euwax report December 2017

Transcription

1 Dear Readers, The much discussed year-end rally failed to appear in Even though the German stock market slightly rebelled in the middle of the reference, it did not climb above the range of 13,300 points. Afterwards, prices declined again. The German market indicator thus concluded at the same level at which it had initially started in December namely just below the mark of 13,000 points. The volatility of the DAX decreased towards the middle of the by up to 11 percent. However, the fluctuation range indicated by the VDAX-New summed up to around 14 percentage points. The total sales volume of securitized derivatives at the EUWAX decreased by 15.8 percent to about 2.08 billion Euro in December. The number of declined by 21.4 percent to 247,265. However, investors had three trading days less at hand in the reference than in November. When comparing the daily average values, the decline in sales only amounts to 2.6 percent. The average client order summed up to 8,410 euro throughout all product groups and was thereby 553 euro or 7.0 percent higher than in the. In comparison with December 2016, this results in a decline of the total sales of 14.8 percent at the EUWAX. The trading volume of equity warrants declined by 30.0 percent to about million euro towards the. According to daily average values, the decline only amounts to 18.9 percent. The ly sales of knock out products decreased by 18.7 percent to about million euro. By taking the daily average values into consideration, the decline here relativizes to 5.9 percent. The average size of an order amounted to 4,767 euro for the whole group of leverage products and was thereby 226 euro above the November figures. Regarding investment products, the trading volume declined by 10.8 percent to about 1.10 billion euro in December, though it increased by 3.3 percent according to daily average values. 50,203 were, 2.5 percent less than in November. The average order size here was 21,846 euro and thereby 2,036 euro less than in the. The share of investment products in the total trading turnover at the EUWAX accounted for 52.7 percent. Holger Scholze 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 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 December 2017) Number of leverage products without knock-out * December ,586 November ,915 Number of leverage products with knock-out 452, ,595 Number of yield enhancement 491, ,013 Number of capital protection Total Number of securitised derivatives 1,569,840 1,669,847 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 % 65.56% % 68.96% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 31 December 2017 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Number of by asset class With KO Without KO Investment products Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF3BWJ5 Call 1,063 Call/390/ Tencent Holdings Ltd. Commerzbank DE000CE758K5 Call 465 Call/13.500/ DAX Morgan Stanley DE000MF2UP38 Call 464 Call/320/ Tencent Holdings Ltd. Morgan Stanley DE000MF24696 Call 440 Call/175/ Alibaba Group Holding Ltd. Morgan Stanley DE000MF2QFR3 Call 385 Call/65/ Activision Blizzard Morgan Stanley DE000MF2QFC5 Call 368 Call/149/ Intuit Morgan Stanley DE000MF2XMS3 Call 361 Call/ / Samsung Electronics Co. Ltd. Citi DE000CY85BL7 Call 303 Call/5.400/ Sony Commerzbank DE000CE66SH1 Call 300 Call/32/ Bank of America Corp. Morgan Stanley DE000MF2QJP9 Call 295 Call/160/ Alibaba Group Holding Ltd. Knock-out Products ISIN Type Number Marketing name Underlying DZ Bank DE000DD1Z875 Call 335 Unlimited Turbo Zertifikat DAX Morgan Stanley DE000MF0JSB9 Call 333 Unlimited Turbo Zertifikat Siemens AG DZ Bank DE000DD116N0 Call 221 Unlimited Turbo