The worst is over for online brokerage

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "The worst is over for online brokerage"

Transcription

1 Digital economy and structural change E-Banking Snapshot 17 May 6 The worst is over for online brokerage Online stock purchases rebound in Germany despite declining stock ownership. Germans have become more cautious investors over the last few years. The number of stock owners have declined since. Demand for online brokerage also collapsed but contrary to stock ownership, it already reached the trough in the first half of 3. Surveys show that an increasing number of Germans have bought stocks online since then. see chart 1 Upward trend in German online brokerage coincides with improving stock-market performance. The Dow Jones and Euro Stoxx 5 suffered serious blows from the end of the new economy. The European index reacted even more violently. Little wonder then that so many Germans who were just beginning to appreciate stocks as an asset class turned away from the stock market. A recovery started in 3 which did not reverse the trend of declining stock ownership. see chart The share of online stock buyers is higher in Germany than in France or Britain. Forrester, a technology consultancy, reckons that online brokerage will grow robustly in the three biggest European economies over the next few years. Although growth rates will be higher in France and Britain, Germany is projected to defend its leading position within this trio. see chart 3 Author Thomas Meyer Editor Antje Stobbe Technical Assistant Sabine Kaiser Deutsche Bank Research Frankfurt am Main Germany Internet: Fax: Managing Director Norbert Walter In Europe, Swedes are the most enthusiastic online researchers of stock-related information. The internet is a helpful tool to check quotes and company news quickly. Hence, online research is an important first step towards online purchase. see chart Stock ownership is most widespread in Sweden and the UK. Germany, Italy and Spain have ownership rates below the EU-7 average of around %. see chart 5 Stocks are more often purchased online than investment funds or savings. Bank branches are still the most popular place to buy an investment in Germany. But customers use the internet or phone more often in order to buy stocks compared with other assets. This arguably reflects the stronger desire for speed and convenience when tracking stocks. see chart 6 Convenience is the most important motivation for using the online channel. 77% of German online stock buyers say that they chose this channel for convenience. Only 6% cite speed and low fees, respectively, as important reasons while 1% say that they always buy stocks online. see chart 7 The likelihood that a German would buy stocks online increases with the number of financial products already purchased online. Also, other characteristics such as higher wealth, the usage of online banking, a financial relation with a direct bank and being male increase the chances that a person will buy stocks online. Those who own savings products or seek professional advice for their financial decisions are less likely to buy stocks online. see chart

2 Rebound in online stock purchases since 3 German consumers (million) who said that they own stocks (left) bought stocks online during the past 1 months (right) 6 H1 H 3H1 3H H1 H 5H1 5H Online stock purchases rebound in Germany despite declining stock ownership. Germans have become more cautious investors over the last few years. The number of stock owners have declined since. Demand for online brokerage also collapsed but contrary to stock ownership, it already reached the trough in the first half of 3. Surveys show that an increasing number of Germans have bought stocks online since then. back to front Sources: DB Research, Forrester Research Inc. 1 Stock markets have recovered since 3 Index 199=1 Russian moratorium Asian crisis Peak of the new economy bubble 9/ Upward trend in German online brokerage coincides with improving stock-market performance. The Dow Jones and Euro Stoxx 5 suffered serious blows from the end of the new economy. The European index reacted even more violently. Little wonder then that so many Germans who were just beginning to appreciate stocks as an asset class turned away from the stock market. A recovery started in 3 which did not reverse the trend of declining stock ownership. back to front Euro Stoxx 5 Dow Jones Sources: DB Research, Global Insight Share of online stock buyers is higher in Germany than in France or Britain % of consumers who buy stocks online The share of online stock buyers is higher in Germany than in France or Britain. Forrester, a technology consultancy, reckons that online brokerage will grow robustly in the three biggest European economies over the next few years. Although growth rates will be higher in France and Britain, Germany is projected to defend its leading position within this trio FR UK DE Sources: Forrester Research Inc. 3 May 6

3 How Europeans use the internet for research and purchase of stocks % of consumers who research and buy stocks online, 6 Online research Online purchase SE NL DE UK FR 1 6 In Europe, Swedes are the most enthusiastic online researchers of stock-related information. The internet is a helpful tool to check quotes and company news quickly. Hence, online research is an important first step towards online purchase. back to front Sources: DB Research, Forrester Research Inc. Stock-ownership rates vary across Europe % of consumers who own stocks, 5 SE UK FR NL DE IT ES EU Stock ownership is most widespread in Sweden and the UK. Germany, Italy and Spain have ownership rates below the EU-7 average of around %. back to front Source: Forrester Research Inc. 5 Many stock buyers use the online channel - but bank branches are still most popular Channel mix for various assets in Germany, % Stocks are more often purchased online than investment funds or savings. Bank branches are still the most popular place to buy an investment in Germany. But customers use the internet or phone more often in order to buy stocks compared with other assets. This arguably reflects the stronger desire for speed and convenience when tracking stocks. 7 1 Investment funds Stocks Savings products Online Branch Phone Other Basis: German adults who bought this financial product, 5 Sources: DB Research, Forrester Research Inc. 6 May 6 3

