Insights

Stories, insights and analysis of the major trends shaping structured products markets.

Industry Insights

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Stay on top of the latest structured product market developments and trends with all major product, technology, legal and industry insights in one place.

People

See key hires and staffing changes.

People
People: JPM’s co-head of global markets exits for client hedge fund, BBVA beefs up QIS team

7 February 2025

People: JPM’s co-head of global markets exits for client hedge fund, BBVA beefs up QIS team

SRP reports on the latest people moves at J.P. Morgan, BBVA, Indosuez, Santander and Bank of New York Mellon.

People
People: Merrill appoints head of structured note sales

28 Jan 2025

People: Merrill appoints head of structured note sales

Also: HSBC’s ex-EQD structuring head exits; RBC taps BNPP’s private equity specialist; Barclays names Japan macro trading head; Causeway continues to expand.

People
Exclusive: Citi taps Macquarie, bolsters strategic equity solutions in HK

21 Jan 2025

Exclusive: Citi taps Macquarie, bolsters strategic equity solutions in HK

The managing director joins Citi after a 17-year tenure with the Australian bank. Citi also names head of markets sales for China.

People
Arrivals and departures: top moves of 2024 – exchanges and tech providers

21 Jan 2025

Arrivals and departures: top moves of 2024 – exchanges and tech providers

As 2025 begins, SRP looks back at last year’s most relevant people moves highlighting new hires and exits in the world of structured products. In the final instalment, we focus on exchanges and tech providers.

People
Barclays taps ex-Goldman Apac EQD co-head to lead equities

20 Jan 2025

Barclays taps ex-Goldman Apac EQD co-head to lead equities

The former Goldman banker is tasked with leading the UK bank’s equities franchise in the region.

Products

An in-depth review of the latest product launches.

Products
Product wrap: BNP, SG stick to rates, UBS launches star autocall

21 February 2025

Product wrap: BNP, SG stick to rates, UBS launches star autocall

In this week’s wrap we look at a selection of structured products with strike dates between 16-22 February 2025.

Products
2024 maturities: Kospi 200-linked products beat benchmark

19 Feb 2025

2024 maturities: Kospi 200-linked products beat benchmark

The index is the main market cap benchmark used solely as an underlying in the Korean structured products market in terms of AuM.

Products
SSPA to launch structured products index

18 Feb 2025

SSPA to launch structured products index

The Swiss trade body aims to bring greater transparency to the structured products market by creating an index comprising BRCs linked to global developed equity markets.

Products
Crelan, BNPP offer strike reset on Stoxx ESG index

17 Feb 2025

Crelan, BNPP offer strike reset on Stoxx ESG index

The Belgian bank’s cliquet structure is the first in the local market since 2019.

Products
Product wrap: Goldman tracks Morningstar Eurozone index, Finanzlab manages Swiss AMC

14 Feb 2025

Product wrap: Goldman tracks Morningstar Eurozone index, Finanzlab manages Swiss AMC

In this week’s wrap we look at a selection of structured products with strike dates between 9-15 February 2025.

Regulation

Updates and commentary on evolving market regulation.

Regulation
Esma releases new guidelines on product supplements

20 February 2025

Esma releases new guidelines on product supplements

The European regulator is seeking feedback from the industry to harmonises the supervision of product supplements within the EU Prospectus Regulation.

Regulation
New US class action targets Credit Suisse XIV notes

18 Feb 2025

New US class action targets Credit Suisse XIV notes

The products at the centre of a subclass suit over market manipulation are the XIV exchange-traded notes (ETNs) that allegedly resulted in US$1.8 billion investor loss.

Regulation
Esma sets out new rules on benchmarks

13 Feb 2025

Esma sets out new rules on benchmarks

The proposed new rules are expected to be negotiated among the European institutions throughout 2025.

Regulation
UKSPA: concerns around complexity in determining risk under CCI regime

11 Feb 2025

UKSPA: concerns around complexity in determining risk under CCI regime

The FCA consultation on the Consumer Composite Investments Regime released by the UK regulator just before the holidays will supersede disclosure requirements under the European Priips and Ucits regimes.

Regulation
Fidelity hit with Finra claim over US$11.1m ETN loss

05 Feb 2025

Fidelity hit with Finra claim over US$11.1m ETN loss

The exchange-traded note (ETN) issued by Credit Suisse has caused a loss of US$11.1m after being ‘inappropriately’ recommended by an advisor on the Fidelity brokerage platform.

Technology

Discover technological advances in the industry.

Technology
Vestr: growing AuM underscores scalability of AMC market

22 January 2025

Vestr: growing AuM underscores scalability of AMC market

The AMC market continues in a state of flux with an increasing number of players entering this segment across jurisdictions.

Technology
Australia’s Stropro gears up for capital raise for global expansion

23 Oct 2024

Australia’s Stropro gears up for capital raise for global expansion

The Sydney-based structured product investment platform makes key hires for its global push roadmap and develops AI-powered tools.

Technology
Arta deploys AI copilot, goes global

15 Oct 2024

Arta deploys AI copilot, goes global

The US digital wealth management platform has partnered with Abu Dhabi's Wio Invest to launch wealth-as-a-service for banks globally.

Technology
Korea’s Qraft Technologies capitalises on AI-powered strategies for asset allocations

14 Aug 2024

Korea’s Qraft Technologies capitalises on AI-powered strategies for asset allocations

The Seoul-based AI fintech firm has co-designed an AI-powered index with Solactive to replicate a hedge fund’s long-short investment strategy, which has been deployed via structured products sold in Korea.

