euwax report October 2017

Transcription

1 Dear Readers, What an uphill struggle though with a happy ending: the DAX seemed to be nailed down to the mark of 13,000 points at the beginning of the. It did not really move in any direction. However, this all happened on a high level: the important indices were tripping worldwide from record high to record high. Investors did not want to commit themselves before the meetings of the central banks. Would Mario Draghi really announce a kind of turnaround? He did that indeed, but rather in terms of bonds. The bond purchase program, which is highly controversial in Germany, will be drastically cut down to half of the ly volume: the ECB now only wants to spend 30 billion instead of the former 60 billion for the security purchase, whereas the duration will be extended by one year, until September Interest rates will remain low for a long time, that is Mario Draghi s mantra. From the view of investors, this is a light version of a turnaround, and since there has not been any harassing fire on the part of the US Federal Reserve, the DAX sallied out to new records. However, it missed the move towards 13,500 points on the day of the 500th anniversary of the reformation but caught up on it immediately. At the EUWAX, trading turnovers with securitized derivatives increased in this market environment, both in comparison with the and the year. With about 238,800 client orders, a trading volume of almost 1.95 billion euro was achieved in October. The turnover was thereby more than eight percent above the September level. The average size of the was just under 8,100 euro. More than 1.03 billion euro of this trading volume were contributed by investment products. With a share of almost 45 percent, discount certificates accounted for almost one half of the trading volume. Together with bonus certificates as well as index and participation certificates, this leads to a share of clearly above 80 percent. Here, the focus was, inter alia, on the Airbus share. It had been under pressure after Airbus CEO Tom Enders had prepared the staff for severe penalties for corruption. It was stated that the aerospace and defense concern may have to face turbulent and confusing times due to presumably lengthy investigations in Great Britain and France. Among the popular index and participation certificates, one participation certificate on Bitcoin / USD received by far the greatest attention. Bitcoin is currently strongly polarizing. On the one hand, there are ardent admirers on the market, who play the market of the crypto currency value up to 8,000 USD. On the other hand, high-level financial professionals such as Jamie Dimon, CEO of JPMorgan ( Bitcoin is a fraud ) or the financial supervision BaFin, sound a note of caution. The BaFin is officially warning of the purchase of crypto currencies under the so-called Initial Coin Offerings (ICO). Such placements would involve significant risks for the consumer, the authority reminded. With 895 million, the sales of leverage products were just below one billion euro in October. The turnover of knock out products showed a significant increase with over 114,000 (September 108,000) to almost 500 million euro (September 471 million). Equity warrants and factor certificates also shaped up well and contributed almost 400 million euro - with 84,000 orders - to the total turnover. At the EUWAX, call warrants for the Samsung Electronics share were demanded after a market letter had recommended this value. 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 October 2017) Number of leverage products without knock-out * October ,805 September ,783 Number of leverage products with knock-out 453, ,376 Number of yield enhancement 542, ,463 Number of capital protection Total Number of securitised derivatives 1,634,748 1,548,950 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 % 70.15% % 68.19% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 31 October 2017 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Number of by asset class With KO Without KO Investment products Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF3AUA0 Call 1,483 Call/1.050/ Samsung Electronics Co. Ltd. Morgan Stanley DE000MF2QJP9 Call 431 Call/160/ Alibaba Group Holding Ltd. Citi DE000CY5TJW1 Call 393 Call/200/ Netflix Goldman Sachs DE000GD5XA28 Call 349 Call/1.000/ Amazon.com HSBC Trinkaus DE000TD8K9Q5 