euwax report

Dear Readers, The new stock market year 2016 started off extremely bumpy. Instead of the traditional trend of increasing prices in January, investors were facing one of the weakest starts on the stock exchanges since many years. Around the world, stock markets were declining by about 6 to 8 percent in the first trading week. While the German leading index DAX opened at 10,485 points at the beginning of the month, it was almost 1,100 lower at 9,314 points in the meantime and closed at 9,798 points at the end of the month. Besides tensions between Saudi Arabia and Iran, especially the bad signals regarding the Chinese economy unsettled investors. To avoid high fluctuations, the Chinese central bank lowered the reference price for its national currency once again. This led to dramatic losses at the Chinese stock exchanges, the Yuan fell to a five-year low as well. Responsible for these losses, regarding for instance the DAX, was also the strong drop in oil prices to a twelve-year low. Occasionally, the price for one barrel of the oil brand WTI was less than 29 US dollar. In light of the distinctive market movements, trading activities increased at the Stuttgart stock exchange in January. In the EUWAX segment for securitized derivatives, the trading volume increased by around 6 percent to almost 2.5 billion Euro compared to the previous month. The number of client orders was 12 percent higher with over 305,000 executed orders. The average client order was around 8,000 Euro during the reference month. In January, almost 1.3 billion Euro were turned over with leverage products in Stuttgart. Thereby, the turnovers of knock-out products and products without knock-out, such as warrants and factor certificates, were approximately at the same level. Here, only products on the DAX were on top of the ranking list among the most popular base values for leverage products. Furthermore, there was a put on the Euro-Bond-Future among the ten most actively traded knock-out products which registered a new record high of 163.52 points on 29th January. Also in regards to investment products, the trading volume increased by about 4 percent to almost 1.2 billion Euro in January. Especially popular were discount certificates – the order volume regarding these products contributed a total of over 49 percent to the trading volume of investment certificates. Thereby, almost half of all orders regarding investment products were discount certificates, followed by index and participation certificates with about 15,000 executed client orders as well as bonus certificates with around 8,600 client orders.

Solenne Peltier

January 2016

Table of contents TOTAL TRADING VOLUME

2

Overview of Euwax trading segment

2

TOP 10 MOST TRADED PRODUCTS 3 Warrants Knock-out Products Factor Certificates Bonus Certificates Discount Certificates Tracker Certificates

3 3 3 4 4 4

OVERALL MARKET: ISSUERS

5

Ranking based on volume Ranking based on number

5 6

PRODUCT GROUPS

7

Warrants Knock-Out Products Yield Enhancement Products Bonus Certificates Discount Certificates Tracker Certificates Reverse Convertibles Capital Protection Products Investment Products by Securities Type

7 9 11 13 15 17 19 20

ISSUER SALES RATIO

23

Investment Products Leverage Products Discount Certificates Bonus Certificates Tracker Certificates Reverse Convertibles

23 23 24 24 25 25

EUWAX – WHATS’S NEW

26

New Products Launched Products Reaching Final Maturity Listed Products Mistrades and complaints

26 27 28 29

22

ANNOUNCEMENTS AND STATUTORY WEBSITE DETAILS 30

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1

euwax report

January 2016

2015

Total trading volume Overview of Euwax trading segment (as at January 2016) January-16

Dezember 15

Number of leverage products without knock-out *

410,312

379,856

Number of leverage products with knock-out

332,123

328,451

Number of yield enhancement

584,900

565,624

532

545

1,327,867

1,274,476

25

24

Boerse Stuttgart market share of exchange trading in derivative leverage products

60.13%

60.19%

Boerse Stuttgart market share of exchange trading in derivative investment products

63.25%

64.03%

Number of capital protection Total Number of securitised derivatives Number of EUWAX members

* Source: in-house analysis by the Stuttgart Exchange; count based on volume of executed client orders for the period 1 to 31 December 2015 at the following exchanges: Stuttgart, Frankfurt

