euwax report April 2018

Transcription

1 Dear Readers, The investors nervousness that had predominated in February and March slightly subsided in April. After price corrections regarding technology stocks and further stress factors for the total market, many investors built new confidence. Relating thereto is certainly the hope that an escalation of the international trade conflicts can be avoided. However, the relating negotiations are still in full swing. In the course of the reference, shares were in demand again. As a result, the DAX also rose from 12,000 up to 12,600 points. The 200-day line, which plays a significant role from a chart-technical point of view, was at the upper end of the described range, yet could not be overcome during this period of time. The volatility of the DAX decreased significantly. The fluctuation range indicated by the VDAX-New decreased from about 20 percent to about 15 percent. In April, the total sales volume of securitized derivatives decreased by 25.5 percent to about 1.74 billion euro at the EUWAX in comparison with the. 242,295 were. These are 26.9 percent less than in March. The average order size reached 7,172 euro throughout all product groups and was thereby by 130 euro or 1.9 percent higher than in the. In comparison with April 2017, this results in a decrease of the total turnover of 10.7 percent at the EUWAX. The sales volume of warrants declined by 32.2 percent to about million euro against the. The ly turnover of knock out products decreased by 21.5 percent to around million euro. The average order size for the whole group of leverage products amounted to 4,440 euro, 147 euro more than in March. Regarding investment products, the trading volume plummeted by 23.0 percent to around million euro in April. 28,297 were, 19.2 percent less than in March. The average order size accounted for 26,391 euro here and thereby 1,289 euro less than in the. The share of investment products in the total trading volume at the EUWAX amounted to 43.0 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 April 2018) Number of leverage products without knock-out * April ,658 March ,631 Number of leverage products with knock-out 493, ,099 Number of yield enhancement 523, ,412 Number of capital protection Total Number of securitised derivatives 1,653,010 1,595,458 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 63.31% 66.01% 65.35% 67.50% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 30 April 2018 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) 3,000,000 2,500,000 With KO Without KO Investment products 2,000,000 1,500,000 1,000, ,000 0 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 Number of by asset class 350, ,000 With KO Without KO Investment products 250, , , ,000 50,000 0 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF42TF0 Call 893 Call/90/ Shutterfly Inc. Morgan Stanley DE000MF3VMK2 Call 693 Call/480/ Tencent Holdings Ltd. Morgan Stanley DE000MF3VHE5 Call 644 Call/180/ Intuit Morgan Stanley DE000MF39QW7 Call 636 Call/85/ PayPal Holdings Inc. Morgan Stanley DE000MF42X10 Call 616 Call/85/ Salesforce.com Morgan Stanley DE000MF4XY73 Put 599 Put/280/ Netflix Morgan Stanley