Hong Kong’s inline warrants fall from grace

Volumes plunge 97% as rising volatility turns off investors

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Once carrying the high hopes of exploiting new opportunities in the structured products sector, inline warrants are now only a few months away from disappearing from the Hong Kong Exchange (HKEX), after issuers struggled to find incentives to launch new ones.

High volatility has caused volumes of the product to plunge more than 97% between full-year 2021 and 2022. The remaining inline warrants are all issued by a single bank – HSBC – which issued its last set in July 2020. The number of active

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