount certificates, index and participation certificates as well as bonus certificates were of strong interest for investors in Stuttgart. Table of contents TOTAL TRADING VOLUME 2 Overview of Euwax trading segment 2 TOP 10 MOST TRADED PRODUCTS 3 Warrants 3 Knock-out Products 3 Factor Certificates 3 Bonus Certificates 4 Discount Certificates 4 Tracker Certificates 4 OVERALL MARKET: ISSUERS 5 based on volume 5 based on number 6 PRODUCT GROUPS 7 Warrants 7 Knock-Out Products 9 Yield Enhancement Products 11 Bonus Certificates 13 Discount Certificates 15 Tracker Certificates 17 Reverse Convertibles 19 Capital Protection Products 20 Investment Products by Securities Type 22 ISSUER SALES RATIO 23 Investment Products 23 Leverage Products 23 Discount Certificates 24 Bonus Certificates 24 Tracker Certificates 25 Reverse Convertibles 25 EUWAX WHATS S NEW 26 New Products Launched 26 Products Reaching Final Maturity 27 Listed Products 28 Mistrades and complaints 29 ANNOUNCEMENTS AND STATUTORY WEBSITE DETAILS 30 Solenne Peltier You can go straight to the required page by clicking the heading in the contents list. 1

2 Total trading volume Overview of Euwax trading segment (as at April 2016) April-16 März 16 Number of leverage products without knock-out * 415, ,899 Number of leverage products with knock-out 332, ,802 Number of yield enhancement 590, ,567 Number of capital protection Total Number of securitised derivatives 1,338,786 1,273,758 Number of EUWAX members Boerse Stuttgart market share of exchange trading in derivative leverage products Boerse Stuttgart market share of exchange trading in derivative investment products % 64.73% % 65.53% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 30 April 2016 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Number of by asset class With KO Without KO Investment products Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Commerzbank DE000CN1DWV2 Put 316 Put/9.700/ DAX Commerzbank DE000CR3BKA7 Call 194 Call/58/ Daimler AG Société Générale DE000SG98WB0 Put 184 Put/15.000/ DAX Citi DE000CC9CL92 Call 170 Call/110/ Gilead Sciences Commerzbank DE000CN75321 Call 170 Call/60/ Altria Group Commerzbank DE000CN0JGC4 Call 153 Call/9.900/ DAX Commerzbank DE000CR444W2 Call 143 Call/10.500/ DAX Commerzbank DE000CD49YL9 Call 138 Call/90/ Mastercard Commerzbank DE000CD4CPG5 Call 129 Call/360/ Novo-Nordisk AS Commerzbank DE000CN1DPY0 Call 129 Call/10.000/ DAX Knock-out Products ISIN Type Number Marketing name Underlying Vontobel DE000VZ9FC34 Call 229 Unlimited Turbo Zertifikat Kaffee Future 07/2016 (ICE) USD Commerzbank DE000CD5KFC5 Call 185 Turbo Zertifikat DAX Commerzbank DE000CD3KUH8 Call 182 Unlimited Turbo Zertifikat DAX HSBC Trinkaus DE000TD5PE92 Call 174 Turbo Zertifikat DAX Citi DE000CX115E8 Call 170 Turbo Zertifikat DAX Deutsche Bank DE000DE74TJ7 Call 170 Wave Unlimited Beiersdorf Vontobel DE000VS3SBD0 Put 170 Mini Future EURO STOXX 50 Citi DE000CW96PN4 Call 163 Turbo Zertifikat Beiersdorf UBS DE000UT5F085 Put 163 Unlimited Turbo Zertifikat BASF SE Deutsche Bank DE000DL17176 Call 155 WAVE XXL FANG-Index Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 1,504 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Vontobel DE000VS66JU3 Call 760 Unlimited Faktor Index-Zert. 15X Long Index DAX V3 Vontobel DE000VS71ZE3 Call 640 Unlimited Faktor Index-Zert. 10X Long Index Brent Crude Oil Commerzbank DE000CN4EYN7 Call 628 Unlimited Faktor Index-Zert. 12x Long