DOCSLIB.ORG

Dividend Derivatives

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Dividend Derivatives Eurex Dividend Derivatives August 2021 Eurex offers a wide range of Dividend Derivatives Evolution of the dividend market segment and product portfolio Launch of June expiries for EURO STOXX 50® Change of SSDF Launch of 43 Index Dividend Futures Launch of the FTSE Launch of Launch of 50 multiplier from Launch of 31 single stock and quarterly expiries for 100 Declared Dividend EuroStoxx 50 single stock 100 to 1000 Launch of UK European Single dividend futures EUR & CHF Single Index Futures (FTDD) Index Dividend dividend futures underlying single stock Stock Dividend and 2 Sector Stock Dividend Futures (CFTC Approval for US Futures (FEXD) (EuroStoxx 50) shares dividend futures Futures Dividend Futures (SSDF) Participants in June) Jun 2008 Jan/Mar 2010 Oct 2010 Feb 2011 Jan/Feb 2015 Jul 2019 Oct 2020 Mar/Jun 2021 Eurex Dividend Derivatives Jun 2009 May 2010 Nov 2010 Mar 2012 Jan 2017 Oct 2019 Nov 2020 Apr 2021 Launch of 4 Launch of Launch of 10 Launch of sector FEXD – CFTC Launch of 3 Launch of 21 Launch of 20 additional index options on Swiss single index dividend approval for U.S MSCI Index new single stock new single stock futures (SMI, DAX, EuroStoxx 50 stock dividend futures Participants Dividend Futures dividend futures dividend futures EuroStoxx Select Index Dividend futures Dividend, DivDAX) Futures (OEXD) 2 August 2021 Public Dividend Derivatives volume development Volume & Open Interest Eurex Index and Single Stock Dividend Derivatives Index Dividend Futures Traded Volume Index Dividend Options Traded Volume Single Stock Dividends Futures Traded Volume Total Open Interest 5.000.000 10.000.000 4.500.000 9.000.000 4.000.000 8.000.000 3.500.000 7.000.000 Open Interest 3.000.000 6.000.000 2.500.000 5.000.000 2.000.000 4.000.000 Traded Contracts 1.500.000 3.000.000 1.000.000 2.000.000 500.000 1.000.000 0 0 Jun 08 Mar 09 Dec 09 Sep 10 Jun 11 Mar 12 Dec 12 Sep 13 Jun 14 Mar 15 Dec 15 Sep 16 Jun 17 Mar 18 Dec 18 Sep 19 Jun 20 Mar 21 Traded Daily Order Book Market Share Volume Split Year YoY Change No. of Trades Contracts Average Share Agent MM Principal Options Futures 2021 11,420,490 67,179 -11.90% 11.92% 96,271 64% 28% 8% 16% 84% 2020 19,078,867 74,819 15.80% 23.84% 294,424 57% 32% 12% 14% 86% 2019 16,475,056 65,118 0.23% 18.97% 146,637 55% 36% 9% 15% 85% 2018 16,436,598 64,967 74% 18.86% 137,099 53% 36% 11% 14% 86% 3 August 2021 Public Your benefits trading Dividend Derivatives Potential uses & applications of trading listed futures and options ✓ Income protection – allows investors to lock in expected & implied dividends to assure income returns ✓ Hedging of dividend risk – particularly for structured products and equity options ✓ Directional views on dividends – trading of house views on earnings and distributions ✓ Isolation of price return/capital growth on equities ✓ Dispersion / correlation – trading single stock vs index dividends Dividend ✓ Opportunistic trades Derivatives ✓ Curve trading – terms structures / calendar spreads ✓ Diversification ✓ Relative value trading – to other asset classes e.g. credit ✓ Underlying for dividend linked structures ✓ No counterparty risk & no documentation required ✓ More liquidity and transparency comparing to the OTC Listed ✓ Standardized treatment of corporate actions adjustments futures ✓ Underlying index for each contract and maturity to monitor accrued dividend ✓ Possibility to monitor the history of implied dividends across market events 4 August 2021 Public Eurex Dividend Derivatives outline What are they & which dividends count? ▪ Dividend Derivatives allow investors to