Structured product investors in Spain and Italy are opting for outperformance versions of traditional, geared Everest dispersion trades. "Investors are getting nervous about the market," says Thomas Leake, London-based associate director, structured equity products at Bear Stearns.
"There is a reluctance to trade classic geared Everest and dispersion products because these products put investors long the market," says Leake. "Products are now being structured with the aim of removing the beta. Fo