The ups and downs

Cover story

As Structured Products went to press the Nikkei average was down around 8% for the quarter, the S&P 500 off around 4% and European equities down by an average of around 7%. Of course commodities and emerging market currencies were also badly hit. Across the board, volatility in the major asset classes had shot up to levels not seen for several years. It is too early to say whether these moves are the start of a major market correction or merely short-term risk repositioning - a "healthy

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