4 German online buyers seek convenience Q: Why did you buy this product online? % of responses (multiple answers allowed) Convenience is the most important motivation for using the online channel. 77% of German online stock buyers say that they chose this channel for convenience. Only 6% cite speed and low fees, respectively, as important reasons while 1% say that they always buy stocks online. Convenience is also the most often cited reason for buying investment funds and savings online. Special online offers attract additional buyers of funds and savings but not of stocks. Interestingly, 1% of those who bought savings online say they did so because they had no alternative which probably relates to special offers only available online. 6 Investment funds Stocks Savings products Best rate Speed Special online offer "I always do" Convenience "No choice" Basis: German adults who bought this financial product online, 5 Sources: DB Research, Forrester Research Inc. 7 Which characteristics drive online brokerage? Change in the probability to buy stocks online - other things being equal, pp Purchased an additional financial product online (-)* Owns a sailing boat Places online bets regularly Uses online banking Financial relation to direct bank Male EUR 1, addiditional wealth Relies on professional advice (1-5)** Owns savings products The likelihood that a German would buy stocks online increases with the number of financial products already purchased online. Also, other characteristics such as higher wealth, the usage of online banking, a financial relation with a direct bank and being male increase the chances that a person will buy stocks online. Those who own savings products or seek professional advice for their financial decisions are less likely to buy stocks online. The results of this chart are based on a linear probability model. A reading example: The probability that a randomly chosen German would have bought stocks online during the past 1 months increases by 5%-points if he or she also places online bets regularly compared with someone who does not all other characteristics being equal * financial products in the sample ** On a scale between 1 and 5 65 observations; R²=1%; additional control variables: age, education, income Sources: DB Research, Forrester Research Inc. May 6

5 E-Banking snapshot 17 Copyright 6. Deutsche Bank AG, DB Research, D-66 Frankfurt am Main, Germany. All rights reserved. When quoting please cite Deutsche Bank Research. The above information does not constitute the provision of investment advice. Any views expressed reflect the current views of the author, which do not necessarily correspond to the opinions of Deutsche Bank AG or its affiliates. Opinions expressed may change without notice. Opinions expressed may differ from views set out in other documents, including research, published by Deutsche Bank. The above information is provided for informational purposes only and without any obligation, whether contractual or otherwise. No warranty or representation is made as to the correctness, completeness and accuracy of the information given or the assessments made. In the United States this information is approved and/or distributed by Deutsche Bank Securities Inc., a member of the NYSE, the NASD, NFA and SIPC. In Germany this information is approved and/or communicated by Deutsche Bank AG Frankfurt, authorised by Bundesanstalt für Finanzdienstleistungsaufsicht. In the United Kingdom this information is approved and/or communicated by Deutsche Bank AG London, a member of the London Stock Exchange regulated by the Financial Services Authority for the conduct of investment business in the UK. This information is distributed in Hong Kong by Deutsche Bank AG, Hong Kong Branch, in Korea by Deutsche Securities Korea Co. and in Singapore by Deutsche Bank AG, Singapore Branch. In Japan this information is approved and/or distributed by Deutsche Securities Limited, Tokyo Branch. In Australia, retail clients should obtain a copy of a Product Disclosure Statement (PDS) relating to any financial product referred to in this report and consider the PDS before making any decision about whether to acquire the product. ISSN Internet: / ISSN

Retail banking via internet Banking online boosts and curbs customer loyalty

Retail banking via internet Banking online boosts and curbs customer loyalty Digital economy and structural change E-Banking Snapshot 19 November 26 Banking online boosts and curbs customer loyalty More than 25 m Germans will use online banking by 28, according to our projection.

More information

On the shoulders of contactless payments

On the shoulders of contactless payments Digital economy and structural change E-Banking Snapshot 38 August 11 On the shoulders of contactless payments Author Thomas Meyer +49 9 9-483 thomas-d.meyer@db.com Editor Antje Stobbe Technical Assistant

More information

E-money Niche market that might be expanding

E-money Niche market that might be expanding Banking & Technology Snapshot Digital economy and structural change May 11, 212 Author Meta Zähres +49 69 91-31444 meta.zaehres@db.com Editor Bernhard Speyer Deutsche Bank AG DB Research Frankfurt am Main

More information

Spain s Real Estate and Construction Markets. Think Tank of Deutsche Bank Group

Spain s Real Estate and Construction Markets. Think Tank of Deutsche Bank Group Spain s Real Estate and Construction Markets Think Tank of Deutsche Bank Group 1 2 3 4 Overall Macroeconomic Environment Real Estate Markets Construction Activity Concluding Remarks 1 Overall Macroeconomic

More information

snapshot E-Banking Managing multichannel - the reinvention of customer retention Internet & New Economy Economics June 2002 No. 2

snapshot E-Banking Managing multichannel - the reinvention of customer retention Internet & New Economy Economics June 2002 No. 2 Internet & New Economy June 2002 No. 2 Editor Antje Stobbe +9 69 910-3187 antje.stobbe@db.com Technical Assistant Sabine Loetto +9 69 910-31831 sabine.loetto@db.com Frankfurt am Main Germany Internet:

More information

snapshot E-Banking Internet & New Economy Economics September 2002 No. 3

snapshot E-Banking Internet & New Economy Economics September 2002 No. 3 Internet & New Economy September 2002 No. 3 E-Banking snapshot Mobile banking s banana problem: Too little business in sight... from the story of the little girl who said I know how to spell `banana, but

More information

E-Banking snapshot. Online banking and customer retention: Stand by me. July 2005 No. 14. Digital Economy Economics

E-Banking snapshot. Online banking and customer retention: Stand by me. July 2005 No. 14. Digital Economy Economics Digital Economy Economics July 2005 No. 14 Online banking and customer retention: Stand by me Editor Antje Stobbe +49 69 910-31847 antje.stobbe@db.com Technical Assistant Sabine Kaiser +49 69 910-31831

More information

German bank lending: Market share developments in individual sectors

German bank lending: Market share developments in individual sectors Manufacturing, total Chemicals Metals Mechanical engineering/automotive Electrical engineering Food Utilities/Mining Construction Retail & wholesale trade Agriculture Transport Services, total Housing

More information

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment

96 97 98 99 00 01 02 03 04 05 06 07 08* FDI Portfolio Investment Other investment Chartbook Contact: Sebastian Becker +49 69 91-3664 Global Risk Analysis The unwinding of Yen carry trades Some empirical evidence 3 2 1-1 -2-3 -4 October 31, 28 Many years before the sub-prime crisis hit

More information

German FinTechs and traditional banks: Friend or Foe?

German FinTechs and traditional banks: Friend or Foe? German FinTechs and traditional banks: Friend or Foe? FinTechs Definition and categories Non-bank, technology-driven providers of financial services, built on digitalised, web- and data based processes

More information

Deutsche Bank Research. The Pacific Alliance. A bright spot in Latin America May 2014. Deutsche Bank Research

Deutsche Bank Research. The Pacific Alliance. A bright spot in Latin America May 2014. Deutsche Bank Research The Pacific Alliance A bright spot in Latin America May 2014 Agenda 1 2 3 What is it about? Combined strengths Challenges ahead 1 What is it about? A next generation free trade agreement Mexico Colombia

More information

Prospects for the container shipping industry

Prospects for the container shipping industry Prospects for the container shipping industry IQPC Container Terminal Business 2009 Hamburg, December 8, 2008 Eric Heymann Sector Research Think Tank of Deutsche Bank Group Agenda 1 Weak economic environment

More information

Deposit insurance in the Banking Union: Options for the third pillar

Deposit insurance in the Banking Union: Options for the third pillar Research Briefing Global financial markets August 19, 2015 Author Patricia Wruuck +49 69 910-31832 patricia.wruuck@db.com Editor Jan Schildbach Deutsche Bank AG Deutsche Bank Research Frankfurt am Main

More information

Market Making for Exchange Traded Funds. Corporates & Markets

Market Making for Exchange Traded Funds. Corporates & Markets Market Making for Exchange Traded Funds Corporates & Markets Commerzbank your trusted partner in the ETF market Since the start of the new millennium, exchange traded funds (ETFs) have experienced phenomenal

More information

Division of labour gives competitive edge

Division of labour gives competitive edge Economics & politics Research Briefing December 13, 11 Outsourcing Division of labour gives competitive edge Division of labour and specialisation are rightly regarded in economic research as the cornerstones

More information

GCC in times of cheap oil: an opportunity for economic reform and diversification

GCC in times of cheap oil: an opportunity for economic reform and diversification GCC in times of cheap oil: an opportunity for economic reform and diversification Kevin Körner & Oliver Masetti GCC in times of cheap oil: an opportunity for economic reform and diversification, June 215

More information

Global Client Group The Gateway to AWM

Global Client Group The Gateway to AWM Global Client Group The Gateway to AWM January 2013 For professional investors only Content 1 2 3 Deutsche Bank and Asset Global Client Group Our product and service offering 1 Deutsche Bank A global partner

More information

Income and wealth taxes in the euro area An initial overview

Income and wealth taxes in the euro area An initial overview Research Briefing European integration August, Author Dieter Bräuninger +9 69 9-78 dieter.braeuninger@db.com Editor Barbara Böttcher Deutsche Bank AG Frankfurt am Main Germany E-mail: marketing.dbr@db.com

More information

International Securities Trading now you can invest across the world

International Securities Trading now you can invest across the world International Securities Trading now you can invest across the world INTERNATIONAL SECURITIES TRADING iii CONTENTS Welcome 2 Trade international securities with CommSec and Pershing 2 International trading

More information

The Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific

The Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific The Impact of The European Crisis on Travel To and From Europe and China & Asia-Pacific A Report by Research For Travel Ltd July 2012 Research For Travel Ltd The Impact of The European Crisis on Travel

More information

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD

INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD INTERNATIONAL SECURITIES TRADING NOW YOU CAN INVEST ACROSS THE WORLD YOU ARE WHAT YOU DO INTERNATIONAL SECURITIES TRADING III CONTENTS CONTENTS Welcome Welcome 1 2 Trade international securities with

More information

Do Currencies Have a Fair Value?

