euwax report October Dear Readers, Wisdoms about stock exchanges are not a good advice per se. Investors who followed the market rule Sell in May and go away, but remember to come back in September anyhow, have been rewarded this year. After the weak summer s, October turned out to be a golden on the stock markets. The German stock barometer gained around 12 percent from a ly perspective the biggest plus since April 2009. Nevertheless, the German stock barometer is still far from its annual high of 12,931 points in April. Central banks and the outlook for fresh money the lubricant for stock exchanges were stock price drivers once again. This money wants to be invested and will mainly flow into dividend stocks in view of the historically low interest rates. Furthermore, base rates will probably remain on a historically low level for a longer time, and the likelihood of an interest rate turnaround in the U. S. has also decelerated in the opinion of many market observers this also pleads for the stock market and pushed the prices of DAX & Co. In the EUWAX segment at the Stuttgart Stock Exchange, 2.1 billion Euro were turned over within around 250,000. The average client order was about 8,100 Euro. In leverage products, a revenue of around 1.1 billion Euro was achieved during the reference. Thereby knock-out products contributed the lion s share of almost 580 million Euro, whereas classic warrants and factor certificates accounted for about 490 million Euro. In total, 217,000 were. The investor s focus remained unaffected on the development of the German stock barometer DAX, but the European equivalent, Euro Stoxx 50, also gathered attention. Many investors still want to participate in the development of raw oil prices as well, as can be seen from the turnovers in factor certificates. In investment products, trading volumes summed up to almost one billion Euro within 36,000 in October. Especially popular were discount certificates and classic index and participation certificates, which each accounted for more than 10,000. However, according to the trade volume, discount papers are still unchallenged on the pole position. With a trading volume of 438 million, discount certificates contribute over 40 percent to the total trading volume of investment products. Bonus certificates with 229 million as well as index and participation certificates with a trading volume of 167 million follow in second and third place. Cornelia Frey 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
euwax report October Total trading volume Overview of Euwax trading segment (as at October ) October 15 September 15 leverage products without knock-out * 411.430 401.599 leverage products with knock-out 337.090 328.931 yield enhancement 578.567 543.664 capital protection 554 559 Total securitised derivatives 1.327.641 1.274.753 EUWAX members Boerse Stuttgart market share of exchange trading in derivative leverage products Boerse Stuttgart market share of exchange trading in derivative investment products 24 59,87% 64,23% 24 62,84% 67,66% * Source: in-house analysis by the Stuttgart Exchange; count based on volume of for the period 1 to 31 October at the following exchanges: Stuttgart, Frankfurt Volume of by asset class (in EUR 000) 4.500.000 4.000.000 3.500.000 3.000.000 2.500.000 2.000.000 1.500.000 1.000.000 500.000 0 With KO Without KO Investment products Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 by asset class 450.000 400.000 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0 With KO Without KO Investment products Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 2
