euwax report November 2015

Transcription

1 Dear Readers, During November, the upward trend on the stock markets continued. Since its annual low on 29th September, the German leading index DAX was able to gain over 2,100 points. Alone within the last, it rose by 4.9 percent and reached a three high of 11,430 points on 30th November. Thereby, Volkswagen was the leader within the DAX with an increase of 6.2 percent. Investors were hoping that the costs for the rehabilitation of the scandal regarding manipulated emission tests would be lower than anticipated. Nevertheless, with the recent price increase, the stocks of the group in Wolfsburg were still listed around 20 percent below the level before the affair came to light. The upward trend on the stock markets is still being fueled by the central banks. In particular, the speculations about a further easing of the monetary policy by the European Central Bank leveraged the share prices. These expectations of an extension of bond purchases and a cut in interest rates likewise ensured that the Euro almost reached a six-year low. This loss of value was intensified by the monetary policy of the US Federal Reserve which headed into the opposite direction. Towards the end of the, the expectation of the first interest rate increase in the last ten years pushed the Dollar to its highest level since the beginning of the year. According to these market conditions, there was an active trading in the EUWAX segment of the Stuttgart Stock Exchange. The total trading volume of securitized derivatives was over 2.3 billion Euro and thereby about 12 percent above the level of the. 261,000 were in the process. This corresponds to a plus of around 3 percent towards the. The average client order was over 8,800 Euro. In the trade with leverage products, around 1.2 billion Euro were turned over. Thereby knock-out products and products without knock-out, such as warrants and factor certificates, remained on a similar level. The turnover in knock-out products aggregated to over 579 million Euro within 127,000, warrants and factor certificates contributed over 573 million Euro within 91,000 orders to the total turnover. With leverage products, investors particularly betted on the German leading index DAX. Among warrants, shares of the US company Apple, which introduced its new, contactless payment service in November, were popular. In regards to investment products, the trading volume increased by more than 15 percent to over 1.1 billion Euro in November. Thereby, the number of rose to more than 42,000 orders. This, discount certificates were especially popular: due to a disappointing business outlook for the current fiscal year 2015/16, the share of the lighting company Osram received high attention as underlying value. Index and participation certificates were traded actively as well. Due to the ongoing loss in price, the oil market, especially the oil brand Brent Crude Oil, was in the investor s focus once again. Prices for one barrel approached the lows of the economic crisis in 2008/2009. 