Market Shares by Stock Exchange Turnover
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- Gervais Tate
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1 Market Shares by Stock Exchange Turnover in structured Securities Change at the top Deutsche Bank pushes down Commerzbank from its leading position with capital protection (100 %) Capital Protection Products with Coupon Capital Protection Certificates Reverse Convertibles Credit Linked Notes STRUCTURED SECURITIES INVESTMENT PRODUCTS without capital protection (< 100 %) without Knock-Out Express Certificates Tracker Certificates Warrants Discount Certificates Bonus Certificates Outperformance and Capped Outperformance Certificates DDV Classification System LEVERAGE PRODUCTS Factor Certificates with Knock-Out Knock-Out Warrants CONTENTS Derivatives 3 Investment Products 4 Leverage Products 5 Investment Products with Capital Protection 6 Investment Products without Capital Protection 7 Leverage Products without Knock-Out 8 Leverage Products with Knock-Out 9 Uncapped Capital Protection Certificates 10 Capital Protection Products with Coupon 10 Credit Linked Notes 11 Reverse Convertibles 11 Discount Certificates 12 Express Certificates 12 Bonus Certificates 13 Tracker Certificates 13 Outperformance and Capped Outperformance Certificates 14 Warrants 14 Factor Certificates 15 Knock-Out Warrants 15 There was a change in leadership at the top of the league table in April. Deutsche Bank claimed the top with 19.7 percent of the market and pushed down Commerzbank into second place. The market share of the three leading issuers dropped 3.3 percent to stand at 49.0 percent in April. With a trading volume of EUR million, Deutsche Bank ranked first in the investment products category. This accounted for a share of 21.9 percent of the market. Vontobel moved up to third place in the leverage products category. Its market share amounted to 10.5 percent in April.
2 Change at the top Deutsche Bank pushes down Commerzbank from its leading position The exchanges in Stuttgart and Frankfurt generated turnover of EUR 3.1 billion from trading in investment and leverage products in April There was a change in leadership at the top of the league table in the market share based on exchange turnover claimed by issuers of structured securities. With a customer order volume of EUR million and a 19.7 percent market share, Deutsche Bank took leadership of the issuers league table in April. The market share of Commerzbank, the second-best performer, stood at 18.5 percent based on an order volume of EUR million. Deutsche Zentral-Genossenschaftsbank (DZ BANK) ranked third again with a customer order volume of EUR million. This corresponded to a market share of 10.8 percent. Together, the top three issuers accounted for exchange trading turnover of EUR 1.5 billion equivalent to a market share of 49.0 percent. Investment products recorded a trading volume of EUR 1.5 billion in April. They accounted for 49.2 percent of the total turnover. Deutsche Bank ranked highest with a turnover from exchange trades of EUR million and a 21.9 percent market share. Commerzbank and DZ BANK swapped positions again. With trading volume of EUR million and a 13.8 percent market share, DZ BANK took second place. Commerzbank followed third with EUR million. This gave it a 12.4 percent share of the market. Turnover from leverage products totalled EUR 1.6 billion in April. Knock-Out Warrants, Warrants and Factor Certificates made