euwax report October Top 10 most traded products ( based on number of ) 1 Warrants ISIN Type Number Marketing name Underlying Commerzbank DE000CR43WA9 Call 660 Call/12.000/16.03.2016 DAX Deutsche Bank DE000DT445J3 Call 244 Call/115/09.12. UNION PACIFIC CORP. Deutsche Bank DE000XM6J7F0 Call 188 Call/85/09.12.2016 UNION PACIFIC CORP. HSBC Trinkaus DE000TD1YQH2 Call 187 Call/45/08.01.2016 Whole Foods Market HSBC Trinkaus DE000TD3YT96 Call 158 Call/30/13.01.2017 Whole Foods Market Citi DE000CC3R0T4 Put 154 Put/9.500/17.02.2016 DAX Société Générale DE000SG9TH54 Put 146 Put/16.000/16.12.2016 DAX Commerzbank DE000CR3BKA7 Call 144 Call/58/14.03.2017 Daimler AG Deutsche Bank DE000DE7LPK9 Call 141 Call/10.800/16.12. DAX Commerzbank DE000CR92HJ8 Put 140 Put/150/14.12.2016 Bayer AG Knock-out Products ISIN Type Number Marketing name Underlying BNP Paribas DE000PS3QDV0 Put 277 Unlimited Short EURO STOXX 50 Deutsche Bank DE000XM6KR29 Put 256 WAVE Unlimited Put DAX BNP Paribas DE000PS6WH95 Call 228 Mini Long Novo-Nordisk AS BNP Paribas DE000PS8AAC9 Put 228 Unlimited Short Salzgitter Vontobel DE000VZ5KGJ9 Put 228 Open End Turbo Intel HVB/UniCredit DE000HV9A2B0 Call 226 Mini Future Bull EURO STOXX 50 BNP Paribas DE000PS9C9Z1 Put 201 Unlimited Short DAX Deutsche Bank DE000DT1A2A3 Call 201 WAVE Unlimited Call Cancom SE Commerzbank DE000CN611H1 Call 191 Unlimited Turbo Brent Crude Oil Future Vontobel DE000VZ1KVE8 Call 189 Open End Turbo DJ Industrial Average Factor Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DX8DAX6 Call 1.504 Unlimited Faktor Index-Zert. LevDAX x8 TR Index Commerzbank DE000CR468T7 Call 1.071 Unlimited Faktor Index-Zert. 10x Long DAX-Futures Index Commerzbank DE000CR5JL97 Call 711 Unlimited Faktor Index-Zert. 6x Long Brent Oil II Index Vontobel DE000VZ8L120 Call 543 Unlimited Faktor Index-Zert. 12X Long Index linked to DAX HSBC Trinkaus DE000TD90LL4 Call 490 Unlimited Faktor Index-Zert. 10 Brent-Crude-Future (long) Deutsche Bank DE000DX8SRT6 Call 483 Unlimited Faktor Index-Zert. ShortDAX x8 TR Index Vontobel DE000VZ8S125 Call 479 Unlimited Faktor Index-Zert. 12X Short Index linked to DAX Vontobel DE000VZ9D125 Call 403 Unlimited Faktor Index-Zert. 12X Short Index linked to DAX Commerzbank DE000CZ6LKX1 Call 360 Unlimited Faktor Index-Zert. 8x Long DAXF Index Vontobel DE000VZ9L128 Call 353 Unlimited Faktor Index-Zert. 12X Long Index linked to DAX 1 Source: XONTRO, XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 3
euwax report October Top 10 most traded products ( based on number of ) 1 Bonus Certificates ISIN Type Number Marketing name Underlying Vontobel DE000VS42AT5 Put 83 Reverse Capped Bonus Zert. DAX BNP Paribas DE000PS8RCA3 Call 52 Bonus Zertifikat EURO STOXX 50 Deutsche Bank DE000XM3V099 Call 52 Reverse Capped Bonus Zert. EURO STOXX 50 Vontobel DE000VS4KKU0 Put 49 Reverse Capped Bonus Zert. DAX Goldman Sachs DE000GL39JW2 Put 48 Reverse Bonus Zertifikat DAX Commerzbank DE000CR41ZE8 Call 46 Capped Bonus Zertifikat Bilfinger SE Vontobel DE000VS42BB1 Put 40 Reverse Capped Bonus Zert. DAX LBBW DE000LB04582 Call 39 Bonus Zertifikat EURO STOXX 50 Deutsche Bank DE000DT2H6Z3 Call 34 Bonus Zertifikat EURO STOXX 50 Commerzbank DE000CR79C92 Call 31 Bonus Zertifikat EURO STOXX 50 Discount Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DT92N40 Call 321 Discount-Zertifikat DAX Deutsche Bank DE000XM3NXU3 Call 117 Discount-Zertifikat Airbus Group SE Deutsche Bank DE000XM0GHB6 Call 87 Discount-Zertifikat Infineon Vontobel DE000VS4CAZ7 Call 87 Discount-Zertifikat EURO STOXX 50 Commerzbank DE000CZ91TX9 Call 85 Discount-Zertifikat BASF SE DZ Bank DE000DG3URP2 Call 66 Discount-Zertifikat EURO STOXX 50 Société Générale DE000SG77EJ5 Call 62 Discount-Zertifikat EURO STOXX 50 Deutsche Bank DE000DT431C8 Call 58 Discount-Zertifikat HeidelbergCement AG HSBC Trinkaus DE000TD36PT1 Call 56 Discount-Zertifikat EURO STOXX 50 Deutsche Bank DE000XM4EK42 Call 48 Discount-Zertifikat EURO STOXX 50 Tracker Certificates ISIN Type Number Marketing name Underlying Deutsche Bank DE000DT0BAC7 Call 724 Open End Index-Zert. boerse.de-champions-def.