Baader Bank AG currently manages around 8,470 (status 31.12.2008) fixed income securities on the Berlin, Duesseldorf, Frankfurt and Munich stock exchanges.

The division has grown significantly as a result of the acquisition of the following providers of market making and fixed income securities services:

• Meyenkoth & Co. Wertpapierhandelsgesellschaft mbH in 2001
  
• Hannig Wertpapierhandels GmbH in 2003 
  
• Nols AG (acquisition of fixed income securities) in 2004 
  
• SMS Sobota, Maier & Stopp Wertpapierhandels GmbH in 2004 
  

This division has also continued to expand significantly in recent years.

The whole market making team would be glad to assist you in exchange and off-exchange trading.

Baader Bank AG currently manages around 1,210 fixed income securities on the Berlin-Bremen Stock Exchange.

Our market making activities focus on establishing prices for around 800 currency bonds. Thanks to narrow pricing, we stand out as an excellent and reliable partner for 16 different currencies.

• PLN
• HUF
• ZAR
• MXN
• BRL
• NOK
• SEK
• ISK
• TRY
• NZD
• AUD
• CAD
• USD
• GBP
• RUB
• ROL
  

To round off product range, we also establish purchase and selling prices with liquidity guarantee for the following securities:

• around 400 jumbo bonds of various issuers
• around 200 corporate bonds
• around 100 emerging market bonds

Baader Bank AG is also involved in bond trading on the Duesseldorf Stock Exchange. Our team in Duesseldorf trades around 2,450 bonds in accordance with Duesseldorf Stock Exchange´s Quality Trading guidelines that fall within the following areas:

• European government bonds
• Jumbo-Pfandbriefe
• Corporate bonds
• Financials
• Emerging markets
• Currency bonds
• Low Coupons
• Zeros
• Floaters
  

The Quality Trading guidelines include:

• Variable trading between 8.30 a.m. and 5.30 p.m.
• Binding bid and ask prices
• Guaranteed full execution, depending on liquidity ratings
• Order execution within two minutes

The binding buy and sell prices are made available in real time at www.bondboard.de, which also provides lots uf useful information about the securities traded. The Board (an interactive forum) which sees the lively exchange of information on current topics and securities, is another key feature of the website.

A cooperation agreement between Baader Bank AG and Citigroup Global Markets Deutschland allows customers of Cortal Consors, S Broker and comdirect to trade the fixed income securities listed at www.bondboard.de and other government bonds off the floor via the Citigroup platform cats-on on every trading day between 9.00 a.m. and 6 p.m.

We manage around 2,340 fixed income securities on the Frankfurt Stock Exchange. We also continually establish prices for around 600 bonds between 09.00 and 17.30 hrs.

Our continuous trading activities in Frankfurt cover:

• German government bonds with a maximum residual term of 2 1/2 years
• European government bonds 
• around 140 corporate bonds and jumbos
• around 460 currency bonds
• around 1,100 mortgage bonds and global bearer debentures (only unit pricing)

For German government bonds and liquid jumbos, we fix prices with a liquidity guarantee of up to 250 thousand. The maximum spread is 5 cents for German government bonds and for jumbos depending on the term.

We publish market prices for all securities listed in continuous trading for the entire duration of trading. This guarantees fair order execution at all times.

We currently manage around 2,540 fixed income securities on the Munich Stock Exchange.

We act as a specialist in continuous trading for

• around 190 German and European government bonds 
• around 700 German and foreign jumbo bonds and low-interest bonds
• around 450 corporate bonds / emerging market bonds 
  

providing liquidity between 09.00 and 17.30 hrs. We provide investors with constant access to binding purchase and selling prices via the Munich Stock Exchange website www.boerse-muenchen.de . The level of the liquidity guarantee and the spreads of the individual securities are geared to the issuer´s credit ratings, the residual term and the free float.

For highly liquid securities, we fix binding prices with

• a liquidity guarantee of up to EUR 500 thousand
• and maximum spreads between 2 and 30 cents.

If we do not notify a liquidity guarantee of a security, we will naturally still execute the order at a fair price within our quoted price range.