euwax report August 2015

Transcription

1 Dear Readers, In August, financial markets all over the world were shaken by China. The reason is the sorrow about the downturn in Chinese economy. Already since mid-june, the Chinese markets, which had been boosted for more than one year, were facing strong markdowns despite massive state subsidies. Experts consider this to be a necessary correction in light of poor economic data. In order to boost the domestic economy and to stabilize the falling share prices, the Chinese central bank lowered the reference price of the yuan against the US dollar with a record intervention of 4.6 % in total by mid-. The effects were more than dramatic. After the devaluation of the yuan, stock markets were extremely faltering. This also led to massive losses at the German stock market. On August 24th, the DAX was facing the biggest price drop within one trading day since the Lehman bankruptcy. The leading index rushed into a minus of up to 7.8 percent to a new annual low of 9,338 points. In total, the DAX lost more than 9 percent in August. This has been the strongest decrease since Although August is traditionally characterized by sales declines, trading activities at the Stuttgart Stock Exchange slightly rose this. The sharp increase in market volatility in course of the market turbulence in China continued to revive the trade with securitized derivatives. In the EUWAX segment, a trading volume of over 2.8 billion Euro has been turned over within 336,000. The trading volume was slightly above the level of the and rose by more than 35 percent towards the same of the year. The average client order in the reference was around 8,400 Euro. The investment products group contributed over 1.3 billion Euro to the turnover in the under review. Especially popular were discount certificates, which represented around 40 percent of the trading volume with more than 526 million Euro. Bonus certificates were ranked second with a trading volume of over 360 million Euro in over 12,000, followed by classic index and participation certificates with a traded volume of around 275 million Euro. With classic warrants, knock out products and factor certificates, more than 1.5 billion Euro were turned over in Stuttgart in August. In leverage products with knock out, more than 160,000 were, warrants and factor certificates contributed more than 124,000. Due to the decline of stock indices, the European leading indices DAX and EURO STOXX 50 were in the focus of investors for both investment and leverage products. Short-term oriented investors used the strong intraday fluctuations to position themselves respectively. Furthermore, the raw oil brand Brent Crude Oil received high attention once again. Until August 24th, the oil price continued to loose up to dollar per barrel. Then the price recovered for the first time in s, which led to vivid turnovers among investors. 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 Solenne Peltier 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 August 2015) August 15 July 2015 leverage products without knock-out * 428, ,453 leverage products with knock-out 333, ,490 yield enhancement 566, ,731 capital protection Total securitised derivatives 1,328,942 1,336,242 EUWAX members Boerse Stuttgart market share of exchange trading in derivative leverage products Boerse Stuttgart market share of exchange trading in derivative investment products % 66.26% % 68.27% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 31 August 2015 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 by asset class With KO Without KO Investment products Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Commerzbank DE000CR3FVP3 Call 528 Call/11.500/ DAX BNP Paribas DE000PS2SNL8 Call 368 Call/13.400/ DAX Deutsche Bank DE000DT8W7R3 Call 291 Call/13.050/ DAX UBS CH Call 210 Call/85/ Bayer AG Citi DE000CC6ZLJ5 Call 209 Call/575/ Amazon.com Commerzbank DE000CR22WU1 Put 205 Put/11.000/ DAX Commerzbank DE000CR5HH53 Call 204 Call/12.100/ DAX UBS CH Put 200 Put/160/ Apple Inc. Deutsche Bank DE000XM0V8T9 Call 179 Call/140/ Apple Inc. Deutsche Bank DE000DT3WER7 Call 177 Call/90/ Daimler AG Knock-out Products ISIN Type Number Marketing name Underlying Lang & Schwarz DE000LS8WCP5 Call 282 Turbo Zertifikat Nemetschek Commerzbank DE000CR93UG5 Put 272 Open End Turbo EURO STOXX 50 Citi DE000CF4ZWK2 Call 270 Open End Turbo S&P 500 Index DZ Bank DE000DG3CLV1 Call 266 Open End Turbo EURO STOXX 50 Deutsche Bank DE000XM0SGT5 Call 245 WAVE Unlimited Call DAX Commerzbank DE000CN557Y1 Put 232 Turbo Zertifikat DAX Deutsche Bank DE000XM6M3X7 Put 230 WAVE Put DAX Vontobel DE000VZ03475 Call 228 Open End Turbo Kaffee Future 12/2015 (ICE) USD HSBC Trinkaus DE000TD3MPW4 Call 225 Mini Future TOM TAILOR Holding AG Deutsche Bank DE000DX31883 Call 206 WAVE Unlimited Call BASF SE Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 3,100 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Commerzbank DE000CR468T7 Call 2,178 Unlimited Faktor Index-Zert. 10x Long DAX-Futures Index Commerzbank DE000CR5JL97 Call 1,492 Unlimited Faktor Index-Zert. 6x Long Brent Oil II Index Deutsche Bank DE000DX8SRT6 Call 1,221 Unlimited Faktor Index-Zert. ShortDAX x8 TR Index Vontobel DE000VZ9L128 Call 1,179 Unlimited Faktor Index-Zert. 12X Long Index linked to DAX Vontobel DE000VZ6L124 Call 1,082 Unlimited Faktor Index-Zert. 12X Long Index linked to DAX Deutsche Bank DE000XM9L105 Call 972 Unlimited Faktor Index-Zert. LevDAX x10 (TR) Index HSBC Trinkaus DE000TD90LL4 Call 747 Unlimited Faktor Index-Zert. 10 Brent-Crude-Future (long) Ind. Vontobel DE000VZ8S125 Call 714 Unlimited Faktor Index-Zert. 12X Short Index linked to DAX Vontobel DE000VZ8L120 Call 612 Unlimited Faktor Index-Zert. 12X Short Index linked to DAX 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

