euwax report 2015 Table of contents Solenne Peltier Dear Readers,

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1 euwax report Dear Readers, Last year was a thrilling stock market year for investors. The distinctive market movements gave especially short-term investors the opportunity to position themselves. The German stock index DAX ranged between an all-time high of 12,395 points in April and an annual low of 9,307 points in September. In addition, there were pronounced breaks within single trading days, too. The reasons are diverse: after the Greek crisis in the first half of the year, serious stock exchange slumps in China were causing unrest at the financial markets in August. Also speculations about an upcoming US turnaround on interest rates by the Federal Reserve led to a price drop. Furthermore, price drops occurred due to the Volkswagen affair about manipulated diesel emission values. The DAX and the European leading index EURO STOXX 50 suffered their greatest losses in a September since In the EUWAX segment of the Stuttgart stock exchange, 33.1 billion Euro were turned over in leverage and investment products in. This corresponds to an increase of around 18 percent towards the year. Compared to 2014, the number of client orders rose by over 22 percent to more than 3.7 million. The average client order was over 8,900 Euro in the past year. Due to the strong fluctuations on the markets, leverage products were especially in demand last year, whereas the investors focused on DAX products. With subscription warrants, knock-out products and factor certificates, more than 17.4 billion Euro were turned over in the whole year. Thereof, a trading volume of almost 8.9 billion Euro was generated with knock-out products. With over 1.8 million in, around 50 percent of the overall orders in securitized derivatives were knock-out products. Subscription warrants and factor certificates contributed over 8.5 billion Euro to the total turnover. Here, almost 1.3 million were. Also in investment products, trading activities increased at the EUWAX in the past year. In total, 594,000 with a turnover of almost 15.7 billion Euro were registered in products with a medium- and long-term investment horizon. With more than 186,000 orders, most of the accounted for index and participation certificates. In the second place were discount certificates with almost 165,000. Among the most frequently traded certificates were products of the North Sea brand Brent Crude Oil again this year. The reason was the ongoing drop in oil prices in December down to the lowest level since eleven years. 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 euwax report Total trading volume Overview of Euwax trading segment (as at ) 2014 leverage products without knock-out * 379, ,927 leverage products with knock-out 328, ,884 yield enhancement 565, ,863 capital protection Total securitised derivatives 1,274,476 1,102,349 EUWAX members Boerse Stuttgart market share of exchange trading in derivative leverage products Boerse Stuttgart market share of exchange trading in derivative investment products % 66.71% % 66.49% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 January to 31 December at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) KO-Produkte Optionsscheine Anlageprodukte by asset class KO-Produkte Optionsscheine Anlageprodukte

