euwax report November 2017

Transcription

1 Dear Readers, November started with a drumbeat: the DAX climbed up to 13,525 points. However, a drumbeat is not a drum roll and is nowhere near a Safri Duo. Very soon the headlines were: breather, it ran out of steam, stabilization and volatile sideways movement. This left some investors wondering: is the party over yet has the year-end rally already come to an end?. Or, as Bastian Galuschka, chart specialist at Godmode Trader, said in the interview with Boerse Stuttgart TV: Probably there won t be a year-end rally this time. However, this November was far from boring. Investors showed good stamina. There is hardly any other explanation for the absence of a big bang on the stock market after the rupture of the Jamaica - negotiations about a black yellow and green coalition in Berlin. For the Stuttgart Stock Exchange, November really was a reason to celebrate: November 2017 was one of the year s strongest trading s: the Stuttgart Stock Exchange turned over more than 7.5 billion euro in total, according to order book statistics. The trading volume thereby was almost 24 percent above the October turnover. The lion s share here came from the trade with securitized derivatives. With over 315,000, a trading volume of almost 2.5 billion Euro was achieved in November. The turnover was thereby 28 percent above the October level. The average client order summed up to 7,856 euro and was just slightly under the October value of 8,100 euro. More than 1.2 billion euro of that trading volume were represented by investment products. With a share of almost 43 percent, discount certificates here again contributed almost half of the trading volume. Together with bonus certificates as well as index and participation certificates, this sums up to a share of clearly above 85 percent. Among the popular index and participation certificates, one participation certificate on Bitcoin / USD gained by far the greatest attention again. Bitcoin is currently strongly polarizing. There are ardent admirers on the market on the one hand, who force up the value of the cryptocurrency to over 16,000 USD. On the other hand, high-level financial professionals like Timo Emden from DailyFX Germany are warning: There is an unrestrained, pleasant anticipation of the opening of the Bitcoin futures trading in the USA. The literal price explosion is definitely captivating the senses of each and every investor. The sales of leverage products were clearly above one billion euro in November again with 1.25 billion and exceeded the highest level to date from June (1.07 billion). The sales of knock out products showed a significant increase again, with almost 150,000 it reached over 695 million euro (October 497 million). Equity warrants and factor certificates also shaped up well and contributed almost 550 million euro (October 400 million) with more than 113,000 orders (October 83,600) to the total turnover. At the EUWAX, call option warrants on the Alibaba share were demanded after several market letters had recommended this value. Have a blessed Christmas time and a good start into the new year 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 November 2017) Number of leverage products without knock-out * November ,915 October ,805 Number of leverage products with knock-out 472, ,213 Number of yield enhancement 534, ,402 Number of capital protection Total Number of securitised derivatives 1,669,847 1,634,748 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 % 68.96% % 70.15% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 30 November 2017 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Number of by asset class With KO Without KO Investment products Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF2QJP9 Call 663 Call/160/ Alibaba Group Holding Ltd. Morgan Stanley DE000MF3AUA0 Call 607 Call/1.050/ Samsung Electronics Co. Ltd. Morgan Stanley DE000MF3CLH0 Call 601 Call/95/ YY Inc. (ADRs) Commerzbank DE000CE758K5 Call 595 Call/13.500/ DAX Morgan Stanley DE000MF2UP38 Call 541 Call/320/ Tencent Holdings Ltd. Morgan Stanley DE000MF24696 Call 418 Call/175/ Alibaba Group Holding Ltd. Morgan Stanley DE000MF3R2Y2 Call 352 Call/16/ Facc AG Morgan Stanley DE000MF3R305 Call 347 Call/21/ Polytec Holding AG Morgan Stanley DE000MF3R2E4 Call 346 Call/21/ Wienerberger Morgan Stanley DE000MF3R2V8 Call 324 Call/23/ AT&S Knock-out Products ISIN Type Number Marketing name Underlying Deutsche Bank DE000DM4UY55 Put 385 WAVE XXL DAX DZ Bank DE000DD1Z875 Call 320 Unlimited Turbo Zertifikat DAX BNP Paribas DE000PP1C090 Call 311 Turbo Zertifikat DAX Lang & Schwarz DE000LS23Q75 Call 281 Unlimited Turbo Zertifikat Geely Automobile Holdings Ltd. Morgan Stanley DE000MF2JRU7 Call 247 Unlimited Turbo Zertifikat E.ON SE Citi DE000CY3YCS9 Put 246 Unlimited Turbo Zertifikat DAX Deutsche Bank DE000DM66Z45 Call 228 Wave Unlimited Nikkei 225 Stock Average Index DZ Bank DE000DGR0NZ8 Call 220 Unlimited Turbo Zertifikat DAX HVB/UniCredit DE000HW4QJ01 Put 207 Mini Future EUR/CHF Citi DE000CQ1L509 Put 204 Turbo Zertifikat DAX Factor Certificates ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF1GHJ9 Call 1,062 Unlimited Faktor Index-Zert. KION GROUP AG Morgan Stanley DE000MF1H3Z1 Call 1,060 Unlimited Faktor Index-Zert. Uniper SE Morgan Stanley DE000MF1GEQ1 Call 1,004 Unlimited Faktor Index-Zert. Fraport AG Morgan Stanley DE000MF1GEK4 Call 926 Unlimited Faktor Index-Zert. Evotec AG Commerzbank DE000CE5WX37 Call 476 Unlimited Faktor Index-Zert. 2x Long Wacker Chemie 2 Index Deutsche Bank DE000DX8DAX6 Call 409 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Morgan Stanley DE000MF2RK38 Call 376 Unlimited Faktor Index-Zert. Solactive WANT AR Index Commerzbank DE000CD8ZL37 Call 341 Unlimited Faktor Index-Zert. 8x Long Deutsche Bank 2 Index Morgan Stanley DE000MF2LF98 Call 325 Unlimited Faktor Index-Zert. Evotec AG Vontobel DE000VS66JU3 Call 309 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX V3 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying HSBC Trinkaus DE000TR0QR91 Put 174 Reverse Capped Bonus Zert. DAX DZ Bank DE000DGP1497 Put 172 Reverse Capped Bonus Zert. DAX DZ Bank DE000DGN8031 Put 94 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DM0E1S9 Call 85 Capped Bonus-Zertifikat K+S Aktiengesellschaft HSBC Trinkaus DE000TR02LT2 Call 81 Capped Bonus-Zertifikat DAX HSBC Trinkaus DE000TR02LP0 Call 77 Capped Bonus-Zertifikat DAX HVB/UniCredit DE000HU8A6M1 Put 70 Reverse Capped Bonus Zert. DAX HSBC Trinkaus DE000TR02LC8 Call 69 Capped Bonus-Zertifikat DAX Vontobel DE000VL4VUZ2 Put 57 Reverse Capped Bonus Zert. DAX HSBC Trinkaus DE000TR02LR6 Call 56 Capped Bonus-Zertifikat DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DM2J5L8 Call 1,228 Discountzertifikat Qiagen N.V. Deutsche Bank DE000DM2HY21 Call 789 Discountzertifikat GEA Group AG Deutsche Bank DE000DM1MPE3 Call 458 Discountzertifikat Airbus SE Deutsche Bank DE000DM4PJP9 Call 425 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DM068J0 Call 392 Discountzertifikat Lanxess AG Deutsche Bank DE000DM1Z9U2 Call 226 Discountzertifikat HeidelbergCement AG Deutsche Bank DE000DM6BF59 Call 189 Discountzertifikat ArcelorMittal S.A. Deutsche Bank DE000DT92JE9 Call 133 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DM1MR57 Call 130 Discountzertifikat BNP Paribas Deutsche Bank DE000XM98WN3 Call 130 Discountzertifikat Daimler AG Tracker Certificates ISIN Type Number Marketing name Underlying Vontobel DE000VN5MJG9 Call 4,541 Index Zertifikat XBT/USD Vontobel DE000VL3TBC7 Call 1,776 Opend End Zertifikat XBT/USD Deutsche Bank DE000DE04UZ8 Call 488 Index Zertifikat Nikkei 225 Stock Average Index Vontobel DE000VL3NBC0 Call 453 Index Zertifikat BCH/USD Deutsche Bank DE000DT0BAC7 Call 314 Index Zertifikat boerse.de-champions-defensiv Lang & Schwarz DE000LS9AJF5 Call 253 Index Zertifikat LUS Wikifolio Susan Levermann BNP Paribas NL Call 231 Opend End Zertifikat Brent Crude Oil Future 02/2018 Lang & Schwarz DE000LS9JTR0 Call 221 Opend End Zertifikat LUS Wikifolio TSI stärke Commerzbank DE Call 209 Index Zertifikat Private Equity Beteiligungen Deutsche Bank DE000DB3CTQ9 Call 193 Open-End X-Pert Zertifikat Brent Crude Oil Future 02/ Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