4 Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DT982B2 Call 155 Bonus Zertifikat EURO STOXX 50 BNP Paribas DE000PA7MJ43 Put 101 Reverse Capped Bonus Zert. DAX BNP Paribas DE000PA7XAM2 Put 75 Reverse Bonus Zertifikat DAX Deutsche Bank DE000XM07NV6 Put 73 Reverse Capped Bonus Zert. DAX BNP Paribas DE000PS1Y349 Call 67 Bonus Zertifikat EURO STOXX 50 Deutsche Bank DE000XM4N4N7 Call 64 Capped Bonus Zertifikat DAX BNP Paribas DE000PA7MJ35 Put 55 Reverse Capped Bonus Zert. DAX Vontobel DE000VS3W7J9 Put 52 Reverse Capped Bonus Zert. DAX Vontobel DE000VS3ALH8 Put 50 Reverse Capped Bonus Zert. DAX Vontobel DE000VS33RS0 Put 49 Reverse Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000XM0GHB6 Call 464 Discount-Zertifikat Infineon Deutsche Bank DE000XM3NXU3 Call 182 Discount-Zertifikat Airbus Group SE Deutsche Bank DE000DT431C8 Call 130 Discount-Zertifikat HeidelbergCement AG Deutsche Bank DE000DT47CA6 Call 97 Discount-Zertifikat MorphoSys Deutsche Bank DE000XM17MD5 Call 75 Discount-Zertifikat Nikkei 225 Stock Average Index HSBC Trinkaus DE000TD273S0 Call 74 Discount-Zertifikat EURO STOXX 50 DZ Bank DE000DG43JG4 Call 60 Discount-Zertifikat DAX Commerzbank DE000CR8Z5G3 Call 58 Discount-Zertifikat DAX Deutsche Bank DE000DT47CB4 Call 58 Discount-Zertifikat MorphoSys Vontobel DE000VZ5F8N3 Call 44 Discount-Zertifikat EURO STOXX 50 Tracker Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE Call 1,275 Open End X-pert Index-Zert. DAX Deutsche Bank DE000DE04UZ8 Call 1,253 Index-Zertifikat Nikkei 225 Stock Average Index Deutsche Bank DE000DT0BAC7 Call 904 Open End Index-Zert. boerse.de-champions-def.-index Deutsche Bank DE000DB3CTQ9 Call 601 Open End X-pert Zertifikat Brent Crude Oil Future Deutsche Bank DE000DB2BRE3 Call 424 Open End X-pert Zertifikat Brent Crude Oil Future RBS NL Call 342 Open End Zertifikat Brent Crude Oil Future Deutsche Bank DE000XM4ESP0 Call 286 Index-Zertifikat IBEX 35 Lang & Schwarz DE000LS9BLQ6 Call 282 Open End Zertifikat LUS Wikifolio-Index Commerzbank DE Call 266 Zertifikat Private Equity Beteiligungen Commerzbank DE Call 208 Open-End Zertifikat DAX 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