DAX-Futures 2 Index Vontobel DE000VS419H1 Call 577 Unlimited Faktor Index-Zert. 8X Long Index linked to DAX Deutsche Bank DE000DT4BRT7 Call 499 Unlimited Faktor Index-Zert. Brent Future Long Index Faktor 4 Commerzbank DE000CN2ZAW7 Call 477 Unlimited Faktor Index-Zert. 4x Long Brent Future Index Commerzbank DE000CZ6LL04 Call 404 Unlimited Faktor Index-Zert. 12x Short DAX -Futures Index Commerzbank DE000CN4BCZ3 Call 398 Unlimited Faktor Index-Zert. 6x Long Brent Oil 3 Index Deutsche Bank DE000XM9S100 Call 339 Unlimited Faktor Index-Zert. ShortDAX x10 (TR) Index 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying Vontobel DE000VS8KLM6 Put 142 Reverse Capped Bonus Zert. DAX Vontobel DE000VS8KLA1 Put 130 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DL1HB05 Put 102 Reverse Capped Bonus Zert. DAX Vontobel DE000VS9D5Y9 Put 92 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DL1HAZ1 Put 75 Reverse Capped Bonus Zert. DAX Vontobel DE000VS8KLW5 Put 74 Reverse Capped Bonus Zert. DAX BNP Paribas DE000PS7PW37 Call 69 Bonus Zertifikat Nordex SE Vontobel DE000VS8B1F0 Put 66 Reverse Capped Bonus Zert. S&P 500 Index Deutsche Bank DE000DL1HB13 Put 63 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DL1HAV0 Put 57 Reverse Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000XM3NY38 Call 571 Discount-Zertifikat Airbus Group SE Deutsche Bank DE000XM98VR6 Call 343 Discount-Zertifikat Continental Société Générale DE000SE3C6J1 Call 337 Discount-Zertifikat EURO STOXX 50 Deutsche Bank DE000XM4GK57 Call 331 Discount-Zertifikat OSRAM Licht AG Deutsche Bank DE000DT874G0 Call 305 Discount-Zertifikat DAX Deutsche Bank DE000XM65NT8 Call 232 Discount-Zertifikat OSRAM Licht AG Deutsche Bank DE000XM45K77 Call 196 Discount-Zertifikat Infineon Deutsche Bank DE000DL1MKP1 Call 150 Discount-Zertifikat Hugo Boss AG Deutsche Bank DE000DT91Q14 Call 97 Discount-Zertifikat DAX Deutsche Bank DE000XM17MD5 Call 70 Discount-Zertifikat Nikkei 225 Stock Average Index Tracker Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DT0BAC7 Call 591 Open End Index-Zert. boerse.de-champions-def.-index Deutsche Bank DE Call 503 Open End X-pert Zertifikat DAX Deutsche Bank DE000DB3CTQ9 Call 410 Open End X-pert Zertifikat Brent Crude Oil Future Deutsche Bank DE000DB2BRE3 Call 284 Open End X-pert Zertifikat Brent Crude Oil Future BNP Paribas NL Call 233 Open End Zertifikat Brent Crude Oil Future RBS NL Call 222 Open End Zertifikat Brent Crude Oil Future Deutsche Bank DE000DE04UZ8 Call 211 Index-Zertifikat Nikkei 225 Stock Average Index DZ Bank DE000DG1GGG7 Call 196 Open End Zertifikat Brent Crude Oil Future DZ Bank DE000DG1HHH1 Call 190 Open End Zertifikat Brent Crude Oil Future DZ Bank DE000XM4ESP0 Call 178 Index-Zertifikat IBEX 35 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

5 Overall market: s 1 ( based on volume of ) Volume of Previous Deutsche Bank 20.99% 424, , Commerzbank 18.59% 376, , DZ Bank 11.09% 224, , Vontobel 8.19% 165, , BNP Paribas 8.01% 162, , Citi 5.66% 114, , HSBC Trinkaus 5.23% 105, , Société Générale 5.13% 103, , UBS 5.11% 103, , HVB/UniCredit 4.00% 81, , Goldman Sachs 3.03% 61, , LBBW 2.63% 53, , Lang & Schwarz 1.41% 28, , WGZ Bank 0.32% 6, , Raiff. Centrobank 0.25% 5, , RBS 0.16% 3, , Erste Group Bank 0.11% 2, , Interactive Brokers 0.04% Bank of America Merrill Lynch 0.03% Morgan Stanley 0.01% JPMorgan 0.00% Rabobank 0.00% Total % 2,024, ,191, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

