2020 has seen dramatic falls in all major markets. This started in February and accelerated in March as the global economy took fright over the scale of the coronavirus pandemic.

The FTSE 100 index had its second worst one-day fall in history of 12 March 2020 (-10.9%) and is now down 25% since the start of the year. The Eurostoxx 50 has fared slightly worse to-date, down 26%. The major US benchmark index - the S&P 500 - has so far escaped relatively lightly, down 13%. When equity markets suffer such large scale losses in a short period of time a number of factors affect structured products. Investors will be concerned with live products in their portfolio. Such pr

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