euwax report July 2017

Transcription

1 Dear Readers, After the sharp correction towards the end of the, the DAX initially entered a consolidation formation in July. The German market barometer fluctuated between 12,300 and 12,500 points. Towards mid-, a short recovery trend began, which already ended on July 13th at 12,676 points. Then it only got worse. On July 31st, the s low was reached at 12,097 points. The gains caused by the election of Emmanuel Macron as President of France have thereby almost completely been contracted again. The Euro exchange rate became a stress factor for the German stock market as it climbed from 1.13 to 1.18 US dollars during the period concerned. The volatility of the DAX faced a sideways trend in July. The fluctuation range illustrated by the VDAX mainly moved between 12.5 and 14.5 percentage points. The total sales volume of securitized derivatives reached around 1.85 billion Euro at the EUWAX in July. These are 15.7 percent less than in June. The number of fell by 4.2 percent to 232,543. The average order size summed up to 7,945 Euro throughout all product groups and was thereby 1,083 Euro and twelve percent lower respectively than in the. Overall, investors were acting more cautiously and traded smaller volumes. In comparison with July 2016, this results in a decline of the total turnover of 3.8 percent at the EUWAX. As investors had 21 trading days at hand both in June and July 2017 as well as in July 2016, the ly data obtained can be directly compared with each other. The trading volume of equity warrants decreased by 16.5 percent to million Euro compared to the. The ly sales of knock out products fell by 10.8 percent to about million Euro. The average order size accounted for 4,216 Euro for the whole group of leverage products and was thereby 452 Euro lower than in June. Regarding investment products, the trading volume decreased by 11.4 percent to around million Euro in July. 40,482 were, 6.3 percent less than in June. The average client order accounted for 24,540 Euro and was thereby 1,409 Euro lower than in the. The share of investment products in the total trading turnover of the EUWAX summed up to 53.8 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 July 2017) Number of leverage products without knock-out * July ,276 June ,900 Number of leverage products with knock-out 402, ,126 Number of yield enhancement 571, ,841 Number of capital protection Total Number of securitised derivatives 1,540,056 1,445,215 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 % 69.66% % 67.47% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 31 July 2017 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Number of by asset class With KO Without KO Investment products Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF2QJP9 Call 1,394 Call/160,00/ Alibaba Group Holding Morgan Stanley DE000MF2QF36 Call 773 Call/155,00/ Alibaba Group Holding Morgan Stanley DE000MF2QFR3 Call 735 Call/65,00/ Activision Blizzard Morgan Stanley DE000MF2QFC5 Call 687 Call/140,00/ Intuit Morgan Stanley DE000MF2QL61 Call 597 Call/230,00/ Baidu.com Morgan Stanley DE000MF2RB70 Call 534 Call/155,00/ Adobe Systems Morgan Stanley DE000MF1VY37 Call 475 Call/135,00/ Adobe Systems Morgan Stanley DE000MF2QF10 Call 410 Call/320,00/ NetEase Morgan Stanley DE000MF2T147 Call 396 Call/13,50/ Vipshop Holdings Morgan Stanley DE000MF2QMC1 Call 370 Call/50,00/ JD.com Knock-out Products ISIN Type Number Marketing name Underlying HSBC Trinkaus DE000TD9RRV8 Put 244 Turbo Zertifikat DAX Deutsche Bank DE000DM4UY55 Put 218 WAVE XXL DAX DZ Bank DE000DGS5PE6 Call 204 Unlimited Turbo Zertifikat DAX Commerzbank DE000CV1S903 Put 190 