Volume of executed client orders by asset class (in EUR ‘000) 4.500.000

With KO

4.000.000

Without KO

Investment products

3.500.000

3.000.000 2.500.000 2.000.000 1.500.000 1.000.000 500.000 0 Jan-15

Feb-15 Mar-15 Apr-15 May-15 Jun-15

Jul-15

Aug-15 Sep-15

Oct-15

Nov-15 Dec-15 Jan-16

Oct-15

Nov-15 Dec-15

Number of executed client orders by asset class 450.000

With KO

Without KO

Investment products

400.000 350.000 300.000 250.000 200.000 150.000 100.000 50.000 0 Jan-15

Feb-15 Mar-15 Apr-15 May-15 Jun-15

Jul-15

Aug-15 Sep-15

Jan-16

2

euwax report

January 2016

2015

Top 10 most traded products (Ranking based on number of executed client orders)1

Warrants Emittent

ISIN

Marketingname

Underlying

Commerzbank

DE000CR43WA9

Typ Call

Anzahl 549

Call/12.000/16.03.2016

DAX

Citi

DE000CC3R0T4

Put

343

Put/9.500/17.02.2016

DAX

Deutsche Bank

DE000DT49396

Call

259

Call/11.500/16.03.2016

DAX

Commerzbank

DE000CR3BKA7

Call

225

Call/58/ 15.03.2017

Daimler AG

Deutsche Bank

DE000XM63X20

Call

184

Call/11.000/02.03.2016

DAX

Commerzbank

DE000CR43ZV8

Put

167

Put/10.000/16.03.2016

DAX

Citi

DE000CC6ZLJ5

Call

143

Call/575/15.12.2016

Amazon.com

Société Générale

DE000SG8S5T4

Call

136

Call/70/16.12.2016

Starbucks

Deutsche Bank

DE000DX8NUL8

Call

132

Call/11.500/15.06.2016

DAX

Deutsche Bank

DE000XM5TE00

Call

118

Call/70/09.12.2016

Nike

Anzahl

Marketingname

Underlying

Knock-out Products Emittent

ISIN

Typ

BNP Paribas

DE000PB2R142

Put

483

Turbo Zertifikat

DAX

Vontobel

DE000VT9T038

Call

383

Open End Turbo

S&P 500 Index

Deutsche Bank

DE000DT3QXS7

Call

297

WAVE Unlimited Call

Dürr AG

Société Générale

DE000SG61NE1

Put

275

Open End Turbo

Euro Bund-Future

Commerzbank

DE000CD13W02

Put

236

Turbo Zertifikat

DAX

Deutsche Bank

DE000DT96SA9

Call

236

WAVE Unlimited Call

DAX

Deutsche Bank

DE000DX3AYF0

Call

227

WAVE Unlimited Call

MDAX Performance Index

Commerzbank

DE000CD0UR91

Put

218

Turbo Zertifikat

DAX

Commerzbank

DE000CD0SPK1

Put

214

Turbo Zertifikat

DAX

Citi

DE000CF48D51

Call

212

Open End Turbo

DJ Industrial Average

Anzahl

Marketingname

Underlying

Factor Certificates Emittent

ISIN

Deutsche Bank

DE000DX8DAX6

Call

2,544

Unlimited Faktor Index-Zert.

LevDAX x8 TR Index

Commerzbank

DE000CR468T7

Call

1,682

Unlimited Faktor Index-Zert.

10x Long DAX-Futures Index

Commerzbank

DE000CN4EYN7

Call

898

Unlimited Faktor Index-Zert.

12x Long DAX-Futures 2 Index

Commerzbank

DE000CN2ZAW7

Call

687

Unlimited Faktor Index-Zert.

12x Short DAX®-Futures Index

Commerzbank

DE000CR90N11

Call

683

Unlimited Faktor Index-Zert.

10x Short DAX®-Futures II Index

Deutsche Bank

DE000DT4BRT7

Call

682

Unlimited Faktor Index-Zert.

4x Long Brent Future Index

Commerzbank

DE000CN4BCZ3

Call

657

Unlimited Faktor Index-Zert.

6x Long Brent Oil 3 Index

Vontobel

DE000VS2MPQ7

Call

647

Unlimited Faktor Index-Zert.

10X Short Brent Crude Oil Future

Vontobel

DE000VZ8L120

Call

596

Unlimited Faktor Index-Zert.

12X Short Index linked to DAX

Vontobel

DE000VZ9L128

Call

578

Unlimited Faktor Index-Zert.

12X Long Index linked to DAX

1

Typ

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

3

euwax report

January 2016

2015

Top 10 most traded products (Ranking based on number of executed client orders)1

Bonus Certificates Emittent

ISIN

Deutsche Bank

DE000DB3WT13

Typ Call

Anzahl 180

Marketingname

Underlying

Open-End X-Pert Zertifikat

WTI Light Sweet Crude Oil Future

Deutsche Bank

DE000DT88GB9

Call

72

Bonus Zertifikat

DAX

Deutsche Bank

DE000DT98KK1

Call

72

Bonus Zertifikat

EURO STOXX 50

Deutsche Bank

DE000DT4PPV7

Call

71

Bonus Zertifikat

EURO STOXX 50

Vontobel

DE000VS7PQZ8

Put

66

Reverse Capped Bonus Zert.

DAX

Deutsche Bank

DE000XM3V099

Call

64

Capped Bonus Zertifikat

EURO STOXX 50

BNP Paribas

DE000PS8RCA3

Call

56

Bonus Zertifikat

EURO STOXX 50

BNP Paribas

DE000PS77MY8

Put

55

Reverse Capped Bonus Zert.

DAX

BNP Paribas

DE000PS77UB9

Put

48

Reverse Capped Bonus Zert.

DAX

Goldman Sachs

DE000GL56LL5

Put

44

Reverse Capped Bonus Zert.

DAX

Discount Certificates Issuer

ISIN

Type

Number Marketing name

Underlying

Deutsche Bank

DE000DT874G0

Call

1,447

Discount-Zertifikat

DAX

HSBC Trinkaus

DE000TD3WY42

Call

226

Discount-Zertifikat

EURO STOXX 50

DZ Bank

DE000DG4NME0

Call

205

Discount-Zertifikat

EURO STOXX 50

Deutsche Bank

DE000XM4GK24

Call

146

Discount-Zertifikat

OSRAM Licht AG

Commerzbank

DE000CR5J9N4

Call

127

Discount-Zertifikat

EURO STOXX 50

Deutsche Bank

DE000DT92E41

Call

91

Discount-Zertifikat

EURO STOXX 50

Deutsche Bank

DE000XM4EK42

Call

84

Discount-Zertifikat

EURO STOXX 50

Deutsche Bank

DE000XM15F13

Call

72

Discount-Zertifikat

DAX

Société Générale

DE000SG63QG5

Call

68

Discount-Zertifikat

Gold

DZ Bank

DE000DG3URP2

Call

63

Discount-Zertifikat

EURO STOXX 50

Tracker Certificates Issuer

ISIN

Deutsche Bank

DE000DT0BAC7

Call

1,082

Open End Index-Zert.