-index Deutsche Bank DE000DE04UZ8 Call 722 Index-Zertifikat Nikkei 225 Stock Average Index Deutsche Bank DE0007093353 Call 612 Open End X-pert Index-Zert. DAX Commerzbank DE0001734994 Call 468 Zertifikat Private Equity Beteiligungen Lang & Schwarz DE000LS9DKF7 Call 279 Open-End Zertifikat LUS Wikifolio-Index PEYOS Beste Deutsche Bank DE000DB3CTQ9 Call 217 Open End X-pert Zertifikat Brent Crude Oil Future Deutsche Bank DE000DB2BRE3 Call 213 Open End X-pert Zertifikat Brent Crude Oil Future Deutsche Bank DE000DB2F844 Call 172 Index-Zertifikat Nikkei 225 Stock Average Index Lang & Schwarz DE000LS9BLQ6 Call 157 Open-End Zertifikat LUS Wikifolio-Index DZ Bank DE0006740087 Call 141 DZ BANK Partizipationsprodukt DAX 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 4
euwax report October Overall market: s 1 ( based on volume of ) Deutsche Bank 24.05% 495,840.88 1 507,500.65 2 Commerzbank 20.44% 421,572.29 2 545,203.59 1 DZ Bank 9.65% 199,084.98 3 230,033.98 3 BNP Paribas 9.08% 187,217.34 4 159,897.48 4 Vontobel 6.01% 123,851.56 5 118,746.53 7 Citi 6.00% 123,727.63 6 133,038.88 6 HSBC Trinkaus 5.97% 123,101.72 7 140,505.97 5 UBS 4.84% 99,823.55 8 110,537.73 8 HVB/UniCredit 3.94% 81,264.38 9 90,689.29 9 Société Générale 2.94% 60,657.44 10 63,504.58 10 LBBW 2.66% 54,807.66 11 57,421.53 11 Goldman Sachs 1.98% 40,798.19 12 51,867.27 12 Lang & Schwarz 1.28% 26,467.37 13 20,178.35 13 RBS 0.58% 11,907.74 14 12,820.87 14 Raiff. Centrobank 0.21% 4,249.02 15 6,525.45 15 WGZ Bank 0.17% 3,439.21 16 3,760.55 16 Erste Group Bank 0.08% 1,744.28 17 1,065.00 17 Interactive Brokers 0.04% 831.18 18 990.57 18 Bank of America Merrill Lynch 0.04% 736.95 19 748.32 20 Barclays Capital 0.02% 337.50 20 96.75 22 JPMorgan 0.02% 336.64 21 17.90 23 Morgan Stanley 0.01% 233.38 22 884.14 19 Rabobank 0.00% 56.75 23 234.91 21 Total 100.00% 2,062,087.66 2,256,270.29 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 5
euwax report October Overall market: s 1 ( based on number of ) Commerzbank 23.34% 59,119 1 62,712 1 Deutsche Bank 18.24% 46,197 2 51,223 2 Citi 10.46% 26,498 3 29,009 3 BNP Paribas 8.43% 21,359 4 22,832 4 DZ Bank 7.91% 20,032 5 20,752 5 Vontobel 7.15% 18,110 6 18,409 6 UBS 5.57% 14,101 7 15,361 8 HSBC Trinkaus 5.51% 13,947 8 15,478 7 HVB/UniCredit 4.15% 10,510 9 12,853 9 Lang & Schwarz 2.90% 7,340 10 6,166 11 Société Générale 2.56% 6,478 11 6,533 10 Goldman Sachs 1.78% 4,501 12 5,424 12 LBBW 0.96% 2,425 13 2,585 13 RBS 0.40% 1,003 14 922 14 Raiff. Centrobank 0.21% 530 15 587 15 Interactive Brokers 0.19% 483 16 570 16 Erste Group Bank 0.11% 288 17 202 18 WGZ Bank 0.08% 196 18 244 17 Barclays Capital 0.04% 92 19 19 21 Bank of America Merrill Lynch 0.02% 63 20 101 19 Morgan Stanley 0.01% 21 21 27 20 Rabobank 0.00% 6 22 13 22 JPMorgan 0.00% 3 23 2 23 Total 100.00% 253,302 272,024 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 6
euwax report October Product groups Market : Warrants 1 ( based on volume of ) Deutsche Bank 24.72% 76,580.84 1 111,721.26 1 Commerzbank 19.11% 59,205.54 2 60,507.94 2 DZ Bank 10.96% 33,940.45 3 33,670.63 4 Citi 8.56% 26,522.74 4 43,708.21 3 UBS 7.45% 23,067.89 5 25,804.90 6 BNP Paribas 7.19% 22,285.41 6 24,568.06 7 HVB/UniCredit 6.67% 20,665.27 7 33,045.31 5 Goldman Sachs 4.34% 13,440.62 8 17,912.19 8 Vontobel 3.72% 11,517.01 9 13,956.18 10 Société Générale 3.68% 11,389.31 10 12,392.52 11 HSBC Trinkaus 2.92% 9,031.76 11 15,014.65 9 Raiff. Centrobank 0.27% 834.40 12 925.78 12 Lang & Schwarz 0.22% 690.19 13 758.59 13 Interactive Brokers 0.20% 621.69 14 525.45 14 Erste Group Bank 0.00% 11.74 15 1.33 15 Total 100.00% 309,804.86 394,513.00 Relative volume of by underlying s 50.65% Indices 44.89% Currencies 2.48% Commodities 1.68% Others 0.26% Interest 0.03% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 7