up a 50.8 percent share of the total turnover figure. Commerzbank once again took first place in the issuers ranking with a trading volume of EUR million and a 24.4 percent share. Deutsche Bank came second with a trading volume of EUR million. This gave it a 17.5 percent market share. Third place was claimed by Vontobel in April with a trading volume of EUR million and a 10.5 percent market share. n Deutscher Derivate Verband (DDV) Deutscher Derivate Verband (DDV), the German Derivatives Association, is the industry representative body for the 15 leading issuers of derivatives in Germany: BayernLB, BNP Paribas, Citigroup, Commerzbank, DekaBank, Deutsche Bank, DZ BANK, Goldman Sachs, Helaba, HSBC Trinkaus, HypoVereinsbank, LBBW, Société Générale, UBS and Vontobel. The Association s work is supported by 14 sponsoring members, which include the Stuttgart and Frankfurt am Main stock exchanges, finance portals and service providers. Office Berlin, Pariser Platz 3, Berlin Office Frankfurt a.m., Feldbergstr. 38, Frankfurt a.m. Please address any queries to: Alexander Heftrich, Press Secretary phone: +49 (69) [email protected] 2
3 Derivatives April n Deutsche Bank 618,260, % 2. n Commerzbank 580,625, % 3. n DZ BANK 338,883, % 4. n BNP Paribas 260,284, % 5. n Vontobel 256,364, % 6. n Citigroup 172,411, % 7. n UBS Investment Bank 166,133, % 8. n HSBC Trinkaus 164,960, % 9. n Société Générale 163,018, % 10. n Unicredit 116,756, % 11. Goldman Sachs 97,638, % 12. LBBW 59,062, % 13. Lang & Schwarz 28,748, % 14. Goldstein Structured Products SA 23,392, % 15. DekaBank 19,481, % 16. ING Bank 12,520, % 17. Raiffeisen Centrobank 6,941, % 18. Helaba 6,706, % 19. Credit Suisse 6,540, % 20. WGZ BANK 6,494, % 21. Delta1 Securities 5,804, % 22. ETI Securities PLC 5,246, % 23. Royal Bank of Scotland 3,971, % 24. Interactive Brokers 2,790, % 25. Bayerische Landesbank 2,720, % 26. Erste Bank 2,494, % 27. EFG (incl. Leonteq) 2,162, % 28. LBB 1,731, % 29. Notenstein 1,117, % 30. Merrill Lynch 846, % 31. Platino S.A. 783, % 32. Santander Global Banking & Markets 692, % 33. DWS GO 620, % 34. Morgan Stanley 615, % 35. Santander Financial Products Plc. 462, % 36. Barclays Bank 368, % 37. Palladium Securities S.A. 325, % 38. J.P. Morgan 284, % 39. AIV S.A. 272, % 40. SEB 261, % 41. Rabobank 64, % 42. Exane Finance S.A. 60, % 43. Eigenemission 44, % 44. AGV S.A. 30, % 45. Macquarie 19, % 46. Guardian Segur 9, % 47. Credit Agricole 5, % 48. Commonwealth Securitisation 5, % 49. HT-Finanzanlage Ltd 4, % Total 3,139,045, % Others 9.6% Unicredit 3.7% Deutsche Bank 19.7% Société Générale 5.2% HSBC Trinkaus 5.3% UBS Investment Bank 5.3% Commerzbank 18.5% Citigroup 5.5% Vontobel 8.2% BNP Paribas 8.3% DZ BANK 10.8% 3
4 Investment Products April n Deutsche Bank 338,664, % 2. n DZ BANK 212,223, % 3. n Commerzbank 191,383, % 4. n Société Générale 123,963, % 5. n BNP Paribas 123,728, % 6. n HSBC Trinkaus 102,399, % 7. n Vontobel 88,749, % 8. n LBBW 59,062, % 9. n Goldman Sachs 54,259, % 10. n UBS Investment Bank 49,255, % 11. Unicredit 46,527, % 12. Citigroup 36,488, % 13. Goldstein Structured Products SA 23,392, % 14. Lang & Schwarz 19,916, % 15. DekaBank 19,481, % 16. Helaba 6,706, % 17. Credit Suisse 6,540, % 18. WGZ BANK 6,494, % 19. Delta1 Securities 5,804, % 20. ETI Securities PLC 5,246, % 21. Raiffeisen Centrobank 3,857, % 22. Royal Bank of Scotland 3,854, % 23. Bayerische Landesbank 2,720, % 24. EFG (incl. Leonteq) 2,080, % 25. Erste Bank 2,003, % 26. LBB 1,731, % 