take positions in, or hedge, future dividend payments – and can be based on individual stocks or on equity indexes. ▪ The futures and options contracts themselves settle to the realized value of dividend payments in a future period – i.e. that period referenced by the contract. Outline ▪ In Europe the most common settlement period is an annual one (Dec to Dec) and the settlement of each contract is the value equivalent to dividends paid - either in cash (for individual stocks) or the dividend amount in index point equivalents. ▪ Gross (100%) of declared dividends, paid either in cash or shares, unless the related primary derivatives exchange / index provider makes an adjustment to underlying. ▪ Stock dividends are usually included at the cash equivalent amount. ▪ Dividends declared special or extraordinary by the issuer are usually excluded* Qualifying dividends ▪ Return of capital: they follow the related underlying exchange rules. ▪ Share buy-backs are excluded. * However where such a special dividend is adjusted in the underlying price index by an amount net of withholding tax – that withholding tax element is used in the calculation for the gross dividend points. 5 August 2021 Public EURO STOXX 50® Index Dividend Futures Volume & Open Interest EURO STOXX® 50 Index Dividend Futures 3.000.000 1.400.000 1.200.000 2.500.000 1.000.000 2.000.000 Open Interest 800.000 1.500.000 600.000 Traded Contracts 1.000.000 400.000 500.000 200.000 0 0 Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun 08 08 09 09 09 10 10 10 11 11 11 12 12 12 13 13 13 14 14 14 15 15 15 16 16 16 17 17 17 18 18 18 19 19 19 20 20 20 21 21 Order Book Volume Off Book Volume Open Interest 6 August 2021 Public EURO STOXX 50® Index Dividend Futures Capital Volume in EUR EURO STOXX 50® Index Dividend Futures - Capital Volume 25.000 20.000 in million EUR 15.000 10.000 5.000 0 Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun Oct Feb Jun 08 08 09 09 09 10 10 10 11 11 11 12 12 12 13 13 13 14 14 14 15 15 15 16 16 16 17 17 17 18 18 18 19 19 19 20 20 20 21 21 7 August 2021 Public Index Dividend Futures Aug-2021 (by maturity) EURO STOXX 50® Index Futures - Term Structure 80.000 250.000 70.000 200.000 60.000 50.000 Opern Interest 150.000 40.000 100.000 30.000 Traded Contracts 20.000 50.000 10.000 0 0 202112 202206 202212 202306 202312 202412 202512 202612 202712 202812 202912 203012 Traded as Agency Traded as Market Maker Traded as Principal Open Interest Adjusted 8 August 2021 Public Other Index Dividend Futures (1/2) Underlying EURO STOXX® Banks Dividend Futures 250.000 350.000 300.000 200.000 250.000 Open Interest 150.000 200.000 150.000 100.000 Traded Contracts 100.000 50.000 50.000 0 0 Jan Mar May Jul 17 Sep Nov Jan Mar May Jul 18 Sep Nov Jan Mar May Jul 19 Sep Nov Jan Mar May Jul 20 Sep Nov Jan Mar May Jul 21 17 17 17 17 17 18 18 18 18 18 19 19 19 19 19 20 20 20 20 20 21 21 21 Order Book Volume Off Book Volume Open Interest 9 August 2021 Public Other Index Dividend Futures (2/2) Underlying EURO STOXX® Select Dividend 30 SMI® Dividend Futures Index Dividend Futures 700 2.500 30.000 60.000 600 2.000 25.000 50.000 500 20.000 40.000 Open Interest 1.500 Open Interest 400 15.000 30.000 300 1.000 Traded Contracts Traded Contracts 10.000 20.000 200 500 5.000 10.000 100 0 0 0 0 Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr Jan Jun Nov Apr Sep Feb Jul Dec May Oct Mar Aug Jan Jun Nov Apr 15 15 15 16 16 17 17 17 18 18 19 19 20 20 20 21 15 15 15 16 16 17 17 17 18 18 19 19 20 20 20 21 Order Book Volume Off Book Volume Open Interest Order Book Volume Off Book Volume Open Interest 10 August 2021 Public EURO STOXX 50® Index Dividend Options (OEXD) Volume & Open Interest