6 Overall market: s 1 ( based on number of ) Number of Previous Commerzbank 20.64% 51, ,777 1 Deutsche Bank 17.72% 44, ,625 2 Citi 10.36% 26, ,788 3 Vontobel 9.76% 24, ,853 5 BNP Paribas 8.62% 21, ,969 4 DZ Bank 8.42% 21, ,810 6 UBS 5.30% 13, ,125 7 HSBC Trinkaus 5.01% 12, ,656 8 HVB/UniCredit 4.01% 10, ,211 9 Société Générale 3.23% 8, , Goldman Sachs 2.54% 6, , Lang & Schwarz 2.49% 6, , LBBW 1.03% 2, , Interactive Brokers 0.24% Raiff. Centrobank 0.19% RBS 0.18% Erste Group Bank 0.12% WGZ Bank 0.10% Bank of America Merrill Lynch 0.02% Morgan Stanley 0.01% JPMorgan 0.00% Rabobank 0.00% Total % 251, ,326 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

7 Product groups Market : Warrants 1 ( based on volume of ) Volume of Previous Commerzbank 23.36% 71, , Deutsche Bank 17.77% 54, , DZ Bank 10.42% 32, , UBS 9.88% 30, , Citi 7.85% 24, , HVB/UniCredit 6.54% 20, , BNP Paribas 6.29% 19, , Goldman Sachs 5.77% 17, , Vontobel 4.36% 13, , HSBC Trinkaus 3.65% 11, , Société Générale 3.63% 11, , Raiff. Centrobank 0.22% Interactive Brokers 0.15% Lang & Schwarz 0.11% Erste Group Bank 0.00% Total % 307, , Relative volume of by underlying Indices 54.98% s 39.66% Commodities 3.67% Currencies 1.67% Interest 0.02% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

8 Market : Warrants 1 ( based on number of ) Number of Previous Commerzbank 23.30% 12, ,794 1 Deutsche Bank 15.50% 8, ,249 2 Citi 11.95% 6, ,432 3 DZ Bank 8.96% 4, ,455 4 HVB/UniCredit 7.19% 3, ,122 7 BNP Paribas 7.02% 3, ,431 5 Vontobel 6.67% 3, ,245 6 UBS 5.76% 3, ,983 8 Goldman Sachs 4.90% 2, , Société Générale 3.78% 2, , HSBC Trinkaus 3.74% 2, ,123 9 Interactive Brokers 0.60% Lang & Schwarz 0.36% Raiff. Centrobank 0.28% Erste Group Bank 0.01% Total % 54,606 59,767 Relative number of by underlying Stocks 50.59% Indices 41.61% Commodities 5.31% Currencies 2.38% Interest 0.11% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

9 Market : Knock-Out Products 1 ( based on volume of ) Volume of Previous Commerzbank 22.11% 120, , Deutsche Bank 17.45% 95, , BNP Paribas 13.98% 76, , Citi 12.43% 67, , UBS 7.72% 42, , DZ Bank 7.14% 38, , Vontobel 5.81% 31, , HVB/UniCredit 3.86% 21, , HSBC Trinkaus 3.81% 20, , Société Générale 2.35% 12, , Goldman Sachs 1.56% 8, , Lang & Schwarz 1.53% 8, , Erste Group Bank 0.09% Interactive Brokers 0.08% Raiff. Centrobank 0.05% RBS 0.02% Total % 545, , Relative volume of by underlying Indices 59.35% Stocks 26.68% Commodities 10.23% Currencies 2.89% Interest 0.83% Others 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