DE000MF398M3 Call 593 Call/1200/ Alphabet Inc. (Class C) Morgan Stanley DE000MF39P07 Call 588 Call/2200/ Booking Holdings Inc. Morgan Stanley DE000MF5LRK7 Put 584 Put/1260/ Amazon.com Morgan Stanley DE000MF4XY40 Put 574 Put/211/ Adobe Systems Knock-out Products ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF4J1W7 Put 331 Turbo Zertifikat DAX BNP Paribas DE000PP4C4L3 Put 231 Turbo Zertifikat DAX Morgan Stanley DE000MF4XNX7 Call 228 Unlimited Turbo Zertifikat Siemens Healthineers AG BNP Paribas DE000PP7FNH5 Call 183 Unlimited Turbo Zertifikat DAX DZ Bank DE000DD5E1K0 Put 175 Unlimited Turbo Zertifikat DAX Commerzbank DE000CV7X579 Put 169 Unlimited Turbo Zertifikat DAX Vontobel DE000VL7GGK7 Call 161 Mini Future Zucker Nr. 11 Future (ICE) USD Deutsche Bank DE000DM4T3P0 Put 160 WAVE XXL Palladium DZ Bank DE000DGK4ET9 Call 155 Unlimited Turbo Zertifikat DAX HVB/UniCredit DE000HW9X355 Put 146 Mini Future DAX Factor Certificates ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF1G6B6 Call 824 Unlimited Faktor Index-Zert. Axel Springer SE Morgan Stanley DE000MF1H177 Call 811 Unlimited Faktor Index-Zert. Salzgitter AG Morgan Stanley DE000MF1H1N1 Call 647 Unlimited Faktor Index-Zert. Rocket Internet SE Morgan Stanley DE000MF1H7S7 Call 630 Unlimited Faktor Index-Zert. Airbus SE Morgan Stanley DE000MF2RK38 Call 448 Unlimited Faktor Index-Zert. Solactive WANT AR Index Morgan Stanley DE000MF1GEK4 Call 372 Unlimited Faktor Index-Zert. Evotec AG Vontobel DE000VS66JU3 Call 365 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX V3 Commerzbank DE000CE8RGQ1 Call 282 Unlimited Faktor Index-Zert. 2x Long Pfandbriefbank Index Commerzbank DE000CD6UFK5 Call 267 Unlimited Faktor Index-Zert. 15x Long DAXF Index Morgan Stanley DE000MF1GF21 Call 219 Unlimited Faktor Index-Zert. Covestro AG 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 Deutsche Bank DE000DS2HVZ8 Put 111 Reverse Capped Bonus Zert. DAX Vontobel DE000VL88GJ1 Put 95 Reverse Capped Bonus Zert. DAX Vontobel DE000VL88F18 Put 77 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DS2HPY3 Put 74 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DS2HPX5 Put 66 Reverse Capped Bonus Zert. DAX Vontobel DE000VL8TPV6 Put 64 Reverse Capped Bonus Zert. DAX HSBC Trinkaus DE000TR2LMR9 Put 62 Reverse Capped Bonus Zert. DAX Vontobel DE000VL88GP8 Put 51 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DS2HQZ8 Put 47 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DS2HPL0 Put 46 Reverse Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying HSBC Trinkaus DE000TR3D643 Call 428 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DM2J5L8 Call 209 Discountzertifikat Qiagen N.V. HVB/UniCredit DE000HU86VE5 Call 205 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DM4AVP6 Call 196 Discountzertifikat Evotec AG Deutsche Bank DE000DL97D45 Call 186 Discountzertifikat thyssenkrupp AG Deutsche Bank DE000DM2HY21 Call 175 Discountzertifikat GEA Group AG Deutsche Bank DE000DS03RT9 Call 164 Discountzertifikat Covestro AG Deutsche Bank DE000DM1Z9U2 Call 139 Discountzertifikat HeidelbergCement AG Deutsche Bank DE000DM9ZKE9 Call 110 Discountzertifikat DAX Deutsche Bank DE000DM4B093 Call 89 Discountzertifikat