The average transaction volume of turbos issued by Commerzbank in the Netherlands during the past 12 months is approximately €1,800, according to Christophe Cox (pictured), vice president, public distribution, equity markets and commodities, Belgium and the Netherlands. 'In total 34% of the transactions in turbos are taking place on indices, 59% on shares, 2% on energy, 2% on precious metals, 2% on currencies and 1% on interest and commodities,' said Cox.

The most traded indices are the local AEX, the German Dax and the S&P 500 while the Stoxx Europe Basic Resource Index is the most popular sector index. ING, ArcelorMittal and ASML are the most traded underlying stocks while the shares of TomTom, AMG and BE Semiconductor are the most traded Midcap funds. 'Bpost, Ibab and Nyrstar are very popular among the Belgian funds and across the Atlantic is mainly traded in Apple, Tesla and Facebook,' said Cox noting that the EUR/USD is the most popular currency pair and gold is the most traded precious metal.

'Around one third of all transactions on shares from the AEX index take place in the week prior of the publication of the results. Forty percent of investors' trade between 9am and 12pm, 45% between 12pm and 5pm, and 15% trade outside the trading hours of the AEX,' said Cox adding that two thirds of the transactions of underlyings quoted in dollars take place in the afternoon.

'75% of the transactions are long, 25% of the transactions are short. In shares trades are mainly long (80%) while trades in turbos on indices are split fairly equal between long (55%) and short (45%).'

The most traded product over the last 12 months was a turbo long on the share of Colruyt (DE000CR6XCR5), followed by turbos long on ABN Amro (DE000CE6CHB7), AEX (DE000CV88U77), Bel 20 (DE000CE6DJN6) and Signify (DE000CE6BPN7). The best performance, at 249.9%, was registered by the Best turbo short on WTI Light Crude Future February 2018 (DE000CV4Z6P8) which was launched on December 28, 2017 with a stop-loss level of 72.72. Turbos long on ASML (DE000CV88TT2) and Twitter (DE000CV88T21) made gains of 208.4% and 205.3%, respectively, while another turbo long, on Ion Beam Applications (DE000CV88TB0), registered a performance of 198.4%.

Commerzbank issued close to 6,000 turbos in the Netherlands between July 1, 2017 and June 30, 2018, according to SRP data. The products, which are listed at Euronext Amsterdam, include 2,050 open-ended Best (Barrier equals strike) turbos with the remaining turbos having a fixed maturity.

Almost 3,200 turbos were linked to shares with the bank using stocks of 316 different companies to underlie its products. Arcelor Mittal was the most popular share (92 products), followed by Aegon (71), Air-France KLM, TomTom (69 each) and Altice (67). More than 2,100 turbos were linked to a single index, with the AEX, seen in 855 turbos, by far the most used. In total there were 34 indices made available by the bank including, among other, the VStoxx, Amsterdam Midkap Index, PSI 20 and MDax Perf Index.

Three-hundred and sixty-two turbos were linked to commodities with Brent Crude oil (101), gold (87), silver (66), WTI Crude oil (43) and cocoa (15) the most frequently used. Seventeen different currency pairs were used by the bank in 145 products. EUR/USD, seen in 90 products, dominated followed by EUR/ZAR (11) and GBP/USD (9).

Related stories:
Societe Generale launches second generation turbos in the Netherlands

Bonus and capped bonus certificates dominate Dutch market as volatility increases

Commerzbank adds capital protection to Dutch range