boerse.de-Champions-Def.-Index

Deutsche Bank

DE0007093353

Call

1,023

Open End X-pert Zertifikat

DAX

Deutsche Bank

DE000DB3CTQ9

Call

677

Open End X-pert Zertifikat

Brent Crude Oil Future

BNP Paribas

NL0000202109

Call

666

Open End Zertifikat

Brent Crude Oil Future

Deutsche Bank

DE000DB2BRE3

Call

556

Open End X-pert Zertifikat

Brent Crude Oil Future

Deutsche Bank

DE000DE04UZ8

Call

508

Index-Zertifikat

Nikkei 225 Stock Average Index

RBS

NL0000407625

Call

330

Open End Zertifikat

Brent Crude Oil Future

DZ Bank

DE000DG1HHH1

Call

210

Open End Zertifikat

Brent Crude Oil Future

Lang & Schwarz

DE000LS9BLQ6

Call

209

Open End Zertifikat

LUS Wikifolio

Deutsche Bank

DE000DB3WT13

Call

180

Open-End X-Pert Zertifikat

WTI Light Sweet Crude Oil Future

1

Type

Number Marketing name

Underlying

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

4

euwax report

January 2016

2015

Overall market: Issuers1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

23.08%

567,105.30

1

●

541,046.45

1

Commerzbank

19.71%

484,325.28

2

●

495,762.88

2

DZ Bank

11.64%

285,948.66

3

●

251,165.84

3

BNP Paribas

8.61%

211,431.67

4

↑

165,312.93

5

Citi

6.29%

154,553.27

5

↑

135,242.28

6

HSBC Trinkaus

6.22%

152,775.09

6

↓

165,543.99

4

Vontobel

5.73%

140,842.11

7

●

129,079.42

7

UBS

4.88%

119,838.71

8

●

110,231.58

8

Société Générale

4.23%

103,837.19

9

↑

85,631.76

10

HVB/UniCredit

3.11%

76,501.06

10

↓

94,999.63

9

Goldman Sachs

2.72%

66,761.74

11

↑

35,771.23

12

LBBW

1.92%

47,171.21

12

↓

60,964.90

11

Lang & Schwarz

1.01%

24,747.32

13

●

27,965.81

13

Raiff. Centrobank

0.25%

6,105.35

14

↑

5,580.12

15

WGZ Bank

0.21%

5,080.39

15

↑

4,660.83

16

RBS

0.18%

4,415.07

16

↓

9,104.74

14

Erste Group Bank

0.11%

2,738.87

17

↑

1,630.01

18

Interactive Brokers

0.04%

979.82

18

↓

1,750.43

17

Morgan Stanley

0.03%

757.74

19

↑

270.06

21

Bank of America Merrill Lynch

0.03%

754.82

20

↓

593.35

19

Barclays Capital

0.00%

80.67

21

↑

30.83

23

JPMorgan

0.00%

77.70

22

↓

447.75

20

Rabobank

0.00%

24.91

23

↓

144.60

22

100.00%

2,456,853.95

Total

1

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

2,322,931.41

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

5

euwax report

January 2016

2015

Overall market: Issuers1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

Commerzbank

21.82%

66,663

1

●

60,078

1

Deutsche Bank

19.21%

58,678

2

●

52,421

2

Citi

9.86%

30,126

3

●

28,461

3

BNP Paribas

9.50%

29,029

4

↑

22,821

5

DZ Bank

8.22%

25,125

5

↓

23,342

4

Vontobel

7.89%

24,099

6

●

18,792

6

HSBC Trinkaus

5.47%

16,703

7

●

14,574

7

UBS

4.99%

15,243

8

●

14,389

8

HVB/UniCredit

3.62%

11,044

9

●

11,711

9

Société Générale

3.00%

9,172

10

↑

7,628

11

Lang & Schwarz

2.69%

8,207

11

↓

7,875

10

Goldman Sachs

1.94%

5,934

12

●

4,946

12

LBBW

0.76%

2,326

13

●

2,268

13

Raiff. Centrobank

0.28%

842

14

↑

760

15

Interactive Brokers

0.22%

687

15

↑

681

16

RBS

0.21%

637

16

↓

1,105

14

Erste Group Bank

0.16%

489

17

●

298

17

WGZ Bank

0.11%

329

18

●

235

18

Bank of America Merrill Lynch

0.04%

118

19

●

84

19

Morgan Stanley

0.01%

26

20

●

17

20

Barclays Capital

0.00%

10

21

↑

7

22

JPMorgan

0.00%

3

22

↓

9

21

Rabobank

0.00%

3

22

●

7

22

100.00%

305,493

Total

1

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

272,509

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

6

euwax report

January 2016

2015

Product groups Market Share: Warrants1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

20.21%

84,306.83

1

●

82,260.85

1

Commerzbank

19.57%

81,658.63

2

●

67,781.85

2

DZ Bank

14.94%

62,332.72

3

●

58,858.75

3

UBS

8.58%

35,780.51

4

↑

19,446.03

7

Citi

7.58%

31,628.96

5

↓

31,516.80

4

Goldman Sachs

7.49%

31,230.10

6

↑

14,636.35

9

BNP Paribas

5.84%

24,365.60

7

↓

23,762.94

6

HVB/UniCredit

5.65%

23,550.74

8

↓

27,053.66

5

Société Générale

4.00%

16,687.29

9

↑

13,551.27

10

Vontobel

3.59%

14,994.71

10

↓

14,707.11

8

HSBC Trinkaus

1.97%

8,235.34

11

●

12,286.25

11

Raiff. Centrobank

0.29%

1,217.74

12

↑

942.55

13

Lang & Schwarz

0.15%

615.76

13

↓

1,057.49

12

Interactive Brokers

0.11%

464.41

14

●

335.86

14

Erste Group Bank

0.02%

101.93

15

●

1.10

15

100.00%

417,171.28

Total

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

368,198.85

Relative volume of executed client orders by underlying

1

Indices

53.12%

Shares

43.25%

Commodities

2.14%

Currencies

1.30%

Others

0.09%

Interest

0.09%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

7

euwax report

January 2016

2015

Market Share: Warrants1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

Commerzbank

21.72%

15,260

1

●

14,520

1

Deutsche Bank

18.87%

13,259

2

●

12,509

2

Citi

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

11.46%

8,049

3

●

7,691

3

DZ Bank

8.81%

6,192

4

●

6,575

4

BNP Paribas

7.60%

5,339

5

↑

4,944

6

HVB/UniCredit

6.71%

4,715

6

↓

4,978

5

UBS

6.58%

4,621

7

●

4,382

7

Vontobel

5.56%

3,905

8

●

4,010

8

Goldman Sachs

3.79%

2,661

9

↑

2,440

11

Société Générale

3.76%

2,640

10

↓

2,766

9

HSBC Trinkaus

3.59%

2,522

11

↓

2,701

10

Interactive Brokers

0.62%

433

12

↑

299

13

Lang & Schwarz

0.45%

317

13

↓

394

12

Raiff. Centrobank

0.45%

316

14

●

246

14

Erste Group Bank

0.04%

25

15

●

3

15

100.00%

70,254

Total

68,458

Relative number of executed client orders by underlying

1

Stocks

48.93%

Indices

44.68%

Commodities

4.42%

Currencies

1.67%

Interest

0.25%

Others

0.05%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

8

euwax report

January 2016

2015

Market Share: Knock-Out Products1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Current ranking

