euwax report December 2016

Transcription

1 Dear Readers, In December, the German stock market accomplished a significant rally. After an opening at 10,593 points, the German leading index DAX constantly rose by around 900 points in total in the course of the. At the close of trading of the stock market year 2016, it reached an annual high at 11,481 points. The main reasons were good parameters from the USA and Asia at the beginning of the. While the American leading index Dow Jones continuously rose, pleasing Chinese export figures indicated that the Chinese economy is stabilizing as well. Tokyo reported repeated record highs, too. Impulses for the European markets came from the central banks: Firstly, on December 8th, Mario Draghi announced to flood the markets with even more money and to extend the bonds purchasing program of the ECB until at least December The ly security purchases will be reduced from 80 billion to 60 billion from April onwards. The base rates remain unchanged. In addition, the Federal Reserve increased its Federal Funds Rate by one quarter-percentage point as expected. Thus, the base rates are now in a range between 0.5 and 0.75 percent. Janet Yellen also announced that she will raise the interest rates three times in At the EUWAX, trading volumes with securitized derivatives increased again in this attractive market environment. With around 227,000, a trading volume of more than 2.4 billion Euro was achieved in December. The turnover thereby was 5 percent above the November level. The average client order almost reached 10,800 Euro. Thus, a trading volume of more than 1.4 billion Euro was achieved with investment products. With a share of over 51 percent, discount certificates contributed almost half of the trading volume with investment products. Here, the share of the Airbus Group SE was in the focus, due to different recommendations. Among the popular index- and participation certificates, the oil market received high attention again. The oil prices completed 2016 with an annual high of US dollar (Brent) per barrel and US dollar (WTI), respectively. The reason is the OPEC s first agreement on a production cut since 2008, which boosted the oil prices during December. The revenue with leverage products reached more than 1 billion Euro in December. Thus, the turnover of knock-out products was over 515 million Euro with around 107,500, warrants and factor certificates contributed over 486 million Euro to the total turnover with approximately 74,000 orders. Regarding leverage products, investors especially counted on the continuous increase of the German leading index DAX. With regard to the recovery of the markets on both sides of the Atlantic, the trend-setting bond barometers in Europe and America were in the focus: Investors in Stuttgart traded equity warrants on both Euro Bund Future and 10- and 30-year U. S. Treasury Bond Futures. Solenne Peltier 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 December 2016) Number of leverage products without knock-out * December ,691 November ,125 Number of leverage products with knock-out 347, ,822 Number of yield enhancement 526, ,118 Number of capital protection Total Number of securitised derivatives 1,326,797 1,363,467 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 % 67.87% % 64.36% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 31 December 2016 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Number of by asset class With KO Without KO Investment products Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying HSBC Trinkaus DE000TD1H354 Call 248 Call/55/ Nike Commerzbank DE000CR505Y6 Call 209 Call/10.900/ DAX Commerzbank DE000CN7YMV6 Put 166 Put/10.500/ DAX UBS CH Call 160 Call/11.600/ DAX Citi DE000CX602J4 Call 153 Call/80/ Salesforce.com Citi DE000CW6NK75 Call 141 Call/11.400/ DAX Citi DE000CX27909 Call 141 Call/115/ Adobe Systems Commerzbank DE000CD74L19 Call 135 Call/150/ UnitedHealth Group Commerzbank DE000CR3BKA7 Call 128 Call/58/ Daimler AG Deutsche