The lure of liquidity

Cover Story

Structured products, either inherently or by virtue of the secondary market, are undergoing a transformation. They are becoming actively managed. One way of achieving active management is by altering the underlying derivatives strategy of a product. The other, arguably more consequential, method is by trading products on the secondary market. Active management via the secondary market bestows upon structured products an attribute all retail investors crave - liquidity.

"Liquidity is indispensable

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