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 2015) November-15 Oktober 15 leverage products without knock-out * 425, ,430 leverage products with knock-out 348, ,090 yield enhancement 606, ,567 capital protection Total securitised derivatives 1,381,846 1,327,641 EUWAX members Boerse Stuttgart market share of exchange trading in derivative leverage products Boerse Stuttgart market share of exchange trading in derivative investment products % 67.62% % 64.23% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 30 November 2015 at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) With KO Without KO Investment products Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 by asset class With KO Without KO Investment products Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 2

3 Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Commerzbank DE000CR43WA9 Call 1,220 Call/12.000/ DAX HSBC Trinkaus DE000TD14N94 Call 304 Call/115/ Apple Inc. HSBC Trinkaus DE000TD14NM8 Call 283 Call/120/ Apple Inc. Commerzbank DE000CN2MS06 Call 237 Call/1.600/ Priceline.com Citi DE000CC3D0P8 Call 187 Call/90/ adidas AG Namens-Aktien Commerzbank DE000CR5HH53 Call 185 Call/12.100/ DAX Société Générale DE000SG654B5 Call 177 Call/65/ Altria Group Deutsche Bank DE000XM2FM41 Call 173 Call/70/ Fresenius SE & Co. KGaA Société Générale DE000SG8S5T4 Call 172 Call/70/ Starbucks Citi DE000CF4ZFD2 Call 169 Call/11.500/ DAX Knock-out Products ISIN Type Number Marketing name Underlying BNP Paribas DE000PS7W7F5 Put 304 Unlimited Short DAX BNP Paribas DE000PB0FAX0 Call 242 Unlimited Long DAX Commerzbank DE000CN7NXD4 Call 228 Unlimited Turbo DAX Deutsche Bank DE000DX6DM30 Call 226 WAVE Unlimited Call Salzgitter BNP Paribas DE000PB0HMM4 Call 213 Unlimited Long DAX Deutsche Bank DE000XM8DGX2 Call 212 WAVE Unlimited Call DAX Citi DE000CF72Y55 Call 207 Open End Turbo Bull S&P 500 Index Citi DE000CW332X0 Call 205 Open End Turbo Bull Apple Inc. Vontobel DE000VS46Q01 Call 166 Open End Turbo Call Commerzbank AG Commerzbank DE000CN7AWM4 Put 164 Turbo Zertifikat DAX Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 1,786 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Commerzbank DE000CR468T7 Call 1,167 Unlimited Faktor Index-Zert. 10x Long DAX-Futures Index Commerzbank DE000CR5JL97 Call 772 Unlimited Faktor Index-Zert. 6x Long Brent Oil II Index Vontobel DE000VZ8L120 Call 536 Unlimited Faktor Index-Zert. 12X Short Index linked to DAX Commerzbank DE000CZ6LKX1 Call 513 Unlimited Faktor Index-Zert. 8x Long DAXF Index Vontobel DE000VZ9L128 Call 467 Unlimited Faktor Index-Zert. 12X Long Index linked to DAX Deutsche Bank DE000DX6DAX0 Call 416 Unlimited Faktor Index-Zert. LevDAX x6 TR Index Deutsche Bank DE000XM9L105 Call 348 Unlimited Faktor Index-Zert. LevDAX x10 (TR) Index Deutsche Bank DE000DX8SRT6 Call 313 Unlimited Faktor Index-Zert. ShortDAX x8 TR Index Commerzbank DE000CR90N11 Call 309 Unlimited Faktor Index-Zert. 10x Short DAX -Futures II 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 BNP Paribas DE000PS77MY8 Put 212 Reverse Capped Bonus Zert. DAX HVB/UniCredit DE000HU10BX7 Call 137 Capped Bonus Zertifikat DAX Vontobel DE000VS4SB14 Put 136 Reverse Capped Bonus Zert. DAX Vontobel DE000VS4SB71 Put 86 