The traded volume of investment certificates and leverage products on the Stuttgart and Frankfurt exchanges stood at €3.3bn in September, down only 0.2% from August, while the number of customer orders rose by 2.7% to 374,174, according to the latest figures released by the German derivatives association Deutscher Derivate Verband (DDV).
The average volume per order grew by 2.6% to €8,845 and issuance levels increased compared with previous months, with 46,302 investment and 134,033 leverage certificates offered to investors. As of the end of September, there were 472,521 investment certificates and 638,420 leverage certificates open for investment on both exchanges.
Issuers
Forty-seven issuers listed products on the Stuttgart and Frankfurt exchanges in September. Deutsche Bank and Commerzbank were the main issuers with a market share of 28.5% and 18.5% and a turnover of €943.5m and €611.8m, respectively. The two market leaders were followed at some distance by BNP Paribas (€281.3m, 8.5%), DZ Bank (€254m turnover, 7.7% market share), HSBC (€173m, 5.2%), Vontobel (€172m, 5.2%), UBS (€165.9m, 5%) and Citi (€163m, 4.9%).
Certificates
Trading of discount certificates fell by 0.4% to €532.8m in turnover, while the turnover of reverse convertibles increased by 16.4% to €159.9m. Turnover for index and participation certificates also rose in September by 2.9%, to €286.6m. Express certificates saw a decrease of 5.2%, registering €64.2m. The monthly turnover of fully capital-protected certificates increased by 5.9% to €3835m. Credit-linked structured bonds grew by 7.2% with a €18.1m turnover. The trading volume for outperformance and sprint certificates jumped 63.6% to €17.2m.
The two German exchanges reported that the best-selling exchange trading category was knock out products with a turnover of €951.7m and even warrant certificates rose by 9.4% to €485.6m. Factor certificates fell by 11.5% and traded with a turnover of €228.1m.
Investment products linked to indices fell by 1.4% to €774.2m. Certificates linked to shares rose 5.2%, making up 40.5% of the total volume with €666.4m. Meanwhile, the sales volume of products linked to commodities rose by 36.5% to €65.7m. In leverage products the volume of products linked to indices had a market share of 55.2% with €918.5m, while shares made up 25.1% market share with €417.6m. Leverage products linked to commodities increased by 25.9% to €68.1m.
Exchange turnover
Stuttgart’s stock exchange reported a total of €2.1bn traded in structured products, with a total of 234,348 client orders. Frankfurt’s stock exchange trading turnover was €1.2bn across 139,826 client orders.
Click here to read the DDV’s turnover report for September.