EURO STOXX® 50 Index Dividend Options 600.000 3.000.000 500.000 2.500.000 400.000 2.000.000 Open Interest 300.000 1.500.000 Traded Contracts 200.000 1.000.000 100.000 500.000 0 0 Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May 10 10 10 11 11 11 12 12 12 13 13 13 14 14 14 15 15 15 16 16 16 17 17 17 18 18 18 19 19 19 20 20 20 21 21 Order Book Volume Off Book Volume Open Interest 11 August 2021 Public Index Dividend Options Aug-2021 (by maturity) EURO STOXX 50® Index Options - Term Structure 25.000 1.200.000 1.000.000 20.000 800.000 15.000 Open Interest 600.000 10.000 Traded Contracts 400.000 5.000 200.000 0 0 202112 202212 202312 202412 202512 Traded as Agent Traded as Market Maker Traded as Principal Open Interest Adjusted 12 August 2021 Public Single Stock Dividend Futures Volume & Open Interest Single Stock Dividend Futures 1.600.000 6.000.000 1.400.000 5.000.000 1.200.000 4.000.000 1.000.000 Open Interest 800.000 3.000.000 600.000 Traded Contracts 2.000.000 400.000 1.000.000 200.000 0 0 Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May Sep Jan May 10 10 10 11 11 11 12 12 12 13 13 13 14 14 14 15 15 15 16 16 16 17 17 17 18 18 18 19 19 19 20 20 20 21 21 Order Book Volume Off Book Volume Open Interest 13 August 2021 Public Single Stock Dividend Futures – YTM figures Volume distribution January – August 2021 Total SSDFs - Capital Volume in EUR EURO STOXX 50® Constituent SSDFs - Volumes USA Finland Belgium Germany Great Britain Netherlands Netherlands Switzerland 0,02% 1% 1% 5% 1% 5% 7% Belgium 4% 0,44% Germany Spain 13% 12% Spain 3% Italy 11% France 40% Italy 35% France 62% 14 August 2021 Public Single Stock Dividend Futures – YTM Top Traded Stocks Volume and Contract distribution January – August 2021 SSDFs - Top 10 Single Stocks Cap.Vol.
Load more

Recommended publications
  • OPTIMAL VALUE R Eurozone Value Equity ISIN FR0012144590 MONTHLY REPORT AUGUST 31, 2021
    MANDARINE OPTIMAL VALUE R Eurozone Value Equity ISIN FR0012144590 MONTHLY REPORT AUGUST 31, 2021 Risk profile 1 2 3 4 5 6 7 Mandarine Optimal Value selects eurozone companies with two specific characteristics: stocks that are undervalued by the market and offer an improving financial and extra- financial outlook (positive momentum). +2.7% +24.2% 16.9% Performance Performance Volatility 1 month YTD 1 year PERFORMANCES AND RISKS The data presented relates to past periods, past performance is not an indicator of future results. Bench. Bench. Bench. +2.6% +20.3% 16.9% Statistical indicators are calculated on a weekly basis. Benchmark: EuroStoxx Large NR Evolution since inception 162.13EUR Fund Bench. Net asset value 80% Yohan Florian SALLERON ALLAIN 60% Even if some fears persist regarding the pace of future growth (thereby favouring stocks with 40% generally defensive profiles over the month), the eurozone stock markets pursued their rebounds, 20% consequently showing solid annual gains. 0% As could be expected, the best contributors to the fund’s performance over the month included -20% healthcare (Merck, Eurofins scientific) and public 2015 2016 2017 2018 2019 2020 2021 services (Verbund). Our luxury goods stocks (LVMH, Moncler and Kering) suffered in August due to Chinese Annual performances statements evoking the idea of a better distribution of wealth in China. Fund Bench. 30% Despite the rather cyclical bias in our portfolio, +26.5 +24.2 which we are maintaining due to these stocks’ +20.3 +16.3 good financial momentum (which is not 15% +12.3 +10.8 weakening), the fund nevertheless succeeded in +6.2 slightly outperforming its benchmark index over +4.0 the month, thereby adding to its cumulative 0% outperformance since the beginning of the year.