Moet Hennessy Louis Vuitton SE Tracker Certificates ISIN Type Number Marketing name Underlying Vontobel DE000VL3TBC7 Call 725 Opend End Zertifikat XBT/USD Vontobel DE000VN5MJG9 Call 308 Index Zertifikat XBT/USD Vontobel DE000VL99BC4 Call 148 Opend End Zertifikat BCH/USD Deutsche Bank DE000DT0BAC7 Call 139 Index Zertifikat boerse.de-champions-defensiv Deutsche Bank DE000DB3CTQ9 Call 120 Open-End X-Pert Zertifikat Brent Crude Oil (ICE-Europe) USD Commerzbank DE Call 117 Index Zertifikat Private Equity Beteiligungen Deutsche Bank DE000DB2BRE3 Call 112 Open-End X-Pert Zertifikat Brent Crude Oil (ICE-Europe) USD BNP Paribas NL Call 94 Opend End Zertifikat Brent Crude Oil (ICE-Europe) USD HVB/UniCredit DE000HW3KLU2 Call 86 Opend End Zertifikat Gold DZ Bank DE000DG1HHH1 Call 80 Opend End Zertifikat Brent Crude Oil (ICE-Europe) USD 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 (volumne Commerzbank 13.72% 238, , Deutsche Bank 13.67% 237, , DZ Bank 12.45% 216, , HSBC Trinkaus 9.26% 160, , BNP Paribas 8.84% 153, , Vontobel 8.65% 150, , Citi 7.23% 125, , Morgan Stanley 7.14% 124, , UBS 4.69% 81, , HVB/UniCredit 4.50% 78, , Société Générale 3.24% 56, , Goldman Sachs 2.26% 39, , LBBW 2.23% 38, , Lang & Schwarz 1.56% 27, , Raiff. Centrobank 0.23% 3, , JPMorgan 0.23% 3, , Erste Group Bank 0.10% 1, , Nomura 0.00% Total % 1,737, ,333, 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 (number Morgan Stanley 16.29% 39, ,267 1 Commerzbank 13.20% 31, ,011 2 Deutsche Bank 10.62% 25, ,684 3 Citi 9.30% 22, ,942 4 DZ Bank 8.54% 20, ,551 5 BNP Paribas 8.35% 20, ,895 6 Vontobel 8.09% 19, ,084 7 HSBC Trinkaus 5.88% 14, ,397 8 UBS 5.44% 13, ,455 9 HVB/UniCredit 4.65% 11, , Société Générale 3.75% 9, , Lang & Schwarz 2.24% 5, , Goldman Sachs 2.15% 5, , LBBW 0.81% 1, , JPMorgan 0.48% 1, , Raiff. Centrobank 0.16% Erste Group Bank 0.07% Nomura 0.00% Total % 242, ,389 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 (volumne Morgan Stanley 18.47% 50, , Deutsche Bank 12.86% 34, , Citi 11.82% 32, , Commerzbank 9.46% 25, , BNP Paribas 8.33% 22, , DZ Bank 6.95% 18, , HVB/UniCredit 6.57% 17, , Vontobel 6.40% 17, , Société Générale 6.13% 16, , HSBC Trinkaus 4.67% 12, , UBS 4.01% 10, , Goldman Sachs 3.99% 10, , Raiff. Centrobank 0.17% Lang & Schwarz 0.14% JPMorgan 0.03% Total % 272, , Relative volume of by underlying s 67.32% Indices 27.95% Commodities 1.91% Others 1.53% Currencies 1.28% 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 (number Morgan Stanley 25.72% 18, ,208 1 Citi 11.38% 8, ,606 3 Deutsche Bank 9.89% 7, ,283 2 Commerzbank 9.22% 6, ,428 4 BNP Paribas 8.70% 6, ,968 5 DZ Bank 7.06% 5, ,541 6 Vontobel 6.31% 4, ,715 8 Société Générale 5.19% 3, , HVB/UniCredit 4.96% 3, ,734 7 UBS 3.89% 2, ,621 9 HSBC Trinkaus 3.89% 2, , Goldman Sachs 3.48% 2, , Raiff. Centrobank 0.17% Lang & Schwarz 0.15% JPMorgan 0.00% Total % 73, ,674 Relative number of by underlying Stocks 72.55% Indices 22.72% Commodities 1.91% Others 1.66% Currencies 1.16% Interest 0.01% 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 (volumne Commerzbank 19.00% 103, , Deutsche Bank 15.32% 83, , Citi 13.06% 70, , DZ Bank 12.22% 66, , BNP Paribas 8.65% 46, , UBS 5.94% 32, , HSBC