euwax report February 2017
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- Samantha Stanley
- 6 years ago
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1 Dear Readers, After a promising start into the year 2017, the DAX could raise its game and break the 12,000- point mark in February again after a two-year break. The German market is thereby following the US leading index within a short time span, which is in turn rushing from one record high to another. The DAX received support from a very solid balance period and a relatively favorable Euro, that has lost a little more than 2.5 Cent against the US dollar in February. A study by JP Morgan caused a buoyant mood on the market as well, whereupon the DAX might benefit disproportionately from speculations on an economic boom Made by Trump. However, the new US president has not yet announced specific plans for his economic agenda. So, the share prices dropped again towards the end of the and investors were waiting eagerly for Trumps first speech to the congress. The ly performance of the DAX amounted to 1.7 percent. At the EUWAX, trading turnovers with securitized derivatives slightly decreased in this market environment. However, February only had 20 trading days towards 22 trading days in January. With approximately 238,400, a trading volume of over 2.2 billion Euro could be achieved in February. Although the turnover was thereby slightly below the level of January, an increase of more than three percent was achieved with regard to the trading days. The average client order was just below 9,300 Euro. A trading volume of about 1.2 billion Euro was thereby contributed by investment products. With a share of almost 50 percent, discount certificates accounted for almost half of the trading volume with investment products once again. Among others, the Morphosys share was in the focus, which has - according to analysts - left behind the weak year of 2016 and where a market letter has already detected buying signals. Among the popular index and participation certificates, one index certificate on Wikifolio received high attention. The sample account of the Social Trading Community shows the IREX (Intelligent Recommendations Index) and is supposed to use collective intelligence to identify long/short signals. The turnover with leverage products was clearly above one billion Euro again in February. The turnover with knock-out products was thereby showing a significant increase to over 620 million Euro with almost 128,000 (and thereby, determined by the number of trading days, slightly declining) anyhow. With over 67,000 orders, equity warrants and factor certificates contributed over 391 million Euro to the total turnover. With leverage products, investors especially concentrated on a breakout of the DAX. Following the recommendation of an investor letter, investors bought call warrants on the UnitedHealth Group, too. Experts seemed to be seeing a favorable initial investment opportunity after a price drop: The health insurer had initially forfeited significantly, after the US Ministry of Justice had brought an action for alleged false billings. Andreas Groß 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 February 2017) Number of leverage products without knock-out * February ,943 January ,725 Number of leverage products with knock-out 356, ,480 Number of yield enhancement 574, ,767 Number of capital protection Total Number of securitised derivatives 1,432,073 1,386,366 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 % 69.44% % 68.74% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 28 February 2017 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Number of by asset class With KO Without KO Investment products Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 2
