euwax report November 2016

Transcription

1 Dear Readers, After the distinctive cutting in the first half-year on the stock markets, which had been caused by the British referendum, financial markets experienced the next surprise on November 8th: Donald Trump will be the 45th president of the United States of America. The market reactions to the result of the US election were inevitable again in this event, but were clearly limited in comparison to the vote of the British for the withdrawal from the European Union. Already after a few hours, the share prices were recovering from the first shock of Donald Trump s election victory. The DAX was climbing from its s low of 10,174 points quickly, the Dow Jones index reached new highs day by day in succession. The DAX reached its s high of 10,802 points on November 14th, before it subsequently resumed its sideways trend of the preceding s again. At the exchange market, investors meanwhile bet on an inflation fostered by Trump and quick interest rate increases of the US Federal Bank. This pushed the dollar index, which reflects the rate of exchange towards important currencies, up to points, the highest level for almost 14 years. The Euro fell to a twelve- low of dollar in return. Corresponding to this market environment, there was active trading in the EUWAX segment of the Boerse Stuttgart. The total trading volume with securitized derivatives was over 2.3 billion Euro and thereby around 22 percent above the level of the. Thereby, about 263,000 were. This corresponds to a plus of almost 24 percent towards the preceding. The average client order was above 8,800 Euro. In the trade with leverage products, more than 1 billion Euro was turned over. Thereby, the turnover with knock-out products summed up to about 604 million Euro with around 133,000. Warrants and factor certificates contributed over 437 million Euro to the total turnover with more than 86,000 orders. Regarding leverage products, investors especially focused on the DAX. The precious metals gold and silver came under significant pressure this and were particularly in the focus as well. Altogether, the gold price lost 7.3 and the silver price 10.6 percent since the day of the presidential election in the USA. In regards to investment products, the trading volume rose to around 1.3 billion Euro in November. The number of increased to over 43,000. Discount certificates were especially popular this : here, the share of the European aviation and defense concern Airbus received much attention as underlying asset, due to a statement of the trade union whereupon 1164 jobs should be cut. Index and participation certificates have also been actively traded. Investors focused on the oil market again in the run-up to the OPEC decision on November 30th in Vienna. Already from mid-november onwards, the price for North Sea oil increased by more than 20 percent in total. Following the meeting of the OPEC, who agreed on a cut of the oil production, it meanwhile reached dollar - this year s highest level. 