Do Currencies Have a Fair Value? Do Currencies Have a Fair Value? May 2011 George Saravelos European FX Strategist IMPORTANT: PLEASE SEE CONFLICT DISCLOSURES AND ANALYST CERTIFICATION IMMEDIATELY AT THE END OF THE TEXT OF THIS REPORT.

More information

How Hedging Can Substantially Reduce Foreign Stock Currency Risk

How Hedging Can Substantially Reduce Foreign Stock Currency Risk Possible losses from changes in currency exchange rates are a risk of investing unhedged in foreign stocks. While a stock may perform well on the London Stock Exchange, if the British pound declines against

More information

METHODOLOGY THANKS TO CONNECTED DEVICES LIKE TABLETS AND SMARTPHONES, THE WAY PEOPLE SHOP IS CHANGING DRAMATICALLY.

METHODOLOGY THANKS TO CONNECTED DEVICES LIKE TABLETS AND SMARTPHONES, THE WAY PEOPLE SHOP IS CHANGING DRAMATICALLY. METHODOLOGY THANKS TO CONNECTED DEVICES LIKE TABLETS AND SMARTPHONES, THE WAY PEOPLE SHOP IS CHANGING DRAMATICALLY. We aim to better prepare brands for the future of retail. So for the second consecutive

More information

Europe s office markets: Rent cycles weakening

Europe s office markets: Rent cycles weakening Economics & politics Research Briefing May, 11 Europe s office markets: Rent cycles weakening In many European markets for office space vacancy rates are now higher than at earlier turning points. This

More information

Growing need for security in online banking Biometrics enjoy remarkable degree of acceptance

Growing need for security in online banking Biometrics enjoy remarkable degree of acceptance Banking & Technology Snapshot Digital economy and structural change February 8, 212 Author Thomas F. Dapp +49 69 91-3172 thomas-frank.dapp@db.com Editor Antje Stobbe Deutsche Bank AG DB Research Frankfurt

More information

Legg Mason Global Investment Survey

Legg Mason Global Investment Survey Legg Mason Investment Survey When worldwide talk about money, what dominates the conversation? Where do they see opportunity, and where do they see peril? To learn more, Legg Mason surveyed affluent in

More information

Foreign Direct Investment

Foreign Direct Investment Germany Reports Record High of New Investment Projects Germany is a very attractive location for foreign investors. Germany Trade & Invest (GTAI) and the economic development agencies of the German Federal

More information

STANDARD TARIFF SCALE STOCK, ADR, ETF

STANDARD TARIFF SCALE STOCK, ADR, ETF ANNEX 1 TO BROKERAGE SERVICE AGREEMENT USA Canada Mexico Austria Belgium France NORTH AMERICA Fee EUROPE Germany SWB FWB (1) Chi-X/NURO/Turqoise DE Xetra ETFs Xetra - Stocks Italy Netherlands Spain Sweden

More information

Western European car market Light at the end of the tunnel

Western European car market Light at the end of the tunnel Research Briefing Sector research January 9, 13 Author Eric Heymann +9 69 91-3173 eric.heimann@db.com Editor Antje Stobbe Deutsche Bank AG DB Research Frankfurt am Main Germany E-mail: marketing.dbr@db.com

More information

The Credit Crisis: A Monetary Explanation

The Credit Crisis: A Monetary Explanation M O R G A N S T A N L E Y R E S E A R C H Global Economics The Credit Crisis: A Monetary Explanation Joachim Fels Chief Global Fixed Income Economist & Co-Head of Global Economics 33 rd Annual IOSCO Conference

More information

DBIQ Interest Rate Curve Creation Process

DBIQ Interest Rate Curve Creation Process 25 August 2015 Index Guide Interest Rate Curve Creation Process Summary This document describes the primary price sources for market data used by the Deutsche Bank Index Quant group ( ), a research function

More information

Exchange Traded Funds. An Introductory Guide. For professional clients only

Exchange Traded Funds. An Introductory Guide. For professional clients only Exchange Traded Funds An Introductory Guide For professional clients only Exchange-Traded Funds (ETFs) started to be used in Europe in the early 2000s but over the past few years they have grown their

More information

Global Real Estate Outlook

Global Real Estate Outlook Global Real Estate Outlook August 2014 The Hierarchy of Economic Performance, 2014-2015 China Indonesia India Poland South Korea Turkey Australia Mexico United Kingdom Sweden United States Canada South

More information

CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS. Bryan Taylor

CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS. Bryan Taylor CAN INVESTORS PROFIT FROM DEVALUATIONS? THE PERFORMANCE OF WORLD STOCK MARKETS AFTER DEVALUATIONS Introduction Bryan Taylor The recent devaluations in Asia have drawn attention to the risk investors face