Turbo Zertifikat DAX Citi DE000CX9HPL9 Call 186 Unlimited Turbo Zertifikat SAP SE Commerzbank DE000CV257W2 Put 184 Unlimited Turbo Zertifikat DAX Commerzbank DE000CE84603 Call 174 Unlimited Turbo Zertifikat Lenzing AG Goldman Sachs DE000GD5R2M2 Call 174 Turbo Zertifikat DAX Deutsche Bank DE000DM4CSM5 Call 170 WAVE XXL Novo-Nordisk AS BNP Paribas DE000PR6B5Q4 Call 162 Turbo Zertifikat DAX Factor Certificates ISIN Type Number Marketing name Underlying Commerzbank DE000CD4H1F0 Call 367 Unlimited Faktor Index-Zert. Faktor 12x Short DAXF 2 Index Morgan Stanley DE000MF1HBW3 Call 261 Unlimited Faktor Index-Zert. Amazon.com Deutsche Bank DE000DX8DAX6 Call 246 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Commerzbank DE000CD8ZL37 Call 243 Unlimited Faktor Index-Zert. Faktor 8x Long Deutsche Bank 2 Vontobel DE000VN2EJK5 Call 227 Unlimited Faktor Index-Zert. 8X Long Index Deutsche Bank Vontobel DE000VS66JU3 Call 196 Unlimited Faktor Index-Zert. 15X Long Index DAX V3 Vontobel DE000VN51793 Call 183 Unlimited Faktor Index-Zert. 12X Long Index Silver Vontobel DE000VN51785 Call 171 Unlimited Faktor Index-Zert. 12X Short Index Brent Crude Oil Vontobel DE000VS92A85 Call 159 Unlimited Faktor Index-Zert. 15X Long Index DAX Vontobel DE000VS92AW4 Call 154 Unlimited Faktor Index-Zert. 12X Long Index Gold 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying HVB/UniCredit DE000HU72MX4 Put 87 Reverse Capped Bonus Zert. DAX DZ Bank DE000DGW9TJ3 Call 65 Capped Bonus-Zertifikat Deutsche Bank AG Deutsche Bank DE000DM5G7T7 Put 51 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DM18K33 Call 47 Capped Bonus-Zertifikat Infineon Technologies AG HSBC Trinkaus DE000TD9GUN2 Call 42 Capped Bonus-Zertifikat E.ON SE Vontobel DE000VN5QGC5 Call 40 Capped Bonus-Zertifikat Societe Generale HVB/UniCredit DE000HU62VZ1 Put 37 Reverse Capped Bonus Zert. DAX BNP Paribas DE000PB2VZR2 Put 36 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU72KT6 Put 35 Reverse Capped Bonus Zert. DAX Vontobel DE000VL24LB3 Call 35 Capped Bonus-Zertifikat Societe Generale Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DM1Z9U2 Call 1,885 Discountzertifikat HeidelbergCement AG Deutsche Bank DE000DL97D45 Call 1,599 Discountzertifikat thyssenkrupp AG Deutsche Bank DE000DM0PNC7 Call 1,128 Discountzertifikat thyssenkrupp AG HSBC Trinkaus DE000TD7HNH1 Call 372 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DM07CC1 Call 353 Discountzertifikat Schaeffler AG Deutsche Bank DE000DL4A2R1 Call 194 Discountzertifikat MorphoSys AG Deutsche Bank DE000DM1MPE3 Call 162 Discountzertifikat Airbus SE Deutsche Bank DE000DM07AN2 Call 155 Discountzertifikat OSRAM Licht AG Deutsche Bank DE000XM5G8U1 Call 130 Discountzertifikat DAX Deutsche Bank DE000DM1MR57 Call 128 Discountzertifikat BNP Paribas Tracker Certificates ISIN Type Number Marketing name Underlying Vontobel DE000VN5MJG9 Call 527 Index Zertifikat XBT/USD Lang & Schwarz DE000LS9JBB2 Call 467 Opend End Zertifikat LUS Wikifolio-Index IREX Deutsche Bank DE000DT0BAC7 Call 390 Index Zertifikat boerse.de-champions-defensiv Lang & Schwarz DE000LS9AJF5 Call 275 Index Zertifikat LUS Wikifolio-Index Qualität Lang & Schwarz DE000LS9KVT0 Call 234 Index Zertifikat LUS Wikifolio-Index IREX Dach Lang & Schwarz DE000LS9H382 Call 219 Opend End Zertifikat LUS Wikifolio-Index ProReturn Commerzbank DE Call 183 Index Zertifikat Private Equity Beteiligungen Lang & Schwarz DE000LS9HRG1 Call 170 Opend End Zertifikat LUS Wikifolio-Index Lang & Schwarz DE000LS9BNT6 Call 156 Opend End Zertifikat LUS Wikifolio-Index Deutsche Bank DE000DB2BRE3 Call 117 Opend End Zertifikat Brent Crude Oil Future 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