5 Overall market: s 1 ( based on volume of ) Volume of Previous Deutsche Bank 19.15% 473, , Commerzbank 14.45% 357, , Vontobel 9.80% 242, , BNP Paribas 8.92% 220, , DZ Bank 8.41% 207, , Citi 7.18% 177, , HSBC Trinkaus 6.98% 172, , HVB/UniCredit 5.03% 124, , Morgan Stanley 4.83% 119, , UBS 4.62% 114, , Société Générale 3.51% 86, , LBBW 2.83% 70, , Lang & Schwarz 2.26% 55, , Goldman Sachs 1.65% 40, , Raiff. Centrobank 0.20% 4, , Erste Group Bank 0.10% 2, , JPMorgan 0.07% 1, , RBS 0.01% Nomura 0.00% Total % 2,471, ,930, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

6 Overall market: s 1 ( based on number of ) Number of Previous Commerzbank 15.09% 47, ,851 1 Deutsche Bank 12.54% 39, ,381 2 Morgan Stanley 10.07% 31, ,563 3 Citi 9.87% 31, ,577 4 Vontobel 9.31% 29, ,051 5 DZ Bank 8.16% 25, ,690 6 BNP Paribas 6.85% 21, ,205 7 HSBC Trinkaus 5.77% 18, ,546 8 UBS 5.53% 17, , Lang & Schwarz 4.80% 15, ,821 9 HVB/UniCredit 4.51% 14, , Société Générale 3.47% 10, , Goldman Sachs 2.50% 7, , LBBW 0.95% 2, , Raiff. Centrobank 0.26% JPMorgan 0.20% Erste Group Bank 0.13% RBS 0.00% Nomura 0.00% Total % 314, ,747 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

7 Product groups Market : Warrants 1 ( based on volume of ) Volume of Previous Commerzbank 14.70% 49, , Deutsche Bank 12.95% 43, , Citi 11.58% 39, , DZ Bank 9.40% 31, , BNP Paribas 8.68% 29, , Morgan Stanley 8.26% 27, , Société Générale 6.74% 22, , HVB/UniCredit 6.50% 21, , UBS 5.65% 19, , HSBC Trinkaus 5.16% 17, , Vontobel 5.16% 17, , Goldman Sachs 4.70% 15, , Raiff. Centrobank 0.48% 1, Lang & Schwarz 0.04% Erste Group Bank 0.00% Total % 338, , Relative volume of by underlying s 70.14% Indices 27.56% Commodities 1.14% Currencies 1.04% Others 0.10% Interest 0.02% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

8 Market : Warrants 1 ( based on number of ) Number of Previous Commerzbank 16.18% 12, ,130 1 Citi 11.54% 8, ,038 3 Morgan Stanley 11.28% 8, ,504 2 Deutsche Bank 10.79% 8, ,746 4 BNP Paribas 8.83% 6, ,712 5 DZ Bank 8.47% 6, ,562 6 HVB/UniCredit 6.72% 5, ,065 7 Vontobel 5.62% 4, ,909 9 UBS 5.43% 4, ,138 8 Société Générale 5.29% 4, , Goldman Sachs 4.71% 3, , HSBC Trinkaus 4.48% 3, , Raiff. Centrobank 0.51% Lang & Schwarz 0.13% Erste Group Bank 0.00% Total % 77,888 58,021 Relative number of by underlying Stocks 72.55% Indices 24.03% Commodities 1.96% Currencies 1.30% Others 0.12% Interest 0.04% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

9 Market : Knock-Out Products 1 ( based on volume of ) Volume of Previous Commerzbank 19.58% 136, , Deutsche Bank 19.43% 135, , Citi 11.28% 78, , DZ Bank 8.96% 62, , BNP Paribas 8.35% 58, , UBS 5.97% 41, , Vontobel 5.62% 39, , HSBC Trinkaus 5.17% 35, , HVB/UniCredit 4.26% 29, , Lang & Schwarz 3.60% 25, , Société Générale 3.37% 23, , Morgan Stanley 2.47% 17, , Goldman Sachs 1.45% 10, , JPMorgan 0.19% 1, Erste Group Bank 0.15% 1, , Raiff. Centrobank 0.13% Total % 695, , Relative volume of by underlying Indices 53.46% Stocks 35.97% Commodities 5.27% Currencies 3.00% Others 1.64% Interest 0.65% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