euwax report October Market : Warrants 1 ( based on number of ) Commerzbank 21.30% 12,947 1 14,117 2 Deutsche Bank 18.65% 11,334 2 14,903 1 Citi 11.49% 6,982 3 8,524 3 DZ Bank 8.39% 5,098 4 4,986 7 BNP Paribas 7.64% 4,641 5 5,393 5 UBS 7.56% 4,593 6 5,268 6 HVB/UniCredit 7.18% 4,361 7 6,719 4 Vontobel 5.25% 3,193 8 3,199 8 HSBC Trinkaus 3.90% 2,370 9 2,923 9 Goldman Sachs 3.73% 2,265 10 2,679 10 Société Générale 3.60% 2,187 11 2,540 11 Interactive Brokers 0.57% 346 12 454 12 Lang & Schwarz 0.45% 275 13 295 13 Raiff. Centrobank 0.29% 179 14 222 14 Erste Group Bank 0.01% 4 15 3 15 Total 100.00% 60,775 72,225 Relative number of by underlying Stocks 56.21% Indices 38.10% Commodities 2.81% Currencies 2.49% Others 0.30% Interest 0.10% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 8
euwax report October Market : Knock-Out Products 1 ( based on volume of ) Commerzbank 20.15% 116,212.70 1 141,909.33 1 Deutsche Bank 19.42% 111,998.82 2 94,298.92 2 BNP Paribas 16.68% 96,148.79 3 76,340.04 3 Citi 11.52% 66,440.48 4 67,844.94 4 DZ Bank 7.62% 43,917.60 5 41,093.21 5 Vontobel 5.71% 32,951.89 6 19,975.69 8 UBS 4.86% 28,034.93 7 35,009.59 6 HVB/UniCredit 4.66% 26,841.32 8 17,877.15 9 HSBC Trinkaus 4.50% 25,922.75 9 24,730.12 7 Lang & Schwarz 1.77% 10,180.95 10 7,599.33 11 Société Générale 1.58% 9,112.48 11 9,575.63 10 Goldman Sachs 0.89% 5,124.03 12 7,377.65 12 RBS 0.41% 2,364.19 13 2,542.88 13 Erste Group Bank 0.08% 470.94 14 448.33 15 Barclays Capital 0.06% 334.85 15 57.62 17 Raiff. Centrobank 0.06% 334.47 16 270.58 16 Interactive Brokers 0.04% 209.49 17 465.11 14 Total 100.00% 576,600.68 547,416.15 Relative volume of by underlying Indices 64.73% Stocks 25.09% Commodities 5.76% Currencies 2.91% Interest 1.26% Others 0.26% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 9
euwax report October Market : Knock-Out Products 1 ( based on number of ) Commerzbank 21.23% 27,688 1 29,566 1 Deutsche Bank 15.95% 20,795 2 22,032 2 Citi 14.46% 18,858 3 19,909 3 BNP Paribas 11.48% 14,966 4 15,914 4 DZ Bank 8.24% 10,751 5 11,197 5 UBS 6.15% 8,021 6 8,511 6 Vontobel 6.11% 7,961 7 6,931 8 HSBC Trinkaus 5.74% 7,484 8 7,644 7 HVB/UniCredit 3.59% 4,676 9 4,779 9 Lang & Schwarz 3.23% 4,209 10 3,635 10 Société Générale 2.09% 2,730 11 2,480 11 Goldman Sachs 1.14% 1,491 12 1,801 12 RBS 0.19% 247 13 234 13 Erste Group Bank 0.15% 192 14 133 14 Interactive Brokers 0.11% 137 15 116 15 Raiff. Centrobank 0.08% 103 16 62 16 Barclays Capital 0.07% 90 17 17 17 Total 100.00% 130,399 134,961 Relative number of by underlying Indices 57.70% Stocks 29.77% Commodities 7.80% Currencies 3.49% Interest 1.14% Others 0.10% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 10
euwax report October Market : Yield Enhancement Products 1 ( based on volume of ) Deutsche Bank 27.11% 266,735.93 1 251,013.88 1 Commerzbank 15.24% 149,987.44 2 248,854.43 2 DZ Bank 11.53% 113,464.47 3 149,135.61 3 HSBC Trinkaus 8.28% 81,525.94 4 90,943.59 4 BNP Paribas 6.99% 68,783.15 5 58,989.38 5 LBBW 5.11% 50,294.42 6 53,297.47 6 Vontobel 5.11% 50,239.68 7 44,157.88 8 UBS 4.95% 48,714.64 8 49,548.68 7 Société Générale 3.93% 38,716.63 9 38,948.19 9 Citi 3.13% 30,764.41 10 21,485.73 12 HVB/UniCredit 3.11% 30,631.90 11 36,537.92 10 Goldman Sachs 2.26% 22,219.75 12 26,557.74 11 Lang & Schwarz 1.58% 15,596.24 13 11,820.43 13 RBS 0.82% 8,024.75 14 9,189.84 14 WGZ Bank 0.35% 3,403.45 15 3,716.28 16 Raiff. Centrobank 0.27% 2,616.23 16 4,948.06 15 Erste Group Bank 0.13% 1,255.59 17 538.93 18 Bank of America Merrill Lynch 0.07% 736.95 18 748.32 17 JPMorgan 0.03% 336.64 19 17.90 21 Morgan Stanley 0.00% 24.58 20 58.44 19 Barclays Capital 0.00% 2.64 21 39.13 20 Total 100.00% 984,075.43 1,100,547.83 Relative volume of by underlying Stocks 50.25% Indices 44.80% Commodities 2.93% Interest 1.26% Others 0.70% Funds 0.05% Currencies 0.01% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 11