Zertifikat DAX Vontobel DE000VS873L1 Call 190 Mini Future Baumwolle Future 03/2018 USD DZ Bank DE000DD2C5Y7 Call 180 Unlimited Turbo Zertifikat DAX Deutsche Bank DE000XM0EFX9 Put 179 WAVE XXL WTI Light Sweet Crude Oil Future HSBC Trinkaus DE000TR0P0G8 Call 167 Unlimited Turbo Zertifikat DAX-Future 03/2018 (EUREX) Commerzbank DE000CV458Z9 Call 162 Unlimited Turbo Zertifikat DAX DZ Bank DE000DD1Z8M0 Call 160 Unlimited Turbo Zertifikat DAX Citi DE000CQ2MQB2 Call 156 Unlimited Turbo Zertifikat DAX Factor Certificates ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF1GF21 Call 1,157 Unlimited Faktor Index-Zert. Covestro AG Morgan Stanley DE000MF1GF62 Call 963 Unlimited Faktor Index-Zert. Dürr AG Morgan Stanley DE000MF1G6B6 Call 962 Unlimited Faktor Index-Zert. Axel Springer SE Morgan Stanley DE000MF1GEK4 Call 937 Unlimited Faktor Index-Zert. Evotec AG Morgan Stanley DE000MF2RK20 Call 347 Unlimited Faktor Index-Zert. Solactive WANT AR Index Morgan Stanley DE000MF2LF80 Call 335 Unlimited Faktor Index-Zert. Evotec AG Deutsche Bank DE000DX8DAX6 Call 329 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Vontobel DE000VS66JU3 Call 329 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX V3 Commerzbank DE000CE5YRN7 Call 249 Unlimited Faktor Index-Zert. Faktor 15x Long DAXF 3 Index Morgan Stanley DE000MF2RK38 Call 217 Unlimited Faktor Index-Zert. Solactive WANT AR Index 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying HSBC Trinkaus DE000TR0QR91 Put 168 Reverse Capped Bonus Zert. DAX HSBC Trinkaus DE000TR02LT2 Call 133 Capped Bonus-Zertifikat DAX HSBC Trinkaus DE000TR02LR6 Call 104 Capped Bonus-Zertifikat DAX Deutsche Bank DE000DM8Y1D9 Put 90 Reverse Capped Bonus Zert. DAX HSBC Trinkaus DE000TR02LP0 Call 86 Capped Bonus-Zertifikat DAX HSBC Trinkaus DE000TR0LCY0 Call 85 Capped Bonus-Zertifikat ArcelorMittal S.A. Goldman Sachs DE000GD862Y3 Put 69 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HW4Y701 Call 50 Capped Bonus-Zertifikat DAX Deutsche Bank DE000DM468G8 Call 42 Capped Bonus-Zertifikat E.ON SE Vontobel DE000VL24LB3 Call 42 Capped Bonus-Zertifikat Societe Generale Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DM2J5L8 Call 1,024 Discountzertifikat Qiagen N.V. Citi DE000CX2B947 Call 445 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DM1MPE3 Call 418 Discountzertifikat Airbus SE Deutsche Bank DE000DM2HY21 Call 417 Discountzertifikat GEA Group AG Deutsche Bank DE000DM068J0 Call 255 Discountzertifikat Lanxess AG Deutsche Bank DE000DM1Z9U2 Call 221 Discountzertifikat HeidelbergCement AG Deutsche Bank DE000DM1VNU5 Call 183 Discountzertifikat SLM Solutions Group AG Deutsche Bank DE000DM6BF59 Call 152 Discountzertifikat ArcelorMittal S.A. Deutsche Bank DE000DM1VPE4 Call 135 Discountzertifikat SLM Solutions Group AG Deutsche Bank DE000XM2JWK6 Call 115 Discountzertifikat DAX Tracker Certificates ISIN Type Number Marketing name Underlying Vontobel DE000VN5MJG9 Call 6,583 Index Zertifikat XBT/USD Vontobel DE000VL3TBC7 Call 6,200 Opend End Zertifikat XBT/USD Vontobel DE000VL3NBC0 Call 469 Index Zertifikat BCH/USD Lang & Schwarz DE000LS9L8X6 Call 435 Opend End Zertifikat LUS Wikifolio Bitcoins & Altcoins Commerzbank DE Call 240 Index Zertifikat Private Equity Beteiligungen Lang & Schwarz DE000LS9L3G2 Call 207 Opend End Zertifikat LUS Wikifolio Bitcoin Crypto Deutsche Bank DE000DT0BAC7 Call 195 Index Zertifikat boerse.de-champions-defensiv Lang & Schwarz DE000LS9HZD1 Call 190 Opend End Zertifikat LUS Wikifolio Schnäppchen Jäger Lang & Schwarz DE000LS9L5Q6 Call 190 Opend End Zertifikat LUS Wikifolio BestOfCannabis Lang & Schwarz DE000LS9AJF5 Call 172 Index Zertifikat LUS Wikifolio Qualität Levermann 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