5 Overall market: s 1 ( based on volume of ) Deutsche Bank 24.78% 702, , Commerzbank 21.19% 600, , DZ Bank 8.78% 248, , BNP Paribas 8.65% 245, , Citi 6.41% 181, , HSBC Trinkaus 5.94% 168, , Vontobel 5.93% 168, , UBS 4.84% 137, , HVB/UniCredit 3.61% 102, , Société Générale 2.91% 82, , Goldman Sachs 2.50% 70, , LBBW 1.85% 52, , Lang & Schwarz 1.14% 32, , RBS 0.70% 19, , WGZ Bank 0.39% 11, , Raiff. Centrobank 0.20% 5, , Erste Group Bank 0.06% 1, , Bank of America Merrill Lynch 0.05% 1, Interactive Brokers 0.04% 1, , Morgan Stanley 0.02% JPMorgan 0.02% Barclays Capital 0.01% Rabobank 0.00% Total % 2,835, ,793, Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

6 Overall market: s 1 ( based on number of ) Commerzbank 22.04% 74, ,202 1 Deutsche Bank 20.26% 68, ,497 2 Citi 10.07% 33, ,882 3 BNP Paribas 8.28% 27, ,740 5 DZ Bank 7.36% 24, ,827 4 Vontobel 7.24% 24, ,455 6 UBS 5.54% 18, ,007 7 HSBC Trinkaus 5.46% 18, ,395 8 HVB/UniCredit 4.19% 14, ,823 9 Société Générale 2.84% 9, , Lang & Schwarz 2.60% 8, , Goldman Sachs 2.00% 6, , LBBW 0.81% 2, , RBS 0.58% 1, , Raiff. Centrobank 0.25% Interactive Brokers 0.23% Erste Group Bank 0.11% WGZ Bank 0.09% Bank of America Merrill Lynch 0.05% Barclays Capital 0.02% Morgan Stanley 0.01% Rabobank 0.00% JPMorgan 0.00% Total % 336, ,573 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

7 Product groups Market : Warrants 1 ( based on volume of ) Deutsche Bank 24.14% 101, , Commerzbank 17.08% 72, , Citi 11.48% 48, , DZ Bank 9.11% 38, , BNP Paribas 7.76% 32, , HVB/UniCredit 7.67% 32, , Goldman Sachs 6.39% 26, , UBS 5.92% 24, , Société Générale 4.57% 19, , Vontobel 3.04% 12, , HSBC Trinkaus 2.23% 9, , Lang & Schwarz 0.24% 1, Interactive Brokers 0.22% Raiff. Centrobank 0.16% Erste Group Bank 0.01% Total % 422, , Relative volume of by underlying Indices 53.28% s 41.30% Currencies 2.77% Commodities 2.16% Others 0.48% Interest 0.02% 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