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000XM3V099 Call 82 Capped Bonus Zertifikat EURO STOXX 50 Vontobel DE000VS4KKF1 Put 64 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000XM8UAX9 Call 54 Bonus Zertifikat Lanxess AG Deutsche Bank DE000DT98L53 Call 45 Bonus Zertifikat EURO STOXX 50 Deutsche Bank DE000DT4PN01 Call 44 Bonus Zertifikat DAX Vontobel DE000VS4SBM9 Put 44 Reverse Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000XM65NT8 Call 1,178 Discount-Zertifikat OSRAM Licht AG Deutsche Bank DE000DT431C8 Call 229 Discount-Zertifikat HeidelbergCement AG Deutsche Bank DE000DT92N40 Call 153 Discount-Zertifikat DAX Deutsche Bank DE000XM0GHB6 Call 143 Discount-Zertifikat Infineon Deutsche Bank DE000DT1SRX9 Call 67 Discount-Zertifikat Deutsche Post AG DZ Bank DE000DG3URP2 Call 64 Discount-Zertifikat EURO STOXX 50 HSBC Trinkaus DE000TD27483 Call 54 Discount-Zertifikat EURO STOXX 50 Commerzbank DE000CZ91TX9 Call 48 Discount-Zertifikat BASF SE HSBC Trinkaus DE000TD19VA5 Call 41 Discount-Zertifikat EURO STOXX 50 Deutsche Bank DE000XM0Y495 Call 35 Discount-Zertifikat OSRAM Licht AG Tracker Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DE04UZ8 Call 1,044 Index-Zertifikat Nikkei 225 Stock Average Index Deutsche Bank DE000DT0BAC7 Call 766 Open End Index-Zert. boerse.de-champions-def.-index Commerzbank DE Call 557 Zertifikat Private Equity Beteiligungen Deutsche Bank DE Call 553 Open End X-pert Index-Zert. DAX Deutsche Bank DE000DB2F844 Call 535 Index-Zertifikat Nikkei 225 Stock Average Index Deutsche Bank DE000DB2BRE3 Call 221 Open End X-pert Zertifikat Brent Crude Oil Future Deutsche Bank DE000DB3CTQ9 Call 218 Open End X-pert Zertifikat Brent Crude Oil Future Lang & Schwarz DE000LS9BLQ6 Call 149 Open End Zertifikat LUS Wikifolio-Index DZ Bank DE Call 143 Zertifikat DAX RBS NL Call 140 Open End Zertifikat Brent Crude Oil Future 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 ) Previous Deutsche Bank 24.10% 554, , Commerzbank 20.43% 470, , DZ Bank 11.16% 256, , BNP Paribas 8.01% 184, , HSBC Trinkaus 5.82% 133, , Vontobel 5.73% 131, , Citi 5.62% 129, , HVB/UniCredit 5.16% 118, , UBS 4.79% 110, , Société Générale 3.12% 71, , LBBW 2.02% 46, , Goldman Sachs 1.64% 37, , Lang & Schwarz 1.33% 30, , RBS 0.49% 11, , Raiff. Centrobank 0.21% 4, , WGZ Bank 0.12% 2, , Erste Group Bank 0.09% 1, , Interactive Brokers 0.06% 1, JPMorgan 0.05% 1, Morgan Stanley 0.02% Bank of America Merrill Lynch 0.02% Rabobank 0.01% Barclays Capital 0.00% Total % 2,302, ,062, 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 ) Previous Commerzbank 22.35% 58, ,119 1 Deutsche Bank 19.04% 49, ,197 2 Citi 10.52% 27, ,498 3 DZ Bank 8.01% 20, ,032 5 BNP Paribas 7.93% 20, ,359 4 Vontobel 6.67% 17, ,111 6 UBS 5.86% 15, ,101 7 HSBC Trinkaus 5.43% 14, ,947 8 HVB/UniCredit 4.41% 11, ,510 9 Lang & Schwarz 3.26% 8, , Société Générale 2.73% 7, , Goldman Sachs 1.79% 4, , LBBW 0.91% 2, , RBS 0.41% 1, , Interactive Brokers 0.24% Raiff. Centrobank 0.19% Erste Group Bank 0.13% WGZ Bank 0.08% Bank of America Merrill Lynch 0.02% JPMorgan 0.01% Morgan Stanley 0.01% Barclays Capital 0.00% Rabobank 0.00% Total % 261, ,303 