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 November 2016) Number of leverage products without knock-out * November ,125 October ,833 Number of leverage products with knock-out 353, ,608 Number of yield enhancement 552, ,620 Number of capital protection Total Number of securitised derivatives 1,363,467 1,303,467 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 % 64.36% % 67.34% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 30 November 2016 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Number of by asset class With KO Without KO Investment products Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Commerzbank DE000CR505Y6 Call 568 Call/10.900/ DAX Deutsche Bank DE000XM2S733 Call 369 Call/55/ Starbucks Deutsche Bank DE000DX8NWG4 Call 292 Call/10.500/ DAX Commerzbank DE000CD74L19 Call 235 Call/150/ UnitedHealth Group HSBC Trinkaus DE000TD14NM8 Call 233 Call/120/ Apple Inc. Deutsche Bank DE000DL9F8M9 Call 177 Call/58/ Starbucks BNP Paribas DE000PB13QG7 Call 169 Call/155/ Allianz SE HSBC Trinkaus DE000TD12550 Put 151 Put/10.600/ DAX Deutsche Bank DE000DL1ZLE5 Call 144 Call/1.480/ Priceline.com Deutsche Bank DE000DL1ZMG8 Call 143 Call/98/ UNION PACIFIC CORP. Knock-out Products ISIN Type Number Marketing name Underlying Citi DE000CX8D0P9 Call 523 Unlimited Turbo Zertifikat DAX Citi DE000CX5EYN2 Put 362 Unlimited Turbo Zertifikat NASDAQ 100 Vontobel DE000VT6QWJ9 Put 348 Mini Future Zucker Future 03/2017 (ICE) USD Société Générale DE000SE7Y7T8 Call 331 Unlimited Turbo Zertifikat GBP/USD Citi DE000CC74RZ3 Put 290 Unlimited Turbo Zertifikat DAX Citi DE000CW6X2Y7 Call 268 Unlimited Turbo Zertifikat Gold Vontobel DE000VS3C4W3 Call 268 Mini Future Silber Commerzbank DE000CE4M1E4 Call 248 Unlimited Turbo Zertifikat DAX Vontobel DE000VN4MZ47 Call 243 Mini Future Weizen Future 12/2016 USD Morgan Stanley DE000MF0CTE6 Call 239 Mini Future Best of Gold Miners Index Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 817 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Vontobel DE000VS66JU3 Call 378 Unlimited Faktor Index-Zert. 15X Long Index linked DAX Vontobel DE000VS92A85 Call 373 Unlimited Faktor Index-Zert. 15X Long Index linked to DAX V3 Vontobel DE000VS92AY0 Call 363 Unlimited Faktor Index-Zert. 12X Long Index linked to Silver Vontobel DE000VN3MYN9 Call 340 Unlimited Faktor Index-Zert. 12X Long Index Brent Crude Oil Commerzbank DE000CZ32JT2 Call 257 Unlimited Faktor Index-Zert. Double Long Lanxess Index Deutsche Bank DE000DX6XAG3 Call 257 Unlimited Faktor Index-Zert. Silber Long Index Faktor 6 HSBC Trinkaus DE000TD9L102 Call 243 Unlimited Faktor Index-Zert. Silber-Future 10 Long Index Vontobel DE000VS66JX7 Call 229 Unlimited Faktor Index-Zert. 15X Short Index linked DAX Deutsche Bank DE000DX6DAX0 Call 222 Unlimited Faktor Index-Zert. LevDAX x6 TR Index 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 Commerzbank DE000CD0EYZ1 Put 69 Reverse Bonus Zert. DAX HVB/UniCredit DE000HU5KKS5 Put 68 Reverse Capped Bonus Zert. DAX Vontobel DE000VN35AR4 Put 64 Reverse Capped Bonus Zert. DAX Commerzbank DE000CD5B2L1 Call 58 Capped Bonus-Zertifikat Siemens AG Deutsche Bank DE000DL05MU8 Put 55 Reverse Capped Bonus Zert. DAX Commerzbank DE000CD5B2H9 Call 54 Capped Bonus-Zertifikat BASF SE Vontobel DE000VS7PGY2 Call 50 Capped Bonus-Zertifikat DAX HVB/UniCredit DE000HU68924 Call 48 Capped Bonus-Zertifikat Allianz SE BNP Paribas DE000PB5ZQX3 Put 45 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU5J4X7 Put 45 Reverse Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DT874G0 Call 474 Discountzertifikat DAX Deutsche Bank DE000XM3NY38 Call 394 Discountzertifikat Airbus Group SE Deutsche Bank DE000DT91UB4 Call 371 Discountzertifikat DAX Citi DE000CX61LQ8 Call 339 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DL5Q6A9 Call 303 Discountzertifikat AXA S.A. Deutsche Bank DE000DT91S79 Call 224 Discountzertifikat DAX Deutsche Bank DE000XM98VR6 Call 224 Discountzertifikat Continental Deutsche Bank DE000DL3G4R2 