Technology
Part 2 - 3AI: passive investing enters new phase as "intelligent" indices evolve

07 Aug 2024

Part 2 - 3AI: passive investing enters new phase as "intelligent" indices evolve

The UK AI company is "scientifically pioneering" the future of alpha intelligence for passive investing as well as developing new enhanced indices.

Market

Key industry events and change drivers.

Market
Malaysia’s structured warrants listing on the up

20 February 2025

Malaysia’s structured warrants listing on the up

The Hang Seng Index continued to be the most favoured asset among Malaysian retail investors in 2024.

Market
SG global markets division delivers record performance

20 Feb 2025

SG global markets division delivers record performance

The French banking group’s global markets business delivered its best ever Q4 and annual performance.

Market
HSBC wealth revenues up 16% driven by structured product sales

19 Feb 2025

HSBC wealth revenues up 16% driven by structured product sales

The Asia-focused British bank has reported a six percent increase in pre-tax profit for 2024.

Market
SRP in brief: a solid start

17 Feb 2025

SRP in brief: a solid start

We shine a light on both over-the-counter and public markets in Singapore and beyond.

Market
Vontobel structured products income up 32%

14 Feb 2025

Vontobel structured products income up 32%

Vontobel delivered a strong performance with a PBT growth of 32% (YoY) to CHF354 million. Net profit was up by 24% to CHF 266 million. Return on equity increased to 12.3%.

Data Insights

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Leverage SRP’s data analysis, backed by the world’s structured product database, for an in-depth view of the market’s key trends and dynamics.

Market Reviews

An in-depth view of market activity in some of the world’s most dynamic markets.

Market Reviews
Hong Kong Market Review, January 2025: CBBC trading up 12%, Tencent-linked warrants gain traction

18 Feb 2025

Hong Kong Market Review, January 2025: CBBC trading up 12%, Tencent-linked warrants gain traction

The Hong Kong-listed Chinese tech stock has become the second most featured underlying among new warrant issuances. HSI continues to dominate the league the underlying table for both warrants and CBBCs.

Market Reviews
China Market Review, January 2025: issuance on the rise, CMB comes on top

17 Feb 2025

China Market Review, January 2025: issuance on the rise, CMB comes on top

The EUR/USD and XAU/USD pairs continue to dominate underlying exposure in the country’s retail structured deposits market.

Market Reviews
South Korea Market Review, January 2025: autocall sales down YoY, DLBs gain momentum

12 Feb 2025

South Korea Market Review, January 2025: autocall sales down YoY, DLBs gain momentum

ELS’ sales dropped by 34% compared to the prior year - ELS linked to baskets of indices saw a significant fall, but stock such as Tesla and Nvidia drove some activity last month.

Market Reviews
Poland Market Review, Q4 2024: equity baskets dominate, RBI adds distributor

06 Feb 2025

Poland Market Review, Q4 2024: equity baskets dominate, RBI adds distributor

Structures linked to baskets of equities captured more than 40% market share in Q4.

Analysis

Explore key market themes backed by SRP’s proprietary analysis.

Analysis
Spotlight: exploring industry sector index trends (2022-2024)

21 February 2025

Spotlight: exploring industry sector index trends (2022-2024)

The geographic exposure to sectors has shifted significantly toward Emea between 2022 and 2024, while America's prominence has declined.

Analysis
Greeks – Gamma: a crucial measure to rebalance delta hedging

19 Feb 2025

Greeks – Gamma: a crucial measure to rebalance delta hedging

In this article, we look at the role Gamma to understand how to re-hedge positions in relation to the rate at which Delta changes in relation to the underlying.

Analysis
Spotlight on… Apac sales up by 14%, single stocks up 40%

14 Feb 2025

Spotlight on… Apac sales up by 14%, single stocks up 40%

Products tracking financials underlying sector recorded the most growth. IT themes remain strong.

Analysis
Spotlight: global overview market cap indices 2022-2024

07 Feb 2025

Spotlight: global overview market cap indices 2022-2024

SRP registered an uptick in usage of market cap indices in Europe and especially the US while Apac experienced a notable decline.

Analysis
2024 maturities: SX5E-linked soft-protected products beat underlying, twin wins deliver 20% on average

06 Feb 2025

2024 maturities: SX5E-linked soft-protected products beat underlying, twin wins deliver 20% on average

The second most utilised equity underlying in the structured products market has kept the pace with the S&P 500 index in delivering value to structured products investors in 2024.

Special Reports

Our special reports provide in-depth analysis and actionable insights on emerging trends and market dynamics. Each report is meticulously researched, offering valuable perspectives that help you stay informed with access to exclusive data and expert commentary.

SRP Wrapper Guide Americas 2024
SRP Wrapper Guide Americas 2024

The SRP Wrappers Report Americas 2024 provides an in-depth analysis of the structured investment product wrappers across key markets in the Americas, highlighting regional trends, regulatory developments, and market performance.

SRP Global Market Overview - H1 2024
SRP Global Market Overview - H1 2024

The SRP Global Market Review H1 2024 provides an extensive analysis of structured product markets worldwide, highlighting key trends in capital protection, equity-linked products, and regional sales performance.

France Structured Products Performance Overview
France Structured Products Performance Overview

The SRP French Market Report 2024 analyses the structured products landscape in France, focusing on key trends, regulatory developments, and the growing popularity of equity-linked and capital-protected solutions.