Commerzbank

22.19%

143,668.09

1

Deutsche Bank

17.36%

112,405.51

2

BNP Paribas

15.46%

100,123.09

3

Citi

14.72%

95,337.87

4

DZ Bank

6.64%

42,981.61

5

UBS

5.61%

36,304.80

6

HSBC Trinkaus

5.55%

35,952.19

7

Vontobel

5.42%

35,075.84

8

HVB/UniCredit

2.51%

16,242.74

9

Société Générale

1.91%

12,352.57

10

Lang & Schwarz

1.45%

9,367.25

11

Goldman Sachs

0.94%

6,082.01

12

Erste Group Bank

0.13%

818.35

13

Interactive Brokers

0.08%

515.41

14

Raiff. Centrobank

0.04%

249.19

15

0.01%

71.99

16

100.00%

647,548.52

RBS

Total

Trend

● ● ↑ ↓ ● ● ↑ ↓ ● ● ● ● ↑ ↓ ↑ ↓

Previous month (number of orders)

Ranking previous month

151,113.84

1

96,909.84

2

66,537.76

4

75,293.51

3

49,602.55

5

46,440.73

6

26,949.25

8

37,753.05

7

20,220.04

9

12,338.53

10

11,291.79

11

6,918.33

12

652.61

14

1,414.57

13

559.65

16

644.15

15

604,647.45

Relative volume of executed client orders by underlying

1

Indices

69.66%

Stocks

19.79%

Commodities

6.35%

Currencies

2.18%

Interest

2.00%

Others

0.02%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

9

euwax report

January 2016

2015

Market Share: Knock-Out Products1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

Commerzbank

20.39%

31,173

1

Deutsche Bank

15.68%

23,969

Citi

13.89%

21,238

BNP Paribas

13.15%

DZ Bank UBS

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

27,467

1

2

● ●

21,086

2

3

●

19,826

3

20,104

4

●

14,864

4

8.59%

13,132

5

●

12,344

5

5.95%

9,103

6

●

8,559

6

HSBC Trinkaus

5.90%

9,027

7

●

7,435

7

Vontobel

5.77%

8,829

8

●

7,384

8

HVB/UniCredit

3.08%

4,703

9

●

4,919

9

Lang & Schwarz

3.05%

4,659

10

●

4,240

10

Société Générale

2.73%

4,168

11

●

2,964

11

Goldman Sachs

1.41%

2,163

12

●

1,731

12

Erste Group Bank

0.19%

294

13

↑

193

14

Interactive Brokers

0.17%

254

14

↓

382

13

Raiff. Centrobank

0.05%

83

15

●

113

15

0.01%

13

16

●

99

16

100.00%

152,912

RBS Total

133,610

Relative number of executed client orders by underlying

1

Indices

63.12%

Stocks

22.59%

Commodities

9.18%

Interest

2.58%

Currencies

2.50%

Others

0.04%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

10

euwax report

January 2016

2015

Market Share: Yield Enhancement Products1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

27.77%

324,352.66

1

DZ Bank

14.70%

171,666.09

2

Commerzbank

14.65%

171,108.35

3

BNP Paribas

7.44%

86,914.41

4

HSBC Trinkaus

6.96%

81,326.33

5

Société Générale

6.32%

73,866.34

6

Vontobel

4.20%

49,031.28

7

LBBW

3.83%

44,779.65

8

UBS

3.73%

43,566.67

9

HVB/UniCredit

2.97%

34,701.68

10

Goldman Sachs

2.49%

29,096.85

11

Citi

2.36%

27,586.44

12

Lang & Schwarz

1.26%

14,764.31

13

WGZ Bank

0.42%

4,943.99

14

Raiff. Centrobank

0.33%

3,800.83

15

RBS

0.32%

3,715.06

16

Erste Group Bank

0.15%

1,794.91

17

Bank of America Merrill Lynch

0.06%

754.82

18

Morgan Stanley

0.02%

205.66

19

Barclays Capital

0.01%

80.67

20

0.01%

77.70

21

100.00%

1,168,134.69

JPMorgan Total

Current ranking

Previous month (number of orders)

Trend

● ↑ ↓ ↑ ↓ ● ↑ ↓ ● ● ↑ ↓ ↓ ↑ ↑ ↓ ● ● ↑ ● ↓

Ranking previous month

308,140.91

1

135,690.54

3

185,620.69

2

74,958.21

5

100,112.90

4

58,924.25

6

47,136.12

8

58,010.05

7

44,326.15

9

43,888.37

10

14,056.99

13

28,431.97

11

15,616.53

12

4,625.44

15

3,488.25

16

7,130.76

14

963.13

17

593.35

18

0.00

21

23.58

20

447.75

19

1,132,185.95

Relative volume of executed client orders by underlying

1

Indices

57.07%

Stocks

37.34%

Commodities

4.37%

Interest

1.07%

Others

0.14%

Currencies

0.01%

Funds

0.01%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

11

euwax report

January 2016

2015

Market Share: Yield Enhancement Products1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

31.20%

14,580

1

DZ Bank

Current ranking

10.72%

5,011

2

Commerzbank

9.39%

4,390

3

BNP Paribas

7.67%

3,584

4

Lang & Schwarz

6.91%

3,231

5

HSBC Trinkaus

6.04%

2,823

6

Vontobel

4.95%

2,312

7

LBBW

4.78%

2,235

8

Société Générale

4.63%

2,163

9

UBS

3.21%

1,498

10

HVB/UniCredit

3.12%

1,459

11

Goldman Sachs

2.36%

1,102

12

Citi

1.80%

839

13

RBS

1.24%

581

14

WGZ Bank

0.69%

321

15

Raiff. Centrobank

0.67%

315

16

Erste Group Bank

0.33%

154

17

Bank of America Merrill Lynch

0.25%

118

18

Barclays Capital

0.02%

10

19

Morgan Stanley

0.01%

5

20

0.01%

3

21

100.00%

46,734

JPMorgan Total

Previous month (number of orders)