    [Show full text]
  • Conversion Report (PDF, 958
    This document is an English translation of the original German language document. The translation is exclusively for convenience purposes. Only the original German language document is authorative and binding. Fresenius SE Change of the Legal Form into a Partnership Limited by Shares Conversion Report of the Management Board Convenience Translation Important Notice: This conversion report is neither an offer to sell voting ordinary bearer shares or non-voting preference bearer shares, nor an invitation to make the Company an offer to buy voting ordinary bearer shares or non-voting preference bearer shares. Such an offer requires special publication as the case may be, and, in so far as required by national law, a separate prospectus. This conversion report is not an offer to sell securities in the United States of America (USA). Securities may be sold or offered for purchase in the USA only with prior registration or without prior registration only on the basis of an exception provided. This conversion report is neither an offer to sell voting ordinary limited partner shares nor an invitation to make the Company an offer to buy voting ordinary limited partner shares. Such an offer requires special publication as the case may be, and, in so far as required by national law, a separate prospectus. This conversion report is not an offer to sell securities in the USA. Securities may be sold or offered for purchase in the USA only with prior registration or without prior registration only on the basis of an exception provided. This document does not constitute an offer document or an offer of transferable securities to the public in the United Kingdom to which section 85 of the Financial Services and Markets Act 2000 of the United Kingdom (“FSMA”) applies and should not be considered as a recommen- dation that any person should subscribe for or purchase any securities as part of the Transaction.
    [Show full text]
  • RWE Supervisory Board Decides on Successions for the Executive Board of RWE AG
    Press release RWE Supervisory Board decides on successions for the Executive Board of RWE AG • Dr. Markus Krebber to become Chief Executive Officer (CEO) of RWE AG as of 1 July 2021 • Dr. Michael Müller to take over as new Chief Financial Officer (CFO) of the company at the same point in time • Zvezdana Seeger appointed Chief Human Resources Officer (CHR) and Labour Director of RWE AG effective 1 November 2020 Essen, 18 September 2020 Dr. Werner Brandt, Chairman of the Supervisory Board of RWE AG: “Today, the Supervisory Board decided on the succession of positions within the Executive Board of RWE AG. This will ensure that RWE's strategic orientation, which Rolf Martin Schmitz and Markus Krebber have advanced consistently since 2016, will continue to be pursued with the utmost resolve: to position RWE as a global leader in renewable energy with the declared goal of being carbon neutral by 2040.” At the end of July this year, the Supervisory Board of RWE AG had already appointed Dr. Markus Krebber (47) CEO of RWE AG effective 1 July 2021 for a term of five years. He succeeds Dr. Rolf Martin Schmitz, whose contract expires on this date, as scheduled. At its meeting today, the Supervisory Board took further important personnel decisions in order to ensure a seamless transition of responsibilities. With Krebber taking up the CEO position, Dr. Michael Müller (49) will succeed as the Group's Chief Financial Officer (CFO) as of 1 July next year. The Supervisory Board appointed Müller to the Executive Board of RWE AG effective already 1 November 2020.
    [Show full text]
  • 4607 Stores 11084 Millions Of
    4,607 stores millions of 11,084 euros in sales countries with 74 sales presence 92,301 employees nnual A Report 2009 Global Reporting 6 Initiative Indicators Letter from the 14 Chairman Inditex business 16 model 18 53 54 163 IP Inditex Performance IC Inditex Commitment Summary of 2009 Customers, shareholders 20 financial year 56 and society Milestones Corporate Social 26 for the year 66 Responsibility Commercial Human 28 concepts 124 Resources International Environmental 46 presence 136 dimension 4 Inditex Annual Report 2009 164 309 LD Legal Documentation Economic and financial 167 report Corporate governance 233 report Activities Report 296 Audit and Control Committee Activities Report Nomination 303 And Remuneration Committee Verification of the audit of 308 GRI indicators 5 lobal G Reporting Initiative Indicators With transparency as the fundamental principle in its relationship with society, Inditex has followed the Global Reporting Initiative indicators since it published its first Sustainability Report in 2002. Using this guide, Inditex attempts to provide detailed, organised access to the infor- mation on its activity to all its stakeholders. Within the general indicators, specific indicators for the textile and footwear sector have been included, identified in the following way: Specific indicator for the sector Specific indicator comment for the sector 6 Inditex Annual Report 2009 Pages 1. STRATEGY AND ANALYSIS 14-15 1.1 Statement from the most senior decision-maker about the relevance of sustainability to the organisation and its strategy. 267-273, 1.2 Description of key impacts, risks, and opportunities. 20-25 Apparel and Footwear Sector Specific Commentary: Where applicable, this should include an assessment of supply chain performance.