Trinkaus 5.85% 31, , Vontobel 4.81% 26, , HVB/UniCredit 3.70% 20, , Société Générale 3.49% 18, , Morgan Stanley 3.19% 17, , Lang & Schwarz 2.23% 12, , Goldman Sachs 1.74% 9, , JPMorgan 0.71% 3, , Raiff. Centrobank 0.06% Erste Group Bank 0.03% Total % 542, , Relative volume of by underlying Indices 56.49% Stocks 29.15% Others 7.53% Commodities 3.76% Currencies 3.08% 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 (number Commerzbank 15.12% 16, ,546 1 Citi 12.22% 13, ,435 2 Deutsche Bank 10.90% 11, ,626 5 BNP Paribas 10.80% 11, ,397 4 DZ Bank 10.58% 11, ,492 3 UBS 8.48% 9, ,592 6 HSBC Trinkaus 6.85% 7, ,393 7 Morgan Stanley 5.17% 5, , Vontobel 5.09% 5, ,670 8 HVB/UniCredit 4.67% 5, ,219 9 Société Générale 4.22% 4, , Lang & Schwarz 2.80% 3, , Goldman Sachs 1.90% 2, , JPMorgan 1.06% 1, , Erste Group Bank 0.07% Raiff. Centrobank 0.05% Total % 109, ,796 Relative number of by underlying Indices 45.32% Stocks 35.57% Others 9.66% Commodities 5.02% Currencies 4.44% 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 (volumne DZ Bank 16.72% 122, , Deutsche Bank 14.82% 108, , HSBC Trinkaus 14.42% 106, , BNP Paribas 11.42% 84, , Commerzbank 9.11% 67, , Vontobel 7.59% 55, , LBBW 5.19% 38, , UBS 5.19% 38, , HVB/UniCredit 4.62% 33, , Citi 3.05% 22, , Société Générale 2.76% 20, , Goldman Sachs 2.56% 18, , Lang & Schwarz 1.99% 14, , Raiff. Centrobank 0.36% 2, , Erste Group Bank 0.19% 1, , Morgan Stanley 0.01% Total % 735, , Relative volume of by underlying Stocks 51.70% Indices 41.08% Others 4.56% Currencies 1.16% Interest 0.85% Commodities 0.65% Funds 0.01% 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 (number Deutsche Bank 20.36% 5, ,415 1 DZ Bank 12.02% 3, ,884 3 Vontobel 11.56% 3, ,234 2 HSBC Trinkaus 10.14% 2, ,152 5 Lang & Schwarz 8.08% 2, ,265 4 BNP Paribas 7.07% 1, ,530 7 Commerzbank 7.07% 1, ,641 6 LBBW 7.00% 1, ,312 8 HVB/UniCredit 5.67% 1, ,609 9 UBS 3.65% 1, , Citi 2.47% Société Générale 2.19% Goldman Sachs 1.86% , Raiff. Centrobank 0.54% Erste Group Bank 0.31% Morgan Stanley 0.02% Total % 27,628 34,270 Relative number of by underlying Stocks 52.11% Indices 35.67% Others 6.14% Currencies 3.85% Commodities 1.36% Interest 0.86% 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 (volumne BNP Paribas 21.02% 45, , DZ Bank 13.26% 28, , Deutsche Bank 12.13% 26, , UBS 9.04% 19, , HSBC Trinkaus 8.64% 18, , Goldman Sachs 7.57% 16, , Commerzbank 6.89% 14, , Citi 6.74% 14, , HVB/UniCredit 4.71% 10, , Vontobel 3.46% 7, , Société Générale 3.08% 6, , LBBW 2.70% 5, , Raiff. Centrobank 0.63% 1, , Erste Group Bank 0.13% , Total % 217, , 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 (number Deutsche Bank 15.79% BNP Paribas 12.41% ,150 2 DZ Bank 10.74% Vontobel 10.53% HSBC Trinkaus 10.18% ,247 1 HVB/UniCredit 7.25% Goldman Sachs 6.79% Commerzbank 6.23% Citi 6.21% LBBW 5.44% UBS 5.30% Société Générale 2.20% Raiff. Centrobank 0.56% Erste Group Bank 0.38% Total % 6,099 7,812 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 (volumne HSBC Trinkaus 22.18% 69, , DZ Bank 19.74% 61, , Deutsche Bank 16.79% 52, , Commerzbank 10.56% 33, , BNP Paribas 8.72% 27, , Vontobel 7.83% 24, , HVB/UniCredit 4.68% 14, , UBS 3.33% 10, , Société Générale 