Trend

● ↑ ↓ ↑ ↓ ● ● ● ● ↑ ↓ ↑ ↓ ↓ ↑ ↓ ● ● ↑ ↑ ↓

Ranking previous month

13,303

1

3,816

3

4,090

2

3,011

5

3,241

4

2,635

6

2,273

7

2,173

8

1,748

9

1,446

11

1,659

10

768

14

944

12

924

13

232

16

297

15

99

17

84

18

3

20

0

21

9

19

42,755

Relative number of executed client orders by underlying Indices

1

51.07%

Stocks

38.43%

Commodities

9.12%

Interest

1.13%

Others

0.22%

Funds

0.02%

Currencies

0.01%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

12

euwax report

January 2016

2015

Market Share: Bonus Certificates1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

18.26%

44,742.40

1

BNP Paribas

16.49%

40,402.93

DZ Bank

12.88%

31,559.02

Société Générale

8.38%

Goldman Sachs Commerzbank

Trend

Previous month (number of orders)

Ranking previous month

33,910.62

1

2

● ↑

29,506.06

3

3

↑

26,152.98

4

20,535.80

4

↑

15,384.55

6

8.33%

20,425.68

5

↑

6,577.71

11

8.13%

19,917.38

6

↓

17,391.98

5

Citi

6.07%

14,878.31

7

●

10,418.51

7

HSBC Trinkaus

5.81%

14,230.15

8

↓

33,129.75

2

UBS

5.52%

13,538.95

9

↓

9,783.88

8

HVB/UniCredit

4.19%

10,265.48

10

↓

9,694.42

9

Vontobel

3.29%

8,053.84

11

↓

8,088.35

10

LBBW

1.79%

4,395.90

12

●

2,844.61

12

Raiff. Centrobank

0.67%

1,634.42

13

●

1,646.13

13

WGZ Bank

0.15%

357.33

14

↑

148.40

15

Erste Group Bank

0.06%

144.17

15

↓

150.84

14

100.00%

245,081.76

Total

1

Current ranking

205,181.34

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

13

euwax report

January 2016

2015

Market Share: Bonus Certificates1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

19.30%

1,655

1

BNP Paribas

13.33%

1,143

DZ Bank

11.43%

980

HSBC Trinkaus

8.20%

Commerzbank Goldman Sachs

Trend

Previous month (number of orders)

Ranking previous month

1,411

1

2

● ●

867

2

3

↑

667

4

703

4

↓

671

3

8.04%

689

5

●

657

5

7.63%

654

6

↑

318

10

Société Générale

6.77%

580

7

↑

432

8

Vontobel

6.21%

532

8

↓

645

6

HVB/UniCredit

5.38%

461

9

↓

520

7

Citi

4.81%

412

10

↓

424

9

UBS

4.53%

388

11

●

316

11

LBBW

3.21%

275

12

●

188

12

Raiff. Centrobank

0.99%

85

13

●

79

13

Erste Group Bank

0.14%

12

14

●

11

14

WGZ Bank

0.05%

4

15

●

6

15

100.00%

8,573

Total

1

Current ranking

7,217

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

14

euwax report

January 2016

2015

Market Share: Discount Certificates1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

27.27%

158,574.25

1

↑

128,041.84

2

Commerzbank

20.29%

117,970.86

2

↓

129,678.59

1

DZ Bank

18.76%

109,086.97

3

●

84,942.92

3

HSBC Trinkaus

10.22%

59,449.53

4

●

56,576.31

4

Société Générale

7.56%

43,946.66

5

●

34,875.49

5

Vontobel

4.17%

24,234.89

6

↑

24,906.47

7

BNP Paribas

3.20%

18,578.98

7

↓

26,575.53

6

HVB/UniCredit

2.63%

15,282.16

8

●

21,641.10

8

UBS

2.10%

12,217.33

9

●

18,852.84

9

Citi

1.88%

10,953.93

10

●

14,350.51

10

LBBW

0.95%

5,533.39

11

●

5,603.71

11

WGZ Bank

0.45%

2,603.38

12

●

2,515.55

12

Goldman Sachs

0.40%

2,324.01

13

●

457.13

13

0.12%

703.14

14

●

413.57

14

100.00%

581,459.46

Raiff. Centrobank Total

1

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

549,479.14

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

15

euwax report

January 2016

2015

Market Share: Discount Certificates1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

41.65%

6,363

1

●

4,935

1

DZ Bank

14.30%

2,184

2

↑

1,428

3

Commerzbank

13.23%

2,021

3

↓

1,790

2

HSBC Trinkaus

10.24%

1,564

4

●

1,252

4

Société Générale

5.35%

817

5

↑

525

6

Vontobel

4.61%

704

6

↓

590

5

BNP Paribas

2.34%

358

7

●

475

7

UBS

2.13%

326

8

↑

351

10

HVB/UniCredit

1.99%

304

9

↓

426

8

Citi

1.68%

256

10

↓

372

9

LBBW

1.36%

207

11

●

170

11

WGZ Bank

0.76%

116

12

●

47

12

Goldman Sachs

0.30%

46

13

●

16

13

0.07%

10

14

●

4

14

100.00%

15,276

Raiff. Centrobank Total

1

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

12,383

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

16

euwax report

January 2016

2015

Market Share: Tracker Certificates1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

47.39%

94,543.73

1

●

114,523.11

1

Commerzbank

12.10%

24,149.49

2

●

28,455.65

2

BNP Paribas

Trend

Previous month (number of orders)

Ranking previous month

10.81%

21,572.61

3

↑

12,630.30

4

Lang & Schwarz

7.40%

14,764.31

4

↓

15,616.53

3

DZ Bank

6.45%

12,863.23

5

●

8,940.48

5

UBS

3.90%

7,789.25

6

↑

4,703.10

8

Société Générale

2.64%

5,259.89

7

↑

4,539.36

9

HVB/UniCredit

2.10%

4,195.42

8

↓

5,074.87

7

RBS

1.86%

3,715.06

9

↓

6,730.64

6

HSBC Trinkaus

1.22%

2,433.68

10

●

3,022.77

10

Goldman Sachs

0.97%

1,935.69

11

●

1,632.73

11

Vontobel

0.97%

1,933.14

12

↑

945.01

14

Raiff. Centrobank

0.62%

1,229.66

13

↓

1,178.95

12

Erste Group Bank

0.59%

1,183.33

14

↑

482.22

16

Bank of America Merrill Lynch

0.38%

754.82

15

●

593.35

15

LBBW

0.33%

653.19

16

↓

951.48

13

Citi

0.21%

427.89

17

●

85.58

17

Barclays Capital

0.04%

80.67

18

●

23.58

18

WGZ Bank

0.02%

35.02

19

●

0.00

19

0.00%

1.66

20

●

0.00

20

100.00%

199,521.73

Morgan Stanley Total

1

Current ranking

210,129.69

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

17

euwax report

January 2016

2015

Market Share: Tracker Certificates1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