10 Market : Knock-Out Products 1 ( based on number of ) Number of Previous Commerzbank 19.25% 25, ,246 1 Deutsche Bank 15.09% 19, ,261 2 Citi 14.39% 18, ,590 3 BNP Paribas 11.79% 15, ,193 4 DZ Bank 9.14% 11, ,398 5 UBS 6.70% 8, ,928 6 Vontobel 6.42% 8, ,830 7 HSBC Trinkaus 5.66% 7, ,128 8 HVB/UniCredit 3.38% 4, ,308 9 Société Générale 2.94% 3, , Lang & Schwarz 2.84% 3, , Goldman Sachs 1.98% 2, , Interactive Brokers 0.22% Erste Group Bank 0.15% Raiff. Centrobank 0.04% RBS 0.01% Total % 131, ,073 Relative number of by underlying Indices 56.89% Stocks 26.90% Commodities 11.46% Currencies 3.59% Interest 1.13% Others 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

11 Market : Yield Enhancement Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 23.82% 233, , DZ Bank 15.00% 147, , Commerzbank 12.28% 120, , Société Générale 7.92% 77, , HSBC Trinkaus 7.06% 69, , BNP Paribas 6.77% 66, , Vontobel 5.66% 55, , LBBW 5.29% 51, , HVB/UniCredit 3.87% 37, , Goldman Sachs 3.52% 34, , UBS 3.14% 30, , Citi 2.30% 22, , Lang & Schwarz 2.03% 19, , WGZ Bank 0.66% 6, , Raiff. Centrobank 0.25% 2, , RBS 0.18% 1, , Erste Group Bank 0.17% 1, Bank of America Merrill Lynch 0.07% JPMorgan 0.01% Morgan Stanley 0.00% Total % 980, ,075, Relative volume of by underlying Indices 49.57% Stocks 42.73% Commodities 5.81% Interest 1.81% Others 0.07% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

12 Market : Yield Enhancement Products 1 ( based on number of ) Number of Previous Deutsche Bank 29.75% 11, ,309 1 DZ Bank 9.60% 3, ,190 2 Commerzbank 8.41% 3, ,378 3 Vontobel 6.92% 2, ,447 6 LBBW 6.62% 2, ,386 7 BNP Paribas 6.17% 2, ,343 8 Lang & Schwarz 6.16% 2, ,471 4 HSBC Trinkaus 6.06% 2, ,470 5 Société Générale 5.42% 2, ,143 9 HVB/UniCredit 4.08% 1, , UBS 3.62% 1, , Goldman Sachs 2.88% 1, , Citi 1.68% RBS 0.95% WGZ Bank 0.67% Raiff. Centrobank 0.56% Erste Group Bank 0.29% Bank of America Merrill Lynch 0.14% JPMorgan 0.02% Morgan Stanley 0.00% Total % 38,095 40,692 Relative number of by underlying Stocks 49.04% Indices 41.24% Commodities 7.59% Interest 1.92% Others 0.19% Currencies 0.01% Funds 0.01% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

13 Market : Bonus Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 16.32% 34, , DZ Bank 14.09% 30, , Commerzbank 12.67% 26, , BNP Paribas 11.18% 23, , Vontobel 8.88% 18, , HSBC Trinkaus 7.64% 16, , Société Générale 7.32% 15, , Goldman Sachs 6.69% 14, , UBS 4.64% 9, , Citi 4.44% 9, , HVB/UniCredit 3.93% 8, , LBBW 1.71% 3, , Raiff. Centrobank 0.44% , Erste Group Bank 0.03% WGZ Bank 0.01% JPMorgan 0.00% Total % 213, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

14 Market : Bonus Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 16.99% 1, ,105 1 Vontobel 13.14% 1, Commerzbank 10.79% BNP Paribas 10.43% DZ Bank 9.38% HSBC Trinkaus 7.81% Goldman Sachs 7.52% Société Générale 5.53% HVB/UniCredit 5.29% UBS 5.15% Citi 4.68% LBBW 2.56% Raiff. Centrobank 0.49% Erste Group Bank 0.12% WGZ Bank 0.07% JPMorgan 0.05% Total % 8,036 7,362 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