2.48% 7, , Citi 2.40% 7, , LBBW 0.76% 2, , Goldman Sachs 0.39% 1, , Raiff. Centrobank 0.16% Total % 313, , 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 (number Deutsche Bank 33.44% 2, ,536 1 HSBC Trinkaus 18.62% 1, ,403 3 DZ Bank 13.04% 1, ,458 2 Commerzbank 9.54% ,025 4 Vontobel 5.44% BNP Paribas 4.97% HVB/UniCredit 4.97% Citi 3.42% UBS 2.89% Société Générale 2.12% LBBW 1.18% Raiff. Centrobank 0.19% Goldman Sachs 0.17% Total % 8,811 10,290 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 (volumne Deutsche Bank 20.27% 14, , Lang & Schwarz 19.98% 14, , Commerzbank 15.39% 11, , Vontobel 14.49% 10, , DZ Bank 6.62% 4, , Société Générale 5.79% 4, , BNP Paribas 5.26% 3, , UBS 3.58% 2, , HVB/UniCredit 3.15% 2, , LBBW 1.92% 1, HSBC Trinkaus 1.78% 1, , Erste Group Bank 1.14% Raiff. Centrobank 0.41% Goldman Sachs 0.18% Citi 0.06% Total % 73, , 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 (number Lang & Schwarz 32.94% 2, ,265 1 Vontobel 21.33% 1, ,827 2 Deutsche Bank 14.84% 1, ,158 3 Commerzbank 6.06% BNP Paribas 5.52% DZ Bank 5.13% HVB/UniCredit 4.87% UBS 3.26% Société Générale 2.68% Raiff. Centrobank 0.93% LBBW 0.84% Erste Group Bank 0.66% HSBC Trinkaus 0.66% Goldman Sachs 0.25% Citi 0.01% Total % 6,779 8,704 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 (volumne HSBC Trinkaus 19.58% 16, , DZ Bank 18.35% 15, , LBBW 16.43% 13, , Vontobel 10.69% 8, , Deutsche Bank 9.63% 8, , BNP Paribas 8.57% 7, , Commerzbank 7.77% 6, , HVB/UniCredit 4.64% 3, , UBS 2.97% 2, , Goldman Sachs 0.85% , Raiff. Centrobank 0.50% Société Générale 0.02% Morgan Stanley 0.01% Total % 83, , ( based on number of ) Number of (number LBBW 19.65% HSBC Trinkaus 14.08% DZ Bank 13.88% Vontobel 12.31% BNP Paribas 10.94% Deutsche Bank 9.40% Commerzbank 7.97% HVB/UniCredit 6.03% UBS 3.28% Goldman Sachs 1.46% Raiff. Centrobank 0.83% Société Générale 0.11% Morgan Stanley 0.06% Total % 3,501 4,534 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 (volumne DZ Bank 72.75% 8, , Deutsche Bank 14.63% 1, , LBBW 5.42% Société Générale 3.51% UBS 1.69% HVB/UniCredit 0.87% Erste Group Bank 0.58% Commerzbank 0.28% Raiff. Centrobank 0.18% Morgan Stanley 0.09% Total % 11, , Relative volume of by underlying Indices 58.67% Stocks 35.82% Commodities 2.55% Others 1.52% Funds 0.74% Interest 0.71% 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 (number DZ Bank 81.61% Deutsche Bank 9.72% LBBW 3.59% Société Générale 2.09% HVB/UniCredit 1.20% Erste Group Bank 0.75% Commerzbank 0.45% UBS 0.30% Morgan Stanley 0.15% Raiff. Centrobank 0.15% Total % Relative number of by underlying Indices 54.26% Stocks 40.81% Commodities 2.69% Funds 0.90% Interest 0.90% Others 0.45% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

22 AKTUELL euwax report April 2018 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of (volumne Discount Certificates 41.94% 313, , Bonus Certificates 29.12% 217, , Reverse Certificates 11.16% 83, , Tracker Certificates 9.81% 73, , Express Certificates 5.40% 40, , Certificates with capital protection 1.51% 11, , Credit linked notes 0.96% 7, , Sprint Certificates 0.10% , Structured bonds 0.01% Total % 746, ,759 Market : Investment Products by Securities Type 1 ( based on number of ) x Number of (number Discount Certificates 31.14% 8, ,290 1 Tracker Certificates 23.96% 6, ,704 2 Bonus Certificates 21.55% 6, ,812 3 Reverse Certificates 12.37% 3, ,534 4 Express Certificates 7.46% 2, ,549 5 Certificates with capital protection 2.35% Credit linked notes 1.04% Sprint Certificates 0.12% Structured bonds 0.02% Total % 28,297 35,034 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at April