5 Overall market: s 1 ( based on volume of ) Volume of Previous Deutsche Bank 19.58% 407, , Vontobel 12.65% 263, , Commerzbank 12.01% 249, , DZ Bank 8.94% 185, , HSBC Trinkaus 8.64% 179, , BNP Paribas 8.19% 170, , Citi 7.32% 152, , UBS 4.66% 96, , Morgan Stanley 3.90% 81, , HVB/UniCredit 3.68% 76, , Société Générale 3.54% 73, , Lang & Schwarz 2.27% 47, , LBBW 2.22% 46, , Goldman Sachs 1.85% 38, , JPMorgan 0.24% 5, , Raiff. Centrobank 0.21% 4, , Erste Group Bank 0.08% 1, , RBS 0.02% Nomura 0.00% Total % 2,079, ,471, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

6 Overall market: s 1 ( based on number of ) Number of Previous Commerzbank 13.93% 34, ,479 1 Deutsche Bank 12.57% 31, ,455 2 Vontobel 12.37% 30, ,271 5 Morgan Stanley 9.88% 24, ,663 3 Citi 9.26% 22, ,039 4 DZ Bank 7.81% 19, ,658 6 BNP Paribas 7.14% 17, ,531 7 HSBC Trinkaus 5.87% 14, ,140 8 UBS 5.08% 12, ,408 9 Lang & Schwarz 4.30% 10, , HVB/UniCredit 4.05% 10, , Société Générale 3.32% 8, , Goldman Sachs 2.59% 6, , LBBW 0.91% 2, , JPMorgan 0.55% 1, Raiff. Centrobank 0.26% Erste Group Bank 0.10% RBS 0.01% Nomura 0.00% Total % 247, ,538 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

7 Product groups Market : Warrants 1 ( based on volume of ) Volume of Previous Deutsche Bank 14.63% 34, , Commerzbank 13.92% 32, , Citi 12.33% 29, , BNP Paribas 11.13% 26, , DZ Bank 9.53% 22, , Morgan Stanley 6.68% 15, , Société Générale 6.54% 15, , UBS 5.90% 13, , HVB/UniCredit 5.85% 13, , Vontobel 4.60% 10, , Goldman Sachs 4.30% 10, , HSBC Trinkaus 4.23% 10, , Raiff. Centrobank 0.25% , Lang & Schwarz 0.10% Erste Group Bank 0.01% Total % 236, , Relative volume of by underlying s 61.78% Indices 34.93% Commodities 1.97% Currencies 1.14% Others 0.16% Interest 0.02% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

8 Market : Warrants 1 ( based on number of ) Number of Previous Commerzbank 15.56% 9, ,601 1 Citi 12.53% 7, ,989 2 Deutsche Bank 11.61% 6, ,405 4 Morgan Stanley 10.98% 6, ,789 3 BNP Paribas 9.98% 5, ,878 5 DZ Bank 8.35% 4, ,599 6 Vontobel 5.76% 3, ,378 8 HVB/UniCredit 5.54% 3, ,237 7 UBS 5.22% 3, ,229 9 Société Générale 5.21% 3, , Goldman Sachs 4.41% 2, , HSBC Trinkaus 4.28% 2, , Raiff. Centrobank 0.38% Lang & Schwarz 0.18% Erste Group Bank 0.02% Total % 58,751 77,888 Relative number of by underlying Stocks 67.10% Indices 28.52% Commodities 2.91% Currencies 1.30% Others 0.14% Interest 0.04% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

9 Market : Knock-Out Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 23.73% 134, , Commerzbank 14.11% 79, , Citi 9.68% 54, , DZ Bank 9.21% 52, , BNP Paribas 8.14% 46, , Vontobel 7.02% 39, , UBS 6.58% 37, , HSBC Trinkaus 6.23% 35, , HVB/UniCredit 4.17% 23, , Société Générale 3.49% 19, , Lang & Schwarz 2.84% 16, , Morgan Stanley 2.08% 11, , Goldman Sachs 1.64% 9, , JPMorgan 0.87% 4, , Raiff. Centrobank 0.12% Erste Group Bank 0.09% , Total % 565, , Relative volume of by underlying Indices 60.01% Stocks 27.55% Others 5.34% Commodities 3.93% Currencies 2.87% Interest 0.29% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