More information

Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average)

Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average) Figure 1: Global Aggregates: Industrial Production (% MoM Ann., 3M moving average) World Advanced Economies Emerging Market Economies Notes: Nowcasts are in red. World is the PPP-weighted average of US,

More information

Euro area growth outlook 2012

Euro area growth outlook 2012 Euro area growth outlook 212 A rising tide lifts all boats 2 December 211 Allan von Mehren Chief Analyst Head of International Macro +45 4512 855 alvo@danskebank.dk Five reasons why euro recession will

More information

EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014

EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 EXPERIAN FOOTFALL: FASHION CONVERSION BENCHMARKING REPORT: 2014 An overall look into fashion conversion performance across different countries, sectors and categories. OVERVIEW The fashion conversion benchmark

More information

Three new stock ETFs for greater global diversification

Three new stock ETFs for greater global diversification Three new stock ETFs for greater global diversification Canadian stocks account for less than 4% of publicly traded companies global market value. Investors in Canada, however, allocate 59% of their stock

More information

Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit.

Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit. PMI Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit. They provide an advance signal of what is really happening in the private sector

More information

Wealth & Tax Planning Escrow Service

Wealth & Tax Planning Escrow Service Wealth & Tax Planning Escrow Service Parties to Escrow Services Simplified structure Depositor A = Seller E.g. sale / Purchase Agreement Depositor B = Buyer Escrow Agreement Release of purchase price upon

More information

PMI economic overview

PMI economic overview Markit Economics PMI economic overview Global economy sees worst quarter since 2012 July 8 th 2016 Global economic growth lowest since 2012 in second quarter The JPMorgan Global PMI, compiled by Markit

More information

Goldman Sachs Electronic Trading India: Algorithmic Trading. FIXGlobal Face2Face Electronic Trading Forum - India

Goldman Sachs Electronic Trading India: Algorithmic Trading. FIXGlobal Face2Face Electronic Trading Forum - India Goldman Sachs Electronic Trading India: Algorithmic Trading FIXGlobal Face2Face Electronic Trading Forum - India 11 Agenda Goldman Sachs Algorithmic Trading solutions available in India How to access the

More information

Institutional Investors and Austrian Stocks in 2012

Institutional Investors and Austrian Stocks in 2012 Institutional Investors and Austrian Stocks in 2012 Institutional Investors and Austrian Stocks in 2012 In addition to domestic investors, the top investors in the ATX prime remain international institutional

More information

OPTIMTRADER COMMISSIONS

OPTIMTRADER COMMISSIONS OPTIMTRADER COMMISSIONS OptimTrader offers three different accounts of commissions. and commissionable accounts shall be determined on the basis of the initial deposit, while the Premium account is determined

More information

Trends in real estate investment flows

Trends in real estate investment flows Capital Flows May 211 Trends in real estate investment flows In 21, AUD 12.7 billion of transactions (> AUD 5 million) were recorded in Australia s commercial property market, the 4 th highest on record.

More information

CURRENCY HEDGED INDEXES

CURRENCY HEDGED INDEXES INVESTOR INSIGHT CURRENCY HEDGED INDEXES Why Do They Matter? March 2015 CURRENCY HEDGED INDEXES Currency exposure has substantially impacted the performance and the volatility of global equity indexes

More information

Registered country information Vanguard Investment Series plc and Vanguard Funds plc

Registered country information Vanguard Investment Series plc and Vanguard Funds plc Registered country information Vanguard Investment Series plc and Vanguard Funds plc The value of investments, and the income from them, may fall or rise and investors may get back less than they invested.

More information

PRESS RELEASE. Frankfurt, May 2007

PRESS RELEASE. Frankfurt, May 2007 PRESS RELEASE Frankfurt, May 2007 DWS Analysis of international mutual fund markets in year 2006 1 : Worldwide fund assets reach record volume of euro 15.8 trillion Positive market environment and ongoing

More information

Market Briefing: Global Interest Rates

Market Briefing: Global Interest Rates Market Briefing: Global Interest Rates August 5, 1 Dr. Edward Yardeni 51-97-73 eyardeni@ Debbie Johnson --1333 djohnson@ Please visit our sites at www. blog. thinking outside the box Table Of Contents

More information

LuxeMbOurG Trading CenTre LisT Annex 1 to the s pecial terms and conditions for securities transactions Valid as from 1 January 2011

LuxeMbOurG Trading CenTre LisT Annex 1 to the s pecial terms and conditions for securities transactions Valid as from 1 January 2011 Luxembourg Annex 1 to the Special terms and conditions for securities transactions Valid as from 1 January 2011 In order to achieve the best possible result in executing security orders, the bank has selected

More information

Performance 2015: Global Stock Markets

Performance 2015: Global Stock Markets Performance 21: Global Stock Markets November 12, 21 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of

More information

Life Protection Metrics: Consumer Approaches to Protection-Related Life Insurance in Europe

Life Protection Metrics: Consumer Approaches to Protection-Related Life Insurance in Europe Life Protection Metrics: Consumer Approaches to Protection-Related Life Insurance in Europe Series Prospectus November 2012 1 Prospectus contents Page What is the research? Which titles are available?