34.51%

5,157

1

●

5,397

1

Lang & Schwarz

21.62%

3,231

2

●

3,241

2

BNP Paribas

Trend

Previous month (number of orders)

Ranking previous month

11.32%

1,692

3

●

1,240

3

Commerzbank

7.90%

1,181

4

●

1,049

4

DZ Bank

5.75%

859

5

↑

729

6

RBS

3.89%

581

6

↓

917

5

Société Générale

3.39%

507

7

●

558

7

UBS

2.54%

380

8

↑

291

9

HVB/UniCredit

2.37%

354

9

↓

359

8

HSBC Trinkaus

1.55%

232

10

●

247

10

Raiff. Centrobank

1.33%

199

11

●

191

11

Vontobel

1.30%

194

12

●

121

12

Bank of America Merrill Lynch

0.79%

118

13

●

84

13

Erste Group Bank

0.78%

117

14

↑

72

15

Goldman Sachs

0.51%

76

15

↓

73

14

LBBW

0.26%

39

16

●

45

16

Citi

0.10%

15

17

●

11

17

Barclays Capital

0.07%

10

18

●

3

18

Morgan Stanley

0.01%

1

19

●

0

19

0.01%

1

19

●

0

20

100.00%

14,944

WGZ Bank Total

1

Current ranking

14,628

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

18

euwax report

January 2016

2015

Market Shares: Reverse Convertibles1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Deutsche Bank

20.83%

19,799.71

1

●

20,206.55

1

LBBW

18.60%

17,679.03

2

●

19,925.99

2

Vontobel

15.34%

14,582.59

3

●

12,646.98

3

DZ Bank

11.05%

10,508.40

4

●

10,677.52

4

Commerzbank

6.81%

6,471.64

5

↑

7,040.94

6

BNP Paribas

6.69%

6,359.89

6

↑

6,246.32

8

HSBC Trinkaus

5.34%

5,076.54

7

●

6,987.85

7

UBS

5.30%

5,042.69

8

↓

7,419.19

5

Goldman Sachs

4.58%

4,358.25

9

●

5,365.71

9

HVB/UniCredit

3.16%

3,007.10

10

●

3,301.84

10

Société Générale

1.04%

984.45

11

●

660.14

11

WGZ Bank

1.03%

976.29

12

●

374.74

12

Raiff. Centrobank

0.17%

165.20

13

●

230.20

13

Erste Group Bank

0.05%

51.96

14

●

5.11

14

100.00%

95,063.72

Total

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

101,089.09

(Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

LBBW

18.01%

941

1

↑

893

2

Deutsche Bank

16.77%

876

2

↓

931

1

Vontobel

15.79%

825

3

●

809

3

DZ Bank

13.28%

694

4

●

671

4

BNP Paribas

7.48%

391

5

↑

429

7

Commerzbank

6.99%

365

6

●

430

6

Goldman Sachs

6.18%

323

7

↑

359

8

HSBC Trinkaus

6.05%

316

8

↓

441

5

UBS

4.25%

222

9

●

352

9

HVB/UniCredit

3.22%

168

10

●

186

10

WGZ Bank

1.19%

62

11

↑

28

12

Société Générale

0.44%

23

12

↓

31

11

Raiff. Centrobank

0.31%

16

13

●

21

13

Erste Group Bank

0.06%

3

14

●

1

14

100.00%

5,225

Total

1

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

5,582

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

19

euwax report

January 2016

2015

Market Share: Capital Protection Products1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

DZ Bank

31.90%

5,154.85

1

UBS

25.91%

4,186.72

2

LBBW

14.80%

2,391.56

3

Deutsche Bank

8.69%

1,403.81

4

HVB/UniCredit

3.97%

641.98

5

RBS

3.89%

628.02

6

Morgan Stanley

3.42%

552.09

7

Société Générale

3.35%

541.79

8

Goldman Sachs

2.18%

352.79

9

WGZ Bank

0.84%

136.40

10

Commerzbank

0.56%

89.88

11

BNP Paribas

0.18%

28.56

12

Raiff. Centrobank

0.17%

26.83

13

Rabobank

0.15%

24.91

14

Erste Group Bank

0.01%

0.97

15

100.00%

16,161.16

Total

Current ranking

Trend

● ↑ ↓ ↑ ↓ ↓ ● ↓ ● ↑ ↓ ↓ ● ↓ ●

Previous month (number of orders)

Ranking previous month

3,941.17

1

18.67

15

2,954.85

2

796.84

5

1,078.90

4

1,329.82

3

270.06

7

437.83

6

159.55

9

35.38

14

205.52

8

54.02

11

38.09

13

144.60

10

8.20

15

11,524.00

Relative volume of executed client orders by underlying

1

Indices

58.98%

Stocks

30.91%

Interest

4.63%

Commodities

3.40%

Funds

2.08%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

20

euwax report

January 2016

2015

Market Share: Capital Protection Products1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

DZ Bank

42.86%

270

1

LBBW

14.44%

91

2

Deutsche Bank

10.32%

65

3

HVB/UniCredit

6.98%

44

4

RBS

6.83%

43

5

Société Générale

5.87%

37

6

Morgan Stanley

3.33%

21

7

UBS

3.33%

21

7

Commerzbank

1.75%

11

9

Goldman Sachs

1.27%

8

10

WGZ Bank

1.27%

8

10

Raiff. Centrobank

0.79%

5

12

Rabobank

0.48%

3

13

BNP Paribas

0.32%

2

14

Erste Group Bank

0.16%

1

15

100.00%

630

Total

Current ranking

Trend

Previous month (number of orders)