Bank DE000DL1ZMG8 Call 125 Call/98/ UNION PACIFIC CORP. Knock-out Products ISIN Type Number Marketing name Underlying Commerzbank DE000CE44LV4 Put 388 Unlimited Turbo Zertifikat Euro Bund-Future 03/2017 Vontobel DE000VN47M25 Call 341 Mini Future Weizen Future 03/2017 USD DZ Bank DE000DG8MVL9 Call 333 Mini Future Platin Société Générale DE000SG63MQ3 Put 302 Turbo Zertifikat 10-Jahre U.S. Treasury 12/2016 Société Générale DE000SE862B6 Call 294 Turbo Zertifikat 30-Jahre U.S. Treasury 03/2017 Citi DE000CX24021 Put 208 Turbo Zertifikat Brent Crude Oil Future 02/2017 Citi DE000CX9ES24 Call 160 Mini Future DAX Citi DE000CC74RZ3 Put 159 Turbo Zertifikat DAX HVB/UniCredit DE000HU6FK29 Put 157 Turbo Zertifikat DAX Morgan Stanley DE000MF0CTE6 Call 149 Mini Future Best of Gold Miners Index Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 633 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Vontobel DE000VS66JU3 Call 299 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX V3 Vontobel DE000VN3MYN9 Call 265 Unlimited Faktor Index-Zert. 12X Long Brent Crude Oil Future Vontobel DE000VS92A85 Call 265 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX V3 Deutsche Bank DE000DT4BRT7 Call 251 Unlimited Faktor Index-Zert. Brent Future Long Index Faktor 4 Commerzbank DE000CE5WUU0 Call 239 Unlimited Faktor Index-Zert. 2x Long Bilfinger 2 Index Commerzbank DE000CZ9PPJ4 Call 224 Unlimited Faktor Index-Zert. 2x Long Südzucker Index Deutsche Bank DE000DX6DAX0 Call 220 Unlimited Faktor Index-Zert. LevDAX x6 TR Index Deutsche Bank DE000DX6XAG3 Call 207 Unlimited Faktor Index-Zert. Silber Long Index Faktor 6 HSBC Trinkaus DE000TD9L102 Call 196 Unlimited Faktor Index-Zert. Silber-Future Faktor 10 Long 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying Commerzbank DE000CD0EYZ1 Put 200 Reverse Bonus Zert. DAX Deutsche Bank DE000XM7HDU8 Call 76 Capped Bonus-Zertifikat EURO STOXX 50 LBBW DE000LB1DPK2 Call 73 Bonus Zertifikat EURO STOXX 50 Deutsche Bank DE000DL05MU8 Put 56 Reverse Capped Bonus Zert. DAX HSBC Trinkaus DE000TD66515 Call 56 Capped Bonus-Zertifikat RWE Vontobel DE000VN1VQ81 Call 42 Capped Bonus-Zertifikat Barrick Gold BNP Paribas DE000PB9N4E0 Call 38 Bonus Zertifikat Dialog Semiconductor Citi DE000CX5WA91 Call 36 Bonus Zertifikat Elringklinger AG HSBC Trinkaus DE000TD6C453 Put 34 Reverse Capped Bonus Zert. DAX BNP Paribas DE000PB85C30 Put 30 Reverse Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DL3W563 Call 486 Airbus Group SE Diksont Airbus Group SE Commerzbank DE000CE22Z72 Call 398 Discountzertifikat Classic EURO STOXX 50 Deutsche Bank DE000XM98VR6 Call 314 Continental Diskontzertifikat Continental Deutsche Bank DE000DL5Q6A9 Call 282 AXA S.A. Diskontzertifikat AXA S.A. Deutsche Bank DE000DT874G0 Call 261 DAX Diskontzertifikat DAX Deutsche Bank DE000DL3W7G8 Call 250 LVMH SE Diskontzertifikat Moet Hennessy Louis Vuitton SE Deutsche Bank DE000XM3NY38 Call 182 Airbus Group SE Diskont Airbus Group SE Deutsche Bank DE000DL3VYN4 Call 166 Royal Dutch Shell Diskont Royal Dutch Shell Deutsche Bank DE000DL0DSM2 Call 138 EURO STOXX 50 Diskont EURO STOXX 50 Deutsche Bank DE000DL47W84 Call 138 OSRAM Licht AG Diskont OSRAM Licht AG Tracker Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE Call 642 Index Zertifikat DAX RBS NL Call 449 Opend End Zertifikat Brent Crude Oil 03/2017 USD Deutsche Bank DE000DT0BAC7 Call 438 Index Zertifikat boerse.de-champions-defensiv BNP Paribas NL Call 384 Opend End Zertifikat Brent Crude Oil 03/2017 USD Deutsche Bank DE000DB2BRE3 Call 328 Open-End X-Pert Zertifikat Brent Crude Oil 02/2017 USD Deutsche Bank DE000DB3CTQ9 Call 306 Open-End X-Pert Zertifikat Brent Crude Oil 03/2017 USD DZ Bank DE000DG1HHH1 Call 228 Opend End Zertifikat Brent Crude Oil 02/2017 USD Commerzbank DE Call 207 Index Zertifikat Private Equity Beteiligungen Lang & Schwarz DE000LS9AJF5 Call 204 Index Zertifikat LUS Wikifolio-Index Qualität Vontobel DE000VN5MJG9 Call 192 Index Zertifikat XBT/USD 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