More information

Retirement Readiness. OECD/IOPS GLOBAL FORUM ON PRIVATE PENSIONS - Sydney Nov 2-3

Retirement Readiness. OECD/IOPS GLOBAL FORUM ON PRIVATE PENSIONS - Sydney Nov 2-3 Retirement Readiness OECD/IOPS GLOBAL FORUM ON PRIVATE PENSIONS - Sydney Nov 2-3 Brigitte Miksa, Head of International Pensions, Allianz Global Investors AG November 2010 New funded pension schemes shape

More information

The wine market: evolution and trends

The wine market: evolution and trends The wine market: evolution and trends May 2014 1 Table of contents 1. WINE CONSUMPTION 3 2. TRENDS IN WORLD WINE TRADE IN 20 6 3. TOP WINE EXPORTERS IN 20 7 4. TOP WINE IMPORTERS IN 20 9 5. THE FIVE LARGEST

More information

Terms and conditions for securities trades Effective from October 12, 2004

Terms and conditions for securities trades Effective from October 12, 2004 Effective from October 12, 2004 Danske Bank A/S. CVR-nr. 61 12 62 28 - København 1. Introduction We want you to get the best possible deal when you trade in securities. Therefore we offer you various trading

More information

Success with fixed index annuities

Success with fixed index annuities Allianz Life Insurance Company of North America M3596 For agent use only not for use with the public. Page 1 of 12 The Allianz vision At Allianz, we believe that every American should have the opportunity

More information

Capital Market Linkages: How to facilitate cross border trading?

Capital Market Linkages: How to facilitate cross border trading? Capital Market Linkages: How to facilitate cross border trading? OIC Member States Stock Exchanges Forum Dr. Jochen Biedermann Istanbul, 02 October 2010 Agenda 1. About Deutsche Börse 2. Capital Market

More information

GWI Commerce Summary Q2 2014

GWI Commerce Summary Q2 2014 GWI Commerce Summary Q2 2014 GlobalWebIndex s quarterly report on the latest trends in e-, m- and t-commerce 1 Introduction GWI Commerce is where GlobalWebIndex presents the very latest figures for online

More information

And yet they do move EU extending exchange of information for tax purposes new OECD standard to be finalised by September

And yet they do move EU extending exchange of information for tax purposes new OECD standard to be finalised by September Research Briefing European integration June 5, 2014 Author Frank Zipfel +49 69 910-31890 frank.zipfel@db.com Editor Barbara Böttcher Deutsche Bank AG Deutsche Bank Research Frankfurt am Main Germany E-mail:

More information

Short selling. Important business in need of globally consistent rules. March 17, 2010. Economics & politics Research Briefing

Short selling. Important business in need of globally consistent rules. March 17, 2010. Economics & politics Research Briefing Economics & politics Research Briefing March 17, 2010 Short Important business in need of globally consistent rules Short : Short is a valuable complement to conventional financial market instruments.

More information

Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit.

Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit. PMI Purchasing Managers Index (PMI ) series are monthly economic surveys of carefully selected companies compiled by Markit. They provide an advance signal of what is really happening in the private sector

More information

Absolute return: The search for positive returns in changing markets

Absolute return: The search for positive returns in changing markets Absolute return: The search for positive returns in changing markets Tuesday, 7 June 2011 Portfolio Manager for Global Fixed Income and Absolute Return Funds www.dbadvisors.com Topics for discussion What

More information

for Online Brokers Support investors trading activities

for Online Brokers Support investors trading activities for Online Brokers Support investors trading activities Market information portals for a wide range of client functions Leading online brokers not only strive to offer their customers a broad spectrum

More information

Aussie rules: the Oxera Trading and Post-trading Monitor

Aussie rules: the Oxera Trading and Post-trading Monitor Agenda Advancing economics in business The Oxera Trading and Post-trading Monitor Aussie rules: the Oxera Trading and Post-trading Monitor Over the past two decades, the competitive structures of stock

More information

Financial Repression: A Driving Force for Mergers and Acquisitions?

Financial Repression: A Driving Force for Mergers and Acquisitions? Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past

More information

Mirae Asset Global Investments (Hong Kong) Limited

Mirae Asset Global Investments (Hong Kong) Limited PRODUCT KEY FACTS Horizons Exchange Traded Funds Series- 17 November 2015 This is an exchange traded fund. This statement provides you with key information about this product. This statement is a part

More information

Wealth & Tax Planning Private Insurance

Wealth & Tax Planning Private Insurance Wealth & Tax Planning Private Insurance Parties to a Private Insurance Simplified structure Principal = Policyholder Insurance contract Transfer of assets Insurance policy Insurance Company Issues and

More information

TRADING VERTICAL SPREADS

TRADING VERTICAL SPREADS TRADING VERTICAL SPREADS Today s Topics Quick review of vertical spreads Entering spread orders Presentation Outline Vertical Spread Basics Bull & Bear Spreads Defined Mechanics at Expiration Important