10 Market : Knock-Out Products 1 ( based on number of ) Number of Previous Commerzbank 15.23% 16, ,092 1 Citi 12.73% 13, ,738 2 Deutsche Bank 12.31% 13, ,678 3 DZ Bank 10.15% 11, ,775 4 BNP Paribas 8.49% 9, ,830 5 UBS 7.47% 8, ,617 6 HSBC Trinkaus 6.99% 7, ,498 7 Vontobel 5.64% 6, ,330 9 Lang & Schwarz 5.25% 5, ,221 8 HVB/UniCredit 4.12% 4, , Société Générale 3.90% 4, , Morgan Stanley 3.28% 3, , Goldman Sachs 2.91% 3, , JPMorgan 1.25% 1, Raiff. Centrobank 0.14% Erste Group Bank 0.14% Total % 109, ,794 Relative number of by underlying Indices 46.95% Stocks 37.05% Others 6.69% Commodities 5.44% Currencies 3.52% Interest 0.34% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

11 Market : Yield Enhancement Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 18.05% 196, , Vontobel 16.01% 174, , HSBC Trinkaus 11.70% 127, , DZ Bank 9.83% 107, , Commerzbank 9.08% 98, , BNP Paribas 9.00% 97, , Citi 6.27% 68, , UBS 4.20% 45, , LBBW 4.05% 44, , Société Générale 3.52% 38, , HVB/UniCredit 3.35% 36, , Lang & Schwarz 2.84% 30, , Goldman Sachs 1.74% 18, , Raiff. Centrobank 0.23% 2, , Erste Group Bank 0.10% 1, , Morgan Stanley 0.02% JPMorgan 0.01% RBS 0.00% Total % 1,088, ,221, Relative volume of by underlying Stocks 46.94% Indices 38.66% Currencies 11.10% Others 2.09% Commodities 0.63% Interest 0.55% Funds 0.02% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

12 Market : Yield Enhancement Products 1 ( based on number of ) Number of Previous Vontobel 30.90% 15, ,571 2 Deutsche Bank 18.65% 9, ,517 1 Lang & Schwarz 9.57% 4, ,760 3 HSBC Trinkaus 6.80% 3, ,284 5 DZ Bank 6.16% 3, ,882 4 Commerzbank 5.67% 2, ,274 6 BNP Paribas 4.99% 2, ,821 8 LBBW 4.44% 2, ,932 7 HVB/UniCredit 3.49% 1, ,187 9 Citi 3.14% 1, , UBS 2.63% 1, , Société Générale 1.71% , Goldman Sachs 1.25% Raiff. Centrobank 0.43% Erste Group Bank 0.15% Morgan Stanley 0.01% RBS 0.01% JPMorgan 0.01% Total % 49,883 51,153 Relative number of by underlying Stocks 42.06% Indices 27.60% Currencies 26.57% Others 2.01% Commodities 1.28% Interest 0.46% Funds 0.02% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

13 Market : Bonus Certificates 1 ( based on volume of ) Volume of Previous HSBC Trinkaus 17.54% 37, , BNP Paribas 16.08% 34, , Deutsche Bank 14.89% 31, , Citi 9.92% 20, , DZ Bank 8.78% 18, , HVB/UniCredit 6.90% 14, , Commerzbank 6.46% 13, , UBS 5.59% 11, , Société Générale 3.67% 7, , LBBW 3.62% 7, , Vontobel 3.19% 6, , Goldman Sachs 2.67% 5, , Raiff. Centrobank 0.56% 1, Erste Group Bank 0.14% Total % 211, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

14 Market : Bonus Certificates 1 ( based on number of ) Number of Previous HSBC Trinkaus 17.23% 1, ,404 1 Deutsche Bank 12.69% ,105 2 BNP Paribas 11.10% Citi 9.11% HVB/UniCredit 9.07% ,024 3 Commerzbank 8.68% DZ Bank 7.80% ,021 4 LBBW 6.30% Vontobel 5.08% Goldman Sachs 4.97% UBS 4.10% Société Générale 2.56% Raiff. Centrobank 0.89% Erste Group Bank 0.42% Total % 6,414 9,271 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

15 Market : Discount Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 24.08% 120, , HSBC Trinkaus 15.00% 75, , DZ Bank 13.60% 68, , Commerzbank 10.29% 51, , Citi 9.13% 45, , BNP Paribas 8.78% 44, , Société Générale 5.05% 25, , UBS 4.67% 23, , Vontobel 4.50% 22, , HVB/UniCredit 2.67% 13, , Goldman Sachs 1.50% 7, , LBBW 0.71% 3, , Raiff. Centrobank 0.02% Total % 502, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