Call 300 Call/42/ United Internet AG Morgan Stanley DE000MF27N86 Call 299 Call/70/ BYD Co. Ltd. Registered s Morgan Stanley DE000MF3BX63 Call 283 Call/120/ UNION PACIFIC CORP. Commerzbank DE000CV2RCV2 Call 282 Call/140/ Mastercard Inc. Deutsche Bank DE000DL1Z3J0 Call 277 Call/68/ General Mills Inc. Commerzbank DE000CE9QFN0 Call 271 Call/110/ Mastercard Inc. Knock-out Products ISIN Type Number Marketing name Underlying Deutsche Bank DE000DM7HAR4 Call 622 Wave Unlimited DAX Société Générale DE000SC25PP6 Call 351 Unlimited Turbo Zertifikat EUR/USD Deutsche Bank DE000XM3B5Z3 Put 294 Wave Unlimited DAX Morgan Stanley DE000MF12GN4 Call 279 Unlimited Turbo Zertifikat Lufthansa AG Morgan Stanley DE000MF2JRU7 Call 275 Unlimited Turbo Zertifikat E.ON SE Deutsche Bank DE000DM4T3P0 Put 257 WAVE XXL Palladium Vontobel DE000VN20MX9 Call 256 Unlimited Turbo Zertifikat SAP SE DZ Bank DE000DG6DZS8 Call 235 Mini Future Kaffee Future 12/2017 (ICE) USD Deutsche Bank DE000DM66Z45 Call 234 Wave Unlimited Nikkei 225 Société Générale DE000SC5LCG4 Put 210 Turbo Zertifikat Advanced Micro Devices Inc. Factor Certificates ISIN Type Number Marketing name Underlying Morgan Stanley DE000MF1GHJ9 Call 1,354 Unlimited Faktor Index-Zert. KION GROUP AG Morgan Stanley DE000MF1H136 Call 923 Unlimited Faktor Index-Zert. OSRAM Licht AG Morgan Stanley DE000MF1GEK4 Call 299 Unlimited Faktor Index-Zert. Evotec AG Deutsche Bank DE000DX8DAX6 Call 277 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Morgan Stanley DE000MF1H3Z1 Call 206 Unlimited Faktor Index-Zert. Uniper SE Morgan Stanley DE000MF2RK38 Call 186 Unlimited Faktor Index-Zert. Solactive WANT AR Index Commerzbank DE000CD8ZL37 Call 164 Unlimited Faktor Index-Zert. 8x Long Deutsche Bank 2 Index Vontobel DE000VS92AW4 Call 163 Unlimited Faktor Index-Zert. 12X Long Index linked to Gold Vontobel DE000VS84BW9 Call 158 Unlimited Faktor Index-Zert. 12X Long Index linked to DAX Morgan Stanley DE000MF1GF62 Call 135 Unlimited Faktor Index-Zert. Duerr AG 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying HVB/UniCredit DE000HU8A5C4 Put 160 Reverse Capped Bonus Zert. DAX BNP Paribas DE000PB85Q26 Put 128 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU8A4F0 Put 96 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU8A456 Put 73 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU8A4P9 Put 59 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DM2FDS1 Call 48 Capped Bonus-Zertifikat Merck KGaA LBBW DE000LB1MCT2 Call 47 Bonus Zertifikat EURO STOXX 50 HVB/UniCredit DE000HU6VL10 Put 45 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU8A191 Put 43 Reverse Capped Bonus Zert. DAX Vontobel DE000VL24LB3 Call 41 Capped Bonus-Zertifikat Societe Generale Discount Certificates ISIN Type Number Marketing name Underlying Société Générale DE000SC5AHJ0 Call 441 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DM6BF59 Call 406 Discountzertifikat ArcelorMittal S.A. Deutsche Bank DE000DM1MPE3 Call 396 Discountzertifikat Airbus SE Deutsche Bank DE000DM1Z9U2 Call 383 Discountzertifikat HeidelbergCement AG Deutsche Bank DE000DM13FL3 Call 237 Discountzertifikat MorphoSys AG Deutsche Bank DE000DL97D45 Call 217 Discountzertifikat thyssenkrupp AG Deutsche Bank DE000DM2HY21 Call 168 Discountzertifikat GEA Group AG Deutsche Bank DE000DM1MR57 Call 164 Discountzertifikat BNP Paribas Deutsche Bank DE000DM0PNC7 Call 135 Discountzertifikat thyssenkrupp AG Deutsche Bank DE000DM068J0 Call 90 Discountzertifikat Lanxess AG Tracker Certificates ISIN Type Number Marketing name Underlying Vontobel DE000VN5MJG9 Call 1,693 Index Zertifikat XBT/USD Lang & Schwarz DE000LS9JBB2 Call 560 Opend End Zertifikat LUS Wikifolio-Index IREX Lang & Schwarz DE000LS9LGR3 Call 372 Open-End X-Pert Zertifikat LUS Wikifolio-Index Value Driven Deutsche Bank DE000DT0BAC7 Call 322 Index Zertifikat boerse.de-champions-defensiv Lang & Schwarz DE000LS9AJF5 Call 279 Index Zertifikat LUS Wikifolio-Index Qualität Lang & Schwarz DE000LS9JTR0 Call 228 Opend End Zertifikat TSI stärke mit Börsenampel Lang & Schwarz DE000LS9H606 Call 208 Opend End Zertifikat LUS Wikifolio-Index Dynamisch Lang & Schwarz DE000LS9H382 Call 179 Open-End X-Pert Zertifikat LUS Wikifolio-Index ProReturn Commerzbank DE Call 155 Index Zertifikat Private Equity Beteiligungen Lang & Schwarz DE000LS9AVD5 Call 151 Index Zertifikat DACH-Trading&Invest 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

