In search of flexible friends


The Brazilian structured products market has a reputation for being a difficult place to do business, not only for foreign banks but for local banks too. Regulations are restrictive in terms of the types of product that can be issued and the development of an easy to access, over-the-counter derivatives market is far from complete. Local banks, which have the ability to manufacture structured products onshore, can only issue certain types of products, namely synthetic structured notes and capita