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 ) Previous Deutsche Bank 23.18% 83, , Commerzbank 21.07% 75, , DZ Bank 13.18% 47, , Citi 8.84% 31, , BNP Paribas 6.21% 22, , UBS 6.21% 22, , HVB/UniCredit 5.93% 21, , HSBC Trinkaus 4.22% 15, , Vontobel 3.72% 13, , Goldman Sachs 3.46% 12, , Société Générale 3.41% 12, , Interactive Brokers 0.21% Lang & Schwarz 0.20% Raiff. Centrobank 0.16% Total % 359, , Relative volume of by underlying s 51.31% Indices 44.01% Currencies 2.73% Commodities 1.75% Others 0.19% Interest 0.02% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

8 Market : Warrants 1 ( based on number of ) Previous Commerzbank 22.17% 14, ,947 1 Deutsche Bank 18.56% 12, ,334 2 Citi 11.99% 8, ,982 3 DZ Bank 8.45% 5, ,098 4 HVB/UniCredit 7.07% 4, ,361 7 UBS 6.79% 4, ,593 6 BNP Paribas 6.68% 4, ,641 5 Vontobel 4.95% 3, ,194 8 HSBC Trinkaus 4.75% 3, ,370 9 Société Générale 3.77% 2, , Goldman Sachs 3.64% 2, , Interactive Brokers 0.53% Lang & Schwarz 0.44% Raiff. Centrobank 0.20% Total % 67,455 60,776 Relative number of by underlying Stocks 59.18% Indices 34.63% Commodities 3.27% Currencies 2.71% Others 0.12% Interest 0.09% 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 ) Previous Commerzbank 20.43% 118, , Deutsche Bank 18.45% 106, , BNP Paribas 14.27% 82, , Citi 12.40% 71, , DZ Bank 7.46% 43, , UBS 6.81% 39, , Vontobel 6.07% 35, , HSBC Trinkaus 4.52% 26, , HVB/UniCredit 3.69% 21, , Lang & Schwarz 2.01% 11, , Société Générale 1.79% 10, , Goldman Sachs 1.55% 8, , RBS 0.26% 1, , Erste Group Bank 0.13% Interactive Brokers 0.10% Raiff. Centrobank 0.05% Barclays Capital 0.01% Total % 579, , Relative volume of by underlying Indices 58.64% Stocks 29.76% Commodities 5.49% Currencies 3.37% Interest 2.66% Others 0.08% 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 ) Previous Commerzbank 20.47% 26, ,688 1 Deutsche Bank 15.13% 19, ,795 2 Citi 14.59% 18, ,858 3 BNP Paribas 11.05% 14, ,966 4 DZ Bank 8.58% 10, ,751 5 UBS 7.30% 9, ,021 6 HSBC Trinkaus 5.83% 7, ,484 8 Vontobel 5.62% 7, ,961 7 Lang & Schwarz 3.66% 4, , HVB/UniCredit 3.60% 4, ,676 9 Société Générale 2.32% 2, , Goldman Sachs 1.25% 1, , Interactive Brokers 0.21% Erste Group Bank 0.19% RBS 0.15% Raiff. Centrobank 0.05% Barclays Capital 0.01% Total % 127, ,399 Relative number of by underlying Indices 54.47% Stocks 32.29% Commodities 8.04% Currencies 3.68% Interest 1.41% Others 0.11% 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 ) Previous Deutsche Bank 27.93% 317, , Commerzbank 14.31% 162, , DZ Bank 13.98% 158, , BNP Paribas 6.98% 79, , HSBC Trinkaus 6.64% 75, , HVB/UniCredit 6.56% 74, , Vontobel 4.42% 50, , UBS 4.26% 48, , Société Générale 4.23% 48, , LBBW 3.86% 43, , Citi 2.26% 25, , Lang & Schwarz 1.61% 18, , Goldman Sachs 1.41% 16, , RBS 0.74% 8, , Raiff. Centrobank 0.30% 3, , WGZ Bank 0.25% 2, , Erste Group Bank 0.10% 1, , JPMorgan 0.10% 1, Bank of America Merrill Lynch 0.04% Morgan Stanley 0.00% Barclays Capital 0.00% Total % 1,136, , Relative volume of by underlying Stocks 50.29% Indices 45.70% Commodities 2.02% Interest 1.15% Others 0.84% 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 ) Previous Deutsche Bank 32.24% 13, ,702 1 Commerzbank 