Trading of Warrants and Structured Products. Frankfurt. My trading venue.

Transcription

1 0 Trading of Warrants and Structured Products Frankfurt. My trading venue.

2 1 Disclaimer The content of this presentation has been prepared for educational purposes only and must not be distributed to the investing public in Hong Kong. It does not constitute an invitation to enter into or offer to enter into an agreement to acquire, dispose of, subscribe for or underwrite securities. None of the information contained herein constitutes a solicitation or recommendation for the purchase or sale of a financial instrument traded on Frankfurter Wertpapierbörse or the Open Market on Frankfurter Wertpapierbörse for the trading of structured products. Börse Frankfurt Zertifikate AG shall neither bear any liability for the correctness or completeness of said information, nor for damages arising from actions taken on the basis of information contained in this or any other publication produced by Börse Frankfurt Zertifikate AG. While aiming to achieve the highest possible accuracy in translations provided herein, Börse Frankfurt Zertifikate AG shall bear no liability for the correctness of the translations.

3 2 Agenda 1. Background 2. Products Types 3. Rules and Regulation 4. Trading Fee 5. Trading Model 6. Things to keep in mind

4 Background 3

5 4 Company profile Börse Frankfurt Börse Frankfurt is Europe s leading exchange for structured products such as warrants, CBBCs and certificates (structured notes). The entity Börse Frankfurt Zertifikate AG is a 100% 100% affiliate of Deutsche Börse AG and is operating the segments for structured products in Frankfurt. Börse Frankfurt Zertifikate AG is regulated by the Exchange Supervisory Authority in Wiesbaden. Börse Frankfurt Zertifikate AG Agent (partly) for FWB FWB segment Structured Products D/EU Open Market

6 5 We bring warrants to Europe - and beyond Participants after migration to the Xetra technology Sweden (1) Total: 239 United Kingdom (46) Ireland (4) Netherlands (17) Belgium (2) France (7) Luxembourg (1) Switzerland (9) Germany (119) Czech Republic (1) Austria (13) Hungary (4) Hongkong (1) Planning Stage: Korea Singapore Spain (5) Italy (5) Bulgaria (2) Cyprus (1) United Arab Emirates (1)

7 6 Possible benefits of trading at Börse Frankfurt for brokers and banks in Asia Due to the time shift: Extension of trading hours for your clients. Profit from European / US underlyings while these markets are open. Additional opportunities for business and revenues for brokers. Börse Frankfurt offers largest range of structured products worldwide (> 1,000,000 instruments), including more than 300,000 warrants, more than 150,000 CBBCs. Listing of instruments in multiple currencies Choice from more than 40 competing issuers: Low spreads especially for instruments on US indices, commodities and naturally - European underlyings.

8 Product Types 7

9 8 Huge selection for all market expectations Investment Products: for different market expectations and risk-taking, often used to enhanceyields or buy (partial) downside protection Leverage Products: for short-term investors who like to leverage rising or falling prices, high risk-taking, high risk of total loss, also used for hedging purposes Bonus/Partial-Protection Certificates (195,641) Discount Certificates (185,856) Reverse Convertibles (46,081) Index/Tracker Certificates (3,304) Other Certificates (> 100,000) Plain Vanilla Warrants (291,872) Knock-outs without Stop-Loss (N-Types) (CBBCs, 126,395) Knock-outs with Stop-Loss (R-Types) (CBBCs, 88,498) Exotic Warrants (23,355) In total, more than 1,000,000* products are tradeable at Börse Frankfurt. *status: November 2013

10 9 Warrants and Structured Products on International Underlyings Asian underlyings - HSI (> 2,000) - HSCEI (> 1,000) - Nikkei 225 (> 5,000) - KOSPI 200 Index CNOOC - China Life - China Mobile - Petrochina -... Trading Currencies available today: International Indices International Stocks Commodities Currencies - NASDAQ100 (> 10k) - Dow Jones (> 7k) - S&P 500 (> 9,000) Facebook (> 3,000) - Apple (> 7,000) - Google (> 3,000) - Intel Corp. (> 1,500) - - Gold (> 10,000) - Crude Oil (> 4,000) - Silver (> 10,000) - - EUR/USD (> 10,000) - EUR/JPY (> 5,000) - USD/JPY (> 4,000) - USD/CNY (> 100) - - Euro Stoxx 50 (45k) - DAX (> 100,000) - SMI (> 400) SAP (> 8,000) - Volkswagen (> 13k) - Royal Dutch (> 1k) - Microsoft (> 1k) - - Platinum (> 1,000) - Palladium (> 1,000) - Soft Commodities - - EUR/GBP (> 2,500) - EUR/CHF (> 3,500) - EUR/AUD (> 800) - GBP/JPY (> 100) - EUR HKD SGD USD CHF SEK GBP CZK HUF PLN DKK AUD CAD NOK Since June 2013: CNY NZD TRY RUB

