Deutsche Bank takes lion's share in Germany

Deutsche Bank has the largest share of the German structured products market, with 19.82%, leaving the previous leader, DZ Bank, just behind with 18.71%, according to the latest second quarter 2009 figures from Deutsche Derivate Verband (DDV). Together, the top five issuers claim 79% of the whole market, which has grown to €88.7bn in the second quarter along with the recovery of the international capital markets.

Meanwhile, the participation of Commerzbank in the survey for the first time and its integration of Dresdner saw this newcomer claim 14.5% of the market, placing it third in the rankings.

The biggest winners, however, in comparison with the first quarter, were in fourth and fifth place, respectively: HypoVereinsbank, with a rise of 11.99% to a market share of 13.17%, and West LB, with a market share of 12.69% (up 12.09% on the first quarter).

In terms of product categories, for investment products, Deutsche Bank (19.71%) maintained its lead ahead of DZ Bank (18.84%), Commerzbank (14.39%), HypoVereinsbank (13.29%) and West LB (12.79%).

For leveraged products, Deutsche Bank was also ahead (32.75%), leading Commerzbank (27.09%), HSBC Trinkaus & Burkhardt (12.21%), BNP Paribas (7.34%) and UBS (6.36%).

For capital-guaranteed products, which account for 64% of the investment certificates category, DZ Bank led (22.46%), followed by WestLB (18.56%) and Deutsche Bank (17.49%). Discount certificates took 7% of the open interest of investment certificates. The market leader was Deutsche Bank, with 27.58%, followed by Commerzbank, with 20.3%, and BNP Paribas, with 16.92%. Bonus certificates and partially-protected certificates made up 6.6% of the investment certificate market. Commerzbank also headed that category, with 22.54%, tailed by Deutsche Bank, with 19.4%, and HypoVereinsbank, with 18.67%.

Finally, Commerzbank was the new leading issuer of reverse convertibles, with 31.06%, ahead of HypoVereinsbank, with 21.53%, and LBBW, with 13.27%.

The survey is based on the outstanding volumes of the 14 banks that participate in DDV's monthly open interest survey. The survey 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.