10.18% 4, ,147 2 DZ Bank 8.72% 3, ,520 3 Lang & Schwarz 8.56% 3, ,856 4 Vontobel 6.22% 2, ,152 7 LBBW 5.35% 2, ,315 5 BNP Paribas 5.12% 2, ,752 8 HSBC Trinkaus 5.10% 2, ,174 6 HVB/UniCredit 4.75% 1, , Société Générale 3.56% 1, , UBS 3.41% 1, ,486 9 RBS 1.97% Citi 1.89% Goldman Sachs 1.48% WGZ Bank 0.51% Raiff. Centrobank 0.51% Erste Group Bank 0.22% Bank of America Merrill Lynch 0.15% JPMorgan 0.06% Barclays Capital 0.00% Morgan Stanley 0.00% Total % 41,652 35,431 Relative number of by underlying Stocks 50.57% Indices 41.95% Commodities 4.64% Interest 1.62% Others 1.19% Funds 0.02% Currencies 0.02% 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 ) Previous Deutsche Bank 16.72% 37, , BNP Paribas 14.09% 31, , Commerzbank 12.51% 27, , DZ Bank 12.37% 27, , HSBC Trinkaus 8.83% 19, , HVB/UniCredit 6.17% 13, , Citi 5.51% 12, , Société Générale 5.48% 12, , Vontobel 5.24% 11, , Goldman Sachs 5.05% 11, , UBS 4.64% 10, , LBBW 2.27% 5, , Raiff. Centrobank 0.81% 1, Erste Group Bank 0.17% RBS 0.11% WGZ Bank 0.02% Total % 222, , 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 ) Previous Deutsche Bank 18.72% 1, ,002 1 BNP Paribas 14.02% 1, Vontobel 10.82% Commerzbank 10.68% HVB/UniCredit 9.21% DZ Bank 8.01% HSBC Trinkaus 6.74% Citi 5.95% Société Générale 4.96% Goldman Sachs 3.74% UBS 3.02% LBBW 2.99% Raiff. Centrobank 0.77% Erste Group Bank 0.24% RBS 0.10% WGZ Bank 0.06% Total % 7,970 7,282 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 ) Previous Deutsche Bank 26.82% 152, , DZ Bank 18.60% 105, , Commerzbank 15.18% 86, , HVB/UniCredit 8.55% 48, , HSBC Trinkaus 7.92% 45, , BNP Paribas 7.12% 40, , Société Générale 4.24% 24, , Vontobel 4.09% 23, , UBS 3.86% 21, , Citi 2.15% 12, , LBBW 1.06% 6, , Goldman Sachs 0.22% 1, , WGZ Bank 0.13% , Raiff. Centrobank 0.06% RBS 0.00% Total % 568, , 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 ) Previous Deutsche Bank 46.43% 5, ,744 1 Commerzbank 11.66% 1, ,387 2 DZ Bank 11.45% 1, ,306 3 HSBC Trinkaus 7.90% 1, ,074 4 Vontobel 4.34% HVB/UniCredit 4.32% BNP Paribas 3.94% UBS 3.16% Société Générale 2.78% Citi 2.00% LBBW 1.64% WGZ Bank 0.26% Goldman Sachs 0.07% Raiff. Centrobank 0.04% RBS 0.01% Total % 12,756 10,247 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 ) Previous Deutsche Bank 50.66% 96, , Commerzbank 20.37% 38, , Lang & Schwarz 9.63% 18, , DZ Bank 4.29% 8, , RBS 4.25% 8, , Société Générale 2.23% 4, , HSBC Trinkaus 2.06% 3, , UBS 1.93% 3, , HVB/UniCredit 1.77% 3, , Raiff. Centrobank 0.59% 1, , Vontobel 0.43% Goldman Sachs 0.43% LBBW 0.41% BNP Paribas 0.30% , Erste Group Bank 0.29% Bank of America Merrill Lynch 0.27% Citi 0.06% WGZ Bank 0.03% Barclays Capital 0.01% Total % 190, , 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 ) Previous Deutsche Bank 35.68% 4, ,627 1 Lang & Schwarz 28.73% 3, ,856 2 Commerzbank 10.80% 1, ,222 3 RBS 6.55% DZ Bank 4.40% Société Générale 3.50% HVB/UniCredit 2.37% UBS 2.19% Vontobel 1.19% HSBC Trinkaus 1.07% Raiff. Centrobank 1.04% BNP Paribas 0.59% Goldman Sachs 0.52% Bank of America Merrill Lynch 0.49% Erste Group Bank 0.46% LBBW 0.31% Citi 0.06% Barclays Capital 0.02% WGZ Bank 0.02% Total % 12,406 10,250 