One of those has been increased interest in the exchange-traded fund (ETF) business on the back of concerns about counterparty risk. "There was a decline in structured products as they are generally issued as notes - many clients decided to take a break, which created a new opportunity in the ETF space," says Christopher Lee, managing director for equity risk management products and head of cross-divisional intermediary business at the bank.
UBS has acted as a derivatives provider both to ETF
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