Sweden creates exchange-traded investment products association

Carnegie Investment Bank, Commerzbank, Nordic Growth Market (NGM) and Royal Bank of Scotland have created the Swedish Exchange Traded Investment Products Association (Setipa), a non-profit trade organisation covering warrants, certificates and index-linked bonds (structured products). The establishment of the new entity is a reaction to increased demand from Swedish investors for exchange-traded investment products as a diversification from mutual funds and shares.

Formed on November 18, Setipa is already working with Nordic Derivatives eXchange, NGM's trading arm, to produce instrument categorisation harmonised to European standards.

Setipa defines its role as working for a better understanding of exchange-traded investment products, harmonisation with European standards and legislation, and to influence conditions to strengthen Sweden as a financial centre for investment products.

The new group is open to issuers of investment products and those associated with this business.

Setipa, whose inaugural chairman is Tommy Fransson, head of the Nordic Derivatives Exchange, is a board member of the European Structured Investment Products Association.