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 ) Previous Deutsche Bank 20.39% 20, , LBBW 14.43% 14, , Vontobel 13.97% 14, , DZ Bank 12.42% 12, , UBS 7.79% 7, , Commerzbank 7.20% 7, , BNP Paribas 6.76% 6, , HVB/UniCredit 6.47% 6, , HSBC Trinkaus 6.12% 6, , Goldman Sachs 2.74% 2, , WGZ Bank 0.95% Société Générale 0.59% Raiff. Centrobank 0.15% Erste Group Bank 0.01% Total % 102, , ( based on number of ) Previous Deutsche Bank 17.46% Vontobel 16.81% LBBW 15.38% ,002 1 DZ Bank 11.51% BNP Paribas 7.72% Commerzbank 7.42% HSBC Trinkaus 7.30% UBS 5.74% HVB/UniCredit 5.13% Goldman Sachs 4.32% WGZ Bank 0.70% Société Générale 0.28% Raiff. Centrobank 0.19% Erste Group Bank 0.04% Total % 5,675 5,263 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 ) Previous DZ Bank 40.19% 5, , LBBW 20.30% 2, , RBS 10.47% 1, , Deutsche Bank 10.25% 1, , Société Générale 5.53% , HVB/UniCredit 4.13% Morgan Stanley 3.89% Goldman Sachs 1.89% Rabobank 1.52% Commerzbank 1.24% Erste Group Bank 0.30% Raiff. Centrobank 0.20% UBS 0.09% WGZ Bank 0.01% Total % 12, , Relative volume of by underlying Indices 41.07% Stocks 39.97% Interest 14.29% Commodities 2.40% Funds 2.27% 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 ) Previous DZ Bank 40.48% LBBW 23.26% RBS 10.57% Deutsche Bank 6.34% HVB/UniCredit 5.89% Société Générale 4.53% Morgan Stanley 2.87% Commerzbank 2.27% Rabobank 1.66% Goldman Sachs 0.76% Raiff. Centrobank 0.60% Erste Group Bank 0.45% UBS 0.15% WGZ Bank 0.15% Total % Relative number of by underlying Indices 48.79% Stocks 35.65% Interest 10.88% Funds 2.87% Commodities 1.81% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

22 x AKT UELL euwax report November 2015 Market : Investment Products by Securities Type 1 ( based on volume of ) Previous Discount Certificates 49.49% 568, , Bonus Certificates 19.32% 222, , Tracker Certificates 16.57% 190, , Reverse Certificates 8.93% 102, , Express Certificates 3.05% 35, , Credit linked notes 1.14% 13, , Certificates with capital protection 0.93% 10, , Sprint Certificates 0.38% 4, , Structured bonds 0.19% 2, , Total % 1,149, ,950 Market : Investment Products by Securities Type 1 ( based on number of ) Previous Discount Certificates 30.15% 12, ,247 2 Tracker Certificates 29.32% 12, ,250 1 Bonus Certificates 18.84% 7, ,282 3 Reverse Certificates 13.41% 5, ,263 4 Express Certificates 4.47% 1, ,552 5 Credit linked notes 1.60% Certificates with capital protection 1.34% Sprint Certificates 0.65% Structured bonds 0.23% Total % 42,314 36,027 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

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 49 euwax report November 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: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

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 49 euwax report November 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: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

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 49 euwax report November 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: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at November

