COMMERZBANK AKTIENGESELLSCHAFT

Group Management Report
178
122 Commerzbank Annual Report 2011
Equity Markets & Commodities
An excellent first half of the year for the Equity Markets & Commodities division was over-
shadowed by negative market developments in the second half. The crisis bearing down on
the fixed income markets since the beginning of 2011 took full hold of equity and commodities
markets in the second half of the year. The dramatic market upheaval and significantly
higher volatility made investors more risk-averse, which had a considerable impact on the
division’s business.
Nevertheless, Equity Markets & Commodities expanded its prominent position in the
European equity derivatives market in 2011. With nearly 140,000 products, the division offered
an even more extensive range of equity derivatives than a year ago and was thus
strongly represented in this product segment. In the year under review, Commerzbank placed
certificates on shares of DAX, MDAX and TECDAX companies with an outstanding volume of
around €16bn and won the “Best Issuer of Certificates” award at the Scope Awards 2011.
The division also confirmed its role as one of the leading brokerage houses for German
equities. To intensify its support for institutional customers, the Securities Finance and Brokerage
departments were merged to form a new Securities Finance and Corporate Equity
unit. The Exchange Traded Funds (ETF) platform was still in constantly high demand with
private and institutional investors. “ComStage” took first place at the ETF Awards in the
“Cost structure” category and was also recognised as “ETF of the year”. Furthermore, in
cooperation with sales partner comdirect, a platform was successfully started for Contract for
Differences (CFDs) for experienced private customers.
Commodities trading was also dominated by a significant increase in market volatility in
the second half of the year. This phase saw higher turnover, particularly in precious metals,
and a greater need for hedging by corporate customers in the energy sector. Here the division
responded quickly to market events and came top of a survey by the German publication
“Risk Magazin” in the “Metals” and “Energy” categories.
The high quality and breadth of the range of products were confirmed by several other
awards. Commerzbank took first place in Europe in the “Best for Client Services”, “Best
Manufacturer”, “Best Manufacturer Commodities” and “Best Manufacturer Equities” in Euromoney’s
Structured Retail Product survey. Overall, Commerzbank ranked in the top three
positions in 72 categories in the same survey. In a survey for the magazine “The Shareholder”,
Commerzbank was in first place in the “Best Derivatives House”, “Best Service Provider”
and “Best Website” categories.
Outlook
The Bank is set to expand its leading role as market-maker in structured finance products as
well as funds and ComStage ETF products in 2012. We want to respond to the difficult markets
as well as we can in 2012 and further consolidate our competitive position through a
comprehensive range of products and efficient sales channels for private customers and an
improved platform for institutional customers.