5 Overall market: s 1 ( based on volume of ) Volume of Previous Deutsche Bank 17.37% 424, , Commerzbank 15.72% 383, , DZ Bank 12.02% 293, , BNP Paribas 9.22% 225, , Société Générale 7.81% 190, , Vontobel 7.45% 182, , HSBC Trinkaus 7.12% 173, , Citi 7.11% 173, , UBS 4.82% 117, , HVB/UniCredit 4.12% 100, , LBBW 2.52% 61, , Goldman Sachs 2.18% 53, , Lang & Schwarz 1.16% 28, , Morgan Stanley 0.62% 15, , RBS 0.32% 7, , Raiff. Centrobank 0.28% 6, , Erste Group Bank 0.15% 3, , Bank of America Merrill Lynch 0.02% JPMorgan 0.01% Interactive Brokers 0.01% Total % 2,441, ,322, Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

6 Overall market: s 1 ( based on number of ) Number of Previous Commerzbank 19.00% 43, ,544 1 Deutsche Bank 16.59% 37, ,548 2 Citi 10.56% 23, ,363 3 Vontobel 9.15% 20, ,294 4 DZ Bank 8.38% 19, ,518 6 BNP Paribas 7.86% 17, ,802 5 Société Générale 5.54% 12, ,484 8 HSBC Trinkaus 5.34% 12, ,374 7 UBS 4.80% 10, , HVB/UniCredit 4.46% 10, ,210 9 Lang & Schwarz 2.73% 6, , Goldman Sachs 2.38% 5, , LBBW 1.33% 3, , Morgan Stanley 1.15% 2, , RBS 0.29% Raiff. Centrobank 0.25% Erste Group Bank 0.12% Interactive Brokers 0.02% Bank of America Merrill Lynch 0.02% JPMorgan 0.00% Total % 226, ,582 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

7 Product groups Market : Warrants 1 ( based on volume of ) Volume of Previous Deutsche Bank 17.93% 57, , Commerzbank 17.06% 54, , Société Générale 14.75% 47, , Citi 10.55% 33, , DZ Bank 8.24% 26, , UBS 6.48% 20, , HVB/UniCredit 5.71% 18, , HSBC Trinkaus 5.55% 17, , BNP Paribas 5.21% 16, , Vontobel 4.13% 13, , Goldman Sachs 3.29% 10, , Morgan Stanley 0.84% 2, Raiff. Centrobank 0.13% Lang & Schwarz 0.12% Interactive Brokers 0.01% Erste Group Bank 0.00% Total % 321, , Relative volume of by underlying s 50.04% Indices 43.91% Currencies 2.91% Commodities 2.88% Others 0.20% Interest 0.06% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

8 Market : Warrants 1 ( based on number of ) Number of Previous Commerzbank 18.94% 10, ,719 1 Deutsche Bank 16.39% 8, ,365 2 Citi 12.70% 6, ,558 3 DZ Bank 9.30% 4, ,394 4 BNP Paribas 7.32% 3, ,912 5 Vontobel 7.19% 3, ,101 7 Société Générale 6.81% 3, ,864 8 HVB/UniCredit 6.01% 3, ,386 6 UBS 5.95% 3, ,076 9 HSBC Trinkaus 4.92% 2, , Goldman Sachs 3.39% 1, , Morgan Stanley 0.38% Lang & Schwarz 0.34% Raiff. Centrobank 0.27% Interactive Brokers 0.08% Erste Group Bank 0.01% Total % 53,103 61,192 Relative number of by underlying Stocks 58.75% Indices 33.28% Commodities 4.46% Currencies 3.07% Others 0.24% Interest 0.19% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