3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Commerzbank DE000CD74L19 Call 281 Call/150/ UnitedHealth Group Morgan Stanley DE000MF04N83 Call 246 Call/9/ Commerzbank AG Deutsche Bank DE000DT5L7S7 Call 223 Call/12.000/ DAX Morgan Stanley DE000MF1N8M0 Call 213 Call/144/ Apple Inc. Citi DE000CW1W565 Call 210 Call/12.000/ DAX HSBC Trinkaus DE000TD7HUR5 Call 183 Call/55/ Nike BNP Paribas DE000PB13QG7 Call 180 Call/155/ Allianz SE Citi DE000CW1KHR5 Call 179 Call/125/ Apple Inc. Citi DE000CW2WKA8 Call 166 Call/135/ Netflix BNP Paribas DE000PB5VFN6 Put 154 Put/12.300/ DAX Knock-out Products ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF1KQ55 Call 403 Turbo Zertifikat DAX Morgan Stanley DE000MF1A6J5 Call 395 Mini Future Best of Gold Miners Index Société Générale DE000SE3RNX6 Call 383 Unlimited Turbo Zertifikat RBOB Benzin Future 03/2017 Citi DE000CC9RYB6 Put 353 Unlimited Turbo Zertifikat DAX Citi DE000CX9QF82 Call 321 Unlimited Turbo Zertifikat DAX BNP Paribas DE000PR169M1 Call 310 Unlimited Turbo Zertifikat DAX Commerzbank DE000CE7DCP4 Put 225 Turbo Zertifikat DAX BNP Paribas DE000PR2RRK4 Call 216 Turbo Zertifikat DAX/XDAX Citi DE000CG898M3 Put 204 Unlimited Turbo Zertifikat DAX HSBC Trinkaus DE000TD7DPL7 Call 181 Unlimited Turbo Zertifikat EUR/USD Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 361 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Vontobel DE000VS66JU3 Call 237 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX Vontobel DE000VS419H1 Call 230 Unlimited Faktor Index-Zert. 8X Long Index linked to DAX Vontobel DE000VN51785 Call 226 Unlimited Faktor Index-Zert. 12X Short to Brent Crude Oil Deutsche Bank DE000DX8S152 Call 210 Unlimited Faktor Index-Zert. Euro Bund Short Index Faktor 15 Vontobel DE000VS71ZC7 Call 192 Unlimited Faktor Index-Zert. 10X Long Index linked to DAX Vontobel DE000VN57EQ2 Call 182 Unlimited Faktor Index-Zert. 15X Short Index linked to DAX Deutsche Bank DE000DX6XAG3 Call 176 Unlimited Faktor Index-Zert. Silber Long Index Faktor 6 Vontobel DE000VS92AW4 Call 175 Unlimited Faktor Index-Zert. 12X Long Index linked to Gold Vontobel DE000VS92A85 Call 168 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying HVB/UniCredit DE000HU5WB46 Put 115 Capped Bonus-Zertifikat DAX BNP Paribas DE000PB6HVC3 Call 114 Capped Bonus-Zertifikat Brent Crude Oil Future 12/2017 DZ Bank DE000DGK5BF1 Call 85 Capped Bonus-Zertifikat Daimler AG Deutsche Bank DE000DL7H201 Put 73 Reverse Capped Bonus Zert. DAX Commerzbank DE000CD0EYZ1 Put 65 Reverse Bonus Zert. DAX BNP Paribas DE000PB85C30 Put 62 Capped Bonus-Zertifikat DAX BNP Paribas DE000PR2CD99 Call 52 Capped Bonus-Zertifikat Volkswagen AG Vz. BNP Paribas DE000PB5ZQX3 Put 49 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU4N185 Put 42 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU5WB38 Put 42 Reverse Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DL4A2R1 Call 488 Discountzertifikat MorphoSys AG Deutsche Bank DE000DL47W84 Call 484 Discountzertifikat OSRAM Licht AG Commerzbank DE000CE6X7J5 Call 408 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DT0NSM3 Call 392 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DL3W563 Call 296 Discountzertifikat Airbus Group SE Deutsche Bank DE000XM98VR6 Call 275 Discountzertifikat Continental Deutsche Bank DE000XM98WN3 Call 274 Discountzertifikat Daimler AG Deutsche Bank DE000DL4A7W0 Call 269 Discountzertifikat Ströer SE & Co. KGaA Deutsche Bank DE000DL4A4F2 Call 178 Discountzertifikat OSRAM Licht AG Deutsche Bank