10 Market : Knock-Out Products 1 ( based on number of ) Number of Previous Commerzbank 16.08% 24, ,578 1 Citi 13.84% 20, ,430 2 Deutsche Bank 11.13% 16, ,281 3 DZ Bank 9.86% 14, ,629 4 BNP Paribas 7.90% 11, ,770 5 UBS 7.76% 11, ,097 6 HSBC Trinkaus 7.01% 10, ,548 7 Lang & Schwarz 6.16% 9, ,728 9 Vontobel 5.56% 8, ,802 8 HVB/UniCredit 4.30% 6, , Société Générale 3.84% 5, , Morgan Stanley 3.54% 5, , Goldman Sachs 2.29% 3, , JPMorgan 0.41% Erste Group Bank 0.21% Raiff. Centrobank 0.11% Total % 149, ,524 Relative number of by underlying Stocks 43.39% Indices 42.71% Commodities 6.70% Currencies 4.16% Others 2.24% Interest 0.80% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

11 Market : Yield Enhancement Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 21.68% 264, , Vontobel 11.49% 140, , BNP Paribas 10.87% 132, , Commerzbank 9.70% 118, , HSBC Trinkaus 9.21% 112, , DZ Bank 8.99% 109, , HVB/UniCredit 5.80% 70, , LBBW 5.64% 68, , Citi 4.88% 59, , UBS 4.38% 53, , Société Générale 3.30% 40, , Lang & Schwarz 2.51% 30, , Goldman Sachs 1.20% 14, , Raiff. Centrobank 0.17% 2, , Erste Group Bank 0.11% 1, , JPMorgan 0.04% , RBS 0.02% Morgan Stanley 0.01% Total % 1,221, ,027, Relative volume of by underlying Stocks 49.50% Indices 43.90% Currencies 3.74% Commodities 1.76% Others 0.75% Interest 0.30% Funds 0.05% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

12 Market : Yield Enhancement Products 1 ( based on number of ) Number of Previous Deutsche Bank 24.47% 12, ,007 1 Vontobel 18.71% 9, ,882 3 Lang & Schwarz 11.26% 5, ,039 2 DZ Bank 7.59% 3, ,286 4 HSBC Trinkaus 6.42% 3, ,560 7 Commerzbank 6.40% 3, ,902 5 LBBW 5.73% 2, ,230 9 BNP Paribas 5.51% 2, ,723 6 HVB/UniCredit 4.28% 2, ,555 8 UBS 3.05% 1, , Citi 2.47% 1, , Société Générale 2.04% 1, , Goldman Sachs 1.47% Raiff. Centrobank 0.41% Erste Group Bank 0.16% JPMorgan 0.01% Morgan Stanley 0.01% RBS 0.01% Total % 51,153 40,249 Relative number of by underlying Stocks 48.30% Indices 34.85% Currencies 13.24% Commodities 2.32% Others 0.97% Interest 0.29% Funds 0.04% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

13 Market : Bonus Certificates 1 ( based on volume of ) Volume of Previous BNP Paribas 16.50% 50, , Deutsche Bank 15.08% 46, , HVB/UniCredit 12.37% 37, , Citi 11.67% 35, , HSBC Trinkaus 11.41% 35, , Commerzbank 7.54% 23, , DZ Bank 5.90% 18, , UBS 4.91% 15, , Vontobel 4.81% 14, , LBBW 3.42% 10, , Société Générale 3.34% 10, , Goldman Sachs 2.54% 7, , Raiff. Centrobank 0.29% Erste Group Bank 0.23% Total % 307, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

14 Market : Bonus Certificates 1 ( based on number of ) Number of Previous HSBC Trinkaus 15.14% 1, Deutsche Bank 11.92% 1, ,098 2 HVB/UniCredit 11.05% 1, ,427 1 DZ Bank 11.01% 1, BNP Paribas 10.31% ,023 3 Citi 8.82% Commerzbank 7.77% Vontobel 6.00% LBBW 5.32% UBS 4.63% Goldman Sachs 3.97% Société Générale 3.14% Raiff. Centrobank 0.53% Erste Group Bank 0.40% Total % 9,271 8,443 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