9 Market : Knock-Out Products 1 ( based on volume of ) Volume of Previous Commerzbank 17.61% 90, , Deutsche Bank 15.79% 81, , Citi 14.89% 76, , BNP Paribas 12.20% 62, , DZ Bank 7.58% 39, , Vontobel 7.00% 36, , UBS 5.92% 30, , Société Générale 4.44% 22, , HSBC Trinkaus 4.38% 22, , HVB/UniCredit 3.70% 19, , Morgan Stanley 2.15% 11, , Goldman Sachs 1.94% 9, , Lang & Schwarz 1.89% 9, , Raiff. Centrobank 0.20% 1, RBS 0.19% Erste Group Bank 0.10% , Interactive Brokers 0.03% Total % 515, , Relative volume of by underlying Indices 55.98% Stocks 29.18% Commodities 7.71% Currencies 4.37% Interest 2.73% Others 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

10 Market : Knock-Out Products 1 ( based on number of ) Number of Previous Commerzbank 18.69% 20, ,739 1 Citi 14.76% 15, ,330 2 Deutsche Bank 13.68% 14, ,808 3 BNP Paribas 9.32% 10, ,216 4 DZ Bank 8.22% 8, ,041 5 Vontobel 6.76% 7, ,876 6 Société Générale 6.28% 6, ,404 7 UBS 5.39% 5, ,229 8 HSBC Trinkaus 5.01% 5, ,062 9 HVB/UniCredit 4.34% 4, , Lang & Schwarz 3.10% 3, , Goldman Sachs 2.36% 2, , Morgan Stanley 1.81% 1, , Erste Group Bank 0.15% Raiff. Centrobank 0.08% RBS 0.04% Interactive Brokers 0.01% Total % 107, ,833 Relative number of by underlying Indices 46.39% Stocks 32.71% Commodities 11.88% Currencies 5.63% Interest 3.34% Others 0.05% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

11 Market : Yield Enhancement Products 1 ( based on volume of ) Volume of Previous Deutsche Bank 17.51% 251, , DZ Bank 15.62% 224, , Commerzbank 11.52% 165, , BNP Paribas 10.14% 145, , HSBC Trinkaus 8.60% 123, , Société Générale 8.36% 119, , Vontobel 6.28% 90, , UBS 4.63% 66, , Citi 4.33% 62, , HVB/UniCredit 4.32% 61, , LBBW 4.16% 59, , Goldman Sachs 2.28% 32, , Lang & Schwarz 1.27% 18, , RBS 0.47% 6, , Raiff. Centrobank 0.26% 3, , Erste Group Bank 0.21% 2, , Bank of America Merrill Lynch 0.03% JPMorgan 0.02% Morgan Stanley 0.00% Total % 1,434, ,272, Relative volume of by underlying Indices 49.59% Stocks 45.54% Commodities 4.07% Interest 0.51% Others 0.16% Currencies 0.09% Funds 0.04% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

12 Market : Yield Enhancement Products 1 ( based on number of ) Number of Previous Deutsche Bank 24.52% 11, ,641 1 DZ Bank 10.80% 4, ,682 2 Commerzbank 9.48% 4, ,298 4 BNP Paribas 8.66% 3, ,674 3 Vontobel 6.69% 3, ,795 6 LBBW 6.50% 2, ,857 5 HSBC Trinkaus 6.24% 2, ,660 7 Lang & Schwarz 5.93% 2, ,545 8 HVB/UniCredit 4.79% 2, , Société Générale 4.68% 2, ,065 9 UBS 4.30% 1, , Citi 2.80% 1, , Goldman Sachs 2.36% 1, , RBS 1.34% Raiff. Centrobank 0.57% Erste Group Bank 0.24% Bank of America Merrill Lynch 0.11% JPMorgan 0.02% Morgan Stanley 0.00% Total % 45,074 43,072 Relative number of by underlying Stocks 50.46% Indices 40.64% Commodities 7.48% Interest 0.65% Currencies 0.44% Others 0.23% Funds 0.11% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