DE000DL0DSM2 Call 155 Discountzertifikat EURO STOXX 50 Tracker Certificates ISIN Type Number Marketing name Underlying Lang & Schwarz DE000LS9JBB2 Call 418 Opend End Zertifikat LUS Wikifolio-Index IREX Deutsche Bank DE000DT0BAC7 Call 398 Index Zertifikat boerse.de-champions-defensiv Lang & Schwarz DE000LS9AJF5 Call 378 Index Zertifikat LUS Wikifolio-Index Qualität Lang & Schwarz DE000LS9JK44 Call 244 Opend End Zertifikat LUS Wikifolio-Index Rohstoff Deutsche Bank DE Call 221 Index Zertifikat DAX Vontobel DE000VN5MJG9 Call 213 Index Zertifikat XBT/USD Commerzbank DE Call 155 Index Zertifikat Private Equity Beteiligungen Lang & Schwarz DE000LS9AVD5 Call 144 Index Zertifikat Wikifolio-Index DACH-Trading BNP Paribas NL Call 132 Opend End Zertifikat Brent Crude Oil Future 05/2017 Deutsche Bank DE000DB2BRE3 Call 120 Open-End X-Pert Zertifikat Brent Crude Oil Future 05/ Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
5 Overall market: s 1 ( based on volume of ) Volume of Previous Deutsche Bank 19.28% 425, , Commerzbank 12.64% 279, , Citi 10.53% 232, , BNP Paribas 10.05% 221, , DZ Bank 9.72% 214, , Vontobel 8.73% 192, , HSBC Trinkaus 8.08% 178, , Société Générale 5.18% 114, , UBS 4.06% 89, , HVB/UniCredit 3.95% 87, , Goldman Sachs 2.65% 58, , LBBW 2.29% 50, , Lang & Schwarz 1.62% 35, , Morgan Stanley 0.78% 17, , Raiff. Centrobank 0.26% 5, , Erste Group Bank 0.07% 1, , Bank of America Merrill Lynch 0.07% 1, RBS 0.03% JPMorgan 0.01% Total % 2,208, ,489, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
6 Overall market: s 1 ( based on number of ) Number of Previous Commerzbank 17.00% 40, ,221 1 Deutsche Bank 16.00% 38, ,636 2 Citi 11.72% 27, ,110 3 Vontobel 9.30% 22, ,540 4 DZ Bank 8.48% 20, ,283 5 BNP Paribas 8.42% 20, ,050 6 HSBC Trinkaus 5.92% 14, ,214 7 Société Générale 5.10% 12, ,020 9 HVB/UniCredit 4.69% 11, ,710 8 UBS 4.60% 10, , Lang & Schwarz 3.31% 7, , Goldman Sachs 2.22% 5, , Morgan Stanley 1.72% 4, , LBBW 1.14% 2, , Raiff. Centrobank 0.23% Erste Group Bank 0.09% Bank of America Merrill Lynch 0.05% RBS 0.01% JPMorgan 0.00% Total % 238, ,424 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
7 Product groups Market : Warrants 1 ( based on volume of ) Volume of Previous Deutsche Bank 17.55% 47, , Commerzbank 14.24% 38, , Société Générale 11.57% 31, , Citi 10.52% 28, , DZ Bank 10.22% 27, , BNP Paribas 7.91% 21, , HVB/UniCredit 6.35% 17, , Vontobel 6.33% 17, , UBS 5.90% 15, , Goldman Sachs 4.40% 11, , HSBC Trinkaus 4.14% 11, , Morgan Stanley 0.50% 1, , Raiff. Centrobank 0.31% Lang & Schwarz 0.07% Erste Group Bank 0.00% Total % 269, , Relative volume of by underlying s 50.96% Indices 43.21% Commodities 3.37% Currencies 2.26% Others 0.14% Interest 0.07% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
8 Market : Warrants 1 ( based on number of ) Number of Previous Commerzbank 17.30% 8, ,041 1 Deutsche Bank 15.99% 8, ,654 2 Citi 13.98% 7, ,509 3 DZ Bank 8.91% 4, ,935 4 BNP Paribas 7.99% 4, ,197 5 Vontobel 7.45% 3, ,010 6 Société Générale 6.64% 3, ,228 8 HVB/UniCredit 5.74% 2, ,961 7 UBS 5.19% 2, , HSBC Trinkaus 4.97% 2, ,200 9 Goldman Sachs 4.17% 2, , Morgan Stanley 1.08% Raiff. Centrobank 0.41% Lang & Schwarz 0.17% Erste Group Bank 0.00% Total % 51,112 52,523 Relative number of by underlying Stocks 62.62% Indices 30.70% Commodities 4.16% Currencies 2.28% Interest 0.14% Others 0.12% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