15 Market : Discount Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 28.74% 151, , BNP Paribas 10.85% 57, , HSBC Trinkaus 10.80% 56, , DZ Bank 10.33% 54, , Commerzbank 10.02% 52, , Vontobel 9.11% 48, , UBS 5.06% 26, , Société Générale 4.51% 23, , Citi 4.50% 23, , HVB/UniCredit 3.92% 20, , LBBW 1.67% 8, , Goldman Sachs 0.45% 2, , Raiff. Centrobank 0.03% Total % 526, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

16 Market : Discount Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 53.67% 8, ,397 1 DZ Bank 10.18% 1, ,478 2 HSBC Trinkaus 8.66% 1, ,232 3 Commerzbank 8.30% 1, ,083 4 Vontobel 4.89% BNP Paribas 3.22% Citi 2.95% UBS 2.65% LBBW 1.87% Société Générale 1.75% HVB/UniCredit 1.52% Goldman Sachs 0.25% Raiff. Centrobank 0.10% Total % 14,955 12,189 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

17 Market : Tracker Certificates 1 ( based on volume of ) Volume of Previous Vontobel 26.84% 49, , Deutsche Bank 20.28% 37, , Lang & Schwarz 16.74% 30, , Commerzbank 15.14% 27, , BNP Paribas 7.16% 13, , DZ Bank 3.79% 6, , HSBC Trinkaus 2.50% 4, , HVB/UniCredit 2.47% 4, , UBS 1.87% 3, , LBBW 1.08% 1, , Société Générale 0.92% 1, , Goldman Sachs 0.53% Raiff. Centrobank 0.41% Erste Group Bank 0.15% RBS 0.12% Total % 183, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

18 Market : Tracker Certificates 1 ( based on number of ) Number of Previous Vontobel 39.24% 7, ,038 2 Lang & Schwarz 31.49% 5, ,039 1 Deutsche Bank 11.63% 2, ,454 3 Commerzbank 4.19% BNP Paribas 3.98% HVB/UniCredit 2.39% UBS 1.97% DZ Bank 1.43% Société Générale 1.28% Raiff. Centrobank 0.68% LBBW 0.61% HSBC Trinkaus 0.49% Goldman Sachs 0.42% Erste Group Bank 0.19% RBS 0.02% Total % 18,294 12,429 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

19 Market s: Reverse Convertibles 1 ( based on volume of ) Volume of Previous Vontobel 17.00% 22, , DZ Bank 16.57% 22, , LBBW 14.52% 19, , Deutsche Bank 12.63% 17, , HSBC Trinkaus 11.74% 15, , Commerzbank 9.27% 12, , BNP Paribas 8.75% 11, , HVB/UniCredit 4.00% 5, , UBS 3.02% 4, , Goldman Sachs 1.83% 2, , Société Générale 0.46% Raiff. Centrobank 0.18% Morgan Stanley 0.02% Erste Group Bank 0.01% Total % 135, , ( based on number of ) Number of Previous LBBW 18.20% 1, Vontobel 17.17% BNP Paribas 11.84% Deutsche Bank 11.75% DZ Bank 11.25% HSBC Trinkaus 8.84% Commerzbank 7.59% HVB/UniCredit 4.71% UBS 3.97% Goldman Sachs 3.40% Société Générale 0.89% Raiff. Centrobank 0.33% Morgan Stanley 0.05% Erste Group Bank 0.02% Total % 5,522 4,636 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

20 Market : Capital Protection Products 1 ( based on volume of ) Volume of Previous DZ Bank 39.12% 3, , Deutsche Bank 38.57% 2, , LBBW 14.04% 1, , HVB/UniCredit 2.67% Société Générale 1.97% Erste Group Bank 1.59% Goldman Sachs 0.55% BNP Paribas 0.54% RBS 0.39% Raiff. Centrobank 0.23% Commerzbank 0.19% UBS 0.10% Morgan Stanley 0.03% Total % 7, , Relative volume of by underlying Indices 69.22% Stocks 24.25% Interest 3.36% Funds 2.91% Commodities 0.19% Others 0.07% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