3 euwax report Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Commerzbank DE000CR43WA9 Call 4,232 Call/12.000/ DAX Commerzbank DE000CB4F650 Put 3,533 Put/10.500/ DAX Deutsche Bank DE000DT8W7R3 Call 2,313 Call/13.050/ DAX BNP Paribas DE000PS2SNL8 Call 2,077 Call/13.400/ DAX Deutsche Bank DE000DT1BQ23 Call 1,923 Call/10.500/ DAX Deutsche Bank DE000DT5MFV2 Put 1,920 Put/9.200/ DAX Commerzbank DE000CZ90RD7 Put 1,758 Put/9.800/ DAX Deutsche Bank DE000DT10CG1 Call 1,632 Call/12.000/ DAX Commerzbank DE000CR1LWF4 Call 1,535 Call/54/ Altria Group Deutsche Bank DE000XM0VXP2 Call 1,466 Call/88/ Starbucks Knock-out Products ISIN Type Number Marketing name Underlying Commerzbank DE000CR08RH7 Put 943 Unlimited Turbo EURO STOXX 50 DZ Bank DE000DG3SRK7 Call 879 Open End Turbo DAX Citi DE000CF6L9S3 Put 872 Open End Turbo DAX Deutsche Bank DE000XM16FH2 Call 871 WAVE Unlimited DAX Deutsche Bank DE000DT8Q0J3 Call 781 WAVE Unlimited Daimler AG Citi DE000CC7SBD2 Call 762 Open End Turbo Nordex SE Commerzbank DE000CR3KJV6 Put 696 Turbo Zertifikat DAX Vontobel DE000VZ69UC7 Call 683 Open End Turbo Deutsche Bank UBS DE000US63QH4 Put 681 Open End Turbo DAX Commerzbank DE000CR74AF9 Call 674 Unlimited Turbo DAX Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 27,997 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Commerzbank DE000CR5JL97 Call 18,241 Unlimited Faktor Index-Zert. 6x Long Brent Oil II Index Commerzbank DE000CR468T7 Call 14,871 Unlimited Faktor Index-Zert. 10x Long DAX-Futures Index Deutsche Bank DE000DX8SRT6 Call 12,854 Unlimited Faktor Index-Zert. ShortDAX x8 TR Index Deutsche Bank DE000DT4BRT7 Call 7,670 Unlimited Faktor Index-Zert. 4x Long Brent Future Index Vontobel DE000VZ9L128 Call 6,848 Unlimited Faktor Index-Zert. 12X Long Index linked to DAX Vontobel DE000VZ8S125 Call 6,010 Unlimited Faktor Index-Zert. 12X Short Index linked to DAX Vontobel DE000VZ8L120 Call 5,717 Unlimited Faktor Index-Zert. 12X Short Index linked to DAX Commerzbank DE000CR5JLA3 Call 5,716 Unlimited Faktor Index-Zert. 6x Long WTI Oil II Index Commerzbank DE000CZ6LKX1 Call 5,616 Unlimited Faktor Index-Zert. 8x Long DAXF Index 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 3

4 euwax report Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000XM07NV6 Put 560 Reversed Capped Bonus Zert. DAX DZ Bank DE000DG10CJ2 Put 542 Reversed Capped Bonus Zert. DAX BNP Paribas DE000PS77MY8 Put 288 Reverse Capped Bonus Zert. DAX Goldman Sachs DE000GL1TSN1 Call 272 Bonus Zertifikat DAX BNP Paribas DE000PS0UJV5 Put 233 Reversed Capped Bonus Zert. DAX Deutsche Bank DE000DT8U1Y4 Put 220 Reverse Capped Bonus Zert. DAX Deutsche Bank DE000DT982B2 Call 219 Bonus Zertifikat EURO STOXX 50 Vontobel DE000VZ7FAK6 Put 215 Reversed Capped Bonus Zert. DAX Deutsche Bank DE000XM3V099 Call 208 Reverse Capped Bonus Zert. EURO STOXX 50 BNP Paribas DE000PA7MJ43 Put 183 Reversed Capped Bonus Zert. DAX Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000XM3NXU3 Call 1,827 Discount-Zertifikat Airbus Group NV Deutsche Bank DE000DT431C8 Call 1,771 Discount-Zertifikat HeidelbergCement AG Deutsche Bank DE000XM65NT8 Call 1,513 Discount-Zertifikat OSRAM Licht AG Deutsche Bank DE000DT47CA6 Call 1,205 Discount-Zertifikat MorphoSys Deutsche Bank DE000XM0GHB6 Call 858 Discount-Zertifikat Infineon Commerzbank DE000CR52BR8 Call 724 Discount-Zertifikat Brent Crude Oil Future Deutsche Bank DE000DT92N40 Call 661 Discount-Zertifikat DAX Commerzbank DE000CR44XG2 Call 653 Discount-Zertifikat Euro Stoxx 50 Deutsche Bank DE000DT47CB4 Call 544 Discount-Zertifikat MorphoSys Commerzbank DE000CR3HX48 Call 450 Discount-Zertifikat WTI Light Sweet Crude Oil Future Tracker Certificates ISIN Type Number Marketing name Underlying RBS NL Call 9,076 Open End Zertifikat Brent Crude Oil Future Deutsche Bank DE Call 9,036 Open End X-pert Index-Zert. DAX Deutsche Bank DE000DT0BAC7 Call 8,105 Open End Index-Zert. boerse.de-champions-def.-index Deutsche Bank DE000DB3CTQ9 Call 6,708 Open End X-pert Zertifikat Brent Crude Oil Future Deutsche Bank DE000DE04UZ8 Call 6,662 Zertifikat Nikkei 225 Stock Average Index Deutsche Bank DE000DB2BRE3 Call 5,098 Open-End X-Pert Zertifikat Brent Crude Oil Future Commerzbank DE Call 3,791 Zertifikat Private Equity Beteiligungen RBS NL Call 3,324 Open End Zertifikat Brent Crude Oil Future Deutsche Bank DE000DB2F844 Call 2,836 Index-Zertifikat Nikkei 225 Stock Average Index DZ Bank DE000DZ0C003 Call 2,829 Open End Index-Zert. Brent Crude Oil Future 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 4