9 Market : Knock-Out Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 17.16% 106, , Citi 16.90% 104, , Commerzbank 15.03% 93, , BNP Paribas 12.17% 75, , DZ Bank 7.74% 48, , Vontobel 6.99% 43, , HSBC Trinkaus 6.13% 38, , UBS 5.13% 31, , Société Générale 4.60% 28, , HVB/UniCredit 2.94% 18, , Lang & Schwarz 1.90% 11, , Morgan Stanley 1.81% 11, , Goldman Sachs 1.41% 8, , Erste Group Bank 0.07% Raiff. Centrobank 0.05% Total % 620, , Relative volume of by underlying Indices 56.98% Stocks 26.57% Commodities 10.78% Currencies 3.61% Interest 1.99% Others 0.08% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
10 Market : Knock-Out Products 1 ( based on number of ) Number of Previous Commerzbank 17.56% 22, ,445 1 Citi 14.93% 19, ,873 3 Deutsche Bank 13.68% 17, ,333 2 BNP Paribas 9.72% 12, ,891 4 DZ Bank 8.72% 11, ,242 5 Vontobel 6.84% 8, ,264 6 HSBC Trinkaus 5.77% 7, ,141 8 Société Générale 5.76% 7, ,872 9 UBS 5.41% 6, ,407 7 HVB/UniCredit 4.65% 5, , Lang & Schwarz 2.93% 3, , Morgan Stanley 2.13% 2, , Goldman Sachs 1.76% 2, , Erste Group Bank 0.10% Raiff. Centrobank 0.05% Total % 127, ,145 Relative number of by underlying Indices 47.63% Stocks 32.01% Commodities 12.82% Currencies 4.96% Interest 2.53% Others 0.05% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
11 Market : Yield Enhancement Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 20.32% 241, , DZ Bank 11.42% 135, , BNP Paribas 10.55% 125, , HSBC Trinkaus 10.23% 121, , Commerzbank 9.23% 109, , Citi 8.30% 98, , Vontobel 7.77% 92, , Société Générale 4.56% 54, , HVB/UniCredit 4.31% 51, , LBBW 4.15% 49, , UBS 3.34% 39, , Goldman Sachs 3.20% 37, , Lang & Schwarz 2.01% 23, , Raiff. Centrobank 0.38% 4, , Bank of America Merrill Lynch 0.13% 1, Erste Group Bank 0.09% 1, RBS 0.02% JPMorgan 0.01% Morgan Stanley 0.00% Total % 1,186, ,429, Relative volume of by underlying Stocks 56.50% Indices 40.43% Commodities 2.35% Interest 0.41% Others 0.17% Currencies 0.11% Funds 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
12 Market : Yield Enhancement Products 1 ( based on number of ) Number of Previous Deutsche Bank 24.59% 10, ,341 1 DZ Bank 9.76% 4, ,741 2 Lang & Schwarz 9.46% 4, ,481 3 BNP Paribas 8.31% 3, ,962 4 Commerzbank 8.23% 3, ,650 7 HSBC Trinkaus 7.55% 3, ,861 5 Vontobel 7.26% 3, ,777 6 LBBW 6.21% 2, ,211 8 HVB/UniCredit 5.15% 2, ,826 9 Citi 3.86% 1, , UBS 3.25% 1, , Société Générale 3.15% 1, , Goldman Sachs 2.15% , Raiff. Centrobank 0.58% Bank of America Merrill Lynch 0.26% Erste Group Bank 0.20% RBS 0.03% JPMorgan 0.01% Morgan Stanley 0.00% Total % 42,831 51,546 Relative number of by underlying Stocks 56.94% Indices 38.66% Commodities 3.14% Interest 0.54% Currencies 0.51% Others 0.18% Funds 0.04% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
13 Market : Bonus Certificates 1 ( based on volume of ) Volume of Previous BNP Paribas 15.30% 50, , Citi 14.63% 48, , Deutsche Bank 12.63% 41, , HVB/UniCredit 8.69% 28, , HSBC Trinkaus 8.05% 26, , DZ Bank 7.94% 26, , Commerzbank 7.31% 24, , Goldman Sachs 6.70% 22, , Vontobel 6.51% 21, , UBS 4.97% 16, , Société Générale 4.70% 15, , LBBW 1.93% 6, , Raiff. Centrobank 0.63% 2, , Erste Group Bank 0.01% Total % 330, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
14 Market : Bonus Certificates 1 ( based on number of ) Number of Previous BNP Paribas 15.23% 1, ,319 3 Deutsche Bank 11.69% 1, ,358 2 HVB/UniCredit 10.76% ,443 1 DZ Bank 9.73% Citi 9.72% HSBC Trinkaus 9.18% ,121 4 Commerzbank 8.66% Vontobel 7.16% Goldman Sachs 5.41% UBS 5.07% Société Générale 3.58% LBBW 3.12% Raiff. Centrobank 0.65% Erste Group Bank 0.03% Total % 9,179 10,504 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
15 Market : Discount Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 24.33% 140, , HSBC Trinkaus 13.60% 78, , DZ Bank 13.44% 77, , Commerzbank 11.79% 67, , Citi 8.72% 50, , BNP Paribas 8.46% 48, , Vontobel 7.97% 45, , Société Générale 4.86% 27, , UBS 2.02% 11, , HVB/UniCredit 2.01% 11, , Goldman Sachs 1.76% 10, , LBBW 0.82% 4, , Raiff. Centrobank 0.22% 1, Total % 575, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