5 Overall market: s 1 ( based on volume of ) Volume of Previous Deutsche Bank 15.49% 299, , Commerzbank 15.27% 294, , DZ Bank 10.38% 200, , BNP Paribas 8.31% 160, , HSBC Trinkaus 7.95% 153, , Citi 6.77% 130, , Vontobel 6.68% 129, , Société Générale 6.60% 127, , HVB/UniCredit 5.29% 102, , UBS 5.04% 97, , Morgan Stanley 4.49% 86, , LBBW 2.84% 54, , Lang & Schwarz 2.67% 51, , Goldman Sachs 1.68% 32, , Raiff. Centrobank 0.20% 3, , JPMorgan 0.20% 3, Erste Group Bank 0.13% 2, , RBS 0.00% Total % 1,930, ,781, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

6 Overall market: s 1 ( based on number of ) Number of Previous Commerzbank 15.02% 35, ,132 1 Deutsche Bank 12.73% 30, ,902 2 Morgan Stanley 10.29% 24, ,012 5 Citi 9.88% 23, ,197 3 Vontobel 7.98% 19, ,428 4 DZ Bank 7.83% 18, ,160 6 BNP Paribas 6.79% 16, ,035 7 HSBC Trinkaus 5.67% 13, ,047 8 Lang & Schwarz 5.37% 12, ,634 9 UBS 5.36% 12, , HVB/UniCredit 4.92% 11, , Société Générale 4.37% 10, , Goldman Sachs 2.37% 5, , LBBW 0.96% 2, , Raiff. Centrobank 0.26% Erste Group Bank 0.12% JPMorgan 0.08% RBS 0.00% Total % 238, ,013 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

7 Product groups Market : Warrants 1 ( based on volume of ) Volume of Previous Commerzbank 16.13% 40, , Deutsche Bank 12.55% 31, , Citi 11.00% 27, , BNP Paribas 8.70% 21, , Morgan Stanley 8.23% 20, , DZ Bank 8.22% 20, , Société Générale 7.38% 18, , HVB/UniCredit 6.71% 16, , UBS 6.50% 16, , HSBC Trinkaus 6.26% 15, , Vontobel 4.01% 10, , Goldman Sachs 3.98% 9, , Raiff. Centrobank 0.29% Lang & Schwarz 0.03% Erste Group Bank 0.01% Total % 250, , Relative volume of by underlying s 73.24% Indices 23.79% Currencies 1.47% Commodities 1.41% Others 0.08% Interest 0.02% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

8 Market : Warrants 1 ( based on number of ) Number of Previous Commerzbank 15.74% 9, ,984 1 Morgan Stanley 12.93% 7, ,101 2 Citi 12.13% 7, ,824 3 Deutsche Bank 11.63% 6, ,715 4 BNP Paribas 8.12% 4, ,059 5 DZ Bank 7.86% 4, ,031 6 HVB/UniCredit 7.01% 4, ,576 7 UBS 5.41% 3, , Vontobel 5.01% 2, ,991 8 HSBC Trinkaus 4.76% 2, , Société Générale 4.68% 2, ,775 9 Goldman Sachs 4.18% 2, , Raiff. Centrobank 0.44% Lang & Schwarz 0.09% Erste Group Bank 0.02% Total % 58,021 53,440 Relative number of by underlying Stocks 75.69% Indices 20.32% Commodities 2.33% Currencies 1.50% Others 0.12% Interest 0.05% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

9 Market : Knock-Out Products 1 ( based on volume of ) Volume of Previous Commerzbank 21.09% 104, , Deutsche Bank 14.19% 70, , Citi 11.89% 59, , DZ Bank 10.60% 52, , BNP Paribas 8.01% 39, , UBS 6.12% 30, , Vontobel 6.01% 29, , HSBC Trinkaus 5.23% 25, , Société Générale 4.51% 22, , HVB/UniCredit 4.36% 21, , Lang & Schwarz 3.68% 18, , Morgan Stanley 2.54% 12, , Goldman Sachs 1.37% 6, , Erste Group Bank 0.21% 1, Raiff. Centrobank 0.12% JPMorgan 0.07% Total % 497, , Relative volume of by underlying Indices 45.99% Stocks 41.52% Commodities 7.72% Currencies 3.84% Interest 0.86% Others 0.07% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

