Once again, Deutsche Bank is the issuer with the largest share of the German structured products market, at 18.01% (down 1.8%), followed closely by DZ Bank, with 17.8% (down 0.9%) and Commerzbank, 16.4% (up 1.9%), according to the third-quarter 2009 figures from Deutscher Derivate Verband (DDV). Together, the top three issuers claim 52% of the whole market, which has grown to over €100bn in the third quarter.
The biggest winner after Commerzbank, in comparison with the second quarter, was WestLB, in fourth place (14.13% market share, up 1.4%), overtaking HyperVereinsbank, which fell back to fifth place (11.57%, down 1.6%).
However, in terms of product categories for investment products, DZ Bank took the lead, with a 17.93% market share, ahead of Deutsche Bank (17.87%). Commerzbank (16.28%), WestLB (14.26%) and HypoVereinsbank (11.69%) are the runners up.
For leveraged products, Deutsche Bank is still ahead (31.77%), leading Commerzbank (28.48%), HSBC Trinkaus & Burkhardt (14.24%) and UBS (8.42%).
For capital-guaranteed products, which account for 65% of the investment certificates category, DZ Bank led (20.66%), followed by WestLB (20.43%) and Deutsche Bank (15.93%). Discount certificates took 6.5% of the open interest of investment certificates. The market leader was Deutsche Bank, with 26.03%, followed by Commerzbank, with 21.4%, and BNP Paribas, with 14.06%. Bonus certificates and partially-protected certificates made up 6.1% of the investment certificate market. Commerzbank also headed that category, with 25.37%, tailed by HypoVereinsbank, with 17.7%, and Deutsche Bank, with 15.89%. Express certificates took 11% of the outstanding volume. DZ Bank led here, with 25.15%, followed by Deutsche Bank (20.85%), Commerzbank (16.69%) and HypoVereinsbank (16.68%).
The survey is based on the outstanding volumes of the 14 banks that participate in DDV's monthly open interest survey, which covers 85% of the German derivatives market. The 14 participating banks are BayernLB, BNP Paribas, Deutsche Bank, DZ Bank, Commerzbank, Goldman Sachs, HSBC Trinkaus & Burkhardt, HypoVereinsbank, LBBW, Nord/LB, Sal Oppenheim, UBS, WestLB and WGZ.