27. Notenstein 1,117, % 28. Merrill Lynch 846, % 29. Platino S.A. 783, % 30. Santander Global Banking & Markets 692, % 31. DWS GO 620, % 32. Morgan Stanley 615, % 33. Santander Financial Products Plc. 462, % 34. Barclays Bank 368, % 35. Palladium Securities S.A. 325, % 36. J.P. Morgan 284, % 37. AIV S.A. 272, % 38. SEB 261, % 39. ING Bank 155, % 40. Rabobank 64, % 41. Exane Finance S.A. 60, % 42. AGV S.A. 30, % 43. Macquarie 19, % 44. Guardian Segur 9, % 45. Credit Agricole 5, % 46. Commonwealth Securitisation 5, % 47. HT-Finanzanlage Ltd 4, % Total 1,543,546, % UBS Investment Bank 3.2% Goldman Sachs 3.5% LBBW 3.8% Vontobel 5.7% HSBC Trinkaus 6.6% BNP Paribas 8.0% Others 12.9% Société Générale 8.0% Deutsche Bank 21.9% Commerzbank 12.4% DZ BANK 13.7% 4
5 Leverage Products April n Commerzbank 389,241, % 2. n Deutsche Bank 279,596, % 3. n Vontobel 167,614, % 4. n BNP Paribas 136,555, % 5. n Citigroup 135,923, % 6. n DZ BANK 126,659, % 7. n UBS Investment Bank 116,877, % 8. n Unicredit 70,228, % 9. n HSBC Trinkaus 62,561, % 10. n Goldman Sachs 43,378, % 11. Société Générale 39,055, % 12. ING Bank 12,365, % 13. Lang & Schwarz 8,831, % 14. Raiffeisen Centrobank 3,083, % 15. Interactive Brokers 2,790, % 16. Erste Bank 491, % 17. Royal Bank of Scotland 117, % 18. EFG (incl. Leonteq) 82, % 19. Eigenemission 44, % Total 1,595,499, % UBS Investment Bank 7.3% Others 4.2% Goldman Sachs 2.7% HSBC Trinkaus 3.9% Unicredit 4.4% DZ BANK 7.9% Citigroup 8.5% BNP Paribas 8.6% Vontobel 10.5% Commerzbank 24.4% Deutsche Bank 17.5% 5
6 Investment Products with Capital Protection April n Deutsche Bank 13,191, % 2. n DZ BANK 5,474, % 3. n Helaba 4,496, % 4. n Société Générale 4,411, % 5. n Credit Suisse 2,529, % 6. n Royal Bank of Scotland 1,718, % 7. n LBBW 1,543, % 8. n BNP Paribas 1,407, % 9. n DekaBank 1,207, % 10. n Unicredit 1,005, % 11. Bayerische Landesbank 710, % 12. Santander Global Banking & Markets 692, % 13. Morgan Stanley 560, % 14. Goldman Sachs 546, % 15. Vontobel 542, % 16. Santander Financial Products Plc. 383, % 17. Palladium Securities S.A. 325, % 18. Barclays Bank 250, % 19. ING Bank 123, % 20. Raiffeisen Centrobank 91, % 21. LBB 90, % 22. Rabobank 64, % 23. UBS Investment Bank 37, % 24. Erste Bank 37, % 25. WGZ BANK 18, % 26. Credit Agricole 5, % 27. HT-Finanzanlage Ltd 4, % Total 41,469, % Unicredit 2.4% DekaBank 2.9% BNP Paribas 3.4% LBBW 3.7% Royal Bank of Scotland 4.1% Credit Suisse 6.1% Société Générale 10.6% Others 10.8% Helaba 10.8% Deutsche Bank 31.8% DZ BANK 13.2% 6
7 Investment Products without Capital Protection April n Deutsche Bank 325,473, % 2. n DZ BANK 206,749, % 3. n Commerzbank 191,383, % 4. n BNP Paribas 122,320, % 5. n Société Générale 119,551, % 6. n HSBC Trinkaus 102,399, % 7. n Vontobel 88,207, % 8. n LBBW 57,519, % 9. n Goldman Sachs 53,712, % 10. n UBS Investment Bank 49,218, % 11. Unicredit 45,522, % 12. Citigroup 36,488, % 13. Goldstein Structured Products SA 23,392, % 14. Lang & Schwarz 19,916, % 15. DekaBank 18,273, % 16. WGZ BANK 6,475, % 17. Delta1 Securities 5,804, % 18. ETI Securities PLC 5,246, % 19. Credit Suisse 4,010, % 20. Raiffeisen Centrobank 3,766, % 21. Helaba 2,210, % 22. Royal Bank of Scotland 2,135, % 23. EFG (incl. Leonteq) 2,080, % 24. Bayerische Landesbank 2,010, % 25. Erste Bank 1,966, % 26. LBB 1,640, % 27. Notenstein 1,117, % 28. Merrill Lynch 846, % 29. Platino S.A. 783, % 30. DWS GO 620, % 31. J.P. Morgan 284, % 32. AIV S.A. 272, % 33. SEB 261, % 34. Barclays Bank 118, % 35. Santander Financial Products Plc. 79, % 36. Exane Finance S.A. 60, % 37. Morgan Stanley 55, % 38. ING Bank 31, % 39. AGV S.A. 30, % 40. Macquarie 19, % 41. Guardian Segur 9, % 42. Commonwealth Securitisation 5, % Total 1,502,076, % UBS Investment Bank 3.3% Goldman Sachs 3.6% LBBW 3.8% Vontobel 5.9% HSBC Trinkaus 6.8% Société Générale 8.0% Others 12.4% BNP Paribas 8.1% Deutsche Bank 21.7% Commerzbank 12.7% DZ BANK 13.8% 7