10 Market : Knock-Out Products 1 ( based on number of ) Number of Previous Commerzbank 16.22% 18, ,107 1 Citi 13.47% 15, ,183 2 Deutsche Bank 11.60% 13, ,375 3 DZ Bank 9.28% 10, ,035 4 BNP Paribas 7.66% 8, ,697 5 UBS 7.07% 8, ,376 8 HSBC Trinkaus 6.59% 7, ,380 6 Vontobel 5.94% 6, ,154 7 Lang & Schwarz 5.87% 6, , Société Générale 5.41% 6, ,588 9 HVB/UniCredit 4.38% 5, , Morgan Stanley 3.77% 4, , Goldman Sachs 2.28% 2, , Erste Group Bank 0.18% JPMorgan 0.16% Raiff. Centrobank 0.11% Total % 114, ,546 Relative number of by underlying Stocks 44.71% Indices 38.29% Commodities 10.00% Currencies 5.41% Interest 1.46% Others 0.13% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

11 Market : Yield Enhancement Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 17.38% 178, , DZ Bank 12.09% 124, , Commerzbank 10.67% 109, , HSBC Trinkaus 10.06% 103, , BNP Paribas 9.61% 98, , Société Générale 8.38% 86, , HVB/UniCredit 6.02% 61, , Vontobel 6.01% 61, , LBBW 5.13% 52, , UBS 4.87% 50, , Citi 4.26% 43, , Lang & Schwarz 3.23% 33, , Goldman Sachs 1.53% 15, , JPMorgan 0.34% 3, Raiff. Centrobank 0.23% 2, , Erste Group Bank 0.13% 1, Morgan Stanley 0.06% RBS 0.00% Total % 1,027, , Relative volume of by underlying Stocks 51.66% Indices 42.13% Commodities 3.21% Currencies 1.21% Others 0.99% Interest 0.77% Funds 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

12 Market : Yield Enhancement Products 1 ( based on number of ) Number of Previous Deutsche Bank 22.38% 9, ,349 1 Lang & Schwarz 15.00% 6, ,932 2 Vontobel 9.64% 3, ,262 3 DZ Bank 8.16% 3, ,885 4 Commerzbank 7.21% 2, ,378 6 BNP Paribas 6.77% 2, ,279 8 HSBC Trinkaus 6.36% 2, ,500 5 HVB/UniCredit 6.35% 2, ,810 9 LBBW 5.54% 2, ,372 7 UBS 3.89% 1, , Société Générale 3.69% 1, Citi 2.69% 1, , Goldman Sachs 1.55% Raiff. Centrobank 0.53% Erste Group Bank 0.17% Morgan Stanley 0.02% RBS 0.02% JPMorgan 0.01% Total % 40,249 36,572 Relative number of by underlying Stocks 51.65% Indices 39.68% Currencies 4.47% Commodities 2.98% Others 0.76% Interest 0.43% Funds 0.04% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

13 Market : Bonus Certificates 1 ( based on volume of ) Volume of Previous BNP Paribas 17.59% 46, , HSBC Trinkaus 13.88% 36, , Deutsche Bank 11.04% 29, , Commerzbank 10.48% 27, , Citi 9.94% 26, , HVB/UniCredit 9.33% 24, , DZ Bank 7.50% 19, , UBS 7.15% 19, , LBBW 3.85% 10, , Société Générale 3.01% 8, , Goldman Sachs 3.00% 7, , Vontobel 2.89% 7, , Raiff. Centrobank 0.25% Erste Group Bank 0.08% Total % 265, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

14 Market : Bonus Certificates 1 ( based on number of ) Number of Previous HVB/UniCredit 16.90% 1, Deutsche Bank 13.00% 1, ,108 1 BNP Paribas 12.12% 1, HSBC Trinkaus 8.98% Commerzbank 8.53% Citi 8.47% DZ Bank 7.97% UBS 5.69% LBBW 5.05% Vontobel 5.01% Goldman Sachs 3.71% Société Générale 3.70% Raiff. Centrobank 0.54% Erste Group Bank 0.34% Total % 8,443 7,289 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