16 Market : Discount Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 44.54% 6, ,027 1 HSBC Trinkaus 11.65% 1, ,295 3 DZ Bank 10.43% 1, ,522 2 Commerzbank 8.46% 1, ,241 4 Citi 7.22% BNP Paribas 4.08% Vontobel 3.74% UBS 3.62% HVB/UniCredit 2.33% Société Générale 2.21% LBBW 1.44% Goldman Sachs 0.18% Raiff. Centrobank 0.09% Total % 13,497 14,955 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

17 Market : Tracker Certificates 1 ( based on volume of ) Volume of Previous Vontobel 54.73% 123, , Lang & Schwarz 13.72% 30, , Commerzbank 11.18% 25, , Deutsche Bank 8.79% 19, , BNP Paribas 3.73% 8, , DZ Bank 1.63% 3, , UBS 1.58% 3, , HVB/UniCredit 1.28% 2, , Société Générale 0.69% 1, , Citi 0.63% 1, HSBC Trinkaus 0.60% 1, , LBBW 0.48% 1, , Goldman Sachs 0.41% Raiff. Centrobank 0.38% Erste Group Bank 0.15% RBS 0.02% Total % 225, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

18 Market : Tracker Certificates 1 ( based on number of ) Number of Previous Vontobel 60.11% 13, ,178 1 Lang & Schwarz 21.14% 4, ,760 2 Deutsche Bank 5.99% 1, ,127 3 Commerzbank 3.20% BNP Paribas 3.04% HVB/UniCredit 1.85% UBS 1.27% DZ Bank 1.04% Société Générale 0.81% Raiff. Centrobank 0.50% LBBW 0.30% HSBC Trinkaus 0.28% Goldman Sachs 0.28% Erste Group Bank 0.16% Citi 0.03% RBS 0.02% Total % 22,585 18,294 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

19 Market s: Reverse Convertibles 1 ( based on volume of ) Volume of Previous Vontobel 18.49% 19, , Deutsche Bank 16.54% 17, , LBBW 15.05% 15, , HSBC Trinkaus 11.67% 12, , BNP Paribas 10.94% 11, , DZ Bank 9.24% 9, , Commerzbank 5.97% 6, , Goldman Sachs 4.24% 4, , UBS 3.75% 3, , HVB/UniCredit 3.47% 3, , Raiff. Centrobank 0.29% Société Générale 0.29% Erste Group Bank 0.04% Morgan Stanley 0.01% Total % 104, , ( based on number of ) Number of Previous Vontobel 18.08% LBBW 14.67% ,005 1 Deutsche Bank 14.36% HSBC Trinkaus 11.33% BNP Paribas 10.89% DZ Bank 10.48% Commerzbank 6.36% HVB/UniCredit 5.58% Goldman Sachs 3.74% UBS 3.29% Raiff. Centrobank 0.65% Société Générale 0.38% Erste Group Bank 0.10% Morgan Stanley 0.08% Total % 4,950 5,522 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

20 Market : Capital Protection Products 1 ( based on volume of ) Volume of Previous DZ Bank 45.90% 3, , LBBW 25.50% 2, , Deutsche Bank 18.67% 1, , RBS 4.13% Société Générale 2.88% HVB/UniCredit 1.12% Commerzbank 0.77% Morgan Stanley 0.60% Raiff. Centrobank 0.29% UBS 0.08% Erste Group Bank 0.06% Total % 8, , Relative volume of by underlying Indices 60.01% Stocks 30.32% Interest 5.98% Others 2.03% Funds 0.91% Commodities 0.74% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

21 Market : Capital Protection Products 1 ( based on number of ) Number of Previous DZ Bank 47.50% Deutsche Bank 20.00% LBBW 15.31% RBS 5.00% Société Générale 5.00% HVB/UniCredit 2.81% Commerzbank 1.88% Morgan Stanley 0.94% Raiff. Centrobank 0.94% Erste Group Bank 0.31% UBS 0.31% Total % Relative number of by underlying Indices 53.44% Stocks 32.19% Interest 8.13% Commodities 2.50% Others 1.88% Funds 1.88% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