Call 209 Discountzertifikat EURO STOXX 50 Deutsche Bank DE000DL3VNS6 Call 208 Discountzertifikat Continental Deutsche Bank DE000DL3W563 Call 187 Discountzertifikat Airbus Group SE Tracker Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DT0BAC7 Call 583 Index Zertifikat boerse.de-champions-defensiv Deutsche Bank DE000DE04UZ8 Call 380 Index Zertifikat Nikkei 225 Stock Average Index BNP Paribas NL Call 350 Opend End Zertifikat Brent Crude Oil Future 01/2017 Deutsche Bank DE000DB2BRE3 Call 319 Open-End X-Pert Zertifikat Brent Crude Oil Future 02/2017 Deutsche Bank DE Call 245 Open-End X-Pert Zertifikat DAX RBS NL Call 243 Opend End Zertifikat Brent Crude Oil Future 01/2017 Lang & Schwarz DE000LS9AJF5 Call 235 Index Zertifikat LUS Wikifolio-Index Qualität Deutsche Bank DE000DB3CTQ9 Call 233 Open-End X-Pert Zertifikat Brent Crude Oil Future 01/2017 DZ Bank DE000DG1HHH1 Call 228 Opend End Zertifikat Brent Crude Oil Future 02/2017 Commerzbank DE Call 145 Index Zertifikat Private Equity Beteiligungen 1 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 19.48% 452, , Commerzbank 14.37% 333, , DZ Bank 11.53% 267, , BNP Paribas 9.96% 231, , Vontobel 7.95% 184, , Citi 7.40% 171, , Société Générale 6.87% 159, , HSBC Trinkaus 6.45% 149, , HVB/UniCredit 4.33% 100, , UBS 4.26% 98, , LBBW 2.73% 63, , Goldman Sachs 2.52% 58, , Lang & Schwarz 0.98% 22, , Morgan Stanley 0.48% 11, , Raiff. Centrobank 0.33% 7, , Erste Group Bank 0.16% 3, , RBS 0.16% 3, , Interactive Brokers 0.02% JPMorgan 0.01% Bank of America Merrill Lynch 0.01% Total % 2,322, ,905, 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 18.49% 48, ,037 1 Deutsche Bank 16.58% 43, ,152 2 Citi 11.18% 29, ,898 3 Vontobel 9.25% 24, ,186 4 BNP Paribas 8.68% 22, ,487 5 DZ Bank 8.19% 21, ,323 6 HSBC Trinkaus 5.47% 14, ,483 8 Société Générale 5.14% 13, ,913 9 HVB/UniCredit 4.65% 12, , UBS 4.59% 12, ,512 7 Lang & Schwarz 2.64% 6, , Goldman Sachs 2.37% 6, , LBBW 1.13% 2, , Morgan Stanley 1.04% 2, , Raiff. Centrobank 0.18% RBS 0.15% Erste Group Bank 0.14% Interactive Brokers 0.08% Bank of America Merrill Lynch 0.01% JPMorgan 0.00% Total % 262, ,843 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 Deutsche Bank 20.13% 54, , Commerzbank 18.51% 50, , Citi 9.99% 27, , DZ Bank 8.90% 24, , BNP Paribas 7.95% 21, , HVB/UniCredit 7.39% 20, , Société Générale 7.14% 19, , UBS 6.35% 17, , Vontobel 4.78% 12, , Goldman Sachs 4.73% 12, , HSBC Trinkaus 3.33% 9, , Morgan Stanley 0.35% Lang & Schwarz 0.22% Raiff. Centrobank 0.13% Interactive Brokers 0.11% Erste Group Bank 0.00% Total % 270, , Relative volume of by underlying s 49.84% Indices 43.03% Currencies 3.49% Commodities 3.33% Others 0.16% Interest 0.14% 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 19.15% 11, ,805 1 Deutsche Bank 16.94% 10, ,668 3 Citi 12.35% 7, ,034 2 DZ Bank 8.81% 5, ,988 4 BNP Paribas 8.03% 4, ,430 5 HVB/UniCredit 7.17% 4, ,979 7 Vontobel 6.70% 4, ,430 5 Société Générale 6.31% 3, ,576 8 UBS 5.03% 3, ,167 9 HSBC Trinkaus 4.45% 2, , Goldman Sachs 3.78% 2, , Morgan Stanley 0.42% Lang & Schwarz 0.40% Interactive Brokers 0.27% Raiff. Centrobank 0.19% Erste Group Bank 0.01% Total % 61,192 47,539 Relative number of by underlying Stocks 56.53% Indices 34.93% Commodities 5.23% Currencies 2.96% Others 0.18% Interest 0.17% 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 Deutsche Bank 17.80% 107, , Commerzbank 16.24% 98, , Citi 13.92% 84, , BNP Paribas 12.45% 75, , Vontobel 7.22% 43, , DZ Bank 6.92% 41, , UBS 6.09% 36, , HSBC Trinkaus 5.05% 