15 Market : Discount Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 21.26% 97, , DZ Bank 17.76% 81, , Société Générale 14.79% 67, , HSBC Trinkaus 11.02% 50, , Commerzbank 10.88% 49, , BNP Paribas 6.27% 28, , HVB/UniCredit 4.63% 21, , UBS 4.18% 19, , Citi 3.78% 17, , Vontobel 3.47% 15, , LBBW 1.01% 4, , Goldman Sachs 0.76% 3, Morgan Stanley 0.11% Raiff. Centrobank 0.08% Total % 457, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

16 Market : Discount Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 44.28% 5, ,954 1 DZ Bank 12.13% 1, ,111 3 HSBC Trinkaus 10.11% 1, ,117 2 Commerzbank 8.89% 1, Société Générale 6.48% BNP Paribas 4.38% UBS 3.76% Vontobel 3.62% Citi 2.99% HVB/UniCredit 1.85% LBBW 1.09% Goldman Sachs 0.25% Raiff. Centrobank 0.19% Morgan Stanley 0.01% Total % 12,189 10,117 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

17 Market : Tracker Certificates 1 ( based on volume of ) Volume of Previous Lang & Schwarz 24.05% 33, , Deutsche Bank 22.58% 31, , Commerzbank 17.26% 23, , Vontobel 11.48% 15, , BNP Paribas 8.66% 11, , HVB/UniCredit 4.29% 5, , UBS 2.93% 4, , DZ Bank 2.79% 3, , LBBW 1.65% 2, , HSBC Trinkaus 1.34% 1, , Société Générale 1.25% 1, , Raiff. Centrobank 0.63% Erste Group Bank 0.60% Goldman Sachs 0.43% Citi 0.04% RBS 0.03% Total % 138, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

18 Market : Tracker Certificates 1 ( based on number of ) Number of Previous Lang & Schwarz 48.59% 6, ,932 1 Vontobel 16.40% 2, ,255 2 Deutsche Bank 11.70% 1, ,307 3 Commerzbank 5.53% BNP Paribas 5.20% HVB/UniCredit 3.18% UBS 2.59% DZ Bank 1.87% Société Générale 1.77% LBBW 1.00% Raiff. Centrobank 0.93% HSBC Trinkaus 0.56% Goldman Sachs 0.43% Erste Group Bank 0.22% RBS 0.06% Citi 0.01% Total % 12,429 12,039 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

19 Market s: Reverse Convertibles 1 ( based on volume of ) Volume of Previous Vontobel 17.29% 17, , LBBW 16.20% 16, , HSBC Trinkaus 12.88% 13, , DZ Bank 11.55% 11, , Deutsche Bank 11.39% 11, , BNP Paribas 11.14% 11, , HVB/UniCredit 6.93% 7, , Commerzbank 5.57% 5, , UBS 3.79% 3, , Goldman Sachs 2.63% 2, , Raiff. Centrobank 0.48% Société Générale 0.06% , Erste Group Bank 0.05% Morgan Stanley 0.05% Total % 102, , ( based on number of ) Number of Previous Vontobel 18.42% LBBW 17.67% BNP Paribas 11.22% Deutsche Bank 11.09% DZ Bank 10.94% HSBC Trinkaus 9.90% HVB/UniCredit 6.73% Commerzbank 6.00% UBS 4.23% Goldman Sachs 3.02% Raiff. Centrobank 0.54% Morgan Stanley 0.13% Société Générale 0.09% Erste Group Bank 0.04% Total % 4,636 4,541 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

20 Market : Capital Protection Products 1 ( based on volume of ) Volume of Previous DZ Bank 31.61% 2, , LBBW 27.42% 2, Deutsche Bank 20.68% 1, , UBS 6.50% HVB/UniCredit 5.85% Société Générale 4.65% Commerzbank 1.44% Erste Group Bank 0.94% Raiff. Centrobank 0.77% RBS 0.13% Morgan Stanley 0.01% Total % 7, , Relative volume of by underlying Indices 70.20% Stocks 16.52% Commodities 6.13% Interest 4.32% Funds 2.76% Others 0.07% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