8 Market : Warrants 1 ( based on number of ) Deutsche Bank 21.13% 17, ,033 1 Commerzbank 19.40% 15, ,188 2 Citi 11.83% 9, ,121 3 HVB/UniCredit 8.34% 6, ,409 4 BNP Paribas 8.07% 6, ,750 5 DZ Bank 7.12% 5, ,148 6 UBS 6.66% 5, ,944 7 Société Générale 4.52% 3, ,865 9 Vontobel 4.31% 3, ,368 8 Goldman Sachs 3.92% 3, , HSBC Trinkaus 3.17% 2, , Interactive Brokers 0.79% Lang & Schwarz 0.49% Raiff. Centrobank 0.22% Erste Group Bank 0.01% Total % 81,618 73,228 Relative number of by underlying Stocks 48.19% Indices 45.84% Commodities 2.99% Currencies 2.49% Others 0.45% Interest 0.04% 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

9 Market : Knock-Out Products 1 ( based on volume of ) Commerzbank 23.78% 176, , Deutsche Bank 17.96% 133, , BNP Paribas 13.35% 99, , Citi 11.67% 86, , DZ Bank 6.80% 50, , UBS 6.18% 45, , Vontobel 6.11% 45, , HSBC Trinkaus 5.61% 41, , HVB/UniCredit 2.88% 21, , Société Générale 1.76% 13, , Lang & Schwarz 1.69% 12, , Goldman Sachs 1.60% 11, , RBS 0.38% 2, , Erste Group Bank 0.13% Raiff. Centrobank 0.07% Interactive Brokers 0.03% , Barclays Capital 0.01% Total % 742, , Relative volume of by underlying Indices 65.85% Stocks 21.14% Commodities 7.42% Currencies 4.36% Interest 0.95% Others 0.28% 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

10 Market : Knock-Out Products 1 ( based on number of ) Commerzbank 20.32% 32, ,153 1 Deutsche Bank 16.60% 26, ,443 2 Citi 14.45% 23, ,668 3 BNP Paribas 11.35% 18, ,385 4 DZ Bank 7.83% 12, ,346 5 UBS 6.78% 10, ,020 6 HSBC Trinkaus 6.03% 9, ,356 8 Vontobel 5.99% 9, ,321 7 HVB/UniCredit 3.29% 5, ,629 9 Lang & Schwarz 2.87% 4, , Société Générale 2.27% 3, , Goldman Sachs 1.60% 2, , RBS 0.23% Erste Group Bank 0.16% Raiff. Centrobank 0.12% Interactive Brokers 0.07% Barclays Capital 0.03% Total % 160, ,341 Relative number of by underlying Indices 60.99% Stocks 25.92% Commodities 8.28% Currencies 3.46% Interest 1.09% Others 0.25% Funds 0.01% 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

11 Market : Yield Enhancement Products 1 ( based on volume of ) Deutsche Bank 27.59% 364, , Commerzbank 16.16% 213, , DZ Bank 11.31% 149, , BNP Paribas 8.57% 113, , HSBC Trinkaus 7.48% 98, , UBS 4.75% 62, , LBBW 3.81% 50, , Société Générale 3.63% 47, , Vontobel 3.60% 47, , Citi 3.52% 46, , HVB/UniCredit 3.33% 43, , Goldman Sachs 2.42% 32, , Lang & Schwarz 1.42% 18, , RBS 1.22% 16, , WGZ Bank 0.76% 10, , Raiff. Centrobank 0.24% 3, , Bank of America Merrill Lynch 0.10% 1, Erste Group Bank 0.05% JPMorgan 0.04% Barclays Capital 0.01% Morgan Stanley 0.00% Total % 1,322, ,304, Relative volume of by underlying Indices 54.27% Stocks 40.69% Commodities 3.06% Others 0.94% Interest 0.85% Funds 0.10% Currencies 0.09% 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