● ● ↑ ↑ ↓ ● ● ↑ ↓ ↓ ↑ ↓ ↓ ↓ ●

Ranking previous month

214

1

95

2

45

4

44

5

82

3

24

6

17

7

2

13

14

8

7

9

3

12

6

11

7

9

2

13

1

15

564

Relative number of executed client orders by underlying

1

Indices

50.63%

Stocks

34.92%

Interest

6.98%

Commodities

4.60%

Funds

2.86%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

21

euwax report

January 2016

2015

Market Share: Investment Products by Securities Type1 (Ranking based on volume of executed client orders) Issuer

Share of total

Number of executed client orders

Discount Certificates

49.10%

581,459.46

1

●

549,479.14

1

Bonus Certificates

20.69%

245,081.76

2

↑

205,181.34

3

Tracker Certificates

16.85%

199,521.73

3

↓

210,129.69

2

Reverse Certificates

8.03%

95,063.72

4

●

101,089.09

4

Express Certificates

2.30%

27,197.48

5

●

41,738.40

5

Certificates with capital protection

1.26%

14,887.70

6

↑

9,805.32

7

Credit linked notes

1.05%

12,452.80

7

↓

18,271.06

6

Sprint Certificates

0.62%

7,357.74

8

●

6,297.22

8

0.11%

1,273.46

9

●

1,718.68

9

100.00%

1,184,296

Structured bonds Total

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

1,143,710

Market Share: Investment Products by Securities Type1 (Ranking based on number of executed client orders) Issuer

Share of total

Number of executed client orders

Discount Certificates

32.25%

15,276

1

↑

12,383

2

Tracker Certificates

31.55%

14,944

2

↓

14,628

1

Bonus Certificates

18.10%

8,573

3

●

7,217

3

Reverse Certificates

11.03%

5,225

4

●

5,582

4

Express Certificates

3.69%

1,748

5

●

1,986

5

Certificates with capital protection

1.18%

558

6

↑

455

7

Credit linked notes

1.12%

529

7

↓

548

6

Sprint Certificates

0.93%

439

8

●

411

8

Structured bonds

0.15%

72

9

●

109

9

100.00%

47,364

Total

Current ranking

Trend

Previous month (number of orders)

Ranking previous month

43,319 x AKT UELL

1

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

22

euwax report

January 2016

2015

Issuer Sales Ratio Issuer Sales Ratio: Investment Products1 (Based on number of executed client orders) Issuer Sales Ratio

Trend (Linear)

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 2015 CW 41

2015 CW 45

2015 CW 49

2015 CW 53

2016 CW 4

2015 CW 41

2015 CW 45

2015 CW 49

2015 CW 53

2016 CW 4

2015 CW 37

2015 CW 33

2015 CW 29

2015 CW 25

2015 CW 21

2015 CW 17

2015 CW 13

2015 CW 9

2015 CW 5

2015 CW 1

0%

Issuer Sales Ratio: Leverage Products1 (Based on number of executed client orders) Issuer Sales Ratio

Trend (Linear)

100% 90% 80% 70% 60% 50% 40% 30% 20% 10%

1

2015 CW 37

2015 CW 33

2015 CW 29

2015 CW 25

2015 CW 21

2015 CW 17

2015 CW 13

2015 CW 9

2015 CW 5

2015 CW 1

0%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

23

euwax report

January 2016

2015

Issuer Sales Ratio: Discount Certificates1 (Based on number of executed client orders) Issuer Sales Ratio

Trend (Linear)

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 2015 CW 41

2015 CW 45

2015 CW 49

2015 CW 53

2016 CW 4

2015 CW 41

2015 CW 45

2015 CW 49

2015 CW 53

2016 CW 4

2015 CW 37

2015 CW 33

2015 CW 29

2015 CW 25

2015 CW 21

2015 CW 17

2015 CW 13

2015 CW 9

2015 CW 5

2015 CW 1

0%

Issuer Sales Ratio: Bonus Certificates1 (Based on number of executed client orders) Issuer Sales Ratior

Trend (Linear)

100% 90% 80% 70% 60% 50% 40% 30% 20% 10%

1

2015 CW 37

2015 CW 33

2015 CW 29

2015 CW 25

2015 CW 21

2015 CW 17

2015 CW 13

2015 CW 9

2015 CW 5

2015 CW 1

0%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

24

euwax report

January 2016

2015

Issuer Sales Ratio: Tracker Certificates 1 (Based on number of executed client orders) Issuer Sales Ratio

Trend (Linear)

100% 90% 80% 70% 60% 50% 40% 30% 20% 10% 2015 CW 41

2015 CW 45

2015 CW 49

2015 CW 53

2016 CW 4

2015 CW 41

2015 CW 45

2015 CW 49

2015 CW 53

2016 CW 4

2015 CW 37

2015 CW 33

2015 CW 29

2015 CW 25

2015 CW 21

2015 CW 17

2015 CW 13

2015 CW 9

2015 CW 5

2015 CW 1

0%

Issuer Sales Ratio: Reverse Convertibles1 (Based on number of executed client orders) Issuer Sales Ratio

Trend (Linear)

100% 90% 80% 70% 60% 50% 40% 30% 20% 10%

1

2015 CW 37

2015 CW 33

2015 CW 29

2015 CW 25

2015 CW 21

2015 CW 17

2015 CW 13

2015 CW 9

2015 CW 5

2015 CW 1

0%

Source: XITARO®, in-house analysis by the Stuttgart Exchange (without issuers/market makers) as at January 2016

25

euwax report

January 2016

2015

Euwax – what’s new New Products Launched Number of new products launched in January 2016 Issuer