5 Overall market: s 1 ( based on volume of ) Volume of Deutsche Bank 20.87% 385, , Commerzbank 14.12% 260, , DZ Bank 8.91% 164, , HSBC Trinkaus 8.40% 155, , BNP Paribas 8.05% 148, , Vontobel 7.83% 144, , Citi 7.05% 130, , HVB/UniCredit 4.90% 90, , UBS 4.64% 85, , Société Générale 3.91% 72, , Goldman Sachs 3.21% 59, , LBBW 3.04% 56, , Morgan Stanley 2.61% 48, , Lang & Schwarz 2.16% 39, , Raiff. Centrobank 0.21% 3, , Erste Group Bank 0.07% 1, , JPMorgan 0.00% RBS 0.00% Total % 1,847, ,191, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

6 Overall market: s 1 ( based on number of ) Number of Deutsche Bank 15.90% 36, ,380 2 Commerzbank 15.73% 36, ,894 1 Citi 10.60% 24, ,980 3 Vontobel 8.28% 19, ,374 4 DZ Bank 7.65% 17, ,981 6 BNP Paribas 7.22% 16, ,868 5 Morgan Stanley 6.58% 15, , HSBC Trinkaus 6.15% 14, ,761 7 UBS 5.11% 11, ,543 8 HVB/UniCredit 4.88% 11, ,631 9 Société Générale 3.99% 9, , Lang & Schwarz 3.56% 8, , Goldman Sachs 2.83% 6, , LBBW 1.20% 2, , Raiff. Centrobank 0.22% Erste Group Bank 0.09% RBS 0.00% JPMorgan 0.00% Total % 232, ,793 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

7 Product groups Market : Warrants 1 ( based on volume of ) Volume of Commerzbank 15.49% 35, , Deutsche Bank 14.84% 34, , Citi 10.70% 24, , BNP Paribas 10.54% 24, , Morgan Stanley 8.34% 19, , DZ Bank 7.49% 17, , Société Générale 6.84% 15, , Vontobel 6.65% 15, , HVB/UniCredit 6.56% 15, , UBS 4.79% 11, , Goldman Sachs 3.85% 8, , HSBC Trinkaus 3.54% 8, , Raiff. Centrobank 0.28% Lang & Schwarz 0.09% Erste Group Bank 0.01% Total % 231, , Relative volume of by underlying s 62.46% Indices 33.35% Commodities 2.13% Currencies 1.91% Interest 0.10% Others 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

8 Market : Warrants 1 ( based on number of ) Number of Commerzbank 15.99% 9, ,843 1 Morgan Stanley 15.16% 8, , Citi 12.46% 7, ,998 3 Deutsche Bank 11.56% 6, ,118 2 BNP Paribas 7.64% 4, ,344 4 DZ Bank 6.95% 4, ,518 5 Vontobel 5.75% 3, ,839 6 Société Générale 5.62% 3, ,544 7 HVB/UniCredit 5.14% 2, , UBS 5.02% 2, ,391 8 Goldman Sachs 4.31% 2, , HSBC Trinkaus 3.90% 2, ,281 9 Raiff. Centrobank 0.33% Lang & Schwarz 0.16% Erste Group Bank 0.03% Total % 57,961 55,214 Relative number of by underlying Stocks 70.07% Indices 24.35% Commodities 3.28% Currencies 2.07% Interest 0.14% Others 0.08% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

9 Market : Knock-Out Products 1 ( based on volume of ) Volume of Deutsche Bank 18.34% 91, , Commerzbank 16.76% 83, , Citi 12.13% 60, , BNP Paribas 11.45% 57, , DZ Bank 7.44% 37, , Vontobel 6.30% 31, , HVB/UniCredit 5.99% 29, , HSBC Trinkaus 5.73% 28, , UBS 5.62% 28, , Société Générale 4.05% 20, , Lang & Schwarz 2.78% 13, , Goldman Sachs 1.96% 9, , Morgan Stanley 1.26% 6, , Raiff. Centrobank 0.09% Erste Group Bank 0.09% Total % 499, , Relative volume of by underlying Indices 56.28% Stocks 28.91% Commodities 9.65% Currencies 3.78% Interest 1.35% Others 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