30, , Société Générale 4.67% 28, , HVB/UniCredit 3.89% 23, , Goldman Sachs 2.48% 15, , Lang & Schwarz 1.57% 9, , Morgan Stanley 1.36% 8, , Erste Group Bank 0.19% 1, Raiff. Centrobank 0.10% Interactive Brokers 0.03% RBS 0.02% Total % 604, , Relative volume of by underlying Indices 58.51% Stocks 25.72% Commodities 9.75% Currencies 3.85% Interest 2.13% Others 0.04% 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 17.87% 23, ,018 1 Citi 15.30% 20, ,015 2 Deutsche Bank 13.41% 17, ,994 3 BNP Paribas 10.70% 14, ,726 4 DZ Bank 8.31% 11, ,212 5 Vontobel 6.68% 8, ,869 6 Société Générale 5.57% 7, ,682 8 UBS 5.44% 7, ,839 7 HSBC Trinkaus 5.32% 7, ,375 9 HVB/UniCredit 4.32% 5, , Lang & Schwarz 3.12% 4, , Goldman Sachs 2.19% 2, , Morgan Stanley 1.47% 1, , Erste Group Bank 0.18% Raiff. Centrobank 0.05% Interactive Brokers 0.03% RBS 0.01% Total % 132, ,510 Relative number of by underlying Indices 50.19% Stocks 30.71% Commodities 12.11% Currencies 4.93% Interest 2.00% Others 0.05% 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 20.51% 261, , DZ Bank 15.55% 197, , BNP Paribas 10.57% 134, , Commerzbank 9.14% 116, , Société Générale 8.71% 110, , HSBC Trinkaus 7.62% 97, , Vontobel 6.41% 81, , LBBW 4.81% 61, , Citi 4.63% 58, , HVB/UniCredit 4.34% 55, , UBS 3.53% 44, , Goldman Sachs 2.41% 30, , Lang & Schwarz 1.00% 12, , Raiff. Centrobank 0.29% 3, , RBS 0.25% 3, , Erste Group Bank 0.20% 2, , JPMorgan 0.02% Bank of America Merrill Lynch 0.02% Morgan Stanley 0.00% Total % 1,272, ,030, Relative volume of by underlying Indices 52.72% Stocks 42.27% Commodities 4.08% Interest 0.80% Others 0.11% Currencies 0.02% 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 27.03% 11, ,072 1 DZ Bank 10.87% 4, ,782 2 BNP Paribas 8.53% 3, ,331 3 Commerzbank 7.66% 3, ,879 4 LBBW 6.63% 2, ,591 5 Vontobel 6.49% 2, ,392 6 HSBC Trinkaus 6.18% 2, ,203 8 Lang & Schwarz 5.91% 2, ,320 7 Société Générale 4.79% 2, , HVB/UniCredit 4.54% 1, ,610 9 UBS 4.07% 1, , Citi 3.24% 1, Goldman Sachs 2.35% 1, RBS 0.85% Raiff. Centrobank 0.49% Erste Group Bank 0.27% Bank of America Merrill Lynch 0.08% Morgan Stanley 0.01% JPMorgan 0.01% Total % 43,072 36,636 Relative number of by underlying Stocks 50.55% Indices 41.54% Commodities 6.75% Interest 0.85% Others 0.27% Currencies 0.02% Funds 0.01% 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 21.91% 74, , Deutsche Bank 14.38% 49, , DZ Bank 13.30% 45, , Société Générale 8.13% 27, , Commerzbank 7.99% 27, , Citi 6.95% 23, , HSBC Trinkaus 6.89% 23, , HVB/UniCredit 5.67% 19, , UBS 4.79% 16, , Goldman Sachs 4.79% 16, , Vontobel 3.88% 13, , LBBW 1.11% 3, , Raiff. Centrobank 0.17% , Erste Group Bank 0.04% Total % 341, , 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 BNP Paribas 13.19% 1, Deutsche Bank 10.94% Commerzbank 10.53% HVB/UniCredit 10.17% DZ Bank 9.66% Vontobel 7.95% HSBC Trinkaus 7.94% UBS 7.90% Citi 6.51% Goldman Sachs 5.83% Société Générale 5.60% LBBW 3.17% Raiff. Centrobank 0.44% Erste Group Bank 0.18% Total % 8,479 7,510 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 22.20% 138, , DZ Bank 18.90% 118, , Société Générale 10.79% 67, , HSBC Trinkaus 9.60% 60, , Commerzbank 9.33% 58, , Vontobel 7.44% 46, , Citi 5.61% 35, , BNP Paribas 5.29% 33, , HVB/UniCredit 4.46% 27, , UBS 2.62% 16, , LBBW 2.29% 14, , Goldman Sachs 1.37% 8, , Raiff. Centrobank 0.10% Total % 625, , 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 42.50% 6, ,534 1 DZ Bank 11.90% 1, ,498 2 HSBC Trinkaus 8.77% 1, ,245 3 Commerzbank 7.14% 1, ,136 5 BNP Paribas 6.33% 