Leverage products without knock-out

Leverage products with knock-out

BNP Paribas

78,445

192,401

Citi

68,275

290,795

Commerzbank

77,356

249,774

Deutsche Bank

53,180

233,445

DZ Bank

42,238 91

Goldman Sachs

37,539

HSBC Trinkaus HVB/UniCredit Interactive Brokers

Erste Group Bank

JPMorgan

Capital Protection Yield enhancement products products -

Total

115,167

386,013

-

74,974

434,044

1

103,712

430,843

10

76,063

362,698

83,443

-

106,433

232,114

2,818

-

161

3,070

65,854

-

74,735

178,128

13,262

58,081

1

43,832

115,176

52,974

135,639

-

38,795

227,408

37,504

21,561

-

-

59,065

-

-

-

27

27

2,526

23,935

-

2,380

28,841

LBBW

-

-

24

7,577

7,601

Morgan Stanley

-

-

1

11

12

Raiff. Centrobank

1,186

458

16

897

2,557

Société Générale

23,659

136,058

-

64,799

224,516

UBS

60,376

252,840

-

34,064

347,280

Vontobel

49,574

195,155

-

68,774

313,503

Lang & Schwarz

WGZ BANK Total

-

-

-

699

699

598,185

1,942,257

53

813,100

3,353,595

26

euwax report

January 2016

2015

Products Reaching Final Maturity Number of products reaching final maturity in January 2016 (including knocked-out products) Issuer Barclays Capital

Leverage products without knock-out

Leverage products with knock-out

Capital Protection Yield enhancement products products

Total

-

822

-

2

824

BNP Paribas

73,940

197,941

2

111,855

383,738

Citi

66,136

279,872

-

69,843

415,851

Commerzbank

67,392

243,037

17

72,946

383,392

Deutsche Bank

61,036

233,309

13

55,509

349,867

DZ Bank

37,778

82,904

-

72,671

193,353

89

2,561

14

163

2,827

Goldman Sachs

40,513

62,588

10

50,744

153,855

HSBC Trinkaus

11,303

60,173

-

26,023

97,499

HVB/UniCredit

54,851

131,367

13

29,592

215,823

Interactive Brokers

37,582

19,962

-

-

57,544

-

1

5

46

52

2,264

23,502

-

378

26,144

LBBW

8

-

51

4,013

4,072

Morgan Stanley

-

-

22

4

26

Nomura

-

-

-

1

1

Rabobank

-

-

-

1

1

1,202

458

11

851

2,522

Erste Group Bank

JPMorgan Lang & Schwarz

Raiff. Centrobank RBS

3

1,016

-

655

1,674

Société Générale

12,550

133,398

9

33,696

179,653

UBS

68,214

259,904

6

66,202

394,326

Vontobel

44,604

194,727

6

47,189

286,526

WGZ BANK Total

-

-

6

348

354

579,465

1,927,542

185

642,732

3,149,924

(as at January 2016)

27

euwax report

January 2016

2015

Listed Products Number of listed products as at January 2016 Issue r

Sha r e o f total

J a nua r y 2 0 1 6 1

Cur r e nt r a nk i ng

Commerzbank

14.01%

186,097

1

Deutsche Bank

11.19%

148,589

2

Citi

10.94%

145,240

3

BNP Paribas

10.27%

136,311

4

DZ Bank

9.94%

131,936

5

Vontobel

9.11%

120,922

6

UBS

7.72%

102,455

7

HVB/UniCredit

7.27%

96,527

8

Société Générale

7.12%

94,602

9

Goldman Sachs

5.14%

68,304

10

HSBC Trinkaus

4.79%

63,597

11

Lang & Schwarz

0.78%

10,296

12

LBBW

0.75%

9,937

13

Interactive Brokers

0.46%

6,169

14

Raiff. Centrobank

0.29%

3,825

15

Erste Group Bank

0.14%

1,900

16

WGZ BANK

0.06%

825

17

RBS

0.01%

145

18

Morgan Stanley

0.01%

72

19

Barclays Capital

0.00%

62

20

JPMorgan

0.00%

43

21

Bank of America Merrill Lynch

0.00%

9

22

Nomura

0.00%

2

23

Erste Abwicklungsanstalt

0.00%

1

24

Rabobank

0.00%

1

24

100.00%

1,327,867

1

Number of listed products as at 31 January 2016 (reporting date).

2

Number of listed products as at 31 December 2015 (reporting date).

Tr e nd

● ● ● ● ● ● ● ● ● ↑ ↓ ● ● ● ● ● ↑ ↓ ● ● ● ● ● ↑ ●

De ce m be r 2015 2

Ra nk i ng pr e v i o us m o nt h

180,348

1

143,669

2

139,269

3

135,260

4

130,507

5

107,432

6

99,203

7

91,820

8

90,289

9

60,144

11

63,649

10

10,239

12

9,703

13

6,301

14

3,512

15

2,050

16

152

18

741

17

75

19

65

20

35

21

9

22

3

23

0

25

1

24

1,274,476

28

euwax report

January 2016

2015

Mistrades and complaints Number of mistrade applications granted by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of executed client orders 1

as at January 2016

Raiff. Centrobank

2.3753 ‰

Société Générale

0.2181 ‰

Lang & Schwarz

0.1218 ‰

Vontobel

0.0830 ‰

UBS Deutsche Bank Euwax AG

0.0656 ‰ 0.0170 ‰ 0.0033 ‰

Total mistrade applications granted (as a proportion of all executed orders) 0.0327 ‰ Trading participants that are not shown in this table did not submit any mistrade applications during the reporting period. 1

Number of mistrade applications rejected by the Trading Surveillance Office for securitised derivatives as a proportion of the total number of executed client orders 2 Raiff. Centrobank

as at January 2016 1.1876 ‰

Total mistrade applications rejected (as a proportion of all executed orders) 0.0033 ‰ 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 January 2016 Complaints3 Complaints (thereof authorised / warranted)

0.016% 4

0.002%

3

Total client complaints received as a proportion of all executed orders for trading in securitised derivatives over the period covered by the report. 4

Total complaints upheld (as a proportion of all executed 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

January 2016

2015

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 11.90 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 monthly report. Reporting. The report for the preceding month is published at the beginning of the current month.

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.

Issuer Sales Ratio. The Issuer 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 executed.

Important note. It is intended that this monthly 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: ➲ [email protected]

Market comments. Solenne Peltier, Boerse Stuttgart GmbH, phone: +49 (0) 711 222 518 – 697, email: ➲ [email protected]

Statistical data. Data management, Boerse Stuttgart GmbH, phone: +49 (0) 711 222 985 - 796, email: ➲ [email protected] © 2016 Boerse Stuttgart GmbH, Euwax is a registered trademark of Baden-Wuerttembergische Wertpapierboerse GmbH.

30