21 Market : Capital Protection Products 1 ( based on number of ) Number of Previous DZ Bank 44.25% Deutsche Bank 27.73% LBBW 15.93% Société Générale 3.54% HVB/UniCredit 2.36% Erste Group Bank 1.77% Goldman Sachs 1.18% Raiff. Centrobank 0.88% BNP Paribas 0.59% Commerzbank 0.59% UBS 0.59% Morgan Stanley 0.29% RBS 0.29% Total % Relative number of by underlying Indices 64.01% Stocks 27.73% Interest 5.01% Funds 1.77% Commodities 1.18% Others 0.29% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

22 AKTUELL euwax report November 2017 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Previous Discount Certificates 42.85% 526, , Bonus Certificates 24.98% 307, , Tracker Certificates 14.93% 183, , Reverse Certificates 10.99% 135, , Express Certificates 5.11% 62, , Certificates with capital protection 0.61% 7, , Credit linked notes 0.37% 4, , Sprint Certificates 0.13% 1, , Structured bonds 0.02% Total % 1,229,752 1,035,709 Market : Investment Products by Securities Type 1 ( based on number of ) x Number of Previous Tracker Certificates 35.53% 18, ,429 1 Discount Certificates 29.04% 14, ,189 2 Bonus Certificates 18.00% 9, ,443 3 Reverse Certificates 10.72% 5, ,636 4 Express Certificates 5.59% 2, ,251 5 Certificates with capital protection 0.62% Credit linked notes 0.36% Sprint Certificates 0.09% Structured bonds 0.04% Total % 51,492 40,553 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

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 47 euwax report November 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 November

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 47 euwax report November 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 November

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 47 euwax report November 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 November

26 Euwax what s new New Products Launched Number of new products launched in November 2017 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 9,374 22, ,630 41,385 Citi 14,136 32, ,008 51,918 Commerzbank 9,675 21, ,139 38,039 Deutsche Bank 6,522 22, ,499 39,321 DZ Bank 6,304 21, ,696 34,237 Goldman Sachs 15,213 8, ,926 26,777 HSBC Trinkaus 1,216 8, ,095 12,457 JPMorgan 0 3, ,703 LBBW ,116 1,117 Lang & Schwarz 70 2, ,476 Morgan Stanley 2,548 7, ,547 Raiff. Centrobank Société Générale 6,347 22, ,620 UBS 2,727 17, ,763 HVB/UniCredit 7,221 10, ,414 Vontobel 5,295 17, ,025 28,281 Total 86, , , ,140 26

27 Products Reaching Final Maturity Number of products reaching final maturity in November 2017 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 8,859 17, ,051 38,197 Citi 9,228 31, ,154 44,745 Commerzbank 2,557 19, ,812 23,550 Deutsche Bank 2,470 21, ,402 30,379 DZ Bank 4,216 16, ,721 28,890 Erste Group Bank Goldman Sachs 5,825 8, ,209 16,604 HSBC Trinkaus 164 7, ,262 9,150 JPMorgan 0 2, ,344 LBBW Lang & Schwarz 47 1, ,852 Morgan Stanley 282 7, ,340 Raiff. Centrobank Société Générale 6,987 21, ,072 32,284 UBS 5,136 20, ,930 HVB/UniCredit 11,356 7, ,907 27,120 Vontobel 5,378 16, ,627 26,073 Total 62, , , ,437 (as at November 2017) 27

28 Listed Products Number of listed products as at November 2017 of total November October Commerzbank 10.97% 183, ,931 3 Deutsche Bank 10.71% 178, ,945 2 BNP Paribas 10.47% 174, ,568 1 Citi 10.43% 174, ,172 4 DZ Bank 9.12% 152, ,107 7 Société Générale 8.89% 148, ,711 6 HVB/UniCredit 8.66% 144, ,332 5 Vontobel 7.60% 126, ,785 9 UBS 7.46% 124, ,766 8 Goldman Sachs 6.34% 105, , HSBC Trinkaus 4.52% 75, , Morgan Stanley 2.40% 40, , Lang & Schwarz 0.98% 16, , LBBW 0.76% 12, , Raiff. Centrobank 0.42% 7, , JPMorgan 0.14% 2, Erste Group Bank 0.12% 2, , Nomura 0.00% RBS 0.00% Total % 1,669,845 1,634,748 1 Number of listed products as at 30 November 2017 (reporting date). 2 Number of listed products as at 31 October 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 November 2017 Commerzbank 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 November 2017 Goldman Sachs 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 November 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. Andreas Groß, Boerse Stuttgart GmbH, phone: +49 (0) , andreas.gross@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