More information

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE

EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE EUROPEAN SEMESTER THEMATIC FICHE ACCESS TO FINANCE Access to finance is key to business development. Investment and innovation are not possible without adequate financing. A difficulty in getting finance

More information

Introductory Guide to CFDs

Introductory Guide to CFDs N E W Y O R K C H I C A G O L O N D O N D U B A I * T O K Y O S I N G A P O R E S Y D N E Y A D A Introductory Guide to CFDs Above all, Integrity. +44 (0) 207 170 0770 LONDON MAIN 0800 358 0864 FREE PHONE

More information

PROTECTING YOUR PORTFOLIO WITH BONDS

PROTECTING YOUR PORTFOLIO WITH BONDS Your Global Investment Authority PROTECTING YOUR PORTFOLIO WITH BONDS Bond strategies for an evolving market Market uncertainty has left many investors wondering how to protect their portfolios during

More information

Global Trends in Non-Life Insurance: Policy Administration

Global Trends in Non-Life Insurance: Policy Administration What you need to know NON-LIFE INSURANCE Global Trends in Non-Life Insurance: Policy Administration Key trends in policy administration and the implications for the non-life insurance industry Contents

More information

The Investment Outlook: Challenges and Opportunities

The Investment Outlook: Challenges and Opportunities The Investment Outlook: Challenges and Opportunities Jim O Neill Chairman, Goldman Sachs Asset Management This information discusses general market activity, industry or sector trends, or other broad-based

More information

LuxeMbOurG Trading CenT re LisT Annex 1 to the special terms and conditions for securities transactions Valid as from 1 september 2011

LuxeMbOurG Trading CenT re LisT Annex 1 to the special terms and conditions for securities transactions Valid as from 1 september 2011 Luxembourg Annex 1 to the Special terms and conditions for securities transactions Valid as from 1 September 2011 In order to achieve the best possible result in executing security orders, the bank has

More information

Access the world. with Schwab Global Investing Services

Access the world. with Schwab Global Investing Services Access the world with Schwab Global Investing Services 78% of developed country equity market growth between 2000 and 2012 came from outside the U.S. 1 60% of developed country stock market capitalization

More information

Expectation gaps in social media communication

Expectation gaps in social media communication Expectation gaps in social media communication A study comparing public relations professionals and the general public in 10 countries Ansgar Zerfass & Markus Wiesenberg Stakeholder expectations and social

More information

Bond markets vote for global recovery

Bond markets vote for global recovery Bond markets vote for global recovery Weekly Market View 11 May 2015 1 % Euro area recovery, oil rebound lead to bond sell-off German bund yields recovered from record low levels, leading a surge in global

More information

Universe Index Transition for Dow Jones Titans Indices

Universe Index Transition for Dow Jones Titans Indices Universe Transition for Dow Jones Titans Indices S&P Dow Jones Indices (S&P DJI) is conducting a consultation with members of the investment community. S&P DJI is currently reviewing the universe indices

More information

FxPro Education. Introduction to FX markets

FxPro Education. Introduction to FX markets FxPro Education Within any economy, consumers and businesses use currency as a medium of exchange. In the UK, pound sterling is the national currency, while in the United States it is the US dollar. Modern

More information

Investing in International Financial Markets

Investing in International Financial Markets APPENDIX 3 Investing in International Financial Markets http:// Visit http://money.cnn.com for current national and international market data and analyses. The trading of financial assets (such as stocks

More information

www.ifcmarkets.com tutorial

www.ifcmarkets.com tutorial tutorial Introduction Chapter 1: THE BASICS YOU SHOULD KNOW ABOUT CFD TRADING Chapter 2: CHOOSE YOUR CFD PROVIDER Chapter 3: TRADING IN ACTION Chapter 4: CONSIDER AND MANAGE YOUR RISKS INTRODUCTION Nowadays,

More information

Evaluation of the FSAP's economic impact

Evaluation of the FSAP's economic impact Financial Market Special EU Monitor 41 December 11, 2006 Evaluation of the FSAP's economic impact A note on methodology* The European Commission s strong commitment to a comprehensive assessment of the

More information

TABLE OF CONTENTS. Germany Overview 24 Spain Overview 27 Portugal Overview 30 The Netherlands Overview 32 Czech Republic Overview 34 About WSI 35

TABLE OF CONTENTS. Germany Overview 24 Spain Overview 27 Portugal Overview 30 The Netherlands Overview 32 Czech Republic Overview 34 About WSI 35 TABLE OF CONTENTS Executive Summary 2 United Kingdom Internet Usage 3 Total Advertising 4 Digital Advertising 5 Display Advertising 7 Search and Social 8 Social Media 9 Mobile Marketing 11 Europe Total

More information

Investors shun robo-advice despite drive to launch online solutions

Investors shun robo-advice despite drive to launch online solutions Investors shun robo-advice despite drive to launch online solutions The UK s wealthiest investors are rejecting robo-advice solutions despite rising numbers of start-ups and established financial services

