South Africa structured product boom raises concerns

Issuance gallops ahead amid higher rates and weak rand, but some are wary

Which way next? The market's explosive growth has led some to fear it is racing ahead of itself

Nick Leeson, the rogue trader who bankrupted British merchant bank Barings in the 1990s, knows a thing or two about operational risk. He tells the story of a risk manager at a bank in South Africa who paid a routine visit to a trader last year to flag some concerns over the risk management of the bank's structured products book.

What she found probably alarmed her more than the trades in question: the trader's desk was littered with scribbled post-it notes and hastily written diary entries.


Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to View our subscription options

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here