5 euwax report Overall market: s 1 ( based on volume of ) Deutsche Bank 24.64% 8,153, ,928, Commerzbank 20.83% 6,893, ,390, DZ Bank 9.70% 3,210, ,171, BNP Paribas 7.77% 2,570, ,197, HSBC Trinkaus 6.45% 2,132, ,628, Citi 5.92% 1,957, ,532, Vontobel 5.78% 1,913, ,394, UBS 5.28% 1,747, ,498, HVB/UniCredit 3.70% 1,225, , Société Générale 2.74% 906, , LBBW 2.23% 738, , Goldman Sachs 2.03% 672, , RBS 1.16% 383, , Lang & Schwarz 1.09% 359, , WGZ Bank 0.22% 71, , Raiff. Centrobank 0.21% 70, , Erste Group Bank 0.10% 33, , Interactive Brokers 0.05% 15, , Bank of America Merrill Lynch 0.04% 11, , Morgan Stanley 0.03% 8, , JPMorgan 0.02% 5, , Rabobank 0.01% 3, , Barclays Capital 0.01% 2, , Nomura 0.00% Total % 33,087, ,182, Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 5

6 euwax report Overall market: s 1 ( based on number of ) Commerzbank 22.70% 840, ,168 2 Deutsche Bank 19.72% 729, ,816 1 Citi 10.23% 378, ,758 3 DZ Bank 7.99% 295, ,358 5 BNP Paribas 7.87% 291, ,737 4 Vontobel 6.52% 241, ,154 7 UBS 5.80% 214, ,175 6 HSBC Trinkaus 5.47% 202, ,331 8 HVB/UniCredit 4.25% 157, ,920 9 Lang & Schwarz 2.70% 99, , Société Générale 2.30% 85, , Goldman Sachs 1.89% 70, , LBBW 0.92% 34, , RBS 0.86% 31, , Interactive Brokers 0.24% 9, , Raiff. Centrobank 0.22% 8, , Erste Group Bank 0.14% 4, , WGZ Bank 0.08% 2, , Bank of America Merrill Lynch 0.04% 1, , Barclays Capital 0.01% Morgan Stanley 0.01% Rabobank 0.01% JPMorgan 0.00% Nomura 0.00% Total % 3,700,422 3,021,116 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 6

7 euwax report Product groups Market : Warrants 1 ( based on volume of ) Deutsche Bank 25.99% 1,350, ,093, Commerzbank 18.97% 986, , Citi 10.54% 547, , DZ Bank 9.58% 497, , HVB/UniCredit 7.05% 366, , BNP Paribas 6.15% 319, , UBS 5.97% 310, , Goldman Sachs 4.82% 250, , Vontobel 3.75% 194, , Société Générale 3.46% 180, , HSBC Trinkaus 3.12% 162, , Lang & Schwarz 0.25% 13, , Raiff. Centrobank 0.17% 8, , Interactive Brokers 0.16% 8, , Erste Group Bank 0.01% Total % 5,197, ,715, Relative volume of by underlying Indices 50.44% s 42.57% Currencies 4.53% Commodities 2.26% Others 0.15% Interest 0.06% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 7