euwax report October Market : Yield Enhancement Products 1 ( based on number of ) Deutsche Bank 27.38% 9,702 1 8,538 1 Commerzbank 11.70% 4,147 2 4,302 2 DZ Bank 9.93% 3,520 3 3,856 3 Lang & Schwarz 8.06% 2,856 4 2,236 6 LBBW 6.53% 2,315 5 2,485 5 HSBC Trinkaus 6.14% 2,174 6 2,609 4 Vontobel 6.07% 2,152 7 1,991 7 BNP Paribas 4.94% 1,752 8 1,525 9 UBS 4.19% 1,486 9 1,573 8 Société Générale 4.01% 1,420 10 1,294 10 HVB/UniCredit 3.57% 1,265 11 1,132 11 Goldman Sachs 2.10% 743 12 943 12 RBS 1.94% 686 13 641 13 Citi 1.86% 658 14 576 14 Raiff. Centrobank 0.56% 199 15 240 15 WGZ Bank 0.54% 193 16 237 16 Erste Group Bank 0.25% 90 17 61 18 Bank of America Merrill Lynch 0.18% 63 18 101 17 Morgan Stanley 0.01% 5 19 7 19 JPMorgan 0.01% 3 20 2 20 Barclays Capital 0.01% 2 21 2 20 Total 100.00% 35,431 34,351 Relative number of by underlying Stocks 50.39% Indices 42.65% Commodities 4.37% Interest 1.59% Others 0.95% Funds 0.04% Currencies 0.01% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 12
euwax report October Market : Bonus Certificates 1 ( based on volume of ) Deutsche Bank 15.70% 35,979.75 1 31,347.97 4 BNP Paribas 14.36% 32,910.99 2 31,834.39 3 DZ Bank 12.40% 28,410.34 3 36,539.17 1 Commerzbank 11.51% 26,365.36 4 32,140.11 2 HSBC Trinkaus 9.20% 21,080.43 5 20,529.71 5 Citi 8.32% 19,061.99 6 14,418.95 7 Goldman Sachs 6.45% 14,776.56 7 16,247.97 6 Société Générale 5.85% 13,406.49 8 6,684.45 11 HVB/UniCredit 5.20% 11,919.96 9 5,018.05 12 UBS 4.29% 9,839.49 10 12,720.46 8 Vontobel 3.14% 7,193.93 11 12,720.03 9 LBBW 2.97% 6,795.62 12 6,754.83 10 Raiff. Centrobank 0.32% 735.18 13 1,395.93 13 Erste Group Bank 0.15% 345.88 14 97.40 16 WGZ Bank 0.10% 222.41 15 236.48 15 RBS 0.04% 84.36 16 559.51 14 Total 100.00% 229,128.74 229,245.38 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 13
euwax report October Market : Bonus Certificates 1 ( based on number of ) Deutsche Bank 13.76% 1,002 1 1,036 1 Commerzbank 13.71% 998 2 790 4 BNP Paribas 11.47% 835 3 844 3 DZ Bank 10.75% 783 4 993 2 HSBC Trinkaus 8.76% 638 5 701 5 Vontobel 7.99% 582 6 625 6 Société Générale 6.93% 505 7 364 8 HVB/UniCredit 6.54% 476 8 254 12 Goldman Sachs 6.43% 468 9 566 7 Citi 5.08% 370 10 347 10 LBBW 3.86% 281 11 328 11 UBS 3.60% 262 12 359 9 Raiff. Centrobank 0.71% 52 13 42 13 Erste Group Bank 0.25% 18 14 12 15 RBS 0.10% 7 15 22 14 WGZ Bank 0.07% 5 16 7 16 Total 100.00% 7,282 7,290 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 14
euwax report October Market : Discount Certificates 1 ( based on volume of ) Deutsche Bank 26.96% 118,246.56 1 110,820.77 2 Commerzbank 17.63% 77,354.66 2 176,057.06 1 DZ Bank 14.53% 63,744.89 3 91,315.66 3 HSBC Trinkaus 11.58% 50,807.30 4 62,564.88 4 Vontobel 6.22% 27,305.21 5 19,626.26 8 BNP Paribas 5.95% 26,088.89 6 21,707.95 7 UBS 5.23% 22,937.38 7 22,520.27 6 Société Générale 4.20% 18,408.32 8 15,902.39 9 HVB/UniCredit 2.70% 11,829.45 9 23,159.04 5 Citi 2.47% 10,854.14 10 5,263.63 11 LBBW 1.52% 6,667.24 11 6,066.30 10 Goldman Sachs 0.47% 2,079.40 12 3,971.96 12 WGZ Bank 0.36% 1,573.08 13 751.14 14 Raiff. Centrobank 0.17% 746.65 14 1,344.36 13 Total 100.00% 438,643.17 561,071.67 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 15
euwax report October Market : Discount Certificates 1 ( based on number of ) Deutsche Bank 36.54% 3,744 1 3,141 1 Commerzbank 13.54% 1,387 2 1,956 2 DZ Bank 12.75% 1,306 3 1,533 3 HSBC Trinkaus 10.48% 1,074 4 1,402 4 Vontobel 6.27% 642 5 594 5 UBS 4.47% 458 6 440 6 Société Générale 4.27% 438 7 289 9 BNP Paribas 3.94% 404 8 369 8 HVB/UniCredit 2.64% 271 9 382 7 Citi 2.36% 242 10 143 11 LBBW 2.11% 216 11 210 10 WGZ Bank 0.35% 36 12 28 13 Goldman Sachs 0.17% 17 13 33 12 Raiff. Centrobank 0.12% 12 14 13 14 Total 100.00% 10,247 10,533 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 16