21 Market : Capital Protection Products 1 ( based on number of ) Number of Previous DZ Bank 38.82% LBBW 21.38% Deutsche Bank 20.07% Société Générale 7.24% HVB/UniCredit 5.26% Erste Group Bank 1.97% Raiff. Centrobank 1.64% Commerzbank 1.32% UBS 1.32% RBS 0.66% Morgan Stanley 0.33% Total % Relative number of by underlying Indices 60.53% Stocks 25.00% Interest 6.58% Commodities 4.28% Funds 3.29% Others 0.33% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

22 AKTUELL euwax report October 2017 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Previous Discount Certificates 44.13% 457, , Bonus Certificates 25.67% 265, , Tracker Certificates 13.35% 138, , Reverse Certificates 9.86% 102, , Express Certificates 5.14% 53, , Credit linked notes 0.82% 8, , Certificates with capital protection 0.72% 7, , Sprint Certificates 0.27% 2, , Structured bonds 0.04% Total % 1,035, ,349 Market : Investment Products by Securities Type 1 ( based on number of ) x Number of Previous Tracker Certificates 30.65% 12, ,039 1 Discount Certificates 30.06% 12, ,117 2 Bonus Certificates 20.82% 8, ,289 3 Reverse Certificates 11.43% 4, ,541 4 Express Certificates 5.55% 2, ,338 5 Certificates with capital protection 0.70% Credit linked notes 0.50% Sprint Certificates 0.24% Structured bonds 0.05% Total % 40,553 36,858 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October

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 43 euwax report October 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 October

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 43 euwax report October 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 October

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 43 euwax report October 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 October

26 Euwax what s new New Products Launched Number of new products launched in October 2017 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 26,241 13, ,201 42,297 Citi 9,247 30, ,835 42,916 Commerzbank 4,929 15, ,060 24,386 Deutsche Bank 7,684 16, ,801 29,184 DZ Bank 3,547 12, ,141 25,099 Erste Group Bank Goldman Sachs 2,133 6, ,405 14,206 HSBC Trinkaus 878 7, ,291 11,587 JPMorgan 0 1, ,249 LBBW Lang & Schwarz 84 1, ,888 Morgan Stanley 3,060 9, ,348 Raiff. Centrobank Société Générale 3,340 21, ,757 28,587 UBS 11,441 14, ,998 27,670 HVB/UniCredit 19,678 8, ,275 33,339 Vontobel 6,260 16, ,201 28,931 Total 98, , , ,906 26

27 Products Reaching Final Maturity Number of products reaching final maturity in October 2017 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 4,288 11, ,753 22,457 Citi 5,411 19, ,621 27,357 Commerzbank 2,691 12, ,738 17,420 Deutsche Bank 3,268 12, ,835 18,638 DZ Bank 2,786 8, ,471 16,539 Erste Group Bank Goldman Sachs 6,582 4, ,864 19,070 HSBC Trinkaus 125 4, ,883 6,219 JPMorgan LBBW Lang & Schwarz ,034 Morgan Stanley 302 5, ,091 Raiff. Centrobank Société Générale 5,893 17, ,815 25,430 UBS 2,627 8, ,602 HVB/UniCredit 4,842 7, ,179 16,584 Vontobel 2,706 8, ,308 14,648 Total 41, , , ,980 (as at October 2017) 27

28 Listed Products Number of listed products as at October 2017 of total October September BNP Paribas 10.50% 171, ,155 4 Deutsche Bank 10.40% 169, ,005 2 Commerzbank 10.33% 168, ,269 1 Citi 10.23% 167, ,299 3 HVB/UniCredit 9.38% 153, ,075 7 Société Générale 9.34% 152, ,526 5 DZ Bank 9.00% 147, ,218 6 UBS 7.94% 129, ,238 8 Vontobel 7.63% 124, ,841 9 Goldman Sachs 6.21% 101, , HSBC Trinkaus 4.45% 72, , Morgan Stanley 2.26% 36, , Lang & Schwarz 0.96% 15, , LBBW 0.76% 12, , Raiff. Centrobank 0.44% 7, , Erste Group Bank 0.13% 2, , JPMorgan 0.05% Nomura 0.00% RBS 0.00% Gesamt % 1,634,748 1,548,950 1 Number of listed products as at 31 October 2017 (reporting date). 2 Number of listed products as at 30 September 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 October 2017 LBBW Vontobel Société Générale UBS Euwax Total mistrade applications granted (as a proportion of all orders) Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Number of mistrade applications rejected by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 2 as at October 2017 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 October 2017 Complaints 3 Complaints (thereof authorised / warranted) % 0.001% 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