8 euwax report Market : Warrants 1 ( based on number of ) Commerzbank 20.96% 187, ,724 2 Deutsche Bank 20.89% 186, ,432 1 Citi 11.69% 104, ,540 3 DZ Bank 7.83% 69, ,690 5 HVB/UniCredit 7.70% 68, ,294 8 BNP Paribas 6.89% 61, ,407 4 UBS 6.31% 56, ,238 7 Vontobel 4.94% 44, ,543 6 Goldman Sachs 3.95% 35, ,959 9 HSBC Trinkaus 3.81% 34, , Société Générale 3.55% 31, , Interactive Brokers 0.70% 6, , Lang & Schwarz 0.53% 4, , Raiff. Centrobank 0.23% 2, , Erste Group Bank 0.01% Total % 894, ,008 Relative number of by underlying Stocks 49.65% Indices 42.87% Commodities 3.68% Currencies 3.51% Others 0.20% Interest 0.10% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 8

9 euwax report Market : Knock-Out Products 1 ( based on volume of ) Commerzbank 21.36% 1,897, ,677, Deutsche Bank 19.54% 1,736, ,795, Citi 12.00% 1,066, , BNP Paribas 10.91% 969, , DZ Bank 8.16% 725, , UBS 7.39% 656, , HSBC Trinkaus 6.16% 547, , Vontobel 5.39% 478, , HVB/UniCredit 3.56% 316, , Lang & Schwarz 1.79% 158, , Société Générale 1.48% 131, , Goldman Sachs 1.28% 113, , RBS 0.68% 60, , Erste Group Bank 0.15% 13, , Interactive Brokers 0.08% 7, , Raiff. Centrobank 0.06% 5, , Barclays Capital 0.02% 1, , Total % 8,884, ,856, Relative volume of by underlying Indices 62.88% Stocks 22.60% Commodities 7.65% Currencies 5.14% Interest 1.35% Others 0.37% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 9

10 euwax report Market : Knock-Out Products 1 ( based on number of ) Commerzbank 20.48% 373, ,512 1 Deutsche Bank 16.14% 294, ,663 2 Citi 14.48% 263, ,542 3 BNP Paribas 10.72% 195, ,833 4 DZ Bank 8.38% 152, ,000 5 UBS 7.35% 133, ,518 6 HSBC Trinkaus 6.16% 112, ,485 7 Vontobel 5.70% 103, ,392 8 HVB/UniCredit 3.71% 67, , Lang & Schwarz 3.03% 55, , Société Générale 1.76% 32, , Goldman Sachs 1.29% 23, , RBS 0.37% 6, ,898 9 Erste Group Bank 0.19% 3, , Interactive Brokers 0.15% 2, , Raiff. Centrobank 0.08% 1, Barclays Capital 0.02% Total % 1,822,023 1,600,279 Relative number of by underlying Indices 58.83% Stocks 25.92% Commodities 8.86% Currencies 4.70% Interest 1.30% Others 0.39% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 10

11 euwax report Market : Yield Enhancement Products 1 ( based on volume of ) Deutsche Bank 26.40% 4,073, ,084, Commerzbank 15.87% 2,448, ,187, DZ Bank 12.05% 1,859, ,289, HSBC Trinkaus 8.47% 1,306, ,024, BNP Paribas 8.30% 1,281, ,398, UBS 5.03% 776, , LBBW 4.51% 695, , Vontobel 4.10% 632, , Société Générale 3.72% 574, , HVB/UniCredit 3.18% 491, , Citi 2.22% 343, , Goldman Sachs 2.00% 308, , RBS 1.97% 304, , Lang & Schwarz 1.22% 188, , WGZ Bank 0.42% 64, , Raiff. Centrobank 0.29% 44, , Erste Group Bank 0.12% 19, , Bank of America Merrill Lynch 0.08% 11, , JPMorgan 0.04% 5, , Barclays Capital 0.01% Morgan Stanley 0.00% , Nomura 0.00% Total % 15,432, ,393, Relative volume of by underlying Indices 46.84% Stocks 45.63% Commodities 5.52% Interest 1.38% Others 0.56% Currencies 0.03% Funds 0.03% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 11