    [Show full text]
  • Allianz: Frontrunner on Climate Change in Danger of Losing Ground
    Allianz: Frontrunner on Climate Change in Danger of Losing Ground Briefing Paper by Urgewald and the Unfriend Coal Coalition August 2, 2017 Introduction Since 2015, Allianz has been rightfully praised for its divestment from coal. The company must now also take the next logical steps: 1. The company must cease to offer insurance services to coal companies from which it has divested share and bond holdings. 2. Recent research on financial investments shows that the Allianz investment portfolio still contains vast amounts of shares and bonds from major coal companies such as India’s NTPC or the Polish energy utilities PGE, Energa and Enea. This is in line with the Allianz divestment decision because the decision only pertains to investments the company makes on its own account. To fully exclude coal investments from its portfolio, Allianz must extend its divestment decision to funds it manages on behalf of third parties. French insurance company AXA committed to doing just that at its 2017 Annual General shareholder meeting (AGM): Exclude insurance of coal companies covered by its divestment decision and extend the divestment to funds the company manages on behalf of third parties. 3. Alliance must also cut ties with companies that do not fall under the threshold of at least 30 percent share of coal but that have massive expansion plans for coal extraction or consumption. In 2015, Allianz made history with its announcement to exclude coal companies from its portfolio. The divestment decision applies to companies that generate a minimum of 30 percent of their revenue from the sale of coal and those that use coal for at least 30 percent of their electricity generation.
    [Show full text]
  • Liste Des Actions Concernées Par L'interdiction De Positions Courtes Nettes
    Liste des actions concernées par l'interdiction de positions courtes nettes L’interdiction s’applique aux actions listées sur une plate-forme française et relevant de la compétence de l’AMF au titre du règlement 236/2012 (information disponible dans les registres ESMA). Cette liste est fournie à titre informatif. L'AMF n'est pas en mesure de garantir que le contenu disponible est complet, exact ou à jour. Compte tenu des diverses sources de données sous- jacentes, des modifications pourraient être apportées régulièrement. Isin Nom FR0010285965 1000MERCIS FR0013341781 2CRSI FR0010050773 A TOUTE VITESSE FR0000076887 A.S.T. GROUPE FR0010557264 AB SCIENCE FR0004040608 ABC ARBITRAGE FR0013185857 ABEO FR0012616852 ABIONYX PHARMA FR0012333284 ABIVAX FR0000064602 ACANTHE DEV. FR0000120404 ACCOR FR0010493510 ACHETER-LOUER.FR FR0000076861 ACTEOS FR0000076655 ACTIA GROUP FR0011038348 ACTIPLAY (GROUPE) FR0010979377 ACTIVIUM GROUP FR0000053076 ADA BE0974269012 ADC SIIC FR0013284627 ADEUNIS FR0000062978 ADL PARTNER FR0011184241 ADOCIA FR0013247244 ADOMOS FR0010340141 ADP FR0010457531 ADTHINK FR0012821890 ADUX FR0004152874 ADVENIS FR0013296746 ADVICENNE FR0000053043 ADVINI US00774B2088 AERKOMM INC FR0011908045 AG3I ES0105422002 AGARTHA REAL EST FR0013452281 AGRIPOWER FR0010641449 AGROGENERATION CH0008853209 AGTA RECORD FR0000031122 AIR FRANCE -KLM FR0000120073 AIR LIQUIDE FR0013285103 AIR MARINE NL0000235190 AIRBUS FR0004180537 AKKA TECHNOLOGIES FR0000053027 AKWEL FR0000060402 ALBIOMA FR0013258662 ALD FR0000054652 ALES GROUPE FR0000053324 ALPES (COMPAGNIE)
    [Show full text]
  • Virtual Power Plants in Competitive Wholesale Electricity Markets
    Virtual Power Plants in Competitive Wholesale Electricity Markets Experience with RWE Virtual Power Plant in Germany How new business models can enable Virtual Power Plants through new energy market opportunities in US Prashanth Duvoor Siemens Smart Grid Division © Siemens AG 2012. All rights reserved. Page 1 April 18, 2013 Infrastructure & Cities Sector – Smart Grid Division Key Challenges Drive Implementation of Demand Response Programs & Virtual Power Plants Challenges Generation & network bottlenecks New market opportunities for Increasing peak load Trends distributed energy resources prices and demand response Increasing distributed & renewable generation Rising consumption © Siemens AG 2012. All rights reserved. Page 2 April 18, 2013 Infrastructure & Cities Sector – Smart Grid Division Short Overview of German Electricity Markets – before we look at the RWE VPP Example European § Standard products traded at the EEX are hourly day-ahead Energy contracts as well as bundled base and peak contracts. Exchange § Operates an intra-day market based on the same hourly EEX contracts traded in the day-ahead market. § TSOs is responsible to maintain the transmission system stability and reliability in supply (Primary, Secondary and tertiary reserve) § Primary reserve satisfy a TSOs’ demand for up/down Transmission System regulation Activation time: 30 sec, and Availability time: up Operator to 15 mins (TSO) § Secondary reserve - satisfy a TSOs’ demand for up/down regulation Activation time: 5 mins, and Availability time: 15 mins to 1 hr § Tertiary
