A structure out of all proportion?

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Constant proportion portfolio insurance (CPPI) remains an unresolved schism in the structured products world. In both US and European markets, structurers and distributors still disagree about whether the products are appropriate for retail investment, and stack up their various merits and disadvantages against the more commonplace bond and call-option product architecture.

CPPI structures are built around a dynamic asset allocation model that switches between risky and non-risky assets to prote

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