11 10 Beyond structured products What else can you trade in Frankfurt? Xetra Frankfurt (4.00pm 11.30pm) Xetra Frankfurt 2 (3.00pm 03.00am) German Blue Chips ETFs (> 1,000) German Blue Chips International stocks (> 9,000), including US stocks such as Apple, Microsoft, Facebook, ETFs (> 1,000) German Mid and Small Caps Mutual Funds (> 2,500) Bonds (> 20,000)

12 11 Listed structured products at Börse Frankfurt Number of listed Investment- and Leverage-Products Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Jan Feb Mrz Apr Mai Jun Jul Aug Sep Okt Nov Dez Jan Feb Mar Apr May June July Aug Sep Oct Nov Dec Jan Feb Mar Apr May June July Investment products Leverage products 12-Months-Moving-Average 12-Months-Moving-Average-IP 12-Months-Moving-Average-LP

13 12 Our Best Issuers trading within Premium Standards In total, more than 40 issuers have listed their Structured Products at Börse Frankfurt.

14 13 Germany: Two types of investors Investors who mainly rely on financial advisors typically buy: Capital-guaranteed notes (approx. 65% of open interest!) Bonus Certificates Discount Certificates Reverse Convertibles Self-directed investors typically search for a suitable product on neutral websites (financial portals, exchanges, ) and buy: Derivative Warrants CBBCs Index-/Tracker Certificates Bonus Certificates Discount Certificates Reverse Convertibles

15 14 Introduction: The most popular investment products Most popular investment products for self-directed investors in Germany: (i) Bonus Certificates (ii) Discount Certificates (iii) Index Certificates (iv) Reverse Convertibles On our website for investors in Asia, will only display derivative warrants, CBBCs and the four investment products listed above to reduce complexity and to avoid confusion.

16 15 Investment Products: Bonus Certificates How can the issuer provide the bonus? Theoretically, a Bonus Certificate consists of two components: Yield at maturity(%) -a long position in a Zero-Strike Call -a long position in a Down-and-Out Put The strike of the Down-and-Out Put is equal to the bonus level of the certificate, the knock-out level is equal to its safety level. 0% below safety level bonus level spot level at maturity This combination guarantees the bonus to the investor, if the underlying is traded within the range between these two levels. Bonus Certificate underlying

17 16 Investment Products: Bonus Certificates Example of a Bonus Certificate Price of underlying X: 65 Multiplier: 0.1 Remaining term: 1.5 years Price of certificate: 6.5 Bonus level: 80 Safety level: 45 Scenario 1: If the underlying is traded within the safety and bonus level before maturity Yield at maturity(%) If share X never trades at or below the safety level of 45 during the entire term of the certificate, the investor receives at least the amount of 8 per certificate (bonus level times multiplier) at maturity. Bonus Certificate This equates to a yield of more than 23%. 23% 0% below safety level 45 bonus level 80 spot level at maturity underlying

18 17 Investment Products: Bonus Certificates Example of a Bonus Certificate Price of underlying X: 65 Multiplier: 0.1 Remaining term: 1.5 years Price of certificate: 6.5 Bonus level: 80 Safety level: 45 Scenario 2: The stock is quoted above the bonus level at maturity Yield at maturity(%) 38% Bonus Certificate In this event he/she fully participates in the performance of the share, just as with a direct investment. For example, if the stock is quoted at 90 at maturity, the investor will receive an amount of 9 per certificate (share price times multiplier), a yield of 38%. 23% 0% below safety level 45 bonus level The investor also benefits from price movements beyond the bonus level. spot level at maturity underlying