    [Show full text]
  • BIODIVERSITY STRATEGY Bending the Curve on Biodiversity Loss KERING BIODIVERSITY STRATEGY
    BIODIVERSITY STRATEGY Bending the Curve on Biodiversity Loss KERING BIODIVERSITY STRATEGY FOREWORD “How we solve the ongoing environmental crisis is likely the biggest challenge facing our generation. Given the scale of biodiversity loss sweeping the planet, we must take bold action. As businesses, we need to safeguard nature within our own supply chains, as well as champion transformative actions far beyond them to ensure that humanity operates within planetary boundaries. At Kering, our Houses’ products begin their lives in farms, fields, forests and other ecosystems around the world. The careful stewardship of these landscapes is fundamental to our continued success, and also linked to our responsibility on a broader global scale. With Kering’s biodiversity strategy, we are proud to put forth concrete targets to play our part in bending the curve on biodiversity loss, and helping to chart a course for our industry.” François-Henri Pinault Chief Executive Officer, Kering 1 KERING BIODIVERSITY STRATEGY CONTENTS Our Planet In Peril – p.03 Our Commitment – p.04 A Paradigm Shift – p.05 Taking Stock of Progress at Kering – p.06 Taking Action: Aligning To The Science Based Targets Network – p.07 Value Chain Mapping & Materiality Assessments – p.08 Environmental Profit & Loss (EP&L) Accounting – p.09 The Biodiversity Impact Metric – p.09 The Guiding Framework Stage 1: Avoid – p.10 Stage 2: Reduce – p.13 Stage 3: Restore & Regenerate – p.16 Stage 4: Transform – p.20 Monitoring, Reporting & Verification– p.23 Final Thoughts – p.23 References – p.24 Acknowledgements We wish to thank the many external reviewers who provided critical feedback to strengthen this strategy.
    [Show full text]
  • Annual Report 2014
    We want to help people and businesses prosper Annual 2014 report Santander in 2014 Santander’s purpose is to help people and businesses prosper. We want to be the best retail and commercial bank that earns the lasting loyalty of our people, customers, shareholders and communities. Ana Botín Group executive chairman Employees Customers Shareholders Communities 12 million students and teachers benefit from cooperation agreements 185,405 117 3.2 between universities and employees million customers million shareholders the Bank Gender International network Agreements with universities 45% 55% 12,951 €0.479 1,175 branches EPS in 2014 cooperation agreements in 21 countries Customer loans (net) Positioning Contribution to higher education 97% 734,711 #1 146 employees received million euros largest market capitalisation million euros for training in 2014 in the euro zone universities Recognitions Geographic diversification Contribution to attributable profit (%) REST OF EUROPE 6% UNITED KINGDOM UNITED STATES 19% 10% GERMANY 5% POLAND 6% BRAZIL MEXICO 19% 8% PORTUGAL 2% REST OF LATIN AMERICA 1% SPAIN 14% CHILE ARGENTINA 6% 4% Main countries Other countries where Banco Santander has commercial and retail banking businesses: Peru, Puerto Rico, Uruguay, Colombia, Norway, Sweden, Finland, Denmark, Holland, Belgium, Austria, Switzerland and Italy. Financial indicators Total on-balance sheet assets CET1 fully loaded 1,266,296 9.7% Million euros Group attributable profit Balance sheet and results (Million euros) 2014 2013 Million euros Customer loans
    [Show full text]
  • Euro Stoxx 50® Index