12 euwax report Market : Yield Enhancement Products 1 ( based on number of ) Deutsche Bank 28.03% 163, ,155 1 Commerzbank 11.48% 67, ,940 2 DZ Bank 10.51% 61, ,458 3 Lang & Schwarz 6.86% 40, ,419 5 HSBC Trinkaus 6.74% 39, ,253 7 BNP Paribas 5.91% 34, ,494 4 LBBW 5.54% 32, ,027 6 Vontobel 4.87% 28, ,763 8 UBS 4.18% 24, ,325 9 RBS 4.15% 24, , Société Générale 3.44% 20, , HVB/UniCredit 3.04% 17, , Goldman Sachs 1.93% 11, , Citi 1.76% 10, , Raiff. Centrobank 0.57% 3, , WGZ Bank 0.44% 2, , Erste Group Bank 0.24% 1, Bank of America Merrill Lynch 0.24% 1, , JPMorgan 0.03% Barclays Capital 0.02% Morgan Stanley 0.01% Nomura 0.00% Total % 583, ,624 Relative number of by underlying Stocks 47.15% Indices 40.53% Commodities 10.10% Interest 1.43% Others 0.70% Currencies 0.04% Funds 0.04% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 12

13 euwax report Market : Bonus Certificates 1 ( based on volume of ) BNP Paribas 19.18% 682, , Deutsche Bank 19.10% 679, ,022, Commerzbank 11.19% 398, , HSBC Trinkaus 10.19% 362, , DZ Bank 10.01% 356, , UBS 5.74% 204, , Goldman Sachs 5.55% 197, , Citi 4.88% 173, , Vontobel 4.25% 151, , Société Générale 3.72% 132, , LBBW 2.89% 102, , HVB/UniCredit 2.20% 78, , Raiff. Centrobank 0.45% 15, , RBS 0.40% 14, , WGZ Bank 0.12% 4, , Erste Group Bank 0.10% 3, , JPMorgan 0.02% , Morgan Stanley 0.01% Total % 3,558, ,057, Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 13

14 euwax report Market : Bonus Certificates 1 ( based on number of ) Deutsche Bank 18.88% 23, ,880 1 BNP Paribas 16.20% 20, ,733 2 Commerzbank 11.52% 14, ,627 3 DZ Bank 10.73% 13, ,442 4 HSBC Trinkaus 9.10% 11, ,211 7 Vontobel 6.20% 7, ,713 8 Goldman Sachs 5.01% 6, ,216 6 Citi 4.96% 6, , UBS 4.90% 6, ,588 5 Société Générale 4.20% 5, , LBBW 4.12% 5, ,598 9 HVB/UniCredit 2.83% 3, , Raiff. Centrobank 0.59% , RBS 0.49% , Erste Group Bank 0.16% WGZ Bank 0.08% JPMorgan 0.03% Morgan Stanley 0.00% Total % 123, ,716 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 14

15 euwax report Market : Discount Certificates 1 ( based on volume of ) Deutsche Bank 25.79% 1,736, ,631, Commerzbank 20.36% 1,370, ,297, DZ Bank 15.80% 1,064, , HSBC Trinkaus 11.14% 750, , BNP Paribas 6.88% 463, , UBS 4.66% 313, , Vontobel 4.33% 291, , HVB/UniCredit 3.81% 256, , Société Générale 2.70% 181, , Citi 2.34% 157, , LBBW 1.04% 69, , Goldman Sachs 0.53% 35, , WGZ Bank 0.52% 34, , Raiff. Centrobank 0.10% 6, , RBS 0.01% , Total % 6,733, ,866, Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 15

16 euwax report Market : Discount Certificates 1 ( based on number of ) Deutsche Bank 37.44% 61, ,144 1 Commerzbank 16.40% 27, ,461 2 DZ Bank 13.31% 21, ,481 3 HSBC Trinkaus 10.70% 17, ,972 4 Vontobel 5.17% 8, ,137 5 BNP Paribas 3.96% 6, ,271 6 UBS 3.75% 6, ,087 7 HVB/UniCredit 2.90% 4, ,669 8 Citi 2.17% 3, , Société Générale 2.03% 3, LBBW 1.50% 2, ,104 9 Goldman Sachs 0.30% , WGZ Bank 0.29% Raiff. Centrobank 0.08% RBS 0.01% Total % 164, ,203 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 16