19 18 Investment Products: Bonus Certificates Example of a Bonus Certificate Price of underlying X: 65 Multiplier: 0.1 Remaining term: 1.5 years Price of certificate: 6.5 Bonus level: 80 Safety level: 45 Case 1: If the share price drops to 40, the payoff value would become 4, a loss of 38%. Scenario 3: The stock falls below the safety level before maturity Yield at maturity(%) If the safety level is hit or crossedbefore maturity, the market value of the stock at maturity (multiplied by the ratio) will be paid out. Bonus Certificate underlying Case 2: If the share price rebounds back to 65 at maturity, the payoff value would become 65, the investor s profit is 0. 0% -38% below safety level bonus level 80 spot level at maturity

20 19 Bonus Certificates - Benefits and Risks Key Features: Suitable for investors who expect a flat or rising market Alternative to a direct investment in a share or index Come along with a risk cushion against falling underlying prices Specific Benefits: Significant positive yields are possible - even if the underlying price stagnates or decreases slightly Risk cushion against falling underlying prices Unlimited participation in price gains, even if the underlying price exceeds the bonus level A bonus will be paid as long as the underlying price does not touch or break the safety level Unlimited participation in price gains If the safetylevel is touched, the investor receives the current value of the underlying at maturity Specific Risks: Bonus Certificates are non-capital guaranteed products If safety level is touched or crossed during the lifetime of the certificate, the bonus mechanism as well as the risk cushion are lost

21 20 Investment Products: Discount Certificates Yield at maturity(%) Discount Certificates enable investors to purchase an instrument at a discount compared to the current market price. +100% How can the issuer provide that discount? The theoretical construction behind a Discount Certificate is: -a long position in a zero-strike call and -a short position in a call option on it. With the money received through that sale and the dividend paid out by the underlying, the issuer finances your discount. 0% -100% purchase price of the certificate cap price spot level at maturity Discount Certificate underlying

22 21 Investment Products: Discount Certificates Example of a Discount Certificate Underlying: Share X Price of underlying: 5.00 Multiplier: 1.0 Remaining term: 2 years Price of certificate (incl. discount): 4.50 Cap (maximum amount): 5.50 Scenario 1: Stock is traded at or above the cap at maturity Yield at maturity(%) +100% The return of the certificate is limited to the cap, even if the underlying exceeds that level Discount Certificate The investor receives the maximum amount of 5.50 for each certificate., a yield of 22%. 22% 0% cap 5.5 spot level at maturity (price) purchase price of the certificate %

23 22 Investment Products: Discount Certificates Example of a discount certificate Underlying: Share X Price of underlying: 5.00 Multiplier: 1.0 Remaining term: 2 years Price of certificate (incl. discount): 4.50 Cap (maximum amount): 5.50 Scenario 1: Stock is traded at or above the cap at maturity Yield at maturity(%) +100% Discount Certificate underlying Case 1: Share price is between Case 1 Case 2 The performance of the Discount Certificate is still better than the yield with a direct investment. Case 2: Share price exceeds 6.1 The direct investment will outperform the Discount Certificate. 22% 0% -100% purchase price of the certificate 4.5 cap price price of the underlying when the certificate was purchased 5 spot level at maturity (price)

24 23 Investment Products: Discount Certificates Example of a Discount Certificate Underlying: Share X Price of underlying: 5.00 Multiplier: 1.0 Remaining term: 2 years Price of certificate (incl. discount): 4.50 Cap (maximum amount): 5.50 Scenario 2: Stock is quoted below the cap at maturity, but above the purchase price of the certificate Yield at maturity(%) +100% The investor receives the share s value at maturity Discount Certificate underlying For example, the underlying price is quoted at The investor has still made a profit of around 11%, while the direct investment would have produced a yield of 0%. 11% 0% -100% purchase price of the certificate 4.5 cap price 5.5 price of underlying when we bought the certificate 5 spot level at maturity (Price)

25 24 Investment Products: Discount Certificates Example of a Discount Certificate Underlying: Share X Price of underlying: 5.00 Multiplier: 1.0 Remaining term: 2 years Price of certificate (incl. discount): 4.50 Cap (maximum amount): 5.50 Scenario 3: Stock is quoted below the purchase price of the certificate at maturity Yield at maturity(%) +100% Discount Certificate underlying For example, the underlying price is quoted at The investor receives the share s value at maturity Again, the investor will receive the value of the share. The investor thus loses 11%. 0% -11% cap price 5.5 spot level at maturity (price) The loss on a direct investment, however, would have been 20%. -20% -100% purchase price of the certificate 4.5 price of the underlying when we bought the certificate 5