8 Leverage Products without Knock-Out April n Commerzbank 204,910, % 2. n Deutsche Bank 129,991, % 3. n Vontobel 115,338, % 4. n DZ BANK 45,586, % 5. n UBS Investment Bank 40,916, % 6. n Citigroup 36,416, % 7. n BNP Paribas 30,623, % 8. n Unicredit 30,586, % 9. n Goldman Sachs 27,253, % 10. n HSBC Trinkaus 26,132, % 11. Société Générale 18,892, % 12. Raiffeisen Centrobank 2,680, % 13. Interactive Brokers 1,855, % 14. Lang & Schwarz 328, % 15. Eigenemission 44, % 16. Erste Bank 10, % Total 711,568, % DZ BANK 6.4% HSBC Trinkaus 3.7% Goldman Sachs 3.8% Unicredit 4.3% BNP Paribas 4.3% Citigroup 5.1% UBS Investment Bank 5.8% Vontobel 16.2% Others 3.3% Commerzbank 28.8% Deutsche Bank 18.3% 8
9 Leverage Products with Knock-Out April n Commerzbank 184,331, % 2. n Deutsche Bank 149,604, % 3. n BNP Paribas 105,932, % 4. n Citigroup 99,506, % 5. n DZ BANK 81,072, % 6. n UBS Investment Bank 75,961, % 7. n Vontobel 52,276, % 8. n Unicredit 39,642, % 9. n HSBC Trinkaus 36,428, % 10. n Société Générale 20,162, % 11. Goldman Sachs 16,125, % 12. ING Bank 12,365, % 13. Lang & Schwarz 8,503, % 14. Interactive Brokers 934, % 15. Erste Bank 481, % 16. Raiffeisen Centrobank 402, % 17. Royal Bank of Scotland 117, % 18. EFG (incl. Leonteq) 82, % Total 883,930, % Vontobel 5.9% UBS Investment Bank 8.6% Société Générale 2.3% HSBC Trinkaus 4.1% Unicredit 4.5% DZ BANK 9.2% Citigroup 11.3% Others 4.4% Commerzbank 20.9% BNP Paribas 12.0% Deutsche Bank 16.9% 9
10 Uncapped Capital Protection Certificates April 2016 Capital Protection Products with Coupon April n DZ BANK 5,474, % 2. n Deutsche Bank 3,916, % 3. n Société Générale 3,359, % 4. n Helaba 1,956, % 5. n Credit Suisse 1,867, % 6. n LBBW 1,543, % 7. n DekaBank 1,169, % 8. n BNP Paribas 1,127, % 9. n Unicredit 708, % 10. n Goldman Sachs 501, % 11. Bayerische Landesbank 227, % 12. Santander Global Banking & Markets 189, % 13. Barclays Bank 101, % 14. Raiffeisen Centrobank 91, % 15. LBB 77, % 16. Rabobank 64, % 17. Erste Bank 37, % 18. ING Bank 27, % 19. UBS Investment Bank 23, % 20. WGZ BANK 18, % 21. Morgan Stanley 10, % 22. Credit Agricole 5, % 23. HT-Finanzanlage Ltd 4, % Total 22,506, % 1. n Deutsche Bank 9,274, % 2. n Helaba 2,539, % 3. n Royal Bank of Scotland 1,718, % 4. n Société Générale 1,051, % 5. n Credit Suisse 661, % 6. n Morgan Stanley 549, % 7. n Vontobel 542, % 8. n Santander Global Banking & Markets 502, % 9. n Bayerische Landesbank 483, % 10. n Santander Financial Products Plc. 383, % 11. Palladium Securities S.A. 325, % 12. Unicredit 296, % 13. BNP Paribas 280, % 14. Barclays Bank 149, % 15. ING Bank 95, % 16. Goldman Sachs 45, % 17. DekaBank 37, % 18. UBS Investment Bank 13, % 19. LBB 12, % Total 18,963, % 10