13 Market : Bonus Certificates 1 ( based on volume of ) Volume of Previous DZ Bank 14.06% 49, , BNP Paribas 13.28% 46, , Commerzbank 11.09% 38, , Société Générale 10.79% 37, , Deutsche Bank 10.75% 37, , HSBC Trinkaus 9.32% 32, , Citi 8.31% 28, , HVB/UniCredit 5.92% 20, , Goldman Sachs 5.70% 19, , Vontobel 4.62% 16, , UBS 4.60% 16, , LBBW 1.40% 4, , Raiff. Centrobank 0.12% Erste Group Bank 0.04% Total % 348, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

14 Market : Bonus Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 12.26% 1, BNP Paribas 12.00% 1, ,118 1 Commerzbank 10.84% DZ Bank 9.74% Citi 9.22% HSBC Trinkaus 9.20% HVB/UniCredit 9.10% UBS 6.12% Goldman Sachs 5.97% Vontobel 5.88% Société Générale 5.08% LBBW 4.09% Raiff. Centrobank 0.37% Erste Group Bank 0.12% Total % 9,117 8,479 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

15 Market : Discount Certificates 1 ( based on volume of ) Volume of Previous DZ Bank 19.28% 141, , Deutsche Bank 16.22% 119, , Commerzbank 12.73% 93, , HSBC Trinkaus 10.29% 75, , BNP Paribas 9.98% 73, , Société Générale 9.69% 71, , Vontobel 7.01% 51, , Citi 4.39% 32, , HVB/UniCredit 4.23% 31, , UBS 4.09% 30, , LBBW 1.04% 7, , Goldman Sachs 0.93% 6, , Raiff. Centrobank 0.12% Total % 735, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

16 Market : Discount Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 38.00% 5, ,728 1 DZ Bank 13.05% 1, ,884 2 Commerzbank 12.35% 1, ,131 4 HSBC Trinkaus 9.31% 1, ,389 3 Vontobel 6.52% BNP Paribas 6.09% ,002 5 Société Générale 4.80% HVB/UniCredit 2.94% Citi 2.77% UBS 2.26% LBBW 1.11% Goldman Sachs 0.70% Raiff. Centrobank 0.11% Total % 14,899 15,832 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

17 Market : Tracker Certificates 1 ( based on volume of ) Volume of Previous Deutsche Bank 38.65% 65, , Commerzbank 13.99% 23, , Lang & Schwarz 10.68% 18, , BNP Paribas 9.06% 15, , DZ Bank 6.68% 11, , RBS 3.94% 6, , UBS 3.51% 5, , HVB/UniCredit 2.57% 4, , Société Générale 2.42% 4, , HSBC Trinkaus 2.17% 3, , LBBW 1.82% 3, , Vontobel 1.58% 2, , Raiff. Centrobank 1.27% 2, , Goldman Sachs 0.95% 1, , Erste Group Bank 0.45% Bank of America Merrill Lynch 0.24% Citi 0.02% Total % 170, , Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

18 Market : Tracker Certificates 1 ( based on number of ) Number of Previous Deutsche Bank 25.56% 2, ,892 1 Lang & Schwarz 22.77% 2, ,545 2 BNP Paribas 11.04% 1, ,067 3 Commerzbank 8.61% 1, RBS 5.15% DZ Bank 4.94% UBS 4.57% Société Générale 3.97% HVB/UniCredit 3.90% Vontobel 3.19% LBBW 1.60% Raiff. Centrobank 1.60% HSBC Trinkaus 1.09% Goldman Sachs 1.03% Erste Group Bank 0.51% Bank of America Merrill Lynch 0.41% Citi 0.04% Total % 11,730 10,227 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

