As of 2 July 2007, the certificates segment will feature a new structure. Instead of five subgroups, the segment will be divided into ten classes.
Overview of the New Subgroups
- Basket Certificates
- Index Certificates
- Outperformance Certificates
- Bonus Certificates
- Reverse Convertibles
- Discount Certificates
- Guarantee Certificates
- Express Certificates
- Knock out Certificates
- Other Certificates
Investors and issuers alike benefit from the new structure. On the one hand, the new structure means greater transparency, which makes it easier to compare the offers, and on the other hand, it makes it possible for issuers to precisely allocate new products when positioning these in the market.
The new structure is being implemented in close cooperation with Zertifikate Forum Austria, which was founded in April 2006. The objective of the forum is to promote and develop the certificates market in Austria.
Certificates trading on Wiener Börse was launched in June 2002 with five securities. Motivated by the enormous interest, a separate segment was created in May 2005 with 450 securities. At present, the segment has some 2,000 certificates from 15 issuers. Wiener Börse is confident that this segment will continue to boom and has created the new structure for this reason.
Certificates give holders the right to participate in the gains of an underlying instrument such as a stock or an index. The focus is not on earning interest, but rather in taking part in specific gains in the value of an underlying. One of the principal benefits of certificates is that it creates the opportunity for investors to invest small sums into markets that were limited to institutional investors and banks up to now.