Barriers to entry

Banks are looking to enter the structured products market in a big way. And last month, Morgan Stanley pointed out that asset managers are also making inroads into the market, and that the firms with the healthiest profits are structured products specialists (see page 16). There is a hitch, however. Banks looking to establish a structured products desk from scratch could face opposition from shareholders thanks to new accounting rules that make it more burdensome to enter the market. Ongoin