10 Market : Knock-Out Products 1 ( based on number of ) Number of Commerzbank 16.57% 19, ,997 1 Citi 14.11% 16, ,622 2 Deutsche Bank 13.88% 16, ,945 3 BNP Paribas 8.86% 10, ,585 4 DZ Bank 8.74% 10, ,929 5 HSBC Trinkaus 7.21% 8, ,112 7 UBS 6.44% 7, ,972 8 Vontobel 6.25% 7, ,991 6 HVB/UniCredit 5.53% 6, , Société Générale 4.41% 5, ,073 9 Lang & Schwarz 3.46% 3, , Goldman Sachs 2.74% 3, , Morgan Stanley 1.62% 1, , Erste Group Bank 0.11% Raiff. Centrobank 0.09% Total % 115, ,090 Relative number of by underlying Indices 48.70% Stocks 34.03% Commodities 10.81% Currencies 5.10% Interest 1.31% Others 0.05% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

11 Market : Yield Enhancement Products 1 ( based on volume of ) Volume of Deutsche Bank 23.38% 230, , HSBC Trinkaus 11.48% 113, , Commerzbank 11.16% 109, , DZ Bank 10.85% 107, , BNP Paribas 6.81% 67, , Vontobel 6.36% 62, , LBBW 5.49% 54, , UBS 4.72% 46, , Citi 4.53% 44, , HVB/UniCredit 4.50% 44, , Goldman Sachs 4.11% 40, , Société Générale 3.60% 35, , Lang & Schwarz 2.61% 25, , Raiff. Centrobank 0.22% 2, , Erste Group Bank 0.09% Morgan Stanley 0.07% JPMorgan 0.00% RBS 0.00% Total % 985, ,113, Relative volume of by underlying Stocks 55.83% Indices 41.38% Commodities 1.87% Currencies 0.49% Interest 0.39% Others 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

12 Market : Yield Enhancement Products 1 ( based on number of ) Number of Deutsche Bank 31.66% 12, ,391 1 Lang & Schwarz 10.46% 4, ,859 2 DZ Bank 8.49% 3, ,222 3 Commerzbank 7.45% 2, ,267 6 HSBC Trinkaus 7.19% 2, ,439 5 LBBW 6.74% 2, ,855 8 Vontobel 6.29% 2, ,586 4 BNP Paribas 5.36% 2, ,937 7 HVB/UniCredit 4.63% 1, ,639 9 UBS 3.84% 1, , Citi 2.76% 1, , Goldman Sachs 2.29% Société Générale 2.20% , Raiff. Centrobank 0.47% Erste Group Bank 0.15% Morgan Stanley 0.01% RBS 0.01% JPMorgan 0.00% Total % 40,110 42,841 Relative number of by underlying Stocks 61.02% Indices 34.74% Commodities 2.42% Currencies 1.32% Interest 0.43% Others 0.07% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

13 Market : Bonus Certificates 1 ( based on volume of ) Volume of Deutsche Bank 17.84% 47, , BNP Paribas 13.85% 37, , Citi 10.94% 29, , Goldman Sachs 10.57% 28, , HSBC Trinkaus 8.65% 23, , HVB/UniCredit 7.55% 20, , DZ Bank 7.47% 20, , Commerzbank 6.63% 17, , UBS 5.35% 14, , Société Générale 4.81% 12, , Vontobel 3.88% 10, , LBBW 1.93% 5, , Raiff. Centrobank 0.39% 1, , Erste Group Bank 0.14% Total % 268, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

14 Market : Bonus Certificates 1 ( based on number of ) Number of Deutsche Bank 15.73% 1, ,088 2 BNP Paribas 11.97% ,045 3 HVB/UniCredit 11.44% ,533 1 DZ Bank 10.17% Citi 9.71% HSBC Trinkaus 9.32% Commerzbank 7.36% Goldman Sachs 7.32% Vontobel 5.55% UBS 4.40% LBBW 3.53% Société Générale 2.41% Raiff. Centrobank 0.90% Erste Group Bank 0.18% Total % 7,868 8,932 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