26 25 Discount Certificates - Benefits and Risks Key Features: Discount Certificates are especially suitablein flat or slightly falling/ rising markets. The profit is cappedat a certainlevel. If the price of the underlying is equal to or greaterthan the cap level, investors receive a cash amount equal to the cap at maturity. Specific Benefits: Opportunity to acquire an instrument at a discount compared to the underlying s market price Difference between the price of the underlying and the price of the certificate serves as risk cushion against falling share prices Investors can profit from falling implied volatility Specific Risks: Discount Certificates are non-capital guaranteed products Increasing volatility can lead to a falling price Gain is capped at a certain level

27 26 Investment Products: Index Certificates PAYOFF PROFILE OF INDEX CERTIFICATES Suitable for investors who like to participatein a rising underlying price gain at maturity Index Certificatesreplicatethe performanceof the underlying one-to-one Often come along with an unlimited lifetime and hence have no predeterminedmaturity date underlying price Can also be used for tracking of commodity prices ( Tracker Certificates ) underlying Index Certificate

28 27 Direct investment vs. Index Certificate Example: Index Y quotes at 6000 points value at maturity Multiplier: 0.01 Price of Index Certificate : EUR Scenario 1: Index Y rises to 7000 points underlying price The value of the Index Certificate increases to EUR 70.

29 28 Direct investment vs. Index Certificate Example: value at maturity Index Y quotes at 6000 points Multiplier : 0.01 Price of Index certificate : EUR 60 Scenario 2: underlying price Index Y falls to 5000 points The value of the certificate decreases to EUR

30 29 Index Certificates - Benefits and Risks Specific Benefits: Easy way for tracking of the underlying performance. In case of a rising market, potential gains are not capped. Cost-efficient form of an investment, often no management fee Easy way to diversify a portfolio across different markets / regions Specific Risks: No downside protection / risk cushion against falling prices An index certificate cannot outperform the underlying Index Certificatesare non-capitalguaranteedproducts

31 30 Investment Products: Reverse Convertibles Reverse Convertibles mix the typical features of bonds and shares. (zero coupon bond + short at-the-money put) Yield at maturity (%) +100% They bring a fixed return above the market interest rate over the course of the term. However, investors also participate in the performance of the underlying. Beware, although the product pays a coupon, this doesn t mean its risk is similar to a traditional bond. It remains exposed to the price risk of the underlying! 0% -100% spot level at maturity (Price) Reverse Convertible underlying

32 31 Investment Products: Reverse Convertibles Example of a Reverse Convertible Yield at maturity (%) Underlying: Share X Price of underlying: 58 Price of reverse convertible: 100% Strike price: 58 Remaining term: 1 year Nominal amount: 10,000 Ratio: 1 : Coupon rate: 12 % p. a. +100% 12% 0% If the underlying trades below 51.04, it will offset its 12% coupon, resulting in a negative yield. Regardless of the performance of share X at maturity, the investor receives an annualized coupon payment of 12%. -100% strike price = purchase price 58 spot level at maturity (Price) Reverse Convertible underlying

33 32 Investment Products: Reverse Convertibles Example of a Reverse Convertible Underlying: Share X Price of underlying: 58 Price of reverse convertible: 100% Strike price: 58 Remaining term: 1 year Nominal amount: 10,000 Ratio: 1 : Coupon rate: 12 % p. a. Yield at maturity (%) +100% 12% 0% If the underlying price falls below 51.04, it will offset 12% coupon and the instrument will start to lose If the share is traded at 50 at maturity, the investor receives an annualized coupon payment of 12% + the current value of shares X in cash. Total payoff of Reverse Convertible: (loss 1.80%). The loss with a direct investment would be 13.79%. -100% strike price = purchase price 58 spot level at 50 maturity (price) Reverse Convertible underlying

34 33 Investment Products: Reverse Convertibles Key features: They bring a fixed return above the market interest rate over the course of the term. The investor of a Reverse Convertible gives up upside potential of the underlying in exchange for a coupon. Suitable, if investors expect a stagnant or slightly rising equity market and would also like to receive a fixed interest payment independent from the market. SpecificBenefits: Fixed coupon rate Investors can profit from falling volatility SpecificRisks: Reverse Convertibles are non-capital guaranteed products Increasing volatility can lead to a falling price Gain is capped at a certain level