euwax report October Market : Tracker Certificates 1 ( based on volume of ) Deutsche Bank 47.97% 80,213.37 1 85,822.29 1 Commerzbank 21.38% 35,758.73 2 32,954.53 2 Lang & Schwarz 9.33% 15,596.24 3 11,820.43 4 RBS 4.75% 7,940.39 4 8,630.33 5 DZ Bank 4.54% 7,593.92 5 5,802.19 6 UBS 2.54% 4,240.39 6 4,243.43 7 HSBC Trinkaus 2.46% 4,121.49 7 2,721.26 9 Société Générale 2.30% 3,847.74 8 12,211.10 3 HVB/UniCredit 1.23% 2,064.32 9 3,558.02 8 BNP Paribas 0.68% 1,140.25 10 1,027.57 12 Raiff. Centrobank 0.62% 1,044.49 11 1,282.36 10 Goldman Sachs 0.49% 811.47 12 1,158.16 11 LBBW 0.46% 761.36 13 684.78 14 Bank of America Merrill Lynch 0.44% 736.95 14 748.32 13 Erste Group Bank 0.40% 677.05 15 311.20 16 Vontobel 0.39% 652.99 16 574.79 15 WGZ Bank 0.01% 21.04 17 8.03 19 Citi 0.00% 7.54 18 55.99 17 Barclays Capital 0.00% 2.64 19 39.13 18 Total 100.00% 167,232.37 173,655.79 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 17
euwax report October Market : Tracker Certificates 1 ( based on number of ) Deutsche Bank 35.39% 3,627 1 3,028 1 Lang & Schwarz 27.86% 2,856 2 2,236 2 Commerzbank 11.92% 1,222 3 1,121 3 RBS 6.62% 679 4 619 4 DZ Bank 4.53% 464 5 467 5 Société Générale 3.18% 326 6 360 6 UBS 2.53% 259 7 270 7 HVB/UniCredit 2.32% 238 8 235 8 Raiff. Centrobank 1.23% 126 9 123 10 HSBC Trinkaus 1.19% 122 10 158 9 Bank of America Merrill Lynch 0.61% 63 11 101 11 Vontobel 0.59% 60 12 40 14 Erste Group Bank 0.53% 54 13 37 16 Goldman Sachs 0.53% 54 13 49 12 BNP Paribas 0.52% 53 15 48 13 LBBW 0.38% 39 16 40 14 Citi 0.04% 4 17 6 17 Barclays Capital 0.02% 2 18 2 18 WGZ Bank 0.02% 2 18 2 18 Total 100.00% 10,250 8,943 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 18
euwax report October Market s: Reverse Convertibles 1 ( based on volume of ) LBBW 20.15% 20,419.24 1 17,483.52 1 Deutsche Bank 19.79% 20,059.92 2 15,872.33 2 Vontobel 14.64% 14,837.68 3 11,025.44 4 DZ Bank 9.46% 9,586.76 4 12,606.48 3 BNP Paribas 8.53% 8,643.02 5 4,419.47 9 UBS 7.55% 7,656.69 6 7,880.51 5 Commerzbank 6.38% 6,462.05 7 5,316.58 6 HSBC Trinkaus 5.19% 5,259.98 8 5,115.12 7 Goldman Sachs 4.12% 4,175.70 9 5,105.19 8 HVB/UniCredit 3.40% 3,446.28 10 3,560.87 10 WGZ Bank 0.66% 664.48 11 955.04 11 Société Générale 0.09% 90.69 12 590.92 13 Raiff. Centrobank 0.03% 29.71 13 872.35 12 Erste Group Bank 0.01% 14.57 14 31.28 14 Total 100.00% 101,346.76 90,835.11 ( based on number of ) LBBW 19.04% 1,002 1 921 1 Vontobel 16.00% 842 2 698 3 Deutsche Bank 15.68% 825 3 810 2 DZ Bank 12.26% 645 4 600 4 BNP Paribas 8.74% 460 5 264 9 Commerzbank 7.24% 381 6 315 7 UBS 6.84% 360 7 403 5 HSBC Trinkaus 6.00% 316 8 345 6 Goldman Sachs 3.82% 201 9 289 8 HVB/UniCredit 3.23% 170 10 184 10 WGZ Bank 0.76% 40 11 55 12 Société Générale 0.25% 13 12 21 13 Raiff. Centrobank 0.11% 6 13 60 11 Erste Group Bank 0.04% 2 14 3 14 Total 100.00% 5,263 4,968 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 19
euwax report October Market : Capital Protection Products 1 ( based on volume of ) DZ Bank 40.66% 6,047.68 1 3,623.23 2 LBBW 30.34% 4,513.24 2 4,124.06 1 RBS 10.21% 1,518.80 3 1,088.16 3 Société Générale 7.12% 1,058.48 4 343.85 7 Deutsche Bank 6.86% 1,020.38 5 494.93 6 HVB/UniCredit 2.00% 296.81 6 601.39 5 Morgan Stanley 1.40% 208.80 7 825.70 4 Commerzbank 0.42% 62.50 8 298.33 8 Rabobank 0.38% 56.75 9 234.91 9 WGZ Bank 0.24% 35.75 10 44.27 12 Raiff. Centrobank 0.20% 29.60 11 15.76 14 Goldman Sachs 0.09% 13.79 12 19.70 13 UBS 0.04% 6.10 13 174.55 10 Erste Group Bank 0.04% 6.01 14 74.88 11 Total 100.00% 14,874.69 11,963.70 Relative volume of by underlying Stocks 49.50% Indices 38.96% Interest 9.16% Commodities 1.19% Funds 1.19% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 20