12 Market : Yield Enhancement Products 1 ( based on number of ) Deutsche Bank 29.48% 15, ,010 1 Commerzbank 10.91% 5, ,389 2 DZ Bank 10.22% 5, ,119 3 Lang & Schwarz 7.32% 3, ,935 6 HSBC Trinkaus 6.05% 3, ,334 4 BNP Paribas 5.92% 3, ,605 7 LBBW 5.16% 2, ,137 5 Vontobel 4.70% 2, ,955 9 UBS 4.48% 2, ,035 8 Société Générale 3.92% 1, , HVB/UniCredit 3.30% 1, , RBS 2.99% 1, , Citi 1.95% , Goldman Sachs 1.89% Raiff. Centrobank 0.61% WGZ Bank 0.57% Bank of America Merrill Lynch 0.31% Erste Group Bank 0.18% Barclays Capital 0.03% JPMorgan 0.01% Morgan Stanley 0.00% Total % 50,893 48,682 Relative number of by underlying Indices 46.39% Stocks 43.55% Commodities 7.76% Others 1.16% Interest 0.96% Currencies 0.14% Funds 0.04% 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

13 Market : Bonus Certificates 1 ( based on volume of ) BNP Paribas 19.31% 69, , Deutsche Bank 18.13% 65, , Commerzbank 11.51% 41, , DZ Bank 10.93% 39, , HSBC Trinkaus 8.69% 31, , Goldman Sachs 6.34% 22, , UBS 5.34% 19, , Citi 5.08% 18, , HVB/UniCredit 4.12% 14, , Vontobel 3.90% 14, , Société Générale 3.50% 12, , LBBW 2.03% 7, , RBS 0.73% 2, , Raiff. Centrobank 0.26% , WGZ Bank 0.08% Erste Group Bank 0.02% JPMorgan 0.01% Total % 360, , Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

14 Market : Bonus Certificates 1 ( based on number of ) Deutsche Bank 18.94% 2, ,936 1 BNP Paribas 16.11% 1, ,660 2 DZ Bank 10.94% 1, ,082 4 Commerzbank 10.31% 1, ,185 3 HSBC Trinkaus 8.65% 1, Vontobel 7.41% Société Générale 5.65% Citi 5.16% UBS 4.62% HVB/UniCredit 4.30% Goldman Sachs 3.52% LBBW 3.14% RBS 0.61% Raiff. Centrobank 0.46% Erste Group Bank 0.10% WGZ Bank 0.07% JPMorgan 0.02% Total % 12,046 10,001 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

15 Market : Discount Certificates 1 ( based on volume of ) Deutsche Bank 26.72% 140, , Commerzbank 19.95% 104, , DZ Bank 15.74% 82, , HSBC Trinkaus 9.83% 51, , BNP Paribas 6.25% 32, , Citi 5.16% 27, , UBS 4.09% 21, , Vontobel 3.94% 20, , HVB/UniCredit 3.37% 17, , Société Générale 2.24% 11, , WGZ Bank 1.12% 5, , LBBW 1.06% 5, , Goldman Sachs 0.46% 2, RBS 0.04% * Raiff. Centrobank 0.03% , Total % 525, , Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

16 Market : Discount Certificates 1 ( based on number of ) Deutsche Bank 37.27% 4, ,925 1 Commerzbank 16.34% 2, ,204 2 DZ Bank 14.11% 1, ,901 3 HSBC Trinkaus 10.33% 1, ,595 4 Vontobel 4.72% UBS 3.92% BNP Paribas 3.65% HVB/UniCredit 2.84% Société Générale 2.35% Citi 2.28% LBBW 1.62% WGZ Bank 0.31% Goldman Sachs 0.20% Raiff. Centrobank 0.04% RBS 0.02% Total % 12,916 13,480 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

17 Market : Tracker Certificates 1 ( based on volume of ) Deutsche Bank 47.84% 131, , Commerzbank 19.37% 53, , Lang & Schwarz 6.85% 18, , Société Générale 5.89% 16, , RBS 4.82% 13, , DZ Bank 4.32% 11, , HSBC Trinkaus 2.97% 8, , UBS 2.74% 7, , HVB/UniCredit 1.88% 5, , Raiff. Centrobank 0.60% 1, , BNP Paribas 0.59% 1, Goldman Sachs 0.58% 1, , Bank of America Merrill Lynch 0.50% 1, Vontobel 0.47% 1, , LBBW 0.27% , Erste Group Bank 0.20% Citi 0.08% Barclays Capital 0.04% WGZ Bank 0.00% Total % 274, , Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