19 Market s: Reverse Convertibles 1 ( based on volume of ) Volume of Previous LBBW 18.11% 19, , Vontobel 16.12% 17, , Deutsche Bank 14.87% 15, , DZ Bank 11.71% 12, , HSBC Trinkaus 10.61% 11, , BNP Paribas 9.82% 10, , UBS 4.66% 4, , Commerzbank 4.09% 4, , Goldman Sachs 4.04% 4, , HVB/UniCredit 3.71% 3, , Erste Group Bank 1.08% 1, Société Générale 1.04% 1, , Raiff. Centrobank 0.15% Total % 105, , ( based on number of ) Number of Previous LBBW 19.32% 1, ,283 1 Vontobel 17.73% 1, DZ Bank 12.19% Deutsche Bank 11.70% BNP Paribas 10.65% HSBC Trinkaus 7.87% Goldman Sachs 5.10% Commerzbank 4.82% HVB/UniCredit 4.75% UBS 4.38% Société Générale 1.17% Raiff. Centrobank 0.23% Erste Group Bank 0.09% Total % 5,708 5,697 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

20 Market : Capital Protection Products 1 ( based on volume of ) Volume of Previous DZ Bank 47.07% 3, , LBBW 27.98% 1, , Deutsche Bank 7.61% HVB/UniCredit 5.32% RBS 3.83% Société Générale 3.24% Morgan Stanley 2.44% UBS 0.83% Commerzbank 0.78% Erste Group Bank 0.70% Raiff. Centrobank 0.19% Total % 6, , Relative volume of by underlying Indices 48.04% Stocks 46.99% Interest 3.28% Commodities 1.16% Funds 0.53% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

21 Market : Capital Protection Products 1 ( based on number of ) Number of Previous DZ Bank 44.64% LBBW 27.54% Deutsche Bank 8.41% HVB/UniCredit 5.22% RBS 4.35% Société Générale 4.35% Morgan Stanley 2.90% Commerzbank 0.87% Erste Group Bank 0.58% Raiff. Centrobank 0.58% UBS 0.58% Total % Relative number of by underlying Indices 51.88% Stocks 42.03% Interest 4.06% Commodities 1.45% Funds 0.58% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

22 x AKT UELL euwax report December 2016 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Previous Discount Certificates 51.06% 735, , Bonus Certificates 24.21% 348, , Tracker Certificates 11.81% 170, , Reverse Certificates 7.33% 105, , Express Certificates 4.13% 59, , Sprint Certificates 0.51% 7, , Credit linked notes 0.51% 7, , Certificates with capital protection 0.42% 5, , Structured bonds 0.03% Total % 1,440,500 1,280,615 Market : Investment Products by Securities Type 1 ( based on number of ) Number of Previous Discount Certificates 32.80% 14, ,832 1 Tracker Certificates 25.83% 11, ,227 2 Bonus Certificates 20.07% 9, ,479 3 Reverse Certificates 12.57% 5, ,697 4 Express Certificates 7.05% 3, ,351 5 Certificates with capital protection 0.70% Credit linked notes 0.65% Sprint Certificates 0.28% Structured bonds 0.06% Total % 45,419 43,460 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at December

23 2015 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 52 euwax report December 2016 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 December

24 2015 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 52 euwax report December 2016 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 December

25 2015 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 52 euwax report December 2016 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 December

26 Euwax what s new New Products Launched Number of new products launched in December 2016 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 18,772 16,598-11,527 46,897 Citi 9,507 24,503-10,468 44,478 Commerzbank 10,658 18,872-7,739 37,269 Deutsche Bank 3,948 14,641-5,273 23,862 DZ Bank 5,258 5,099-4,027 14,384 Erste Group Bank Goldman Sachs 5,222 7,605-12,800 25,627 HSBC Trinkaus 2,067 3,910-8,125 14,102 JPMorgan LBBW Lang & Schwarz 87 1, ,722 Morgan Stanley 289 4, ,007 Raiff. Centrobank Société Générale 9,996 17, ,343 UBS 8,999 6,466-8,220 23,685 HVB/UniCredit 3,299 4, ,418 11,226 Vontobel 2,674 11,504-5,402 19,580 Total 80, , , ,346 26