1, ,220 4 Vontobel 5.99% Citi 5.29% Société Générale 4.76% HVB/UniCredit 3.05% UBS 2.04% LBBW 1.51% Goldman Sachs 0.68% Raiff. Centrobank 0.04% Total % 15,832 13,121 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 Deutsche Bank 36.31% 51, , Commerzbank 15.56% 22, , BNP Paribas 13.34% 18, , Lang & Schwarz 8.92% 12, , DZ Bank 7.34% 10, , Société Générale 3.44% 4, , UBS 2.66% 3, , RBS 2.24% 3, , HVB/UniCredit 2.23% 3, , Vontobel 2.18% 3, Raiff. Centrobank 1.59% 2, LBBW 1.48% 2, , HSBC Trinkaus 1.24% 1, , Goldman Sachs 1.03% 1, , Erste Group Bank 0.28% Bank of America Merrill Lynch 0.16% Morgan Stanley 0.01% Citi 0.01% Total % 142, , 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 Deutsche Bank 28.28% 2, ,794 1 Lang & Schwarz 24.89% 2, ,320 2 BNP Paribas 10.43% 1, Commerzbank 7.90% DZ Bank 6.30% Société Générale 4.09% UBS 3.64% RBS 3.60% HVB/UniCredit 2.86% Vontobel 1.99% LBBW 1.52% Raiff. Centrobank 1.48% Goldman Sachs 1.28% HSBC Trinkaus 0.86% Erste Group Bank 0.48% Bank of America Merrill Lynch 0.34% Citi 0.04% Morgan Stanley 0.04% Total % 10,227 8,800 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 LBBW 20.01% 21, , Vontobel 16.10% 17, , DZ Bank 13.89% 14, , Deutsche Bank 12.72% 13, , HSBC Trinkaus 10.75% 11, , BNP Paribas 6.98% 7, , Commerzbank 5.86% 6, , UBS 4.27% 4, , Goldman Sachs 3.56% 3, , Société Générale 2.99% 3, , HVB/UniCredit 2.12% 2, , Erste Group Bank 0.59% Raiff. Centrobank 0.16% Total % 107, , ( based on number of ) Number of Previous LBBW 22.52% 1, ,163 1 Vontobel 15.64% DZ Bank 13.87% Deutsche Bank 10.99% HSBC Trinkaus 8.78% BNP Paribas 8.55% Commerzbank 5.77% Goldman Sachs 4.76% UBS 4.44% HVB/UniCredit 2.74% Société Générale 1.69% Raiff. Centrobank 0.19% Erste Group Bank 0.07% Total % 5,697 4,682 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 38.56% 2, , LBBW 29.30% 2, , Deutsche Bank 9.68% , Société Générale 5.83% RBS 4.87% , HVB/UniCredit 4.54% Morgan Stanley 3.06% Raiff. Centrobank 1.94% UBS 0.89% Commerzbank 0.82% Erste Group Bank 0.50% Total % 7, , Relative volume of by underlying Indices 54.96% Stocks 29.56% Interest 8.59% Commodities 3.58% Others 1.77% Funds 1.54% 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 40.72% LBBW 28.35% Deutsche Bank 7.73% Société Générale 6.19% HVB/UniCredit 5.93% RBS 4.12% Morgan Stanley 2.06% Raiff. Centrobank 2.06% Commerzbank 1.03% Erste Group Bank 1.03% UBS 0.77% Total % Relative number of by underlying Indices 55.41% Stocks 29.64% Interest 6.19% Commodities 4.64% Others 2.32% Funds 1.80% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

22 x AKT UELL euwax report November 2016 Market : Investment Products by Securities Type 1 ( based on volume of ) Volume of Previous Discount Certificates 48.86% 625, , Bonus Certificates 26.70% 341, , Tracker Certificates 11.12% 142, , Reverse Certificates 8.39% 107, , Express Certificates 3.38% 43, , Credit linked notes 0.80% 10, , Certificates with capital protection 0.55% 6, , Sprint Certificates 0.15% 1, , Structured bonds 0.06% , Total % 1,280,615 1,038,862 Market : Investment Products by Securities Type 1 ( based on number of ) Number of Previous Discount Certificates 36.43% 15, ,121 1 Tracker Certificates 23.53% 10, ,800 2 Bonus Certificates 19.51% 8, ,510 3 Reverse Certificates 13.11% 5, ,682 4 Express Certificates 5.41% 2, ,079 5 Credit linked notes 0.84% Certificates with capital protection 0.82% Sprint Certificates 0.27% Structured bonds 0.07% Total % 43,460 37,030 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