17 euwax report Market : Tracker Certificates 1 ( based on volume of ) Deutsche Bank 42.11% 1,257, , Commerzbank 17.43% 520, , RBS 9.69% 289, , DZ Bank 6.68% 199, , Lang & Schwarz 6.30% 188, , Société Générale 5.99% 178, , UBS 3.24% 96, , HSBC Trinkaus 2.36% 70, , HVB/UniCredit 2.19% 65, , BNP Paribas 0.90% 26, , Goldman Sachs 0.74% 22, , Raiff. Centrobank 0.64% 19, , Vontobel 0.56% 16, , LBBW 0.41% 12, , Bank of America Merrill Lynch 0.39% 11, , Erste Group Bank 0.27% 8, , Citi 0.04% 1, Barclays Capital 0.03% WGZ Bank 0.02% , JPMorgan 0.00% Morgan Stanley 0.00% Nomura 0.00% Total % 2,985, ,255, Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 17

18 euwax report Market : Tracker Certificates 1 ( based on number of ) Deutsche Bank 31.87% 59, ,698 2 Lang & Schwarz 21.52% 40, ,419 1 RBS 12.70% 23, ,634 3 Commerzbank 9.68% 18, ,337 4 DZ Bank 6.72% 12, ,173 8 Société Générale 4.27% 7, ,866 6 UBS 2.85% 5, ,101 5 HVB/UniCredit 2.77% 5, ,655 7 HSBC Trinkaus 2.12% 3, ,746 9 Raiff. Centrobank 1.21% 2, , BNP Paribas 1.05% 1, Vontobel 0.87% 1, , Bank of America Merrill Lynch 0.75% 1, , Goldman Sachs 0.62% 1, , Erste Group Bank 0.49% LBBW 0.38% Barclays Capital 0.06% Citi 0.04% WGZ Bank 0.02% Nomura 0.00% Morgan Stanley 0.00% JPMorgan 0.00% Total % 186, ,143 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 18

19 euwax report Market s: Reverse Convertibles 1 ( based on volume of ) Deutsche Bank 20.90% 303, , LBBW 16.30% 236, , DZ Bank 13.01% 188, , Vontobel 11.15% 161, , HSBC Trinkaus 8.12% 117, , BNP Paribas 7.50% 108, , UBS 7.08% 102, , Commerzbank 6.86% 99, , HVB/UniCredit 4.18% 60, , Goldman Sachs 3.60% 52, , WGZ Bank 0.64% 9, , Société Générale 0.47% 6, , Raiff. Centrobank 0.17% 2, , Erste Group Bank 0.03% , Morgan Stanley 0.00% Total % 1,451, ,537, ( based on number of ) Deutsche Bank 18.21% 13, ,777 1 LBBW 16.29% 12, ,627 2 DZ Bank 13.72% 10, ,291 3 Vontobel 12.38% 9, ,260 4 HSBC Trinkaus 8.42% 6, ,060 5 BNP Paribas 7.86% 5, ,832 8 Commerzbank 7.15% 5, ,380 6 UBS 6.44% 4, ,377 7 Goldman Sachs 4.46% 3, ,780 9 HVB/UniCredit 3.62% 2, , WGZ Bank 0.72% Société Générale 0.41% Raiff. Centrobank 0.27% Erste Group Bank 0.04% Morgan Stanley 0.00% Total % 75,993 84,518 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 19

20 euwax report Market : Capital Protection Products 1 ( based on volume of ) DZ Bank 35.43% 78, , LBBW 19.61% 43, , RBS 8.50% 18, , Société Générale 7.62% 16, , HVB/UniCredit 7.38% 16, , Deutsche Bank 7.22% 15, , Morgan Stanley 3.41% 7, , Commerzbank 3.41% 7, , WGZ Bank 2.99% 6, , UBS 2.10% 4, , Rabobank 1.36% 3, , Goldman Sachs 0.45% 1, , Erste Group Bank 0.21% , Raiff. Centrobank 0.19% , BNP Paribas 0.02% Vontobel 0.02% HSBC Trinkaus 0.02% JPMorgan 0.02% Bank of America Merrill Lynch 0.01% Total % 221, , Relative volume of by underlying Indices 47.58% Stocks 35.40% Interest 8.01% Funds 4.34% Commodities 2.29% Currencies 1.93% Others 0.45% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 20