16 Market : Discount Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 42.04% 6, ,207 1 HSBC Trinkaus 11.26% 1, ,959 3 DZ Bank 11.15% 1, ,671 2 Commerzbank 10.67% 1, ,385 4 Vontobel 6.40% ,225 5 Citi 4.98% BNP Paribas 4.48% Société Générale 2.58% HVB/UniCredit 2.50% LBBW 1.61% UBS 1.56% Goldman Sachs 0.60% Raiff. Centrobank 0.16% Total % 15,216 18,958 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
17 Market : Tracker Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 29.75% 30, , Lang & Schwarz 22.94% 23, , Commerzbank 8.44% 8, , BNP Paribas 8.00% 8, , DZ Bank 6.96% 7, , HVB/UniCredit 4.39% 4, , Société Générale 3.83% 3, , UBS 3.83% 3, , Vontobel 2.84% 2, , LBBW 2.70% 2, , HSBC Trinkaus 2.05% 2, , Goldman Sachs 1.49% 1, , Bank of America Merrill Lynch 1.47% 1, Raiff. Centrobank 0.80% , Erste Group Bank 0.31% RBS 0.19% Citi 0.01% Total % 103, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
18 Market : Tracker Certificates 1 ( based on number of ) Number of Previous Lang & Schwarz 42.44% 4, ,481 1 Deutsche Bank 16.99% 1, ,227 2 BNP Paribas 7.86% Commerzbank 6.79% HVB/UniCredit 5.26% UBS 4.26% Vontobel 3.85% DZ Bank 3.44% Société Générale 2.64% LBBW 1.81% Raiff. Centrobank 1.35% Bank of America Merrill Lynch 1.17% Goldman Sachs 0.92% HSBC Trinkaus 0.57% Erste Group Bank 0.51% RBS 0.12% Citi 0.02% Total % 9,544 11,220 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
19 Market s: Reverse Convertibles 1 ( based on volume of ) Volume of Previous Vontobel 16.28% 19, , LBBW 15.55% 18, , BNP Paribas 14.84% 17, , DZ Bank 13.48% 16, , Deutsche Bank 13.16% 15, , HSBC Trinkaus 11.82% 14, , Commerzbank 5.16% 6, , HVB/UniCredit 3.41% 4, , Goldman Sachs 3.38% 4, , UBS 2.00% 2, , Société Générale 0.64% , Raiff. Centrobank 0.26% Erste Group Bank 0.02% Total % 119, , ( based on number of ) Number of Previous Vontobel 18.15% 1, ,309 2 LBBW 17.50% 1, ,363 1 BNP Paribas 12.65% DZ Bank 12.41% Deutsche Bank 12.05% HSBC Trinkaus 10.69% Commerzbank 5.94% Goldman Sachs 4.12% HVB/UniCredit 2.90% UBS 2.29% Société Générale 0.73% Raiff. Centrobank 0.54% Erste Group Bank 0.02% Total % 5,753 7,067 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
20 Market : Capital Protection Products 1 ( based on volume of ) Volume of Previous DZ Bank 25.50% 2, , UBS 23.87% 2, Deutsche Bank 15.90% 1, , LBBW 12.25% 1, , Morgan Stanley 7.81% RBS 5.19% HVB/UniCredit 4.74% Société Générale 4.01% Raiff. Centrobank 0.37% Commerzbank 0.19% Erste Group Bank 0.10% Goldman Sachs 0.06% Total % 9, , Relative volume of by underlying Indices 68.48% Stocks 16.90% Interest 10.54% Commodities 2.35% Funds 0.99% Others 0.75% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
21 Market : Capital Protection Products 1 ( based on number of ) Number of Previous DZ Bank 41.78% Deutsche Bank 20.49% LBBW 15.90% HVB/UniCredit 6.20% RBS 5.12% Société Générale 4.31% Morgan Stanley 2.70% UBS 1.62% Commerzbank 0.81% Raiff. Centrobank 0.54% Erste Group Bank 0.27% Goldman Sachs 0.27% Total % Relative number of by underlying Indices 61.73% Stocks 28.57% Interest 4.85% Commodities 2.96% Funds 1.62% Others 0.27% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