15 Market : Discount Certificates 1 ( based on volume of ) Volume of Deutsche Bank 31.10% 140, , HSBC Trinkaus 17.04% 76, , DZ Bank 13.55% 61, , Commerzbank 10.46% 47, , Vontobel 6.47% 29, , UBS 4.33% 19, , BNP Paribas 4.11% 18, , Société Générale 3.70% 16, , Citi 3.40% 15, , HVB/UniCredit 3.16% 14, , Goldman Sachs 1.28% 5, , LBBW 1.24% 5, , Morgan Stanley 0.14% Raiff. Centrobank 0.02% Total % 450, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

16 Market : Discount Certificates 1 ( based on number of ) Number of Deutsche Bank 58.60% 9, ,395 1 HSBC Trinkaus 10.80% 1, ,712 3 DZ Bank 7.74% 1, ,793 2 Commerzbank 6.67% 1, ,279 4 Vontobel 3.88% UBS 3.30% BNP Paribas 2.69% Citi 2.16% Société Générale 1.67% LBBW 1.30% HVB/UniCredit 0.96% Goldman Sachs 0.18% Raiff. Centrobank 0.04% Morgan Stanley 0.01% Total % 15,706 12,772 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

17 Market : Tracker Certificates 1 ( based on volume of ) Volume of Commerzbank 32.59% 36, , Lang & Schwarz 23.02% 25, , Deutsche Bank 17.99% 20, , Vontobel 5.40% 6, , UBS 4.50% 5, , DZ Bank 4.28% 4, , LBBW 2.69% 3, , HVB/UniCredit 2.68% 2, , HSBC Trinkaus 2.51% 2, , BNP Paribas 2.07% 2, , Société Générale 0.98% 1, , Goldman Sachs 0.76% , Raiff. Centrobank 0.36% Erste Group Bank 0.15% RBS 0.02% Total % 111, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

18 Market : Tracker Certificates 1 ( based on number of ) Number of Lang & Schwarz 47.75% 4, ,859 1 Deutsche Bank 13.79% 1, ,528 2 Commerzbank 9.99% Vontobel 7.41% ,227 3 UBS 4.27% BNP Paribas 4.02% HVB/UniCredit 3.63% DZ Bank 2.69% LBBW 1.81% Société Générale 1.79% Raiff. Centrobank 0.96% HSBC Trinkaus 0.81% Goldman Sachs 0.72% Erste Group Bank 0.33% RBS 0.05% Total % 8,783 11,842 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

19 Market s: Reverse Convertibles 1 ( based on volume of ) Volume of LBBW 21.28% 20, , Deutsche Bank 15.65% 15, , Vontobel 12.07% 11, , DZ Bank 11.85% 11, , HSBC Trinkaus 10.54% 10, , BNP Paribas 9.33% 9, , Commerzbank 6.79% 6, , Goldman Sachs 4.58% 4, , HVB/UniCredit 4.12% 4, , UBS 2.96% 2, , Raiff. Centrobank 0.59% Société Générale 0.18% Erste Group Bank 0.07% Morgan Stanley 0.00% Total % 98, , ( based on number of ) Number of LBBW 21.92% 1, ,098 1 Vontobel 14.07% Deutsche Bank 12.55% DZ Bank 12.46% BNP Paribas 8.88% Commerzbank 8.32% HSBC Trinkaus 7.83% HVB/UniCredit 5.05% Goldman Sachs 4.76% UBS 3.32% Raiff. Centrobank 0.45% Société Générale 0.29% Erste Group Bank 0.08% Morgan Stanley 0.02% Total % 4,854 6,436 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

20 Market : Capital Protection Products 1 ( based on volume of ) Volume of DZ Bank 36.77% 2, , LBBW 27.02% 2, , Deutsche Bank 23.80% 1, , Société Générale 5.83% HVB/UniCredit 4.95% Morgan Stanley 0.54% Raiff. Centrobank 0.48% Erste Group Bank 0.33% RBS 0.26% Commerzbank 0.01% Total % 7, , Relative volume of by underlying Indices 65.05% Stocks 24.98% Funds 3.89% Interest 3.76% Commodities 2.03% Others 0.29% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

21 Market : Capital Protection Products 1 ( based on number of ) Number of DZ Bank 44.89% LBBW 23.66% Deutsche Bank 20.43% Société Générale 5.11% HVB/UniCredit 3.76% Morgan Stanley 0.54% Raiff. Centrobank 0.54% RBS 0.54% Commerzbank 0.27% Erste Group Bank 0.27% Total % Relative number of by underlying Indices 63.71% Stocks 26.88% Interest 3.76% Commodities 2.69% Funds 2.42% Others 0.54% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