18 Market : Tracker Certificates 1 ( based on number of ) Deutsche Bank 37.56% 6, ,533 1 Lang & Schwarz 21.73% 3, ,935 2 Commerzbank 9.41% 1, ,362 4 RBS 8.42% 1, ,433 3 DZ Bank 6.05% 1, Société Générale 3.81% UBS 3.24% HVB/UniCredit 2.75% HSBC Trinkaus 2.02% Raiff. Centrobank 1.32% Bank of America Merrill Lynch 0.93% Vontobel 0.89% Goldman Sachs 0.57% BNP Paribas 0.48% Erste Group Bank 0.43% LBBW 0.25% Barclays Capital 0.08% Citi 0.06% WGZ Bank 0.01% Total % 17,153 15,411 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

19 Market s: Reverse Convertibles 1 ( based on volume of ) 18.35% 19, , Deutsche Bank 17.52% 18, , DZ Bank 11.22% 11, , Vontobel 10.20% 10, , UBS 9.04% 9, , BNP Paribas 8.78% 9, , HSBC Trinkaus 7.29% 7, , Commerzbank 7.22% 7, , Goldman Sachs 4.84% 5, , HVB/UniCredit 3.71% 3, , WGZ Bank 1.37% 1, Société Générale 0.25% , Raiff. Centrobank 0.20% Morgan Stanley 0.01% Total % 105, , ( based on number of ) LBBW 18.82% 1, ,338 1 Deutsche Bank 15.16% ,164 2 DZ Bank 13.35% Vontobel 11.17% BNP Paribas 8.81% UBS 8.02% Commerzbank 7.24% Goldman Sachs 6.94% HSBC Trinkaus 5.95% HVB/UniCredit 3.15% WGZ Bank 0.75% Société Générale 0.37% Raiff. Centrobank 0.26% Morgan Stanley 0.02% Total % 5,882 6,963 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

20 Market : Capital Protection Products 1 ( based on volume of ) DZ Bank 28.66% 5, , UBS 20.12% 3, LBBW 10.98% 1, , Société Générale 9.70% 1, , Deutsche Bank 6.98% 1, RBS 5.79% 1, WGZ Bank 5.78% 1, HVB/UniCredit 4.40% Commerzbank 3.53% Morgan Stanley 2.76% Rabobank 0.68% Raiff. Centrobank 0.36% Erste Group Bank 0.12% Goldman Sachs 0.12% Bank of America Merrill Lynch 0.02% Total % 17, , Relative volume of by underlying Indices 60.27% Stocks 23.21% Interest 6.62% Funds 3.68% Others 3.07% Currencies 1.72% Commodities 1.44% 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

21 Market : Capital Protection Products 1 ( based on number of ) DZ Bank 38.23% LBBW 14.55% Société Générale 11.27% RBS 8.99% Commerzbank 6.56% HVB/UniCredit 6.28% Deutsche Bank 5.28% Morgan Stanley 2.57% WGZ Bank 2.14% Rabobank 1.43% UBS 1.00% Raiff. Centrobank 0.86% Goldman Sachs 0.43% Erste Group Bank 0.29% Bank of America Merrill Lynch 0.14% Total % Relative number of by underlying Indices 44.22% Stocks 32.67% Interest 10.27% Funds 6.13% Others 4.14% Commodities 2.28% Currencies 0.29% 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

22 x AKT UELL euwax report August 2015 Market : Investment Products by Securities Type 1 ( based on volume of ) Discount Certificates 39.22% 525, , Bonus Certificates 26.87% 360, , Tracker Certificates 20.49% 274, , Reverse Certificates 7.88% 105, , Express Certificates 2.72% 36, , Certificates with capital protection 1.18% 15, , Credit linked notes 0.83% 11, , Sprint Certificates 0.65% 8, , Structured bonds 0.15% 1, , Total % 1,340,445 1,324,275 Market : Investment Products by Securities Type 1 ( based on number of ) Tracker Certificates 33.25% 17, ,411 1 Discount Certificates 25.03% 12, ,480 2 Bonus Certificates 23.35% 12, ,001 3 Reverse Certificates 11.40% 5, ,963 4 Express Certificates 3.95% 2, ,905 5 Certificates with capital protection 1.19% Credit linked notes 0.95% Sprint Certificates 0.71% Structured bonds 0.17% Total % 51,594 49,513 1 Source: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