    MARKET-LINKED PRODUCTS UNDERLIER: EURO STOXX 50® INDEX Market-Linked Products, considered complex investments, are linked to the performance of an underlying asset, such as the EURO STOXX 50® Index (“Index”). Dividends paid on the underlier are not passed through to the Market- Linked Product. If held to maturity, any potential coupon payments or gains will be paid out based on the performance of the Index, as detailed in the offering documents. Additionally, your statement value will reflect any upward or downward movements in the volatility of the Index. ® EURO STOXX 50 Index – Historical Look at Gains & Losses The chart below illustrates the number of times the Index’s return, measured from the beginning to the end of different time periods within the past 20 years, landed within various return ranges. Total Rolling Total Total 0 to -6 to -11 to -16 to -21 to -26 to -31 to -36 to 0% to 11 to 21 to 31 to Periods Gains Losses -5% -10% -15% -20% -25% -30% -35% -40% < -40% 10% 20% 30% 40% > 40% 1-Yr 229 131 98 16 17 14 16 11 7 4 5 8 46 63 16 5 1 3-Yr 205 113 92 14 11 10 11 9 7 13 10 7 31 29 10 10 33 5-Yr 181 105 76 10 6 9 11 13 9 1 1 16 25 20 15 23 22 7-Yr 157 89 68 5 4 5 8 11 24 7 2 2 26 17 17 15 14 10-Yr 121 65 56 3 6 4 9 15 1 8 9 1 16 23 14 7 5 The chart below illustrates the percentage of times1 (based on total rolling periods) the Index’s return, measured from the beginning to the end of different time periods within the past 20 years, landed within various return ranges.
    [Show full text]
  • European Accounting and Management Review
    EAMR EUROPEAN ACCOUNTING AND MANAGEMENT REVIEW VOLUME 5, ISSUE 1, ARTICLE 2, 21-46, NOVEMBER 2018 Value Creation and Women on Boards Bettina C.K. Binder Hochschule Pforzheim Received September 8, 2018; accepted October 26, 2018. ABSTRACT Value creation is a major claim of most companies. Mahajan (2017) argues that “value and value creation are natural to and basic in human behaviour and endeavour”, nevertheless women are often marginalized and impeded in their advancement towards leadership positions, where they could shape and influence the process of value creation. The present article looks at the companies of EURO STOXX 50 index in the year 2015 and offers an overview of women representation on the boards of these 50 companies. The paper tries to establish whether the success of these companies can be related to the percentage of female members in supervisory positions. The findings reveal the existence of a weak correlation between Earning before Taxes (EBT) and the proportion of women on the boards of the EURO STOXX 50 companies. KEYWORDS Value creation, women on supervisory boards, key performance indicators, gender quota, earnings before taxes. Bettina C.K. Binder 1. Introduction Value creation is a major claim of most companies and when leafing through the annual reports of companies one encounters expressions such as “value to our shareholders”, “we provide value for our customers”, “we create value for our employees, shareholders, business partners, neighbours and the public”, etc. While it seems to be clear for whom value is created, the concept of “value” itself is subjected to various interpretations and is regarded in the literature as ambiguous (Lepak, Smith and Taylor, 2007; Marinova, Larimo and Nummela, 2017).
    [Show full text]
  • Market Data from Deutsche Börse
    Market Data + Services Market data from Deutsche Börse Real-time. Reliable. Relevant. Deutsche Börse is a global German company Providing access to international capital markets Market data from Deutsche Börse 3 Deutsche Börse Group A global market operator Deutsche Börse Group, whose history dates back to 1585, is today one of the largest exchange organisations world-wide. The Group is headquartered in Germany and has more than 4,000 employees working to provide investors, financial institutions and companies access to global capital markets. Deutsche Börse Group’s integrated business model covers the entire process chain from securities and derivatives trading, clearing, settlement and custody, through to market data and the development and operation of electronic trading systems. Deutsche Börse Group owns the derivatives trading venue Eurex Exchange, as well as the settlement and custody business Clearstream. The Group’s market data business, operated by Market Data + Services, is trusted by more than 2,500 institutions and 160,000 subscribers. Deutsche Börse Group’s business areas Deutsche Börse Group Eurex Xetra Clearstream Market Data + Exchange Services Cash Settlement, market trading financing services Derivatives Information, indices, market trading tools, market solutions Simplified illustration Trademarks AlphaFlash ®, CEF ®, DAX ®, Eurex ® and Xetra ® are registered trademarks of Deutsche Börse AG. STOXX ® and EURO STOXX 50 ® are registered trademarks of STOXX Limited. Information is the basis for successful decision making
    [Show full text]