27 Products Reaching Final Maturity Number of products reaching final maturity in December 2016 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 9,712 18,814-8,436 36,962 Citi 9,521 26,277-3,495 39,293 Commerzbank 11,156 18,532-12,819 42,507 Deutsche Bank 8,411 18,922-13,463 40,796 DZ Bank 5,949 6, ,582 24,547 Erste Group Bank Goldman Sachs 6,058 7, ,396 20,155 HSBC Trinkaus 2,059 4,341-6,349 12,749 Interactive Brokers 1, ,616 JPMorgan LBBW Lang & Schwarz 476 3, ,871 Morgan Stanley 262 5, ,313 Raiff. Centrobank Société Générale 6,377 16,271-7,038 29,686 RBS UBS 10,581 8,030-5,760 24,371 HVB/UniCredit 10,425 5,700-11,264 27,389 Vontobel 5,538 14,072-8,943 28,553 Total 88, , , ,309 (as at December 2016) 27

28 Listed Products Number of listed products as at December 2016 of total December November Commerzbank 13.91% 184, ,101 1 Citi 11.59% 153, ,995 3 Deutsche Bank 11.33% 150, ,949 2 BNP Paribas 10.65% 141, ,141 4 DZ Bank 8.77% 116, ,409 5 Société Générale 8.14% 107, ,990 7 Vontobel 7.57% 100, ,045 6 HVB/UniCredit 7.01% 93, ,957 8 UBS 7.01% 93, ,575 9 Goldman Sachs 6.42% 85, , HSBC Trinkaus 4.78% 63, , Lang & Schwarz 0.88% 11, , LBBW 0.78% 10, , Morgan Stanley 0.66% 8, , Raiff. Centrobank 0.33% 4, , Erste Group Bank 0.18% 2, , JPMorgan 0.00% RBS 0.00% Bank of America Merrill Lynch 0.00% Nomura 0.00% Number of listed products as at 31 December 2016 (reporting date). 2 Number of listed products as at 30 November 2016 (reporting date) % 1,326,797 1,361,851 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 December 2016 Raiff. Centrobank Euwax AG Total mistrade applications granted (as a proportion of all orders) Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Number of mistrade applications rejected by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 2 as at December 2016 Goldman Sachs UBS 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 December 2016 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. January.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. Euwax members. Since March 2016 Barclays Capital is no longer a member of Euwax. New issue subscriptions. Subscribing for new issues is straightforward. You can order new issues of structured investment products through the Stuttgart Exchange, the only trading platform that does not charge the usual transaction fee. Orders can be placed through any bank or savings bank. For a list of securities currently in the subscription phase, see: Live on n-tv. Follow the latest Euwax trends live in Teleboerse at hours (CET) on n-tv (every exchange trading day). The Stuttgart Exchange mobile app. The Stuttgart Exchange app gives you access to real-time prices for all the securities traded on our trading platform. Thanks to real-time limit monitoring, you can keep an eye on your securities even while you are out just like the professionals. You can set up push notifications that tell you when a predefined limit has been reached for the securities on your watch list. Download the app from: Notes on the ly report. Reporting. The report for the preceding is published at the beginning of the current. Contents. The report does not contain any valuations. It is based on statistical analysis and current news. The date provided includes Euwax indicators, the market shares of different issuers and exchanges, and a complaints ratio. Sales Ratio. The Sales Ratio is the ratio of buy orders to total orders (i.e. buy and sell orders). The figures quoted only include orders that were actually. Important note. It is intended that this ly report should be expanded in collaboration with issuers. Your comments and suggestions are welcome. The greatest possible care has been taken in the production of this report. All the information on which it is based comes from the Boerse Stuttgart Group or other publicly available sources that we believe to be trustworthy and reliable. Nevertheless, we cannot guarantee that it is accurate or that it does not contain errors. We cannot accept liability for any direct or indirect damage, including unrealized gains or profits, that June be caused as a result of or in connection with the information contained in the report. Source. Boerse Stuttgart Group. Contact. Friederike Heeß, Boerse Stuttgart GmbH, phone: +49 (0) , friederike.heess@boerse-stuttgart.de Market comments. Solenne Peltier, Boerse Stuttgart GmbH, phone: +49 (0) , Solenne.peltier@boerse-stuttgart.de Statistical data. Data management, Boerse Stuttgart GmbH, phone: +49 (0) , Statistik@boerse-stuttgart.de 2016 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30