22 x AKT UELL euwax report February 2017 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Previous Discount Certificates 48.08% 575, , Bonus Certificates 27.60% 330, , Reverse Certificates 9.95% 119, , Tracker Certificates 8.67% 103, , Express Certificates 4.16% 49, , Certificates with capital protection 0.70% 8, , Credit linked notes 0.41% 4, , Sprint Certificates 0.30% 3, , Structured bonds 0.12% 1, Total % 1,196,840 1,439,187 Market : Investment Products by Securities Type 1 ( based on number of ) Number of Previous Discount Certificates 35.22% 15, ,958 1 Tracker Certificates 22.09% 9, ,220 2 Bonus Certificates 21.25% 9, ,504 3 Reverse Certificates 13.32% 5, ,067 4 Express Certificates 6.54% 2, ,474 5 Certificates with capital protection 0.77% Credit linked notes 0.53% Sprint Certificates 0.19% Structured bonds 0.09% Total % 43,202 52,028 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at February
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 8 euwax report February 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 February
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 8 euwax report February 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 February
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 8 euwax report February 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 February
26 Euwax what s new New Products Launched Number of new products launched in February 2017 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 8,191 13,715-10,887 32,793 Citi 6,793 20,517-3,354 30,664 Commerzbank 7,342 11,857-6,927 26,126 Deutsche Bank 6,183 14, ,256 27,988 DZ Bank 5,508 6,756-5,011 17,275 Erste Group Bank Goldman Sachs 3,642 7,458-8,046 19,146 HSBC Trinkaus 1,289 3,692-2,738 7,719 HVB/UniCredit 4,734 4,553-5,054 14,341 Lang & Schwarz 44 1, ,755 LBBW Morgan Stanley 4,301 3, ,965 Raiff. Centrobank Société Générale 7,550 11, ,951 UBS 3,327 6,833-1,441 11,601 Vontobel 6,195 13,180-4,228 23,603 Total 65, , , ,858 26
27 Products Reaching Final Maturity Number of products reaching final maturity in February 2017 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 6,248 13,661-5,090 24,999 Citi 6,946 22,126-4,230 33,302 Commerzbank 3,225 11,584-5,672 20,481 Deutsche Bank 2,566 12,931-1,316 16,813 DZ Bank 3,133 6,355-4,372 13,860 Erste Group Bank Goldman Sachs 3,829 7,405-2,620 13,854 HSBC Trinkaus 195 3, ,494 HVB/UniCredit 2,519 3, ,543 10,223 JPMorgan Lang & Schwarz LBBW Morgan Stanley 2 3, ,430 Raiff. Centrobank Société Générale 5,644 11, ,412 UBS 2,208 7, ,455 18,418 Vontobel 2,111 10,502-3,352 15,965 Total 38, , , ,114 (as at February 2017) 27
28 Listed Products Number of listed products as at February 2017 of total February January 2017 Commerzbank 13.09% 187, ,835 1 Deutsche Bank 11.82% 169, ,347 3 Citi 11.17% 159, ,436 2 BNP Paribas 10.93% 156, ,572 4 DZ Bank 8.94% 127, ,488 6 Société Générale 8.85% 126, ,242 5 Vontobel 7.93% 113, ,877 7 Goldman Sachs 6.47% 92, , HVB/UniCredit 6.37% 91, ,417 9 UBS 6.19% 88, ,351 8 HSBC Trinkaus 4.83% 69, , Morgan Stanley 1.06% 15, , Lang & Schwarz 0.91% 12, , LBBW 0.73% 10, , Raiff. Centrobank 0.55% 7, , Erste Group Bank 0.16% 2, , JPMorgan 0.00% Bank of America Merrill Lynch 0.00% RBS 0.00% Nomura 0.00% Number of listed products as at 28 February 2017 (reporting date). 2 Number of listed products as at 31 January 2017 (reporting date) % 1,432,073 1,386,366 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 February 2017 Goldman Sachs Vontobel 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 February 2017 Vontobel 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 February 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. February.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 June 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. Andreas Groß, 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 2017 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30
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