23 2014 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 35 euwax report August 2015 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: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

24 2014 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 35 euwax report August 2015 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: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

25 2014 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 35 euwax report August 2015 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: XONTRO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at August

26 Euwax what s new New Products Launched new products launched in August 2015 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products BNP Paribas 5,807 21,370-14,235 41,412 Citi 4,598 27,325-5,534 37,457 Commerzbank 5,596 25,790-5,249 36,635 Deutsche Bank 4,628 25, ,171 36,045 DZ Bank 2,848 8,442-8,337 19,627 Erste Group Bank Goldman Sachs 3,570 7,431-5,214 16,215 HSBC Trinkaus 816 6, ,953 9,774 HVB/UniCredit 2,033 12,330-3,505 17,868 Interactive Brokers 3,326 1, ,669 Lang & Schwarz 337 2, ,785 LBBW Morgan Stanley Raiff. Centrobank Société Générale ,096-5,414 27,389 UBS 1,500 21,493-1,815 24,808 Vontobel 5,239 20,223-9,274 34,736 WGZ BANK Total 41, , , ,342 Total 26

27 Products Reaching Final Maturity products reaching final maturity in August 2015 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Barclays Capital BNP Paribas 2,633 21,339-10,919 34,891 Citi 2,307 30,532-8,187 41,026 Commerzbank 3,140 29, ,230 34,836 Deutsche Bank 2,797 24,269-1,681 28,747 DZ Bank 2,113 9,887-6,033 18,033 Erste Group Bank Goldman Sachs 2,989 7,082-2,645 12,716 HSBC Trinkaus 292 6,997-2,715 10,004 HVB/UniCredit 4,119 17, ,038 27,954 Interactive Brokers 2,847 1, ,250 Lang & Schwarz 51 2, ,812 LBBW Morgan Stanley Raiff. Centrobank RBS Société Générale ,137-1,522 26,542 UBS 5,075 25, ,865 Vontobel 2,350 21,534-6,216 30,100 WGZ BANK Total 31, , , ,741 Total (as at August 2015) 27

28 Listed Products listed products as at August 2015 of total August J uly Commerzbank 14.38% 191, ,434 1 Deutsche Bank 11.70% 155, ,247 2 BNP Paribas 11.11% 147, ,576 4 Citi 10.63% 141, ,019 3 UBS 9.59% 127, ,477 5 DZ Bank 8.45% 112, ,083 6 Vontobel 7.86% 104, ,604 8 HVB/UniCredit 7.44% 98, ,345 7 Société Générale 7.37% 97, ,447 9 HSBC Trinkaus 4.57% 60, , Goldman Sachs 4.24% 56, , Lang & Schwarz 0.73% 9, , LBBW 0.68% 8, , Interactive Brokers 0.61% 8, , Raiff. Centrobank 0.28% 3, , Erste Group Bank 0.14% 1, , RBS 0.12% 1, , WGZ BANK 0.05% Barclays Capital 0.04% Morgan Stanley 0.01% JPMorgan 0.00% Bank of America Merrill Lynch 0.00% Nomura 0.00% Rabobank 0.00% Total % 1,328,942 1,336,242 1 listed products as at 31 August 2015 (reporting date). 2 listed products as at 31 July 2015 (reporting date). 28

29 Mistrades and complaints mistrade applications granted by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 1 as at August 2015 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. mistrade applications rejected by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 2 as at August 2015 WGZ Bank Vontobel 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. Mistradeantrag gestellt. Complaints ratio in August 2015 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. The transaction fee for securitised 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 may 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 2015 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30