High hopes for Brazil's onshore structured products market

Editor's letter

Richard Jory

After years of promises with nothing to show for it, Brazil has finally made good on its intention to create an onshore structured products market. Since the beginning of January, the equivalent of $80 million of products have been listed with clearing house Cetip, with some bankers predicting that production levels will settle quickly into half a billion dollars a month. How's that for pent-up demand? Aside from the opening of a new market, which is always a welcome event, there are several