35 34 What is the difference between Discount Certificates and Reverse Convertibles? Reverse Convertibles Lot size required (minimum investment amount very often EUR 5,000 or EUR 10,000) Quotes are shown in percentages Instead of a discount, the coupon payment works as a cushion against falling underlying prices Discount Certificates Usually, no lot size is required Quotes are shown as absolute values Discount works as a cushion Affected by changes of implied volatility (short call) Affected by changes of implied volatility (short put)

36 35 Some general risks of structured products? Some products exhibit a safety level feature. If the underlying asset touchesthis safetylevel, the payoff profile of the product may changesignificantly! Most structuredproductsdo not offerany interestor dividend payments during their lifetime. Most investment productscontain derivative components. Prices are affectedby several factors, such as changes of implied volatility, interestrates, expected dividends or remaininglifetime. Limited term: An investment product s term is usually limited. Issuer risk: In case of payment difficultiesor bankruptcyof the issuer, the invested capital is not protected. Please note that we cannot give an exhaustive description of all risks here. A more detailed view can be found in our brochure.

37 36 Leverage Products in Germany Most popular leverage products for self-directed investors in Germany: (i) Derivative Warrants (since early 1990s) (ii) CBBCs ( Knock-outs, first products issued in 2002/2003)

38 When an issuer has confirmed that a CBBC is KO... 37

39 38 Special features of CBBCs Open-Ended CBBCs (no premium, no maturity, 1:1 movement) Most CBBCs exhibit a maturity of a few weeks to several months at the time of issue. Some CBBCs, however, are provided with an indefinite maturity (open-end). These products do not trade with a premium; their price therefore always corresponds to their intrinsic value. The strike (financing level) and the call level are adjusted regularly so that the intrinsic value of the product changes slightly every day, even if the underlying price does not change. The intrinsic value of the instrument can therefore decrease over long holding periods, if the price of the underlying asset moves sideways. Worthless CBBCs After a call event, most issuers offer to buy back a CBBC from the investor at a price of

40 39 Open-end CBBCs In this example, we assume the index level remains unchanged. Multiplier: 0.01 Stop-loss level: At least 6% above the strike price on each adjustment date Funding costs: 5% p.a. (initially around 0.36 index points per day) Example Index Level 3,000 points Funding Level (Index Point) Strike Price (Index Point) Stop-Loss Level (Index Point) Issue Date 2,600 2,600 2,760 4 After one day 2,600 2, , After 30 days 2,600 2, , Adjustment Date 2, , , Price of the no maturity bull (Euro) Calculation of adjusted strike price = 2,600 x 5% / 365 = 0,36 index points

41 40 Be careful when using open-ended CBBCs! Funding costs may change over the lifetime. Funding level, strike level and stop level changeduring the lifetime! (outdateddata!) Always keep a sufficient distance between underlying price and stop level. Open-endedCBBCs may not be suitablefor long-term investments.

42 Rules and Regulation 41

43 42 Transparency, regulation and investor protection Börse Frankfurt is subject to the Exchange SupervisoryAuthority. Trading at Börse Frankfurt is monitoredby the Trading SurveillanceOffice on site. Office staff is provided by the Exchange SupervisoryAuthority. Full pre- and post-trade transparency: Publicationof realtime quotes and trades Mandatory LiquidityProvider for every single product Mandatoryquotation continuouslyor upon request Credit institutions and financialservice providers are subject to supervisionby German federal authority (BAFin) or the local authority. For productsin currencies from theapac region: Minimum credit rating for issuers if no recognizedauthority, minimum equity capital EUR 250 mn.

44 43 Mistrade Rule To protect market participants, Börse Frankfurt has implemented a mistrade rule which allows cancellation of a trade which was executed at a price far off the market value. Both tradingcounterpartiescan apply for a mistrade within2 hours after the trade. The Market Supervision will start an investigationand may also consult outside experts who were not involved in the trade. The decision of the exchange is binding for both counterparties. Mistrades happen rarely.