22 AKTUELL euwax report July 2017 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Discount Certificates 45.35% 450, , Bonus Certificates 27.00% 268, , Tracker Certificates 11.26% 111, , Reverse Certificates 9.90% 98, , Express Certificates 5.22% 51, , Certificates with capital protection 0.74% 7, , Credit linked notes 0.39% 3, , Sprint Certificates 0.12% 1, , Structured bonds 0.03% Total % 993,430 1,120,858 Market : Investment Products by Securities Type 1 ( based on number of ) x Number of Discount Certificates 38.80% 15, ,772 1 Tracker Certificates 21.70% 8, ,842 2 Bonus Certificates 19.44% 7, ,932 3 Reverse Certificates 11.99% 4, ,436 4 Express Certificates 6.64% 2, ,626 5 Certificates with capital protection 0.88% Credit linked notes 0.42% Sprint Certificates 0.10% Structured bonds 0.03% Total % 40,482 43,195 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at July

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 29 euwax report July 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 July

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 29 euwax report July 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 July

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 29 euwax report July 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 July

26 Euwax what s new New Products Launched Number of new products launched in July 2017 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products BNP Paribas 5,229 19,367-9,900 34,496 Citi 9,418 25,166-2,464 37,048 Commerzbank 4,140 15,277-5,393 24,810 Deutsche Bank 2,982 15,948-3,997 22,927 DZ Bank 5,171 13,259-6,226 24,656 Goldman Sachs 12,213 7,673-8,254 28,140 HSBC Trinkaus 1,306 7,558-3,018 11,882 HVB/UniCredit 12,075 11,583-6,491 30,149 Lang & Schwarz 46 1, ,780 LBBW Morgan Stanley 985 5, ,102 Raiff. Centrobank Société Générale 5,267 16,010-10,380 31,657 UBS 1,772 9,570-3,719 15,061 Vontobel 8,333 18,670-7,382 34,385 Total 68, , , ,111 Total 26

27 Products Reaching Final Maturity Number of products reaching final maturity in July 2017 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products BNP Paribas 5,228 16,358-3,151 24,737 Citi 7,850 20,647-1,961 30,458 Commerzbank 2,470 14,248-2,449 19,167 Deutsche Bank 1,845 15,162-1,593 18,600 DZ Bank 2,068 9,647-3,455 15,170 Erste Group Bank Goldman Sachs 4,641 6,930-2,396 13,967 HSBC Trinkaus 298 5, ,836 HVB/UniCredit 2,299 6, ,305 10,174 JPMorgan Lang & Schwarz 43 1, ,217 LBBW Morgan Stanley 11 4, ,142 Raiff. Centrobank RBS Société Générale 5,190 14, ,424 UBS 2,248 8,659-1,127 12,034 Vontobel 2,784 12,281-1,873 16,938 Total 37, , , ,705 Total (as at July 2017) 27

28 Listed Products Number of listed products as at July 2017 of total J uly J une Commerzbank 10.98% 169, ,874 1 Deutsche Bank 10.80% 166, ,344 2 Citi 10.58% 162, ,212 3 BNP Paribas 10.39% 160, ,389 4 Société Générale 9.31% 143, ,780 5 HVB/UniCredit 8.97% 138, ,984 7 DZ Bank 8.94% 137, ,589 6 Vontobel 7.99% 122, ,526 8 UBS 7.21% 111, ,499 9 Goldman Sachs 6.36% 97, , HSBC Trinkaus 4.45% 68, , Morgan Stanley 1.77% 27, , Lang & Schwarz 0.86% 13, , LBBW 0.75% 11, , Raiff. Centrobank 0.49% 7, , Erste Group Bank 0.15% 2, , JPMorgan 0.00% Nomura 0.00% RBS 0.00% total % 1,540,056 1,445,215 1 Number of listed products as at 31 July 2017 (reporting date). 2 Number of listed products as at 30 June 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 July 2017 Société Générale 0,1077 HSBC Trinkaus 0,0699 Commerzbank 0,0273 Total mistrade applications granted (as a proportion of all orders) 0, 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 July 2017 Société Générale 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 July 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 2017 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30