euwax report October Market : Capital Protection Products 1 ( based on number of ) DZ Bank 46.31% 276 1 256 1 LBBW 18.46% 110 2 100 2 RBS 11.74% 70 3 47 3 Deutsche Bank 7.05% 42 4 24 5 Société Générale 6.38% 38 5 22 6 HVB/UniCredit 3.52% 21 6 35 4 Morgan Stanley 2.68% 16 7 20 8 Commerzbank 1.17% 7 8 21 7 Rabobank 1.01% 6 9 13 9 WGZ Bank 0.50% 3 10 7 11 Erste Group Bank 0.34% 2 11 3 12 Goldman Sachs 0.34% 2 11 1 14 Raiff. Centrobank 0.34% 2 11 2 13 UBS 0.17% 1 14 9 10 Total 100.00% 596 560 Relative number of by underlying Stocks 47.32% Indices 36.91% Interest 12.25% Commodities 2.18% Funds 1.34% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 21
x AKT UELL euwax report October Market : Investment Products by Securities Type 1 ( based on volume of ) Discount Certificates 43.91% 438,643.17 1 561,071.67 1 Bonus Certificates 22.94% 229,128.74 2 229,245.38 2 Tracker Certificates 16.74% 167,232.37 3 173,655.79 3 Reverse Certificates 10.15% 101,346.76 4 90,835.11 4 Express Certificates 2.99% 29,883.04 5 25,310.59 5 Certificates with capital protection 1.30% 13,031.04 6 10,149.19 7 Credit linked notes 1.24% 12,352.23 7 16,447.99 6 Sprint Certificates 0.55% 5,489.12 8 3,981.28 8 Structured bonds 0.18% 1,843.66 9 1,814.52 9 Total 100.00% 998,950.12 1,112,511.53 Market : Investment Products by Securities Type 1 ( based on number of ) Tracker Certificates 28.45% 10,250 1 8,943 2 Discount Certificates 28.44% 10,247 2 10,533 1 Bonus Certificates 20.21% 7,282 3 7,290 3 Reverse Certificates 14.61% 5,263 4 4,968 4 Express Certificates 4.31% 1,552 5 1,771 5 Credit linked notes 1.57% 565 6 591 6 Certificates with capital protection 1.41% 507 7 498 7 Sprint Certificates 0.75% 272 8 255 8 Structured bonds 0.25% 89 9 62 9 Total 100.00% 36,027 34,911 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 22
2014 CW 40 2014 CW 44 2014 CW 48 2014 CW 52 CW 4 CW 8 CW 12 CW 16 CW 20 CW 24 CW 28 CW 32 CW 36 CW 40 CW 44 2014 CW 40 2014 CW 44 2014 CW 48 2014 CW 52 CW 4 CW 8 CW 12 CW 16 CW 20 CW 24 CW 28 CW 32 CW 36 CW 40 CW 44 euwax report October Sales Ratio Sales Ratio: Investment Products 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Leverage Products 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 23
2014 CW 40 2014 CW 44 2014 CW 48 2014 CW 52 CW 4 CW 8 CW 12 CW 16 CW 20 CW 24 CW 28 CW 32 CW 36 CW 40 CW 44 2014 CW 40 2014 CW 44 2014 CW 48 2014 CW 52 CW 4 CW 8 CW 12 CW 16 CW 20 CW 24 CW 28 CW 32 CW 36 CW 40 CW 44 euwax report October Sales Ratio: Discount Certificates 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Bonus Certificates 1 (Based on number of ) Sales Ratior (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 24
2014 CW 40 2014 CW 44 2014 CW 48 2014 CW 52 CW 4 CW 8 CW 12 CW 16 CW 20 CW 24 CW 28 CW 32 CW 36 CW 40 CW 44 2014 CW 40 2014 CW 44 2014 CW 48 2014 CW 52 CW 4 CW 8 CW 12 CW 16 CW 20 CW 24 CW 28 CW 32 CW 36 CW 40 CW 44 euwax report October Sales Ratio: Tracker Certificates 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Sales Ratio: Reverse Convertibles 1 (Based on number of ) Sales Ratio (Linear) 100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% 1 Source: XITARO, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at October 25
euwax report October Euwax what s new New Products Launched new products launched in October Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total BNP Paribas 2,455 16,178-8,365 26,998 Citi 2,164 24,125-7,548 33,837 Commerzbank 5,332 22,081-6,702 34,115 Deutsche Bank 1,895 19,119 2 5,398 26,414 DZ Bank 4,361 6,031-13,346 23,738 Erste Group Bank - 261-23 284 Goldman Sachs 3,111 7,010-4,744 14,865 HSBC Trinkaus 559 5,342-1,870 7,771 HVB/UniCredit 3,707 10,994-4,313 19,014 Interactive Brokers 2,765 1,539 - - 4,304 JPMorgan - - - 1 1 Lang & Schwarz 79 2,441-187 2,707 LBBW - - 2 514 516 Morgan Stanley - - - 1 1 Raiff. Centrobank 21 19 1 49 90 Société Générale 2,627 14,346-4,564 21,537 UBS 3,999 20,250-2,175 26,424 Vontobel 6,108 20,200-10,678 36,986 WGZ BANK - - - 74 74 Total 39,183 169,936 5 70,552 279,676 26