11 Credit Linked Notes April 2016 Reverse Convertibles April n LBBW 13,456, % 2. n Unicredit 4,727, % 3. n DekaBank 3,905, % 4. n Erste Bank 1,385, % 5. n LBB 932, % 6. n DZ BANK 870, % 7. n BNP Paribas 616, % 8. n Credit Suisse 279, % 9. n Société Générale 226, % 10. n Commerzbank 217, % 11. Santander Financial Products Plc. 79, % 12. Vontobel 76, % 13. Notenstein 16, % Total 26,790, % 1. n LBBW 22,456, % 2. n Vontobel 18,232, % 3. n Deutsche Bank 16,353, % 4. n HSBC Trinkaus 14,567, % 5. n DZ BANK 13,740, % 6. n Commerzbank 9,449, % 7. n BNP Paribas 7,294, % 8. n Unicredit 6,050, % 9. n Goldman Sachs 5,933, % 10. n UBS Investment Bank 5,376, % 11. DekaBank 4,427, % 12. Société Générale 2,650, % 13. WGZ BANK 2,081, % 14. Bayerische Landesbank 1,673, % 15. Helaba 900, % 16. Notenstein 454, % 17. SEB 261, % 18. Raiffeisen Centrobank 255, % 19. Credit Suisse 68, % 20. Erste Bank 9, % Total 132,237, % 11
12 Discount Certificates April 2016 Express Certificates April n Deutsche Bank 153,710, % 2. n DZ BANK 107,768, % 3. n Commerzbank 91,243, % 4. n Société Générale 71,875, % 5. n HSBC Trinkaus 53,728, % 6. n BNP Paribas 53,010, % 7. n Vontobel 41,759, % 8. n Goldman Sachs 21,189, % 9. n Citigroup 17,829, % 10. n Unicredit 15,974, % 11. UBS Investment Bank 15,714, % 12. LBBW 7,557, % 13. WGZ BANK 3,740, % 14. DekaBank 238, % 15. Raiffeisen Centrobank 147, % Total 655,487, % 1. n Deutsche Bank 9,091, % 2. n DekaBank 8,055, % 3. n LBBW 7,168, % 4. n UBS Investment Bank 4,481, % 5. n Société Générale 4,072, % 6. n DZ BANK 2,922, % 7. n Unicredit 2,802, % 8. n Commerzbank 2,682, % 9. n EFG (incl. Leonteq) 1,837, % 10. n Credit Suisse 1,797, % 11. Vontobel 1,461, % 12. BNP Paribas 1,396, % 13. Helaba 760, % 14. WGZ BANK 625, % 15. Notenstein 568, % 16. HSBC Trinkaus 454, % 17. J.P. Morgan 278, % 18. Bayerische Landesbank 30, % 19. Barclays Bank 15, % 20. Morgan Stanley 8, % 21. Raiffeisen Centrobank 6, % 22. Erste Bank 5, % Total 50,523, % 12
13 Bonus Certificates April 2016 Tracker Certificates April n Deutsche Bank 76,258, % 2. n DZ BANK 44,842, % 3. n BNP Paribas 42,784, % 4. n Commerzbank 41,469, % 5. n Société Générale 33,142, % 6. n HSBC Trinkaus 31,339, % 7. n Vontobel 24,674, % 8. n Goldman Sachs 24,455, % 9. n Citigroup 18,439, % 10. n UBS Investment Bank 14,976, % 11. Unicredit 8,438, % 12. LBBW 3,840, % 13. Raiffeisen Centrobank 1,307, % 14. DekaBank 866, % 15. Credit Suisse 213, % 16. Helaba 141, % 17. EFG (incl. Leonteq) 81, % 18. Erste Bank 74, % 19. WGZ BANK 28, % 20. Bayerische Landesbank 24, % 21. Macquarie 19, % 22. J.P. Morgan 5, % Total 367,424, % 1. n Deutsche Bank 69,685, % 2. n Commerzbank 46,001, % 3. n DZ BANK 29,975, % 4. n Goldstein Structured Products SA 23,392, % 5. n Lang & Schwarz 19,916, % 6. n BNP Paribas 17,218, % 7. n UBS Investment Bank 8,536, % 8. n Unicredit 7,528, % 9. n Société Générale 7,405, % 10. n Delta1 Securities 5,804, % 11. ETI Securities PLC 5,246, % 12. LBBW 3,021, % 13. HSBC Trinkaus 2,309, % 14. Royal Bank of Scotland 2,135, % 15. Goldman Sachs 2,099, % 16. Raiffeisen Centrobank 2,049, % 17. Credit Suisse 1,650, % 18. Vontobel 964, % 19. Merrill Lynch 846, % 20. Platino S.A. 783, % 21. DekaBank 780, % 22. LBB 707, % 23. DWS GO 620, % 24. Erste Bank 491, % 25. Helaba 407, % 26. Bayerische Landesbank 277, % 27. AIV S.A. 272, % 28. EFG (incl. Leonteq) 161, % 29. Barclays Bank 103, % 30. Notenstein 78, % 31. Exane Finance S.A. 60, % 32. Morgan Stanley 46, % 33. Citigroup 41, % 34. ING Bank 31, % 35. AGV S.A. 30, % 36. Guardian Segur 9, % 37. Commonwealth Securitisation 5, % Total 260,700, % 13