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 48 euwax report November 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 November

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 48 euwax report November 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 November

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 48 euwax report November 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 November

26 Euwax what s new New Products Launched Number of new products launched in November 2016 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 2,501 21,595-3,245 27,341 Citi 9,802 24,001-5,598 39,401 Commerzbank 16,395 19,195-15,676 51,266 Deutsche Bank 9,383 14, ,884 28,667 DZ Bank 1,917 6,553-6,585 15,055 Erste Group Bank Goldman Sachs 3,262 8,132-8,807 20,201 HSBC Trinkaus 1,446 4,097-3,149 8,692 JPMorgan LBBW Lang & Schwarz - 2, ,254 Morgan Stanley 162 5, ,999 Raiff. Centrobank Société Générale 20,926 18,709-12,872 52,507 UBS 6,526 8,666-6,170 21,362 HVB/UniCredit 2,071 11,019-2,004 15,094 Vontobel 4,013 16,976-7,091 28,080 Total 78, , , ,804 26

27 Products Reaching Final Maturity Number of products reaching final maturity in November 2016 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 4,376 18,393-1,533 24,302 Citi 7,421 22,652-8,289 38,362 Commerzbank 2,483 20,514-4,022 27,019 Deutsche Bank 2,367 15,419-2,003 19,789 DZ Bank 2,073 7,055-2,823 11,951 Erste Group Bank Goldman Sachs 3,956 7, ,556 15,335 HSBC Trinkaus 692 4,395-1,049 6,136 Interactive Brokers 1, ,413 LBBW Lang & Schwarz 51 1, ,095 Bank of America Merrill Lynch Morgan Stanley 1 4, ,770 Raiff. Centrobank Société Générale 1,806 17, ,014 RBS UBS 2,518 9,322-7,939 19,779 HVB/UniCredit 1,142 5, ,053 Vontobel 3,175 17,006-3,977 24,158 Total 33, , , ,838 (as at November 2016) 27

28 Listed Products Number of listed products as at November 2016 of total November October 2016 Commerzbank 13.94% 190, ,991 1 Deutsche Bank 12.24% 166, ,922 2 Citi 10.78% 146, ,998 3 BNP Paribas 9.62% 131, ,624 4 DZ Bank 9.27% 126, ,538 5 Vontobel 8.14% 111, ,618 6 Société Générale 7.99% 108, ,274 9 HVB/UniCredit 7.40% 100, ,028 7 UBS 6.86% 93, ,729 8 Goldman Sachs 5.95% 81, , HSBC Trinkaus 4.73% 64, , Lang & Schwarz 1.02% 13, , LBBW 0.76% 10, , Morgan Stanley 0.65% 8, , Raiff. Centrobank 0.34% 4, , Erste Group Bank 0.17% 2, , Interactive Brokers 0.12% 1, , RBS 0.00% JPMorgan 0.00% Bank of America Merrill Lynch 0.00% Nomura 0.00% Number of listed products as at 30 November 2016 (reporting date). 2 Number of listed products as at 31 October 2016 (reporting date) % 1,363,467 1,303,467 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 2016 UBS Deutsche Bank Commerzbank 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 November 2016 Interactive Brokers Société Générale UBS Deutsche Bank 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 2016 Complaints 3 Complaints (thereof authorised / warranted) % 0.002% 3 Total client complaints received as a proportion of all orders for trading in securitised derivatives over the period covered by the report. 4 Total complaints upheld (as a proportion of all orders for trading in securitised derivatives over the period covered by the report) and attributable to an error by the QLP. At Stuttgart Exchange, Euwax AG acts as the quality liquidity provider (QLP) for electronic trading in securitised derivatives. 29

30 Announcements and statutory website details Euwax announcements. Since 01. 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