15 Market : Discount Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 27.53% 133, , DZ Bank 15.82% 76, , Commerzbank 14.20% 68, , Société Générale 11.19% 54, , HSBC Trinkaus 8.61% 41, , BNP Paribas 5.09% 24, , Vontobel 4.67% 22, , HVB/UniCredit 3.15% 15, , Goldman Sachs 3.10% 15, , Citi 2.66% 12, , UBS 1.88% 9, , LBBW 1.31% 6, , WGZ Bank 0.77% 3, , Raiff. Centrobank 0.01% Total % 485, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

16 Market : Discount Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 46.30% 5, ,788 1 DZ Bank 11.20% 1, ,729 2 HSBC Trinkaus 9.01% 1, ,305 4 Commerzbank 8.44% 1, ,462 3 Société Générale 7.58% ,013 5 Vontobel 5.38% HVB/UniCredit 2.94% BNP Paribas 2.73% Citi 1.88% UBS 1.70% LBBW 1.64% Goldman Sachs 0.82% WGZ Bank 0.32% Raiff. Centrobank 0.05% Total % 12,740 15,636 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

17 Market : Tracker Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 33.77% 45, , Lang & Schwarz 14.77% 19, , DZ Bank 14.67% 19, , Commerzbank 10.93% 14, , BNP Paribas 9.10% 12, , HVB/UniCredit 4.50% 6, , UBS 3.21% 4, , Société Générale 1.97% 2, , LBBW 1.51% 2, , RBS 1.29% 1, , HSBC Trinkaus 1.28% 1, , Raiff. Centrobank 1.02% 1, , Goldman Sachs 0.59% , Vontobel 0.50% , Bank of America Merrill Lynch 0.49% Erste Group Bank 0.36% Citi 0.03% Total % 134, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

18 Market : Tracker Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 30.26% 2, ,303 1 Lang & Schwarz 24.04% 2, ,471 2 BNP Paribas 8.65% Commerzbank 7.76% DZ Bank 7.36% UBS 4.28% Société Générale 4.09% RBS 3.72% HVB/UniCredit 3.26% Raiff. Centrobank 1.62% LBBW 1.22% Goldman Sachs 0.98% HSBC Trinkaus 0.84% Vontobel 0.71% Erste Group Bank 0.60% Bank of America Merrill Lynch 0.55% Citi 0.05% Total % 9,756 10,267 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

19 Market s: Reverse Convertibles 1 ( based on volume of ) Volume of Previous LBBW 20.87% 19, , Deutsche Bank 13.64% 13, , Vontobel 12.70% 12, , DZ Bank 11.35% 10, , HSBC Trinkaus 9.53% 9, , Commerzbank 8.22% 7, , BNP Paribas 5.86% 5, , HVB/UniCredit 4.93% 4, , Goldman Sachs 4.65% 4, , UBS 3.87% 3, , WGZ Bank 2.18% 2, Société Générale 2.09% 1, , Raiff. Centrobank 0.09% Erste Group Bank 0.01% Total % 95, , ( based on number of ) Number of Previous LBBW 21.79% 1, Vontobel 13.86% Deutsche Bank 13.74% DZ Bank 9.28% HSBC Trinkaus 8.74% Commerzbank 7.84% BNP Paribas 6.36% Goldman Sachs 5.76% HVB/UniCredit 4.56% UBS 4.24% WGZ Bank 2.33% Société Générale 1.30% Raiff. Centrobank 0.18% Erste Group Bank 0.02% Total % 5,066 4,740 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

20 Market : Capital Protection Products 1 ( based on volume of ) Volume of Previous DZ Bank 41.52% 4, , RBS 13.40% 1, LBBW 12.09% 1, , Société Générale 12.08% 1, Deutsche Bank 10.63% 1, , Goldman Sachs 4.63% Morgan Stanley 1.77% HVB/UniCredit 1.67% , Rabobank 0.60% BNP Paribas 0.46% Raiff. Centrobank 0.42% Erste Group Bank 0.34% UBS 0.22% WGZ Bank 0.18% Total % 10, , Relative volume of by underlying Indices 48.28% Stocks 36.90% Interest 10.34% Commodities 2.89% Funds 1.58% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