26 Euwax what s new New Products Launched new products launched in November 2015 Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP-Paribas 8,792 10,665-5,376 24,833 Citi 5,910 23,173-7,197 36,280 Commerzbank 5,263 19,437-5,793 30,493 Deutsche-Bank 5,273 19, ,592 32,888 DZ-Bank 3,177 6,880-6,470 16,527 Erste-Group-Bank Goldman-Sachs 2,968 7,481-6,624 17,073 HSBC-Trinkaus 1,752 4,152-4,005 9,909 HVB/UniCredit 1,593 9,836-1,385 12,814 Interactive-Brokers 2,043 1, ,500 Lang-&-Schwarz 100 1, ,892 LBBW Raiff.-Centrobank Société-Générale 3,491 11,790-5,782 21,063 UBS 1,094 13,917-1,475 16,486 Vontobel 3,162 13,040-4,565 20,767 WGZ-BANK Total 44, , , ,589 26

27 Products Reaching Final Maturity products reaching final maturity in November 2015 (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total Citi 3,782 19, ,383 Commerzbank 3,543 19,013-5,111 27,667 Deutsche-Bank 2,713 16,634-2,203 21,550 DZ-Bank 1,956 6,603-2,462 11,021 Erste-Group-Bank Goldman-Sachs 2,909 7, ,565 13,610 HSBC-Trinkaus 221 3,910-1,003 5,134 HVB/UniCredit 2,064 7, ,799 Interactive-Brokers 2,575 1, ,728 JPMorgan Lang-&-Schwarz 53 1, ,556 LBBW Morgan-Stanley Raiff.-Centrobank RBS Société-Générale , ,514 17,252 UBS 3,492 13,953-1,121 18,566 Vontobel 3,391 13,654-1,772 18,817 WGZ-BANK Total 30, , , ,090 (as at November 2015) 27

28 Listed Products listed products as at November 2015 of total November October 2015 Commerzbank 13.74% 189, ,325 1 Deutsche Bank 11.62% 160, ,170 2 Citi 10.95% 151, ,515 3 BNP Paribas 10.56% 145, ,238 4 DZ Bank 9.65% 133, ,023 5 Vontobel 8.83% 122, ,673 6 UBS 8.21% 113, ,079 7 HVB/UniCredit 7.33% 101, ,482 8 Société Générale 7.05% 97, ,530 9 HSBC Trinkaus 4.73% 65, , Goldman Sachs 4.72% 65, , Lang & Schwarz 0.87% 11, , LBBW 0.69% 9, , Interactive Brokers 0.45% 6, , Raiff. Centrobank 0.28% 3, , Erste Group Bank 0.15% 2, , RBS 0.11% 1, , WGZ BANK 0.05% Morgan Stanley 0.01% Barclays Capital 0.01% JPMorgan 0.00% Bank of America Merrill Lynch 0.00% Nomura 0.00% Rabobank 0.00% listed products as at 30 November 2015 (reporting date). 2 listed products as at 31 Oktoctober 2015 (reporting date) % 1,381,846 1,327,641 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 November 2015 Société Générale 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. mistrade applications rejected by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of 2 as at November Total mistrade applications rejected (as a proportion of all orders) - 2 Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Mistradeantrag gestellt. Reklamationsquote November 2015 Reklamationen % Reklamationen (davon berechtigt) % 3 Dargestellt wird die Anzahl der eingegangenen Kundenreklamationen in Bezug auf die Gesamtanzahl der ausgeführten Orders im Handel mit verbrieften Derivaten im Berichtszeitraum. 4 Anteil der berechtigten Reklamationen in Bezug auf die Gesamtanzahl der ausgeführten Orders im Handel mit verbrieften Derivaten im Berichtszeitraum, welche auf einen Fehler des QLPs zurückzuführen sind. Die Euwax AG ist im elektronischen Handel mit verbrieften Derivaten der Quality-Liquidity-Provider (QLP) am Börsenplatz Stuttgart. 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