More information

Performance 2013: Global Stock Markets

Performance 2013: Global Stock Markets Performance 213: Global Stock Markets January 4, 214 Dr. Edward Yardeni 16-972-7683 eyardeni@ Mali Quintana 48-664-1333 aquintana@ Please visit our sites at www. blog. thinking outside the box Table Of

More information

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016

CIO Flash Revisions to our 2016 global outlook Jan 25, 2016 CIO Flash Revisions to our global outlook Jan 25, +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH +++ CIO FLASH The global macro picture:

More information

Next generation insurance - insights into the behaviour and beliefs of the European consumer

Next generation insurance - insights into the behaviour and beliefs of the European consumer Next generation insurance - insights into the behaviour and beliefs of the European consumer Dr John Schoonbee, Chief Medical Officer, EMEA, Swiss Re IAA Colloquium 2015, Oslo, Norway, 7-10th June 2015

More information

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus

db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus db x-trackers MSCI World High Dividend Yield Index UCITS ETF (DR) Supplement to the Prospectus This Supplement contains information in relation to db x-trackers MSCI World High Dividend Yield Index UCITS

More information

Individual Investor Yes No Corporate Investor Yes No Institutional Investor Yes No Market Information Subscription. Country Non-professional Investors

Individual Investor Yes No Corporate Investor Yes No Institutional Investor Yes No Market Information Subscription. Country Non-professional Investors Individual Investor Yes No Corporate Investor Yes No Institutional Investor Yes No Market Information Subscription IB Forex /Pro FOREX Free Free IB FX FOREX Free Free North America AMEX Unavailable USD

More information

DO WE NEED MORE STORAGE IN EUROPE?

DO WE NEED MORE STORAGE IN EUROPE? DO WE NEED MORE STORAGE IN EUROPE? 25-26 April 212 Dr Thierry Bros Phone: 33 ()1 58 98 11 7 Important Notice: The circumstances in which this publication has been produced are such that it is not appropriate

More information

KEY FINDINGS. 2 New trends in global shopping habits. Smartphones are increasingly important during all stages of the consumer journey

KEY FINDINGS. 2 New trends in global shopping habits. Smartphones are increasingly important during all stages of the consumer journey KEY FINDINGS 1 Smartphones are increasingly important during all stages of the consumer journey 2 New trends in global shopping habits 3 Social media s influence varies widely by country METHODOLOGY To

More information

Q Manpower. Employment Outlook Survey Global. A Manpower Research Report

Q Manpower. Employment Outlook Survey Global. A Manpower Research Report Manpower Q 6 Employment Outlook Survey Global A Manpower Research Report Manpower Employment Outlook Survey Global Contents Q/6 Global Employment Outlook International Comparisons Americas International

More information

Institutional Investors and the CEE Stock Exchange Group in 2014

Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 Institutional Investors and the CEE Stock Exchange Group in 2014 The top group of investors in the combined free float of the member exchanges

More information

Germany Real Estate Market Overview

Germany Real Estate Market Overview Germany Real Estate Market Overview 9 th April 2015 Peter Hobbs, Real Estate Research, MSCI 2014 MSCI Inc. All rights reserved. Agenda 1. German real estate in a global context 2. Variations within Germany

More information

INTRODUCTION TO FOREIGN EXCHANGE

INTRODUCTION TO FOREIGN EXCHANGE INTRODUCTION TO FOREIGN EXCHANGE Capademy Tutorial Series Option Banque Training Series Vol. 1 The foreign exchange market known as forex for short is the market in which currencies or sovereign money

More information

Market Data Feed. Go with the flow.

Market Data Feed. Go with the flow. Market Data Feed Go with the flow. The Market Data Feed (MDF) is a high performance, real-time market data service with customizable data selection. This competitive solution is a key source of financial

More information

GLOBAL B2C E-COMMERCE DELIVERY 2015

GLOBAL B2C E-COMMERCE DELIVERY 2015 PUBLICATION DATE: OCTOBER 2015 PAGE 2 GENERAL INFORMATION I PAGE 3 KEY FINDINGS I PAGE 4-8 TABLE OF CONTENTS I PAGE 9 REPORT-SPECIFIC SAMPLE CHARTS I PAGE 10 METHODOLOGY I PAGE 11RELATED REPORTS I PAGE

More information

Demand for RMB and Financial Services through Hong Kong by German Businesses

Demand for RMB and Financial Services through Hong Kong by German Businesses Demand for RMB and Financial Services through Hong Kong by German Businesses Think Asia, Think Hong Kong Munich, 11 September 2014 Think Asia, Think Hong Kong Munich, 11 September 2014 Page 1 Asia: Key

More information

Foreign Direct Investors Outlays to Acquire or Establish U.S. Businesses Rose in 2004

Foreign Direct Investors Outlays to Acquire or Establish U.S. Businesses Rose in 2004 EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY JUNE 1, 2005 Thomas Anderson: (202) 606-9879 BEA 05-23 Foreign Direct Investors Outlays to Acquire or Establish U.S. Businesses Rose in 2004 In 2004,

More information