euwax report October Products Reaching Final Maturity products reaching final maturity in October (including knocked-out products) Leverage products without knock-out Leverage products with knock-out Capital Protection products Yield enhancement products Total Barclays Capital - 415 - - 415 BNP Paribas 2,936 17,267-2,164 22,367 Citi 4,262 22,482-7,173 33,917 Commerzbank 3,237 20,138-2,606 25,981 Deutsche Bank 2,646 19,360 1 2,151 24,158 DZ Bank 1,482 6,604-7,581 15,667 Erste Group Bank - 254 1-255 Goldman Sachs 3,792 7,228-3,517 14,537 HSBC Trinkaus 225 4,787-1,785 6,797 HVB/UniCredit 1,919 11,380 1 657 13,957 Interactive Brokers 3,195 1,260 - - 4,455 JPMorgan - - - 2 2 Lang & Schwarz 39 1,600-44 1,683 LBBW - - 2 564 566 Morgan Stanley - - 5-5 Raiff. Centrobank - 8-12 20 RBS - 22-12 34 Société Générale 13 10,645-134 10,792 UBS 3,082 18,925-1,497 23,504 Vontobel 2,539 16,314-2,413 21,266 WGZ BANK - - 1 6 7 Total 29,367 158,689 11 32,318 220,385 (as at October ) 27
euwax report October Listed Products listed products as at October of total October 1 September 2 Commerzbank 14.11% 187,325 1 180,523 1 Deutsche Bank 11.24% 149,170 2 147,603 2 Citi 10.51% 139,515 3 140,485 3 BNP Paribas 10.41% 138,238 4 134,183 4 DZ Bank 9.64% 128,023 5 120,288 5 Vontobel 9.01% 119,673 6 104,048 7 UBS 8.67% 115,079 7 112,273 6 HVB/UniCredit 7.64% 101,482 8 96,693 8 Société Générale 7.04% 93,530 9 83,012 9 HSBC Trinkaus 4.56% 60,591 10 60,256 10 Goldman Sachs 4.48% 59,490 11 60,232 11 Lang & Schwarz 0.87% 11,612 12 10,656 12 LBBW 0.69% 9,178 13 9,229 13 Interactive Brokers 0.48% 6,419 14 6,625 14 Raiff. Centrobank 0.29% 3,854 15 3,785 15 Erste Group Bank 0.16% 2,065 16 2,051 16 RBS 0.11% 1,513 17 1,549 17 WGZ BANK 0.05% 681 18 639 18 Morgan Stanley 0.01% 81 19 85 20 Barclays Capital 0.01% 72 20 487 19 JPMorgan 0.00% 37 21 38 21 Bank of America Merrill Lynch 0.00% 9 22 9 22 Nomura 0.00% 3 23 3 23 Rabobank 0.00% 1 24 1 24 1 listed products as at 31 October (reporting date). 2 listed products as at 30 September (reporting date). 100.00% 1,327,641 1,274,753 28
euwax report October 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 October UBS 0.1418 Vontobel 0.0552 Deutsche Bank 0.0216 Euwax AG 0.0039 Total mistrade applications granted (as a proportion of all orders) 0.0197 1 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 October Société Générale 0.1544 BNP Paribas 0.0468 Total mistrade applications rejected (as a proportion of all orders) 0.0079 2 Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. Mistradeantrag gestellt. Complaints ratio in October Complaints 3 Complaints (thereof authorised / warranted) 4 0.0004 0.0001 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
euwax report October Announcements and statutory website details Euwax announcements. The transaction fee for securitised is 0.95 plus 19% VAT. The fee cap is EUR 12.18 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: www.boerse-stuttgart.de/zeichnung. Live on n-tv. Follow the latest Euwax trends live in Teleboerse at 10.15 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: http://www.boerse-stuttgart.de/mobile 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) 711 222 985-508, email: friederike.heess@boerse-stuttgart.de Market comments. Cornelia Frey, Boerse Stuttgart GmbH, phone: +49 (0) 711 222 518 518, email: cornelia.frey@boerse-stuttgart.de Statistical data. Data management, Boerse Stuttgart GmbH, phone: +49 (0) 711 222 985-796, email: Statistik@boerse-stuttgart.de Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH. 30