21 euwax report Market : Capital Protection Products 1 ( based on number of ) DZ Bank 40.45% 4, ,486 1 LBBW 16.76% 1, ,861 2 RBS 8.28% ,469 3 HVB/UniCredit 7.46% Société Générale 6.76% Deutsche Bank 5.51% Commerzbank 4.57% WGZ Bank 3.74% Morgan Stanley 2.77% Rabobank 1.88% UBS 0.54% Raiff. Centrobank 0.42% Goldman Sachs 0.40% Erste Group Bank 0.32% JPMorgan 0.06% Bank of America Merrill Lynch 0.03% BNP Paribas 0.02% HSBC Trinkaus 0.01% Vontobel 0.01% Total % 9,904 12,134 Relative number of by underlying Indices 46.94% Stocks 35.80% Interest 8.04% Funds 4.42% Commodities 2.64% Currencies 1.74% Others 0.42% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 21

22 x AKT UELL euwax report Market : Investment Products by Securities Type 1 ( based on volume of ) Discount Certificates 43.01% 6,733, ,866, Bonus Certificates 22.73% 3,558, ,057, Tracker Certificates 19.07% 2,985, ,255, Reverse Certificates 9.27% 1,451, ,537, Express Certificates 2.68% 419, , Credit linked notes 1.36% 212, , Certificates with capital protection 1.25% 195, , Sprint Certificates 0.46% 71, , Structured bonds 0.17% 26, , Total % 15,654,100 14,663,528 Market : Investment Products by Securities Type 1 ( based on number of ) Tracker Certificates 31.33% 186, ,143 3 Discount Certificates 27.74% 164, ,203 1 Bonus Certificates 20.81% 123, ,716 2 Reverse Certificates 12.80% 75, ,518 4 Express Certificates 3.64% 21, ,461 5 Certificates with capital protection 1.48% 8, ,316 6 Credit linked notes 1.41% 8, ,141 7 Sprint Certificates 0.61% 3, ,442 8 Structured bonds 0.19% 1, ,818 9 Total % 593, ,758 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 22

23 2014 CW 49 CW 1 CW 5 CW 9 CW 13 CW 17 CW 21 CW 25 CW 29 CW 33 CW 37 CW 41 CW 45 CW 49 CW CW 49 CW 1 CW 5 CW 9 CW 13 CW 17 CW 21 CW 25 CW 29 CW 33 CW 37 CW 41 CW 45 CW 49 CW 53 euwax report Sales Ratio Sales Ratio: Investment Products 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Leverage Products 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 23

24 2014 CW 49 CW 1 CW 5 CW 9 CW 13 CW 17 CW 21 CW 25 CW 29 CW 33 CW 37 CW 41 CW 45 CW 49 CW CW 49 CW 1 CW 5 CW 9 CW 13 CW 17 CW 21 CW 25 CW 29 CW 33 CW 37 CW 41 CW 45 CW 49 CW 53 euwax report Sales Ratio: Discount Certificates 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Bonus Certificates 1 (Based on number of ) Sales Ratior (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 24

25 2014 CW 49 CW 1 CW 5 CW 9 CW 13 CW 17 CW 21 CW 25 CW 29 CW 33 CW 37 CW 41 CW 45 CW 49 CW CW 49 CW 1 CW 5 CW 9 CW 13 CW 17 CW 21 CW 25 CW 29 CW 33 CW 37 CW 41 CW 45 CW 49 CW 53 euwax report Sales Ratio: Tracker Certificates 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Reverse Convertibles 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at 25