21 Market : Capital Protection Products 1 ( based on number of ) Number of Previous DZ Bank 44.73% LBBW 14.71% RBS 13.52% Deutsche Bank 10.14% Société Générale 7.55% HVB/UniCredit 2.78% Morgan Stanley 2.58% Rabobank 0.99% BNP Paribas 0.80% WGZ Bank 0.60% Erste Group Bank 0.40% Goldman Sachs 0.40% Raiff. Centrobank 0.40% UBS 0.40% Total % Relative number of by underlying Indices 48.71% Stocks 36.38% Interest 12.13% Commodities 1.59% Funds 1.19% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

22 x AKT UELL euwax report April 2016 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Previous Discount Certificates 49.01% 485, , Bonus Certificates 21.48% 213, , Tracker Certificates 13.58% 134, , Reverse Certificates 9.62% 95, , Express Certificates 2.62% 26, , Credit linked notes 1.79% 17, , Certificates with capital protection 0.92% 9, , Sprint Certificates 0.80% 7, , Structured bonds 0.17% 1, , Total % 991,703 1,090,178 Market : Investment Products by Securities Type 1 ( based on number of ) Number of Previous Discount Certificates 33.01% 12, ,636 1 Tracker Certificates 25.28% 9, ,267 2 Bonus Certificates 20.82% 8, ,362 3 Reverse Certificates 13.13% 5, ,740 4 Express Certificates 3.98% 1, ,392 5 Credit linked notes 1.89% Certificates with capital protection 1.08% Sprint Certificates 0.60% Structured bonds 0.22% Total % 38,598 41,212 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

23 2015 CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW 17 euwax report April 2016 Sales Ratio Sales Ratio: Investment Products 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Leverage Products 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

24 2015 CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW 17 euwax report April 2016 Sales Ratio: Discount Certificates 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Bonus Certificates 1 (Based on number of ) Sales Ratior (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

25 2015 CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW CW 17 euwax report April 2016 Sales Ratio: Tracker Certificates 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Reverse Convertibles 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

26 Euwax what s new New Products Launched Number of new products launched in April 2016 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 10,755 16,608-4,370 31,733 Citi 2,464 21,506-2,527 26,497 Commerzbank 5,354 21,124-7,716 34,194 Deutsche Bank 4,122 16, ,538 29,149 DZ Bank 3,422 5,757-9,016 18,195 Erste Group Bank Goldman Sachs 2,486 8,009-4,405 14,900 HSBC Trinkaus 1,706 3,049-1,923 6,678 HVB/UniCredit 6,980 7,488-5,630 20,098 Interactive Brokers 1,630 1, ,725 Lang & Schwarz 40 1, ,886 LBBW Raiff. Centrobank Société Générale 3,395 12,843-4,483 20,721 UBS 4,175 18,005-5,236 27,416 Vontobel 4,789 15,809-4,745 25,343 WGZ BANK Total 51, , , ,495 26

27 Products Reaching Final Maturity Number of products reaching final maturity in April 2016 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total Bank of America Merrill Lynch BNP Paribas 1,913 15,480-4,071 21,464 Citi ,203-1,796 22,949 Commerzbank 2,295 21, ,228 30,565 Deutsche Bank 1,771 15, ,125 DZ Bank 2,482 6,083-2,209 10,774 Erste Group Bank Goldman Sachs 3,806 9,372-3,264 16,442 HSBC Trinkaus 233 3,983-2,479 6,695 HVB/UniCredit 1,698 4, ,227 Interactive Brokers 1,340 1, ,362 JPMorgan Lang & Schwarz 42 1, ,431 LBBW Morgan Stanley Raiff. Centrobank RBS Société Générale 1,257 11,836-1,189 14,282 UBS 1,782 16,557-1,017 19,356 Vontobel 2,304 13,847-2,320 18,471 WGZ BANK Total 21, , , ,647 (as at April 2016) 27