23 2017 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 18 euwax report April 2018 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 2017 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 18 euwax report April 2018 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 2017 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 18 euwax report April 2018 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 2018 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products BNP Paribas 8,252 25, ,914 42,633 Citi 9,307 14, ,020 28,626 Commerzbank 3,002 17, ,155 26,099 Deutsche Bank 4,768 12, ,761 20,301 DZ Bank 3,835 17, ,922 28,601 Erste Group Bank Goldman Sachs 10,399 5, ,222 20,337 HSBC Trinkaus 125 8, ,487 10,393 JPMorgan 188 7, ,018 LBBW ,154 1,156 Lang & Schwarz 71 2, ,548 Morgan Stanley 7,441 10, ,186 Nomura Raiff. Centrobank Société Générale 8,507 18, ,831 28,878 UBS 6,173 20, ,215 34,180 HVB/UniCredit 4,584 9, ,516 17,331 Vontobel 7,172 30, ,566 41,838 Total 73, , , ,876 Total 26

27 Products Reaching Final Maturity Number of products reaching final maturity in April 2018 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products BNP Paribas 9,272 24, ,169 38,046 Citi 8,212 15, ,296 28,117 Commerzbank 2,401 18, ,126 22,968 Deutsche Bank 3,402 13, ,551 18,598 DZ Bank 2,865 15, ,130 19,471 Erste Group Bank Goldman Sachs 4,904 6, ,714 16,190 HSBC Trinkaus 98 7, ,089 8,313 JPMorgan 63 7, ,830 LBBW Lang & Schwarz 44 1, ,735 Morgan Stanley 317 7, ,118 Nomura Raiff. Centrobank Société Générale 2,862 16, ,626 UBS 6,613 19, ,928 HVB/UniCredit 9,453 9, ,486 21,687 Vontobel 3,366 22, ,921 28,086 Total 53, , , ,382 Total (as at April 2018) 27

28 Listed Products Number of listed products as at April 2018 of total April March BNP Paribas 10.34% 170, ,344 1 Commerzbank 10.23% 169, ,219 3 Deutsche Bank 10.19% 168, ,992 2 DZ Bank 9.72% 160, ,967 4 Citi 9.06% 149, ,742 5 Société Générale 8.68% 143, ,765 7 HVB/UniCredit 8.57% 141, ,189 6 Vontobel 8.26% 136, ,046 8 UBS 7.49% 123, ,190 9 Goldman Sachs 5.90% 97, , HSBC Trinkaus 4.54% 74, , Morgan Stanley 3.91% 64, , Lang & Schwarz 0.98% 16, , LBBW 0.93% 15, , JPMorgan 0.75% 12, , Raiff. Centrobank 0.35% 5, , Erste Group Bank 0.12% 1, , Nomura 0.00% Total % 1,653,010 1,595,458 1 Number of listed products as at 30 April 2018 (reporting date). 2 Number of listed products as at 31 March 2018 (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 April 2018 Lang & Schwarz 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 April 2018 Lang & Schwarz Raiffeisen Centrobank 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 April 2018 Complaints 3 Complaints (thereof authorised / warranted) % 0.002% 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