45 Trading Fee 44

46 45 Trading Fees for Order Flow Providers Example: Order volume EUR 2,000 Trading Fee = EUR 2,000 x 0.095% = EUR 1.90 Trading Fee Pricing EUR 15,12 Cap Net incl. VAT (German members only) Range 0.095% 0.113% Cap EUR EUR EUR Order Size Please note that external settlement agents or execution agents may charge additional fees, making the trade more expensive!

47 Trading Model 46

48 47 The Trading Models for Structured Products Issuer Trading Model (ITM) Fully electronic trading Specialist Trading Model (STM) Trading with Specialist Issuers may choose the trading model (Issuer Trading Model or Specialist Trading Model) on ISIN level. There is exactly one Liquidity Provider ( Quote Provider ) per ISIN (generally the Issuer) and one Specialist (in the Specialist Trading Model). Currently, trading hours are from 9.00 a.m. to 8.00 p.m CET. Trading in single instruments outside the quality segment Premium may start later or terminate earlier. There is a distinction between the Trading Models (Issuer Model vs. Specialist Model) with respect to the fee scheme for Issuers. There is no distinction between the Trading Models (Issuer Model vs. Specialist Model) with respect to marketing activities, pricing for buyside clients and data distribution.

49 48 Auctions in the Specialist Trading Model Pre-Trading Main-Trading Post-Trading Continuous Auction with 1 up to n Auctions (number of auctions depends on the trading activities of the respective instrument) Auction Auction Auction Auction Specialist Trading Model Pre-Call Freeze Price Determination Issuer Trading Model Auto-Execution Pre-Call Call Price Determination Time

50 49 Auctions in the Issuer Trading Model Pre-Trading Main-Trading Post-Trading Continuous Auction with 1 up to n Auctions (number of auctions depends on the trading activities of the respective instrument) Auction Auction Auction Auction Specialist Trading Model Pre-Call Freeze Price Determination Issuer Trading Model Pre-Call Auto-Execution Call Price Determination Time

51 50 Limitations and Order Types Currently, only one issuer(interactive Brokers Financial Products) uses the IssuerTrading Model. All other issuers list products in the Specialist Trading Model. Due to some semi-manual processes in the SpecialistTrading Model, machine-generatedorder-entry in structuredproducts is currently not allowed, and the exchange has set certain limits with respect to order entry. No CCP is involved in trades in structuredproductsat Börse Frankfurt. Trades in structuredproductsare settledbilaterally between the trading counterparties. The following order types are offered: - Market, Limit, Stop Market, Stop Limit The following intelligent order types are offered via the FIX interface: -Trailing Stop -One-Cancels-Other -Order-on-Event

52 Things to keep in mind 51

53 52 Some general tips for trading Compare the products! Quotes and spreads between different issuers may vary Do not look for the lowest absolute price! The absolute price of a structuredproductheavily depends on the entitlement ratio (multiplier). A warrant with an extremely low absolute price is not necessarily the most attractive one. Keep order sizes within the quote volumes provided! This helps to execute orders smoothly and quickly. Always keep a safe distanceto call levels / barrier levels! This is particularly importantfor CBBCs and Bonus Certificates. Check the trading currency! Each product at Börse Frankfurt is tradedin a certaincurrency. Don t mix them up!

54 53 Our Online Product Finder Designed to find a suitable product online quickly and easily Search forms, master data, key figures, realtime push quotes and charts Usage is free-of-charge, no registrationrequired Translatedinto different European languages, English and Chinese The Chinese version of the Product Finder is now available on:

55 54

56 Product Finder Example I Derivative Warrants 55

57 Thank you for your attention! 56

58 57 Disclaimer The content of this presentation has been prepared for educational purposes only and must not be distributed to the investing public in Hong Kong. It does not constitute an invitation to enter into or offer to enter into an agreement to acquire, dispose of, subscribe for or underwrite securities. None of the information contained herein constitutes a solicitation or recommendation for the purchase or sale of a financial instrument traded on Frankfurter Wertpapierbörse or the Open Market on Frankfurter Wertpapierbörse for the trading of structured products. Börse Frankfurt Zertifikate AG shall neither bear any liability for the correctness or completeness of said information, nor for damages arising from actions taken on the basis of information contained in this or any other publication produced by Börse Frankfurt Zertifikate AG. While aiming to achieve the highest possible accuracy in translations provided herein, Börse Frankfurt Zertifikate AG shall bear no liability for the correctness of the translations.