28 Listed Products Number of listed products as at April 2016 of total April March Commerzbank 14.10% 188, ,438 1 Deutsche Bank 11.62% 155, ,722 2 Citi 10.71% 143, ,247 3 DZ Bank 10.22% 136, ,022 5 BNP Paribas 10.10% 135, ,398 4 Vontobel 9.11% 122, ,047 6 UBS 7.63% 102, ,649 9 HVB/UniCredit 7.17% 96, ,659 8 Société Générale 6.67% 89, ,114 7 Goldman Sachs 5.13% 68, , HSBC Trinkaus 4.88% 65, , Lang & Schwarz 0.91% 12, , LBBW 0.76% 10, , Interactive Brokers 0.45% 5, , Raiff. Centrobank 0.29% 3, , Erste Group Bank 0.16% 2, , WGZ BANK 0.06% RBS 0.01% Morgan Stanley 0.01% JPMorgan 0.00% Bank of America Merrill Lynch 0.00% Nomura 0.00% Rabobank 0.00% Number of listed products as at 30 April 2016 (reporting date). 2 Number of listed products as at 31 March 2016 (reporting date) % 1,338,786 1,273,758 28

29 Mistrades and complaints Number of mistrade applications granted by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 1 as at April 2016 Euwax AG Total mistrade applications granted (as a proportion of all orders) Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Number of mistrade applications rejected by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 2 as at April 2016 UBS BNP Paribas Total mistrade applications rejected (as a proportion of all orders) Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Mistradeantrag gestellt. Complaints ratio in April 2016 Complaints 3 Complaints (thereof authorised / warranted) % 0.000% 3 Total client complaints received as a proportion of all orders for trading in securitised derivatives over the period covered by the report. 4 Total complaints upheld (as a proportion of all orders for trading in securitised derivatives over the period covered by the report) and attributable to an error by the QLP. At Stuttgart Exchange, Euwax AG acts as the quality liquidity provider (QLP) for electronic trading in securitised derivatives. 29

30 Announcements and statutory website details Euwax announcements. Since 01. January.2016 the transaction fee is cancelled for securitised up to 1,100 euros. The transaction fee for securitised more than 1,100 euros is 0.95 plus 19% VAT. The fee cap is EUR plus 19% VAT. Euwax members. Since March 2016 Barclays Capital is no longer a member of Euwax. New issue subscriptions. Subscribing for new issues is straightforward. You can order new issues of structured investment products through the Stuttgart Exchange, the only trading platform that does not charge the usual transaction fee. Orders can be placed through any bank or savings bank. For a list of securities currently in the subscription phase, see: Live on n-tv. Follow the latest Euwax trends live in Teleboerse at hours (CET) on n-tv (every exchange trading day). The Stuttgart Exchange mobile app. The Stuttgart Exchange app gives you access to real-time prices for all the securities traded on our trading platform. Thanks to real-time limit monitoring, you can keep an eye on your securities even while you are out just like the professionals. You can set up push notifications that tell you when a predefined limit has been reached for the securities on your watch list. Download the app from: Notes on the ly report. Reporting. The report for the preceding is published at the beginning of the current. Contents. The report does not contain any valuations. It is based on statistical analysis and current news. The date provided includes Euwax indicators, the market shares of different issuers and exchanges, and a complaints ratio. Sales Ratio. The Sales Ratio is the ratio of buy orders to total orders (i.e. buy and sell orders). The figures quoted only include orders that were actually. Important note. It is intended that this ly report should be expanded in collaboration with issuers. Your comments and suggestions are welcome. The greatest possible care has been taken in the production of this report. All the information on which it is based comes from the Boerse Stuttgart Group or other publicly available sources that we believe to be trustworthy and reliable. Nevertheless, we cannot guarantee that it is accurate or that it does not contain errors. We cannot accept liability for any direct or indirect damage, including unrealized gains or profits, that may be caused as a result of or in connection with the information contained in the report. Source. Boerse Stuttgart Group. Contact. Friederike Heeß, Boerse Stuttgart GmbH, phone: +49 (0) , friederike.heess@boerse-stuttgart.de Market comments. Solenne Peltier, Boerse Stuttgart GmbH, phone: +49 (0) , Solenne.peltier@boerse-stuttgart.de Statistical data. Data management, Boerse Stuttgart GmbH, phone: +49 (0) , Statistik@boerse-stuttgart.de 2016 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30