22 AKTUELL euwax report December 2017 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Previous Discount Certificates 45.81% 502, , Tracker Certificates 20.55% 225, , Bonus Certificates 19.30% 211, , Reverse Certificates 9.55% 104, , Express Certificates 3.39% 37, , Certificates with capital protection 0.70% 7, , Credit linked notes 0.61% 6, , Structured bonds 0.05% Sprint Certificates 0.04% , Total % 1,096,756 1,229,752 Market : Investment Products by Securities Type 1 ( based on number of ) x Number of Previous Tracker Certificates 44.99% 22, ,294 1 Discount Certificates 26.88% 13, ,955 2 Bonus Certificates 12.78% 6, ,271 3 Reverse Certificates 9.86% 4, ,522 4 Express Certificates 4.29% 2, ,878 5 Certificates with capital protection 0.58% Credit linked notes 0.52% Structured bonds 0.06% Sprint Certificates 0.04% Total % 50,203 51,492 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

23 2016 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 52 euwax report December 2017 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 December

24 2016 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 52 euwax report December 2017 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 December

25 2016 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 52 euwax report December 2017 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 December

26 Euwax what s new New Products Launched Number of new products launched in December 2017 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 6,829 22, ,960 36,418 Citi 4,278 20, ,999 26,796 Commerzbank 4,465 17, ,230 27,145 Deutsche Bank 4,968 16, ,428 26,114 DZ Bank 4,743 10, ,489 17,589 Goldman Sachs 5,864 7, ,752 15,835 HSBC Trinkaus 1,176 6, ,435 9,653 HVB/UniCredit 6,455 5, ,701 14,773 JPMorgan 0 2, ,907 Lang & Schwarz 0 1, ,804 LBBW Morgan Stanley 1,394 5, ,072 Raiff. Centrobank Société Générale 2,702 13, ,466 UBS 6,193 13, ,781 21,253 Vontobel 1,689 15, ,179 19,075 Total 50, , , ,829 26

27 Products Reaching Final Maturity Number of products reaching final maturity in December 2017 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 10,673 19, ,367 35,749 Citi 5,778 26, ,050 36,773 Commerzbank 12,054 15, ,585 41,588 Deutsche Bank 8,957 17, ,631 40,029 DZ Bank 7,008 12, ,714 23,991 Erste Group Bank Goldman Sachs 12,811 6, ,825 21,106 HSBC Trinkaus 3,103 8, ,292 17,005 HVB/UniCredit 3,653 8, ,670 16,313 JPMorgan 0 3, ,039 Lang & Schwarz 57 3, ,481 LBBW Morgan Stanley 2,374 5, ,098 Raiff. Centrobank ,225 Société Générale 9,000 18, ,921 31,259 UBS 6,896 13, ,142 31,818 Vontobel 5,182 19, ,727 31,025 Total 88, , , ,148 (as at December 2017) 27

28 Listed Products Number of listed products as at December 2017 of total December November BNP Paribas 11.18% 175, ,756 3 Commerzbank 10.74% 168, ,208 1 Deutsche Bank 10.50% 164, ,784 2 Citi 10.46% 164, ,244 4 DZ Bank 9.27% 145, ,218 5 HVB/UniCredit 9.12% 143, ,651 7 Société Générale 8.52% 133, ,433 6 Vontobel 7.33% 115, ,956 8 UBS 7.26% 114, ,599 9 Goldman Sachs 6.39% 100, , HSBC Trinkaus 4.33% 68, , Morgan Stanley 2.49% 39, , Lang & Schwarz 0.94% 14, , LBBW 0.83% 13, , Raiff. Centrobank 0.37% 5, , JPMorgan 0.15% 2, , Erste Group Bank 0.12% 1, , Nomura 0.00% RBS 0.00% Total % 1,569,838 1,669,845 1 Number of listed products as at 31 December 2017 (reporting date). 2 Number of listed products as at 30 November 2017 (reporting date). 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 December 2017 HVB/UniCredit Lang & Schwarz UBS Euwax 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 December 2017 Société Générale Euwax 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. Complaints ratio in December 2017 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. July.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. 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 July 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. Holger Scholze, Boerse Stuttgart GmbH, phone: +49 (0) , holger.scholze@boerse-stuttgart.de Statistical data. Data management, Boerse Stuttgart GmbH, phone: +49 (0) , Statistik@boerse-stuttgart.de 2018 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30