26 euwax report Euwax what s new New Products Launched new products launched in Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products BNP Paribas 78, , , ,013 Citi 68, ,795-74, ,044 Commerzbank 77, , , ,843 Deutsche Bank 53, , , ,698 DZ Bank 42,238 83, , ,114 Erste Group Bank 91 2, ,070 Goldman Sachs 37,539 65,854-74, ,128 HSBC Trinkaus 13,262 58, , ,176 HVB/UniCredit 52, ,639-38, ,408 Interactive Brokers 37,504 21, ,065 JPMorgan Lang & Schwarz 2,526 23,935-2,380 28,841 LBBW ,577 7,601 Morgan Stanley Raiff. Centrobank 1, ,557 Société Générale 23, ,058-64, ,516 UBS 60, ,840-34, ,280 Vontobel 49, ,155-68, ,503 WGZ BANK Total 598,185 1,942, ,100 3,353,595 Total 26

27 euwax report Products Reaching Final Maturity products reaching final maturity in (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Barclays Capital BNP Paribas 73, , , ,738 Citi 66, ,872-69, ,851 Commerzbank 67, , , ,392 Deutsche Bank 61, , , ,867 DZ Bank 37,778 82,904-72, ,353 Erste Group Bank 89 2, ,827 Goldman Sachs 40,513 62, , ,855 HSBC Trinkaus 11,303 60,173-26,023 97,499 HVB/UniCredit 54, , , ,823 Interactive Brokers 37,582 19, ,544 JPMorgan Lang & Schwarz 2,264 23, ,144 LBBW ,013 4,072 Morgan Stanley Nomura Rabobank Raiff. Centrobank 1, ,522 RBS 3 1, ,674 Société Générale 12, , , ,653 UBS 68, , , ,326 Vontobel 44, , , ,526 WGZ BANK Total 579,465 1,927, ,732 3,149,924 Total (as at ) 27

28 euwax report Listed Products listed products as at of total Commerzbank 14.15% 180, ,120 1 Deutsche Bank 11.27% 143, ,973 3 Citi 10.93% 139, ,168 4 BNP Paribas 10.61% 135, ,643 5 DZ Bank 10.24% 130, ,566 6 Vontobel 8.43% 107, ,600 8 UBS 7.78% 99, ,672 2 Société Générale 7.20% 91, , HVB/UniCredit 7.08% 90, ,219 7 HSBC Trinkaus 4.99% 63, , Goldman Sachs 4.72% 60, ,225 9 Lang & Schwarz 0.80% 10, , LBBW 0.76% 9, , Interactive Brokers 0.49% 6, , Raiff. Centrobank 0.28% 3, , Erste Group Bank 0.16% 2, , WGZ BANK 0.06% RBS 0.01% , Morgan Stanley 0.01% Barclays Capital 0.01% JPMorgan 0.00% Bank of America Merrill Lynch 0.00% Nomura 0.00% Rabobank 0.00% % 1,274,476 1,102,349 1 listed products as at 31 December (reporting date). 2 listed products as at 31 December 2014 (reporting date). 28

29 euwax report 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 Erste Group Bank Raiff. Centrobank Interactive Brokers UBS Société Générale Lang & Schwarz Vontobel HSBC Trinkaus Euwax AG Deutsche Bank Commerzbank DZ Bank 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 WGZ Bank Interactive Brokers Société Générale LBBW UBS Vontobel BNP Paribas DZ Bank Citi Euwax AG Total mistrade applications rejected (as a proportion of all orders) Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Complaints ratio in Complaints 3 Complaints (thereof authorised / warranted) % 0.019% 3 Total client complaints received as a proportion of all orders for trading in securitised derivatives over the period covered by the report. 4 Total complaints upheld (as a proportion of all orders for trading in securitised derivatives over the period covered by the report) and attributable to an error by the QLP. At Stuttgart Exchange, Euwax AG acts as the quality liquidity provider (QLP) for electronic trading in securitised derivatives. 29

30 euwax report Announcements and statutory website details Euwax announcements. Since 01. January.2016 the transaction fee is cancelled for securitised up to 1,100 euros. The transaction fee for securitised more than 1,100 euros is 0.95 plus 19% VAT. The fee cap is EUR plus 19% VAT. 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 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30