14 Outperformance and Capped Outperformance Certificates April 2016 Warrants April n DZ BANK 6,630, % 2. n Vontobel 1,038, % 3. n Deutsche Bank 373, % 4. n Commerzbank 319, % 5. n Société Générale 178, % 6. n Citigroup 177, % 7. n UBS Investment Bank 133, % 8. n Goldman Sachs 35, % 9. n LBBW 20, % 10. n Bayerische Landesbank 4, % Total 8,911, % 1. n Commerzbank 103,801, % 2. n Deutsche Bank 73,921, % 3. n DZ BANK 43,404, % 4. n UBS Investment Bank 40,916, % 5. n Citigroup 36,416, % 6. n BNP Paribas 30,623, % 7. n Unicredit 27,282, % 8. n Goldman Sachs 27,253, % 9. n Vontobel 20,611, % 10. n Société Générale 17,773, % 11. HSBC Trinkaus 16,652, % 12. Interactive Brokers 1,855, % 13. Raiffeisen Centrobank 885, % 14. Lang & Schwarz 328, % 15. Eigenemission 44, % 16. Erste Bank 5, % Total 441,777, % 14
15 Factor Certificates April n Commerzbank 101,109, % 2. n Vontobel 94,726, % 3. n Deutsche Bank 56,070, % 4. n HSBC Trinkaus 9,479, % 5. n Unicredit 3,304, % 6. n DZ BANK 2,181, % 7. n Raiffeisen Centrobank 1,795, % 8. n Société Générale 1,118, % 9. n Erste Bank 5, % Total 269,791, % Knock-Out Warrants April n Commerzbank 184,331, % 2. n Deutsche Bank 149,604, % 3. n BNP Paribas 105,932, % 4. n Citigroup 99,506, % 5. n DZ BANK 81,072, % 6. n UBS Investment Bank 75,961, % 7. n Vontobel 52,276, % 8. n Unicredit 39,642, % 9. n HSBC Trinkaus 36,428, % 10. n Société Générale 20,162, % 11. Goldman Sachs 16,125, % 12. ING Bank 12,365, % 13. Lang & Schwarz 8,503, % 14. Interactive Brokers 934, % 15. Erste Bank 481, % 16. Raiffeisen Centrobank 402, % 17. Royal Bank of Scotland 117, % 18. EFG (incl. Leonteq) 82, % Total 883,930, % The statistics include the turnover in derivatives at the stock exchanges in Stuttgart (EUWAX) and Frankfurt (Börse Frankfurt Zertifikate). The turnover figures are taken from Xetra and XONTRO (Xontro Order). The number of customer orders executed was integrated into the EUWAX statistics. The statistics cover all orders entered into the system by customers (not issuers or market makers) and executed by price determination. Issuers market making activities (provision of liquidity for own securities) are not taken into account. Orders routed via an order flow provider offering an intermediary service are only counted once. Each partial execution of an order counts as an order. Later corrections made in stock exchange systems (e.g. a cancellation following a mistrade) are not taken into account. The securities are allocated using securities master data from WM Gruppe (Wertpapier-Mitteilungen), the German numbering agent and provider of securities information, as well as the securities master data from boerse-stuttgart AG. This allows the best possible classification of the turnover data by stock exchange, product group and issuer. From January 2010, the derivatives are classified according to the product classification developed by Deutscher Derivate Verband (DDV). Deutscher Derivate Verband (DDV) This document may only be copied, forwarded or distributed with the express written permission of DDV. Although the data in this document originate from sources deemed to be reliable, no responsibility can be taken for their correctness, completeness or relevance. All the figures for volumes and market shares are based on freely available data. They are provided for information purposes only, and should be taken only as a guide. This document and the information contained in it may only be distributed or published in states in which the relevant statutory provisions permit it. The direct or indirect distribution of this document in the United States, the United Kingdom, Canada or Japan is prohibited, as is its forwarding to US residents. 15
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